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RenaissanceRe Holdings Ltd. (RNR) has reported a 23.28 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $75.03 million, or $1.69 a share in the quarter, compared with $97.80 million, or $2.09 a share for the same period last year. Revenue during the quarter dropped 6.20 percent to $353.97 million from $377.38 million in the previous year period. Net premium earned for the quarter went down marginally by 2.68 percent or $9.67 million to $351.90 million. During the quarter, the company has written premium worth $219.50 million on net basis, down 7.25 percent or $17.15 million.
Total expenses move up Benefits, losses and expenses for the quarter were at $270.42 million, or 76.84 percent of premium earned from $243.05 million or 67.22 percent of premium earned in the last year period. Operating income for the quarter was $83.55 million, compared with $134.32 million in the previous year period. Net investment income was at $47.32 million for the quarter, up 3.04 percent or $1.40 million from year-ago period. The company has booked a loss on investments of $49.97 million in the quarter compared with a loss of $42.82 million for the previous year period.
Kevin J. O'Donnell, chief executive officer, commented: "I am proud of how our team navigated the challenges of 2016 while building an attractive portfolio of risks and continuing to execute our strategy. We have strengthened our operating platforms globally, developed deeper relationships with more clients, brought more efficient capital solutions to market, and exercised underwriting discipline in building a diverse and profitable portfolio of risk."
Liabilities outpace assets growth Total assets increased 6.89 percent or $796.80 million to $12,352.08 million on Dec. 31, 2016. On the other hand, total liabilities were at $6,309.91 million as on Dec. 31, 2016, up 9.22 percent or $532.77 million from year-ago.
Investments move up marginally Investments stood at $9,316.97 million as on Dec. 31, 2016, up 3.53 percent or $317.90 million from year-ago. Meanwhile, yield on investments was almost stable at 0.51 percent in the quarter, when compared with the last year period. Meanwhile, reinsurance recoverables moved up 107.81 percent or $145.04 million over the year to $279.56 million on Dec. 31, 2016.
Total debt was at $948.66 million as on Dec. 31, 2016, down 1.23 percent or $11.83 million from year-ago. Shareholders equity stood at $4,866.58 million as on Dec. 31, 2016, up 2.84 percent or $134.39 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.19 percent in the quarter from 0.20 percent in the last year period.
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