RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Segment Underwriting Results | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Reserves for Claims and Claim Expenses | ||||||||||
f. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Noncontrolling Interests | ||||||||||
c. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Retained Investment Information | ||||||||||
c. | Investment Portfolio - Composition | ||||||||||
d. | Investment Portfolio - Fixed Maturity Investments | ||||||||||
e. | Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Regulation G |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
i |
Financial Highlights | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||
Gross premiums written | $ | 2,942,964 | $ | 1,313,018 | $ | 1,774,180 | $ | 2,094,158 | $ | 2,652,442 | |||||||||||||||||||
Underwriting income (loss) | $ | 200,278 | $ | 276,661 | $ | (678,825) | $ | 328,976 | $ | (35,760) | |||||||||||||||||||
Net investment income | $ | 83,691 | $ | 80,483 | $ | 78,267 | $ | 80,925 | $ | 79,804 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (673,017) | (21,518) | (42,071) | 191,018 | (345,563) | ||||||||||||||||||||||||
Total investment result | $ | (589,326) | $ | 58,965 | $ | 36,196 | $ | 271,943 | $ | (265,759) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (394,413) | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 151,945 | $ | 213,692 | $ | (414,538) | $ | 278,050 | $ | 4,395 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.36 | $ | (5.87) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 3.50 | $ | 4.71 | $ | (8.98) | $ | 5.64 | $ | 0.09 | |||||||||||||||||||
Book value per common share | $ | 121.44 | $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 115.55 | $ | 126.27 | $ | 123.24 | $ | 133.75 | $ | 125.73 | |||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 139.44 | $ | 149.79 | $ | 146.40 | $ | 156.55 | $ | 148.17 | |||||||||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | (8.2) | % | 2.8 | % | (7.6) | % | 6.7 | % | (5.3) | % | |||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||
Combined ratio | 86.5 | % | 79.4 | % | 145.1 | % | 72.4 | % | 103.1 | % | |||||||||||||||||||
Return on average common equity - annualized | (28.1) | % | 14.2 | % | (28.4) | % | 27.6 | % | (17.1) | % | |||||||||||||||||||
Operating return on average common equity - annualized (1) | 10.8 | % | 14.4 | % | (26.1) | % | 16.8 | % | 0.3 | % | |||||||||||||||||||
Total investment return - annualized | (10.2) | % | 1.1 | % | 0.7 | % | 5.2 | % | (4.9) | % |
1 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Gross premiums written | $ | 2,942,964 | $ | 1,313,018 | $ | 1,774,180 | $ | 2,094,158 | $ | 2,652,442 | |||||||||||||||||||
Net premiums written | $ | 2,165,217 | $ | 1,116,560 | $ | 1,486,440 | $ | 1,512,292 | $ | 1,824,083 | |||||||||||||||||||
Decrease (increase) in unearned premiums | (678,792) | 224,730 | 19,825 | (319,502) | (670,247) | ||||||||||||||||||||||||
Net premiums earned | 1,486,425 | 1,341,290 | 1,506,265 | 1,192,790 | 1,153,836 | ||||||||||||||||||||||||
Net investment income | 83,691 | 80,483 | 78,267 | 80,925 | 79,804 | ||||||||||||||||||||||||
Net foreign exchange gains (losses) | (15,486) | (16,697) | (4,755) | 3,234 | (22,788) | ||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | (6,390) | 3,830 | 5,305 | 8,732 | (5,558) | ||||||||||||||||||||||||
Other income (loss) | 1,193 | 6,431 | 1,692 | 586 | 2,171 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (673,017) | (21,518) | (42,071) | 191,018 | (345,563) | ||||||||||||||||||||||||
Total revenues | 876,416 | 1,393,819 | 1,544,703 | 1,477,285 | 861,902 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 841,733 | 690,970 | 1,798,045 | 520,021 | 867,051 | ||||||||||||||||||||||||
Acquisition expenses | 376,507 | 333,986 | 328,048 | 285,590 | 267,234 | ||||||||||||||||||||||||
Operational expenses | 67,907 | 39,673 | 58,997 | 58,203 | 55,311 | ||||||||||||||||||||||||
Corporate expenses | 12,502 | 10,426 | 10,196 | 10,125 | 10,405 | ||||||||||||||||||||||||
Interest expense | 11,955 | 11,872 | 11,919 | 11,833 | 11,912 | ||||||||||||||||||||||||
Total expenses | 1,310,604 | 1,086,927 | 2,207,205 | 885,772 | 1,211,913 | ||||||||||||||||||||||||
Income (loss) before taxes | (434,188) | 306,892 | (662,502) | 591,513 | (350,011) | ||||||||||||||||||||||||
Income tax benefit (expense) | 36,707 | (18,616) | 23,630 | (13,862) | 19,516 | ||||||||||||||||||||||||
Net income (loss) | (397,481) | 288,276 | (638,872) | 577,651 | (330,495) | ||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | 11,912 | (68,516) | 198,495 | (113,544) | 46,850 | ||||||||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | (385,569) | 219,760 | (440,377) | 464,107 | (283,645) | ||||||||||||||||||||||||
