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- **Record Q3 Performance**: $734M operating income, 28% ROE, and 22% YTD tangible book value growth.
- **2026 Strategy Focus**: Maintain 50%+ underwriting margin despite 10% CAT rate decline, grow fee income to 15% ROE contribution.
- **Capital Return**: $1B+ YTD buybacks, with $300M+ expected in Q4 despite Bermuda tax.
- **Investment Resilience**: $305M Q3 investment income and $258M mark-to-market gains offset rate headwinds.

**【CEO Summary Section】**
- Delivered Q3 2025 operating income of $734M, with a 28% operating ROE and 22% year-to-date tangible book value growth.
- 2026 strategy focuses on preserving underwriting margin amid expected 10% property CAT rate decline, maintaining 50% gross-to-net ratio, and growing fee income.
- Returned $1B+ to shareholders YTD through buybacks, with conviction in stock value despite Bermuda tax status.

**【CFO Financial Commentary】**
- Q3 2025 underwriting income of $770M (vs. $385M in Q3 2024), fee income of $102M, and retained net investment income of $305M drove record operating EPS of $15.62.
- Fee income and investment income contributed 15% to ROE, with $600M underwriting profit and $1B+ capital returned YTD.
- Expect Q4 2025 fee income of $80M (management $50M, performance $30M) and stable investment income despite lower rates.

**【Underwriting Officer Update】**
- Property CAT portfolio grew 22% YoY to $3.3B GWP, with 13% U.S. CAT growth and 50%+ underwriting margin.
- Casualty & Specialty segment maintained high 90s combined ratio, with cautious U.S. general liability exposure reduction.
- Gold and derivatives mark-to-market gains of $258M in Q3, supporting investment income stability.

**【Q&A Highlights】**
- 2026 fee and investment income expected to contribute ~15% to ROE, similar to 2025 levels.
- Third-party capital interest in long-tail Casualty/Specialty lines may increase competition but not drive market.
- California wildfire risk re-rated post-2024 losses, with no plans to reduce exposure despite 2025 Q1 $750M loss.
- Share buybacks will continue at ~$300M/Q4 pace, with $1.7B+ returned since Q2 2024.

RenaissanceRe Holdings Ltd. (RNR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RNR

RNR fundamentals

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