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RenaissanceRe Holdings Ltd. (RNR-1.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported gross premiums written of $11.7 billion, an increase from $8.9 billion in the previous year, driven by growth in both its Property and Casualty and Specialty segments.
Net premiums written were $10.0 billion, up from $7.5 billion in 2023, reflecting the impact of the Validus Acquisition and organic growth.
Net income available to RenaissanceRe common shareholders was $1.8 billion, compared to $2.5 billion in the prior year, with a return on average common equity of 19.3%.
The Property segment generated underwriting income of $1.6 billion with a combined ratio of 57.2%, while the Casualty and Specialty segment incurred an underwriting loss of $25.4 million with a combined ratio of 100.4%.
Net investment income increased to $1.7 billion from $1.3 billion, primarily due to higher average invested assets and yields.
Net realized and unrealized losses on investments were $27.8 million, compared to gains of $414.5 million in the previous year, influenced by rising interest rates.
The company's total investment result was $1.6 billion, slightly down from $1.7 billion in 2023.
RenaissanceRe's net income attributable to redeemable noncontrolling interests was $1.1 billion, slightly up from $1.1 billion in the previous year.
The company reported an income tax expense of $32.6 million, compared to a benefit of $510.1 million in 2023, reflecting changes in deferred tax benefits.
RenaissanceRe's book value per common share increased to $195.77, up from $165.20, reflecting a 19.4% increase after considering dividends.
The filing details the impact of the 2024 Large Loss Events, which had a net negative impact on the underwriting result of $847.4 million.
The company continues to focus on managing third-party capital, generating $326.8 million in fee income, up from $236.8 million in the prior year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RenaissanceRe Holdings Ltd. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.