RenaissanceRe Holdings Ltd. has released its financial results for the second quarter of 2024. The company reported a robust net income available to common shareholders of $495 million, demonstrating a strong financial position. Operating income was $650.8 million available to common shareholders.
The firm realized an annualized return on average common equity of 21.4% and an operational return on average common equity of 28.2%. These figures are indicative of RenaissanceRe's effective capital utilization and its proficiency in generating profitable outcomes from its equity base, the company said.
During the quarter, the company saw gross premiums written surge by 29.2% from the second quarter of 2023, adding up to an increase of $773.9 million. This growth was driven by gains across major segments: property premiums rose by 25%, contributing an additional $350.5 million, while casualty and specialty premiums increased by 33.9%, adding $423.4 million.
The company also reported a combined ratio of 81.1% and an adjusted combined ratio of 78.6%.
RenaissanceRe actively engaged in share repurchases during the quarter. The company repurchased $108.5 million of its common shares and continued its shareholder return strategy into July, buying back an additional $61.2 million of shares.
In addition, the company experienced a surge in fee income, which climbed by 48.3% to $84.1 million, and a substantial rise in net investment income, which increased by 40.4% to $410.8 million.
Kevin J. O'Donnell, president and chief executive officer, attributed the quarterly performance to strong execution across the company's diversified business lines and strategic asset growth. He specifically noted the ongoing benefits from the acquisition of Validus, which he said continues to deliver substantial growth in premiums and invested assets, contributing positively to the company's performance in a favourable business environment.
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