RenaissanceRe's (RNR) Earnings Surpass In Q2, Decline Y/Y
Zacks Investment Research | Jul 23, 2019 10:47PM ET
RenaissanceRe Holdings Ltd. (NYSE:RNR) delivered second-quarter 2019 operating earnings per share of $4.78, beating the Zacks Consensus Estimate by 33.5%. The result was backed by operational efficiency and higher revenues. However, the bottom line declined 8.6% year over year.
Quarterly Operational Update
RenaissanceRe’s second-quarter operating revenues of $1 billion surpassed the Zacks Consensus Estimate by 56%. The top line also skyrocketed nearly 104.8% year over year on the back of improved net premiums earned plus net foreign exchange gain and other income.
Gross premiums written surged 51.1% year over year to $977 million owing to higher premiums in the Property as well as the Casualty and Specialty segments.
Net investment income came in at $115 million, down 9.4% year over year.
RenaissanceRe’s total expenses were $780 million, having escalated 250% year over year, primarily due to higher Net claims and claim expenses incurred, acquisition expenses, operational expenses, corporate expenses and interest expenses.
Underwriting income of $170.8 million was 24.6% lower than the year-ago quarter’s income.
Combined ratio was 81.3% for the second quarter compared with the year-ago quarter’s tally of 47.2%.
RenaissanceRe Holdings Ltd. Price, Consensus and EPS Surprise
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.