Dividends on preference shares | (8,844) | (8,843) | (9,845) | (7,289) | (7,289) | ||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (394,413) | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.36 | $ | (5.87) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 3.50 | $ | 4.71 | $ | (8.98) | $ | 5.64 | $ | 0.09 | |||||||||||||||||||
Return on average common equity - annualized | (28.1) | % | 14.2 | % | (28.4) | % | 27.6 | % | (17.1) | % | |||||||||||||||||||
Operating return on average common equity - annualized (1) | 10.8 | % | 14.4 | % | (26.1) | % | 16.8 | % | 0.3 | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,029,085 | $ | 13,507,131 | $ | 13,839,248 | $ | 13,418,389 | $ | 13,309,234 | |||||||||||||||||||
Short term investments, at fair value | 4,685,280 | 5,298,385 | 4,667,273 | 4,392,652 | 5,091,143 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 873,268 | 546,016 | 527,839 | 577,090 | 503,137 | ||||||||||||||||||||||||
Other investments, at fair value | 2,182,479 | 1,993,059 | 1,738,737 | 1,585,036 | 1,379,056 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 81,106 | 98,068 | 93,344 | 91,938 | 91,362 | ||||||||||||||||||||||||
Total investments | 20,851,218 | 21,442,659 | 20,866,441 | 20,065,105 | 20,373,932 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,563,056 | 1,859,019 | 1,440,734 | 1,789,756 | 1,286,661 | ||||||||||||||||||||||||
Premiums receivable | 4,851,513 | 3,781,542 | 4,141,899 | 4,481,492 | 3,928,122 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 1,185,982 | 854,722 | 1,137,556 | 1,361,041 | 1,229,716 | ||||||||||||||||||||||||
Reinsurance recoverable | 4,319,490 | 4,268,669 | 4,192,758 | 3,187,638 | 3,160,667 | ||||||||||||||||||||||||
Accrued investment income | 60,802 | 55,740 | 55,620 | 56,804 | 62,573 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 999,712 | 849,160 | 893,265 | 883,926 | 786,941 | ||||||||||||||||||||||||
Receivable for investments sold | 486,705 | 380,442 | 322,553 | 457,458 | 841,156 | ||||||||||||||||||||||||
Other assets | 287,485 | 224,053 | 240,491 | 196,959 | 318,249 | ||||||||||||||||||||||||
Goodwill and other intangibles | 242,116 | 243,496 | 245,015 | 246,576 | 248,080 | ||||||||||||||||||||||||
Total assets | $ | 34,848,079 | $ | 33,959,502 | $ | 33,536,332 | $ | 32,726,755 | $ | 32,236,097 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 13,510,304 | $ | 13,294,630 | $ | 13,233,244 | $ | 10,944,742 | $ | 10,953,383 | |||||||||||||||||||
Unearned premiums | 4,546,305 | 3,531,213 | 4,039,546 | 4,284,260 | 3,833,155 | ||||||||||||||||||||||||
Debt | 1,168,872 | 1,168,353 | 1,137,829 | 1,137,304 | 1,136,783 | ||||||||||||||||||||||||
Reinsurance balances payable | 4,319,657 | 3,860,963 | 3,964,137 | 4,489,841 | 4,254,645 | ||||||||||||||||||||||||
Payable for investments purchased | 907,945 | 1,170,568 | 718,099 | 795,185 | 1,133,787 | ||||||||||||||||||||||||
Other liabilities | 314,141 | 755,441 | 235,665 | 201,398 | 436,437 | ||||||||||||||||||||||||
Total liabilities | 24,767,224 | 23,781,168 | 23,328,520 | 21,852,730 | 21,748,190 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | 3,963,895 | 3,554,053 | 3,458,298 | 3,656,419 | 3,409,570 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 750,000 | 750,000 | 750,000 | 525,000 | 525,000 | ||||||||||||||||||||||||
Common shares | 44,193 | 44,445 | 46,540 | 48,026 | 49,970 | ||||||||||||||||||||||||
Additional paid-in capital | 513,631 | 608,121 | 927,862 | 1,153,881 | 1,450,627 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (12,834) | (10,909) | (12,709) | (14,061) | (12,382) | ||||||||||||||||||||||||
Retained earnings | 4,821,970 | 5,232,624 | 5,037,821 | 5,504,760 | 5,065,122 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 6,116,960 | 6,624,281 | 6,749,514 | 7,217,606 | 7,078,337 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 34,848,079 | $ | 33,959,502 | $ | 33,536,332 | $ | 32,726,755 | $ | 32,236,097 | |||||||||||||||||||
Book value per common share | $ | 121.44 | $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 |
3 | ![]() |
Underwriting and Reserves | |||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 1,343,508 | $ | 1,599,456 | $ | 2,942,964 | |||||||||||
Net premiums written | $ | 890,166 | $ | 1,275,051 | $ | 2,165,217 | |||||||||||
Net premiums earned | $ | 618,591 | $ | 867,834 | $ | 1,486,425 | |||||||||||
Net claims and claim expenses incurred | 259,761 | 581,972 | 841,733 | ||||||||||||||
Acquisition expenses | 127,096 | 249,411 | 376,507 | ||||||||||||||
Operational expenses | 46,932 | 20,975 | 67,907 | ||||||||||||||
Underwriting income (loss) | $ | 184,802 | $ | 15,476 | $ | 200,278 | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 276,519 | $ | 583,047 | $ | 859,566 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (16,758) | (1,075) | (17,833) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 259,761 | $ | 581,972 | $ | 841,733 | |||||||||||
