AHL - Free Research Report as RenaissanceRe's Quarterly Revenues Soared 39%
Stock Monitor: Aspen Insurance Holdings Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 16, 2018 / Active-Investors.com has just released a free earnings report on RenaissanceRe Holdings Ltd (NYSE: RNR) ("RenaissanceRe"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RNR. The Company reported its fourth quarter fiscal 2017 and the full fiscal year 2017 operating and financial results on January 31, 2018. The insurance Company beat top- and bottom-line expectations. Register today and get access to over 1000 Free Research Reports by joining our site below
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, RenaissanceRe Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended December 31, 2017, RenaissanceRe's total revenues surged 39% to $491.29 million compared to $353.97 million in Q4 2016. The Company's revenue numbers beat analysts' estimates of $444 million.
RenaissanceRe reported a growth in gross premiums written of $84.7 million, or 26.2%, to $407.78 million compared to gross premiums written of $323.09 million in Q4 2016, driven by increases of $42.7 million and $42.0 million in the Company's Property segment and Casualty & Specialty segment, respectively.
For the full year FY17, RenaissanceRe's total revenues were $2.10 billion compared to $1.73 billion in FY16. The Company's gross premiums written totaled $2.80 billion compared to $2.37 billion in FY16.
For Q4 2017, RenaissanceRe reported an underwriting loss of $10.4 million and a combined ratio of 102.5%. The Company's Property segment incurred an underwriting loss of $22.7 million and a combined ratio of 110.6%, while the Casualty & Specialty segment generated an underwriting income of $11.5 million and a combined ratio of 94.5%.
During Q4 2017, the wildfires in California resulted in an underwriting loss of $154.4 million and added 37.6% to RenaissanceRe's combined ratio. The Company's reported quarter results were also impacted by a $53.5 million net positive impact reflecting changes to the initial estimates of underwriting losses associated with the Catastrophe Events which occurred in Q3 2017, including Hurricanes Harvey, Irma, and Maria, and the Mexico City Earthquake; partially offset by $49.6 million of underwriting losses associated with aggregate loss contracts.
During Q4 2017, RenaissanceRe wrote-down a portion of its US deferred tax asset, increasing its net loss attributable to RenaissanceRe's common shareholders by $36.7 million, attributed to the reduction in the US corporate tax rate from 35% to 21%, effective on January 01, 2018, pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) which was enacted on December 22, 2017.
RenaissanceRe reported a net loss attributable to the Company of $3.5 million, or $0.09 per diluted share, in Q4 2017 compared to a net income available to RenaissanceRe's common shareholders of $69.4 million, or $1.69 per diluted share, in Q4 2016.
RenaissanceRe's operating income available to common shareholders was $41.4 million, or $1.05 per diluted share, in Q4 2017 compared to $108.9 million, or $2.66 per diluted share, in Q4 2016. The Company's earnings beat Wall Street's estimates of $0.76 per share.
For FY17, the Company reported a net loss attributable to common shareholders of $244.8 million, or $6.15 per diluted share, compared to a net income available to common shareholders of $480.6 million, or $11.43 per diluted share, in FY16.
RenaissanceRe's operating loss attributable to common shareholders was $332.3 million, or $8.35 per diluted share, in FY17 compared to an operating income available to shareholders of $342.3 million, or $8.10 per diluted common share, in FY16.
Financial Metrics
RenaissanceRe's total investment results were a gain of $65.7 million in Q4 2017, generating an annualized total investment return of 2.6%. The Company's portfolio of fixed maturity and short-term investments had a yield to maturity of 2.5% at December 31, 2017, contributing $50.2 million of net investment income to the total investment results in Q4 2017.
RenaissanceRe reported an annualized return on average common equity of negative 0.3%, and an annualized operating return on average common equity of positive 4.2% in Q4 2017, compared to positive 6.3% and 9.9%, respectively, in Q4 2016.
RenaissanceRe's book value per common share decreased 0.3% to $99.72 in Q4 2017 compared to a 1.3% increase in Q4 2016. The Company's tangible book value per common share, plus accumulated dividends, edged up 0.1% to $111.23 in the reported quarter compared to a 1.8% increase in the year-earlier same quarter.
Stock Performance Snapshot
February 15, 2018 - At Thursday's closing bell, RenaissanceRe Holdings' stock marginally advanced 0.30%, ending the trading session at $129.98.
Volume traded for the day: 216.74 thousand shares.
Stock performance in the last month — up 5.74%; and year-to-date — up 3.50%
After yesterday's close, RenaissanceRe Holdings' market cap was at $5.13 billion.
The stock has a dividend yield of 0.98%.
The stock is part of the Financial sector, categorized under the Property & Casualty Insurance industry. This sector was up 0.8% at the end of the session.
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