RenaissanceRe Holdings Earnings: Here’s Why Shares are Down Now
RenaissanceRe Holdings Ltd. (NYSE:RNR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.40%.
RenaissanceRe Holdings Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 31.54% to $3.92 in the quarter versus EPS of $2.98 in the year-earlier quarter.
Revenue: Decreased 3.71% to $343.32 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: RenaissanceRe Holdings Ltd. reported adjusted EPS income of $3.92 per share. By that measure, the company beat the mean analyst estimate of $3.06. It beat the average revenue estimate of $331.29 million.
Quoting Management: Neill A. Currie, CEO, commented: “We enjoyed strong first quarter results, with an annualized operating ROE of 22.5% and 4.8% growth in tangible book value per share plus dividends for the quarter. Our results reflect strong underwriting profits, principally driven by our high-quality portfolio, the absence of significant catastrophe losses in the quarter, and solid total returns in our investment portfolio.”
Key Stats (on next page)…