Net claims and claim expense ratio - current accident year | 44.7 | % | 67.2 | % | 57.8 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (2.7) | % | (0.1) | % | (1.2) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 42.0 | % | 67.1 | % | 56.6 | % | |||||||||||
Underwriting expense ratio | 28.1 | % | 31.1 | % | 29.9 | % | |||||||||||
Combined ratio | 70.1 | % | 98.2 | % | 86.5 | % | |||||||||||
Three months ended March 31, 2021 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 1,616,819 | $ | 1,035,623 | $ | 2,652,442 | |||||||||||
Net premiums written | $ | 1,008,460 | $ | 815,623 | $ | 1,824,083 | |||||||||||
Net premiums earned | $ | 605,166 | $ | 548,670 | $ | 1,153,836 | |||||||||||
Net claims and claim expenses incurred | 498,832 | 368,219 | 867,051 | ||||||||||||||
Acquisition expenses | 112,754 | 154,480 | 267,234 | ||||||||||||||
Operational expenses | 35,375 | 19,936 | 55,311 | ||||||||||||||
Underwriting income (loss) | $ | (41,795) | $ | 6,035 | $ | (35,760) | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 503,994 | $ | 372,089 | $ | 876,083 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (5,162) | (3,870) | (9,032) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 498,832 | $ | 368,219 | $ | 867,051 | |||||||||||
Net claims and claim expense ratio - current accident year | 83.3 | % | 67.8 | % | 75.9 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (0.9) | % | (0.7) | % | (0.8) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 82.4 | % | 67.1 | % | 75.1 | % | |||||||||||
Underwriting expense ratio | 24.5 | % | 31.8 | % | 28.0 | % | |||||||||||
Combined ratio | 106.9 | % | 98.9 | % | 103.1 | % |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||
Gross premiums written | $ | 1,343,508 | $ | 384,657 | $ | 773,692 | $ | 1,183,556 | $ | 1,616,819 | |||||||||||||||||||
Net premiums written | $ | 890,166 | $ | 375,112 | $ | 681,095 | $ | 803,335 | $ | 1,008,460 | |||||||||||||||||||
Net premiums earned | $ | 618,591 | $ | 626,359 | $ | 816,376 | $ | 560,397 | $ | 605,166 | |||||||||||||||||||
Net claims and claim expenses incurred | 259,761 | 243,356 | 1,323,678 | 97,150 | 498,832 | ||||||||||||||||||||||||
Acquisition expenses | 127,096 | 131,007 | 134,179 | 109,238 | 112,754 | ||||||||||||||||||||||||
Operational expenses | 46,932 | 28,898 | 40,448 | 38,887 | 35,375 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 184,802 | $ | 223,098 | $ | (681,929) | $ | 315,122 | $ | (41,795) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 276,519 | $ | 274,649 | $ | 1,469,613 | $ | 148,133 | $ | 503,994 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (16,758) | (31,293) | (145,935) | (50,983) | (5,162) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 259,761 | $ | 243,356 | $ | 1,323,678 | $ | 97,150 | $ | 498,832 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 44.7 | % | 43.8 | % | 180.0 | % | 26.4 | % | 83.3 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (2.7) | % | (4.9) | % | (17.9) | % | (9.1) | % | (0.9) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 42.0 | % | 38.9 | % | 162.1 | % | 17.3 | % | 82.4 | % | |||||||||||||||||||
Underwriting expense ratio | 28.1 | % | 25.5 | % | 21.4 | % | 26.5 | % | 24.5 | % | |||||||||||||||||||
Combined ratio | 70.1 | % | 64.4 | % | 183.5 | % | 43.8 | % | 106.9 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||
Gross premiums written | $ | 1,599,456 | $ | 928,361 | $ | 1,000,488 | $ | 910,602 | $ | 1,035,623 | |||||||||||||||||||
Net premiums written | $ | 1,275,051 | $ | 741,448 | $ | 805,345 | $ | 708,957 | $ | 815,623 | |||||||||||||||||||
Net premiums earned | $ | 867,834 | $ | 714,931 | $ | 689,889 | $ | 632,393 | $ | 548,670 | |||||||||||||||||||
Net claims and claim expenses incurred | 581,972 | 447,614 | 474,367 | 422,871 | 368,219 | ||||||||||||||||||||||||
Acquisition expenses | 249,411 | 202,979 | 193,869 | 176,352 | 154,480 | ||||||||||||||||||||||||
Operational expenses | 20,975 | 10,775 | 18,549 | 19,316 | 19,936 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 15,476 | $ | 53,563 | $ | 3,104 | $ | 13,854 | $ | 6,035 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 583,047 | $ | 457,080 | $ | 476,082 | $ | 423,917 | $ | 372,089 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (1,075) | (9,466) | (1,715) | (1,046) | (3,870) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 581,972 | $ | 447,614 | $ | 474,367 | $ | 422,871 | $ | 368,219 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 67.2 | % | 63.9 | % | 69.0 | % | 67.0 | % | 67.8 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.1) | % | (1.3) | % | (0.2) | % | (0.1) | % | (0.7) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 67.1 | % | 62.6 | % | 68.8 | % | 66.9 | % | 67.1 | % | |||||||||||||||||||
Underwriting expense ratio | 31.1 | % | 29.9 | % | 30.8 | % | 30.9 | % | 31.8 | % | |||||||||||||||||||
