Overview

* RenaissanceRe ( RNR/PF ) Q2 net income $826.5 mln, operating income $594.6 mln

* The reinsurer's adjusted EPS of $12.29 beats analyst expectations, per LSEG data

* Co repurchased 1.6 mln shares, costing $376.4 mln, avg price $242.18

Outlook

* Company expects favorable underwriting and investment environments to continue

Result Drivers

* UNDERWRITING PERFORMANCE - Strong underwriting results in property segment driven by successful renewals and favorable prior year claims development

* FEE INCOME - Increase in performance fees due to positive underwriting results and favorable development in DaVinci and Upsilon

* INVESTMENT GAINS - Significant realized and unrealized gains from fixed maturity investments and derivatives contributed to total investment result

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Gross $3.42

Premiums bln

Q2 Beat $12.29 $9.84

Adjusted (12

EPS Analysts

)

Q2 75.1%

Combined

Ratio

Q2 Fee $95 mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

* The average consensus recommendation for the reinsurance peer group is "buy."

* Wall Street's median 12-month price target for Renaissancere Holdings Ltd ( RNR/PF ) is $265.50, about 10.7% above its July 22 closing price of $237.13

* The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)