RenaissanceRe (RNR) · wyniki II kw. 2026 i wycena

Przy wzroście 10,0% rocznie (3-letni wzrost przychodów) wartość godziwa z modelu to $1449.71 na akcję — kurs jest o 76% poniżej niej. Obecna cena zakłada wzrost o −10,6% rocznie.

1. Liczba

   Lower share counts resulting from capital management grew tangible book value per share by 66% and operating earnings per share by more than 20% since the beginning of II kw. 2024.

   Cytat ze źródła

   “Since the beginning of II kw. 2024, our diligent capital management, coupled with consistently strong income from our 3 drivers of profit, has enabled us to grow tangible book value per share by 66% and benefit operating earnings per share by more than 20% as a result of the lower share count.”

2. Liczba

   RNR reported operating earnings per share of $12.92 and an annualized operating return on equity of 20.1% for the quarter.

   Cytat ze źródła

   “This is another strong quarter where we generated operating earnings per share of $12.92 and an annualized operating return on equity of 20.1%.”

3. Prognoza

   RNR expects third-quarter other property net premiums earned of around $330 million and an attritional loss ratio in the mid-50s.

4. Prognoza

   Excluding the Baltimore Bridge and purchase accounting adjustments, the segment's year development was modestly favorable with an adjusted combined ratio in the high 90s consistent with guidance.

5. Liczba

   The company reported an adjusted combined ratio of 72% for the quarter, identifying underwriting as one of the three drivers of profit.

   Cytat ze źródła

   “Now I'd like to turn to a more detailed view of our 3 drivers of profit in the quarter, starting with underwriting, where our portfolio continues to perform well with an adjusted combined ratio of 72%.”

4 więcej

1. Liczba

   The property catastrophe segment reported a current accident year loss ratio of 12% and an adjusted combined ratio of 9%.

   Cytat ze źródła

   “In property catastrophe, the current accident year loss ratio was 12%, and the adjusted combined ratio was 9%.”

2. Liczba

   Retained net investment income reached an all-time high of $314 million, up 3% from the first quarter and 10% from a year ago.

   Cytat ze źródła

   “Retained net investment income was $314 million, up 3% from the first quarter or 10% from a year ago. This is an all-time high.”

3. Główny temat

   The company expects the expense ratio to build toward 5% as the year progresses due to continued investment in the business.

   Cytat ze źródła

   “We continue to invest in the business and expect the expense ratio to build towards 5% as the year progresses.”

4. Liczba

   The company grew its U.S. Property cat limit by $600 million at the midyear renewal.

   Cytat ze źródła

   “At the midyear renewal, we successfully grew U.S. Property cat limit by $600 million.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Zdania, które wpłynęły na ton

“We also get reduced volatility because as volatility may arise in the future, we've now ceded a portion of the book and there's less exposure at risk.”

“At the media renewal, our leadership position in client relationships enabled us to grow property catastrophe limit with high-quality clients in the U.S.”

“It has a positive effect on the portfolio of reducing volatility, turning risk income into fee income through the overrides.”