Combined ratio | 98.2 | % | 92.5 | % | 99.6 | % | 97.8 | % | 98.9 | % |
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 886,091 | $ | 457,417 | $ | 1,343,508 | $ | 1,131,125 | $ | 485,694 | $ | 1,616,819 | |||||||||||||||||||||||
Net premiums written | $ | 601,787 | $ | 288,379 | $ | 890,166 | $ | 660,120 | $ | 348,340 | $ | 1,008,460 | |||||||||||||||||||||||
Net premiums earned | $ | 278,997 | $ | 339,594 | $ | 618,591 | $ | 340,980 | $ | 264,186 | $ | 605,166 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 75,255 | 184,506 | 259,761 | 334,011 | 164,821 | 498,832 | |||||||||||||||||||||||||||||
Acquisition expenses | 34,808 | 92,288 | 127,096 | 41,378 | 71,376 | 112,754 | |||||||||||||||||||||||||||||
Operational expenses | 38,142 | 8,790 | 46,932 | 28,366 | 7,009 | 35,375 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 130,792 | $ | 54,010 | $ | 184,802 | $ | (62,775) | $ | 20,980 | $ | (41,795) | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 103,565 | $ | 172,954 | $ | 276,519 | $ | 338,475 | $ | 165,519 | $ | 503,994 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (28,310) | 11,552 | (16,758) | (4,464) | (698) | (5,162) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 75,255 | $ | 184,506 | $ | 259,761 | $ | 334,011 | $ | 164,821 | $ | 498,832 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 37.1 | % | 50.9 | % | 44.7 | % | 99.3 | % | 62.7 | % | 83.3 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (10.1) | % | 3.4 | % | (2.7) | % | (1.3) | % | (0.3) | % | (0.9) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 27.0 | % | 54.3 | % | 42.0 | % | 98.0 | % | 62.4 | % | 82.4 | % | |||||||||||||||||||||||
Underwriting expense ratio | 26.1 | % | 29.8 | % | 28.1 | % | 20.4 | % | 29.7 | % | 24.5 | % | |||||||||||||||||||||||
Combined ratio | 53.1 | % | 84.1 | % | 70.1 | % | 118.4 | % | 92.1 | % | 106.9 | % | |||||||||||||||||||||||
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||
Catastrophe | $ | 886,091 | $ | 7,795 | $ | 335,493 | $ | 761,323 | $ | 1,131,125 | |||||||||||||||||||
Other property | 457,417 | 376,862 | 438,199 | 422,233 | 485,694 | ||||||||||||||||||||||||
Property segment gross premiums written | $ | 1,343,508 | $ | 384,657 | $ | 773,692 | $ | 1,183,556 | $ | 1,616,819 | |||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||
General casualty (1) | $ | 480,142 | $ | 281,926 | $ | 346,754 | $ | 286,686 | $ | 343,170 | |||||||||||||||||||
Professional liability (2) | 549,719 | 333,257 | 329,848 | 306,387 | 314,372 | ||||||||||||||||||||||||
Financial lines (3) | 259,104 | 139,799 | 128,586 | 86,175 | 144,386 | ||||||||||||||||||||||||
Other (4) | 310,491 | 173,379 | 195,300 | 231,354 | 233,695 | ||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,599,456 | $ | 928,361 | $ | 1,000,488 | $ | 910,602 | $ | 1,035,623 |
(1) | Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability. | ||||
(2) | Includes directors and officers, medical malpractice, and professional indemnity. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly. |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Property | $ | 1,679,877 | $ | 1,956,369 | $ | 2,597,013 | $ | 6,233,259 | |||||||||||||||
Casualty and Specialty | 1,839,996 | 127,342 | 5,309,707 | 7,277,045 | |||||||||||||||||||
Total | $ | 3,519,873 | $ | 2,083,711 | $ | 7,906,720 | $ | 13,510,304 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Property | $ | 1,555,210 | $ | 1,996,760 | $ | 2,825,718 | $ | 6,377,688 | |||||||||||||||
Casualty and Specialty | 1,784,334 | 128,065 | 5,004,543 | 6,916,942 | |||||||||||||||||||
Total | $ | 3,339,544 | $ | 2,124,825 | $ | 7,830,261 | $ | 13,294,630 | |||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Property | $ | 1,265,040 | $ | 1,319,022 | $ | 4,005,279 | $ | 6,589,341 | |||||||||||||||
Casualty and Specialty | 1,768,649 | 151,263 | 4,723,991 | 6,643,903 | |||||||||||||||||||
Total | $ | 3,033,689 | $ | 1,470,285 | $ | 8,729,270 | $ | 13,233,244 | |||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Property | $ | 1,383,754 | $ | 1,513,549 | $ | 1,773,492 | $ | 4,670,795 | |||||||||||||||
Casualty and Specialty | 1,727,051 | 133,041 | 4,413,855 | 6,273,947 | |||||||||||||||||||
Total | $ | 3,110,805 | $ | 1,646,590 | $ | 6,187,347 | $ | 10,944,742 | |||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Property | $ | 1,292,683 | $ | 1,333,734 | $ | 2,145,953 | $ | 4,772,370 | |||||||||||||||
Casualty and Specialty | 1,801,362 | 147,822 | 4,231,829 | 6,181,013 | |||||||||||||||||||
Total | $ | 3,094,045 | $ | 1,481,556 | $ | 6,377,782 | $ | 10,953,383 |
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2022 | Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,019,596 | 160,030 | 859,566 | 1,221,981 | 345,898 | 876,083 | |||||||||||||||||||||||||||||
