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RenaissanceRe Reports Net Income Of $41.7 Million For The Fourth Quarter Of 2012 Or $0.87 Per Diluted Common Share; Quarterly Operating Income Of $31.0 Million Or $0.65 Per Diluted Common Share

Stocks in this article: RNR

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported net income available to RenaissanceRe common shareholders of $41.7 million or $0.87 per diluted common share in the fourth quarter of 2012, compared to $81.8 million or $1.58 per diluted common share in the fourth quarter of 2011. Operating income available to RenaissanceRe common shareholders was $31.0 million or $0.65 per diluted common share for the fourth quarter of 2012, compared to $58.0 million and $1.11, respectively, in the fourth quarter of 2011. The Company reported an annualized return on average common equity of 5.2% and an annualized operating return on average common equity of 3.9% in the fourth quarter of 2012, compared to 10.8% and 7.7%, respectively, in the fourth quarter of 2011. Book value per common share decreased $0.06, or 0.1%, in the fourth quarter of 2012 to $68.14, compared to a 2.4% increase in the fourth quarter of 2011. Tangible book value per common share plus accumulated dividends increased $0.20, or 0.3%, in the fourth quarter of 2012 to $79.28, compared to a 3.1% increase in the fourth quarter of 2011. During the fourth quarter of 2012, the Company repurchased 2.8 million common shares in open market transactions and a privately negotiated transaction at an aggregate cost of $222.5 million and at an average share price of $80.03.

For the year ended December 31, 2012, the Company reported net income available to RenaissanceRe common shareholders of $566.0 million or $11.23 per diluted common share, compared to a net loss attributable to RenaissanceRe common shareholders of $92.2 million or $1.84 per diluted common share in 2011. Operating income available to RenaissanceRe common shareholders was $402.4 million or $7.93 per diluted common share for 2012, compared to an operating loss attributable to RenaissanceRe common shareholders of $162.4 million or $3.22 per diluted common share in 2011. The Company reported a return on average common equity of 17.7% and an operating return on average common equity of 12.6% in 2012, compared to negative 3.0% and negative 5.3%, respectively, in 2011. Book value per common share increased $8.87, or 15.0%, in 2012 to $68.14, compared to a 5.3% decrease in the 2011. Tangible book value per common share plus accumulated dividends increased $9.91, or 17.0%, in 2012 to $79.28, compared to a 1.8% decrease in 2011. During 2012, the Company repurchased 6.4 million common shares in open market transactions and a privately negotiated transaction at an aggregate cost of $494.4 million and at an average share price of $77.26.

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