Prior years | (2,041) | 15,792 | (17,833) | 28,265 | 37,297 | (9,032) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,017,555 | 175,822 | 841,733 | 1,250,246 | 383,195 | 867,051 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 19,776 | 1,986 | 17,790 | 18,069 | 3,318 | 14,751 | |||||||||||||||||||||||||||||
Prior years | 731,325 | 122,520 | 608,805 | 622,819 | 136,331 | 486,488 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 751,101 | 124,506 | 626,595 | 640,888 | 139,649 | 501,239 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (50,780) | (495) | (50,285) | (37,113) | (8,889) | (28,224) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 13,510,304 | $ | 4,319,490 | $ | 9,190,814 | $ | 10,953,383 | $ | 3,160,667 | $ | 7,792,716 | |||||||||||||||||||||||
9 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||
Joint ventures | $ | 13,395 | $ | 8,603 | $ | 8,602 | $ | 14,741 | $ | 11,128 | |||||||||||||||||||
Structured reinsurance products and other | 7,224 | 8,542 | 8,646 | 8,677 | 8,774 | ||||||||||||||||||||||||
Managed funds | 6,603 | 7,578 | 6,606 | 8,552 | 8,622 | ||||||||||||||||||||||||
Total management fee income | 27,222 | 24,723 | 23,854 | 31,970 | 28,524 | ||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||
Joint ventures | (103) | 2,352 | 2,980 | 7,347 | 1,556 | ||||||||||||||||||||||||
Structured reinsurance products and other | 934 | 2,392 | 1,237 | 2,581 | (1,293) | ||||||||||||||||||||||||
Managed funds | 296 | 555 | 264 | 4,259 | (4,798) | ||||||||||||||||||||||||
Total performance fee income (loss) (1) | 1,127 | 5,299 | 4,481 | 14,187 | (4,535) | ||||||||||||||||||||||||
Total fee income | $ | 28,349 | $ | 30,022 | $ | 28,335 | $ | 46,157 | $ | 23,989 |
Three months ended | |||||||||||||||||||||||||||||
Fee income contributing to: | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||
Underwriting income (loss) (1) | 12,161 | 18,074 | 19,444 | 19,239 | 10,530 | ||||||||||||||||||||||||
Earnings from equity method investments (2) | 23 | — | 17 | 17 | 16 | ||||||||||||||||||||||||
Redeemable noncontrolling interest (3) | 16,165 | 11,948 | 8,874 | 26,901 | 13,443 | ||||||||||||||||||||||||
Total fee income | $ | 28,349 | $ | 30,022 | $ | 28,335 | $ | 46,157 | $ | 23,989 | |||||||||||||||||||
10 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 25,323 | $ | (55,098) | $ | 202,362 | $ | (84,266) | $ | 39,934 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 5,287 | 3,580 | (6,526) | (11,989) | 13,443 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | (18,698) | (16,998) | 2,659 | (17,289) | (6,527) | ||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests (1) | $ | 11,912 | $ | (68,516) | $ | 198,495 | $ | (113,544) | $ | 46,850 |
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,775,503 | $ | 1,499,451 | $ | 1,443,589 | $ | 1,642,656 | $ | 1,555,714 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 941,912 | 856,820 | 883,925 | 880,320 | 737,702 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,246,480 | 1,197,782 | 1,130,784 | 1,133,443 | 1,116,154 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,963,895 | $ | 3,554,053 | $ | 3,458,298 | $ | 3,656,419 | $ | 3,409,570 |
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
DaVinciRe | 69.1 | % | 71.3 | % | 71.3 | % | 71.3 | % | 71.3 | % | |||||||||||||||||||
Medici | 86.4 | % | 85.3 | % | 86.6 | % | 86.6 | % | 84.6 | % | |||||||||||||||||||
Vermeer | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
11 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Gross premiums written | $ | 425,315 | $ | 2,240 | $ | 168,770 | $ | 243,627 | $ | 342,033 | |||||||||||||||||||
Net premiums written | $ | 399,189 | $ | 1,109 | $ | 159,697 | $ | 205,907 | $ | 315,476 | |||||||||||||||||||
Decrease (increase) in unearned premiums | (233,158) | 134,218 | 79,853 | (69,833) | (154,894) | ||||||||||||||||||||||||
Net premiums earned | 166,031 | 135,327 | 239,550 | 136,074 | 160,582 | ||||||||||||||||||||||||
Net investment income | 8,968 | 6,937 | 6,549 | 7,118 | 8,261 | ||||||||||||||||||||||||
Net foreign exchange gains (losses) | 412 | (561) | (818) | 597 | (590) | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (117,651) | (20,486) | (2,670) | 4,389 | (26,798) | ||||||||||||||||||||||||
Total revenues | 57,760 | 121,217 | 242,611 | 148,178 | 141,455 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 57,859 | 14,977 | 501,695 | (19,754) | 167,543 | ||||||||||||||||||||||||
Acquisition expenses | 19,582 | 19,242 | 14,490 | 31,593 | 16,317 | ||||||||||||||||||||||||
Operational and corporate expenses | 15,066 | 7,916 | 8,190 | 16,377 | 11,706 | ||||||||||||||||||||||||
Interest expense | 1,858 | 1,859 | 1,859 | 1,858 | 1,858 | ||||||||||||||||||||||||
Total expenses | 94,365 | 43,994 | 526,234 | 30,074 | 197,424 | ||||||||||||||||||||||||
Income (loss) before taxes | (36,605) | 77,223 | (283,623) | 118,104 | (55,969) | ||||||||||||||||||||||||
Income tax benefit (expense) | — | — | — | (1) | — | ||||||||||||||||||||||||
Net income (loss) available (attributable) to DaVinciRe common shareholders | $ | (36,605) | $ | 77,223 | $ | (283,623) | $ | 118,103 | $ | (55,969) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 68,135 | $ | 26,746 | $ | 561,674 | $ | 8,270 | $ | 181,716 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (10,276) | (11,769) | (59,979) | (28,024) | (14,173) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 57,859 | $ | 14,977 | $ | 501,695 | $ | (19,754) | $ | 167,543 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 41.0 | % | 19.8 | % | 234.5 | % | 6.1 | % | 113.2 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (6.2) | % | (8.7) | % | (25.1) | % | (20.6) | % | (8.9) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 34.8 | % | 11.1 | % | 209.4 | % | (14.5) | % | 104.3 | % | |||||||||||||||||||
Underwriting expense ratio | 20.9 | % | 20.0 | % | 9.5 | % | 35.2 | % | 17.5 | % | |||||||||||||||||||
Combined ratio | 55.7 | % | 31.1 | % | 218.9 | % | 20.7 | % | 121.8 | % |
12 | ![]() |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Fixed maturity investments trading | $ | 62,417 | $ | 55,643 | $ | 56,825 | $ | 59,510 | $ | 62,933 | |||||||||||||||||||
Short term investments | 1,136 | 464 | 514 | 782 | 573 | ||||||||||||||||||||||||
Equity investments trading | 2,754 | 4,077 | 1,823 | 1,626 | 1,491 | ||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | 17,360 | 16,527 | 17,184 | 16,681 | 14,468 | ||||||||||||||||||||||||
Other | 5,552 | 8,100 | 7,571 | 9,339 | 3,801 | ||||||||||||||||||||||||
Cash and cash equivalents | (41) | 74 | (38) | 159 | 102 | ||||||||||||||||||||||||
89,178 | 84,885 | 83,879 | 88,097 | 83,368 | |||||||||||||||||||||||||
Investment expenses | (5,487) | (4,402) | (5,612) | (7,172) | (3,564) | ||||||||||||||||||||||||
Net investment income | 83,691 | 80,483 | 78,267 | 80,925 | 79,804 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) on: | |||||||||||||||||||||||||||||
Fixed maturity investments trading, net of investments-related derivatives (1) | (618,253) | (116,689) | (31,424) | 87,847 | (261,759) | ||||||||||||||||||||||||
Equity investments trading, net of investments-related derivatives (1) | (56,053) | 73,645 | (21,680) | 65,566 | (67,922) | ||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | (8,261) | (9,958) | (5,994) | 2 | (19,083) | ||||||||||||||||||||||||
Other | 9,550 | 31,484 | 17,027 | 37,603 | 3,201 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (673,017) | (21,518) | (42,071) | 191,018 | (345,563) | ||||||||||||||||||||||||
Total investment result | $ | (589,326) | $ | 58,965 | $ | 36,196 | $ | 271,943 | $ | (265,759) | |||||||||||||||||||
Total investment return - annualized | (10.2) | % | 1.1 | % | 0.7 | % | 5.2 | % | (4.9) | % | |||||||||||||||||||
13 | ![]() |
Investments | ||
Retained Investment Information |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||
Net investment income | $ | 83,691 | $ | 80,483 | $ | 78,267 | $ | 80,925 | $ | 79,804 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (673,017) | (21,518) | (42,071) | 191,018 | (345,563) | ||||||||||||||||||||||||
Total investment result | $ | (589,326) | $ | 58,965 | $ | 36,196 | $ | 271,943 | $ | (265,759) | |||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||
Retained net investment income | $ | 62,676 | $ | 61,930 | $ | 60,105 | $ | 62,982 | $ | 62,598 | |||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | (584,624) | 1,653 | (37,975) | 187,391 | (318,688) | ||||||||||||||||||||||||
Retained total investment result | $ | (521,948) | $ | 63,583 | $ | 22,130 | $ | 250,373 | $ | (256,090) |
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 17,714,365 | $ | 18,805,516 | $ | 18,506,521 | $ | 17,811,041 | $ | 18,400,377 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 2.3 | % | 1.2 | % | 1.1 | % | 1.0 | % | 1.2 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 2.8 | 3.0 | 3.0 | 3.0 | 2.9 | ||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) | |||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,087,801 | $ | 12,867,560 | $ | 13,032,675 | $ | 12,569,024 | $ | 12,736,000 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 2.7 | % | 1.6 | % | 1.3 | % | 1.3 | % | 1.5 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.5 | 3.7 | 3.7 | 3.8 | 3.7 |
14 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,792,746 | 27.8 | % | $ | 6,247,779 | 29.1 | % | $ | 6,730,967 | 32.3 | % | $ | 6,327,895 | 31.5 | % | $ | 5,107,878 | 25.1 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 363,256 | 1.8 | % | 361,684 | 1.7 | % | 297,057 | 1.4 | % | 325,051 | 1.6 | % | 227,184 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 485,193 | 2.3 | % | 549,613 | 2.6 | % | 495,243 | 2.4 | % | 508,320 | 2.5 | % | 518,162 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 431,008 | 2.1 | % | 474,848 | 2.2 | % | 409,322 | 2.0 | % | 396,966 | 2.0 | % | 335,662 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,420,946 | 16.4 | % | 3,214,438 | 15.0 | % | 3,346,556 | 16.0 | % | 3,387,433 | 16.9 | % | 4,289,072 | 21.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 714,176 | 3.4 | % | 721,955 | 3.4 | % | 754,118 | 3.6 | % | 703,757 | 3.5 | % | 957,563 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 212,145 | 1.0 | % | 233,346 | 1.1 | % | 243,654 | 1.2 | % | 260,432 | 1.3 | % | 272,529 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 567,186 | 2.7 | % | 634,925 | 3.0 | % | 621,153 | 3.0 | % | 588,262 | 2.9 | % | 713,044 | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,042,429 | 5.0 | % | 1,068,543 | 5.0 | % | 941,178 | 4.5 | % | 920,273 | 4.6 | % | 888,140 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,029,085 | 62.5 | % | 13,507,131 | 63.1 | % | 13,839,248 | 66.4 | % | 13,418,389 | 66.8 | % | 13,309,234 | 65.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,685,280 | 22.5 | % | 5,298,385 | 24.7 | % | 4,667,273 | 22.4 | % | 4,392,652 | 21.9 | % | 5,091,143 | 25.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | 17,714,365 | 85.0 | % | 18,805,516 | 87.8 | % | 18,506,521 | 88.8 | % | 17,811,041 | 88.7 | % | 18,400,377 | 90.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 873,268 | 4.2 | % | 546,016 | 2.5 | % | 527,839 | 2.5 | % | 577,090 | 2.9 | % | 503,137 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,233,023 | 5.9 | % | 1,104,034 | 5.1 | % | 1,037,640 | 5.0 | % | 1,026,397 | 5.1 | % | 941,604 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Direct private investments | 80,213 | 0.4 | % | 88,373 | 0.4 | % | 84,587 | 0.4 | % | 81,344 | 0.4 | % | 75,874 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fund investments | 784,243 | 3.8 | % | 725,802 | 3.4 | % | 616,510 | 3.0 | % | 477,295 | 2.4 | % | 361,578 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Term loans | 85,000 | 0.4 | % | 74,850 | 0.3 | % | — | — | % | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,182,479 | 10.5 | % | 1,993,059 | 9.2 | % | 1,738,737 | 8.4 | % | 1,585,036 | 8.0 | % | 1,379,056 | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 20,770,112 | 99.7 | % | 21,344,591 | 99.5 | % | 20,773,097 | 99.7 | % | 19,973,167 | 99.6 | % | 20,282,570 | 99.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 81,106 | 0.3 | % | 98,068 | 0.5 | % | 93,344 | 0.3 | % | 91,938 | 0.4 | % | 91,362 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 20,851,218 | 100.0 | % | $ | 21,442,659 | 100.0 | % | $ | 20,866,441 | 100.0 | % | $ | 20,065,105 | 100.0 | % | $ | 20,373,932 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
15 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,673,213 | 12.8 | % | $ | 1,857,331 | 13.8 | % | $ | 1,825,727 | 13.2 | % | $ | 1,793,720 | 13.4 | % | $ | 1,859,370 | 14.0 | % | |||||||||||||||||||||||||||||||||||||||
AA | 7,672,599 | 59.0 | % | 8,155,048 | 60.3 | % | 8,449,810 | 61.0 | % | 7,982,119 | 59.5 | % | 7,022,443 | 52.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,295,601 | 9.9 | % | 1,114,771 | 8.3 | % | 1,063,127 | 7.7 | % | 1,060,647 | 7.9 | % | 1,504,569 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,149,953 | 8.8 | % | 1,073,103 | 7.9 | % | 1,133,307 | 8.2 | % | 1,171,756 | 8.7 | % | 1,509,280 | 11.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,237,719 | 9.5 | % | 1,306,878 | 9.7 | % | 1,367,277 | 9.9 | % | 1,410,147 | 10.5 | % | 1,413,572 | 10.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,029,085 | 100.0 | % | $ | 13,507,131 | 100.0 | % | $ | 13,839,248 | 100.0 | % | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 434,040 | 3.3 | % | $ | 365,418 | 2.7 | % | $ | 388,647 | 2.8 | % | $ | 365,154 | 2.7 | % | $ | 572,443 | 4.3 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 6,147,438 | 47.2 | % | 6,297,063 | 46.6 | % | 6,540,886 | 47.3 | % | 6,191,724 | 46.1 | % | 5,569,638 | 41.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 3,650,795 | 28.0 | % | 3,877,715 | 28.7 | % | 4,003,465 | 28.9 | % | 4,060,205 | 30.3 | % | 3,786,423 | 28.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 260,876 | 2.0 | % | 308,166 | 2.3 | % | 346,146 | 2.5 | % | 328,582 | 2.4 | % | 549,453 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,493,507 | 11.5 | % | 1,590,226 | 11.8 | % | 1,618,926 | 11.7 | % | 1,552,451 | 11.6 | % | 1,943,137 | 14.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 1,042,429 | 8.0 | % | 1,068,543 | 7.9 | % | 941,178 | 6.8 | % | 920,273 | 6.9 | % | 888,140 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,029,085 | 100.0 | % | $ | 13,507,131 | 100.0 | % | $ | 13,839,248 | 100.0 | % | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % |
16 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 4,685,280 | $ | 4,685,280 | 0.5 | % | $ | 4,660,983 | $ | 14,553 | $ | 8,310 | $ | 201 | $ | — | $ | 1,233 | |||||||||||||||||||||||||||||||||||
100.0 | % | 99.5 | % | 0.3 | % | 0.2 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 6,055,874 | 5,792,746 | 2.4 | % | — | 5,792,746 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 14,382 | 13,700 | 2.6 | % | — | 13,700 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other agencies | 365,783 | 349,556 | 2.5 | % | 55,082 | 294,474 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total agencies | 380,165 | 363,256 | 2.5 | % | 55,082 | 308,174 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 502,209 | 485,193 | 2.5 | % | 211,074 | 201,677 | 57,983 | 13,198 | 1,261 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 449,831 | 431,008 | 2.7 | % | 164,555 | 231,336 | 28,564 | 2,150 | 4,403 | — | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,563,755 | 3,420,946 | 3.9 | % | 22,287 | 145,002 | 1,140,343 | 1,077,806 | 1,003,343 | 32,165 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 741,536 | 714,176 | 3.0 | % | 1,748 | 712,428 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities | 207,014 | 212,145 | 3.9 | % | 41,011 | 10,144 | 1,792 | 6,309 | 104,323 | 48,566 | |||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 948,550 | 926,321 | 3.2 | % | 42,759 | 722,572 | 1,792 | 6,309 | 104,323 | 48,566 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 586,780 | 567,186 | 3.3 | % | 451,078 | 84,833 | 7,116 | 15,979 | 2,374 | 5,806 | |||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 1,535,330 | 1,493,507 | 3.3 | % | 493,837 | 807,405 | 8,908 | 22,288 | 106,697 | 54,372 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 953,962 | 945,401 | 2.7 | % | 644,063 | 182,153 | 51,512 | 33,864 | 23,245 | 10,564 | |||||||||||||||||||||||||||||||||||||||||||
Other | 99,775 | 97,028 | 2.6 | % | 82,315 | 4,106 | 8,291 | 647 | 1,669 | — | |||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 1,053,737 | 1,042,429 | 2.7 | % | 726,378 | 186,259 | 59,803 | 34,511 | 24,914 | 10,564 | |||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 2,589,067 | 2,535,936 | 3.0 | % | 1,220,215 | 993,664 | 68,711 | 56,799 | 131,611 | 64,936 | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,540,901 | 13,029,085 | 2.9 | % | 1,673,213 | 7,672,599 | 1,295,601 | 1,149,953 | 1,140,618 | 97,101 | |||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 12.8 | % | 59.0 | % | 9.9 | % | 8.8 | % | 8.8 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,226,181 | $ | 17,714,365 | 2.3 | % | $ | 6,334,196 | $ | 7,687,152 | $ | 1,303,911 | $ | 1,150,154 | $ | 1,140,618 | $ | 98,334 | |||||||||||||||||||||||||||||||||||
100.0 | % | 35.8 | % | 43.3 | % | 7.4 | % | 6.5 | % | 6.4 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
17 | ![]() |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (394,413) | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (235) | (3,022) | (229) | (5,809) | (129) | ||||||||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | (394,648) | $ | 207,895 | $ | (450,451) | $ | 451,009 | $ | (291,063) | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 43,357 | 44,722 | 46,223 | 48,163 | 49,579 | ||||||||||||||||||||||||
Per common share equivalents of non-vested shares | — | 26 | — | 63 | — | ||||||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 43,357 | 44,748 | 46,223 | 48,226 | 49,579 | ||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.36 | $ | (5.87) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | |||||||||||||||||||
18 | ![]() |
Comments on Regulation G |
19 | ![]() |
Comments on Regulation G |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (394,413) | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | |||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 664,756 | 11,560 | 36,077 | (191,016) | 326,480 | ||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 15,486 | 16,697 | 4,755 | (3,234) | 22,788 | ||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | — | — | — | 135 | ||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (41,874) | (3,628) | 286 | 11,786 | (19,965) | ||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2) | (92,010) | (21,854) | (5,434) | 3,696 | (34,109) | ||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 151,945 | $ | 213,692 | $ | (414,538) | $ | 278,050 | $ | 4,395 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | (9.10) | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | |||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 15.33 | 0.26 | 0.78 | (3.96) | 6.59 | ||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 0.36 | 0.37 | 0.10 | (0.07) | 0.46 | ||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | — | — | — | — | ||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (0.97) | (0.08) | 0.01 | 0.24 | (0.40) | ||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2) | (2.12) | (0.49) | (0.12) | 0.08 | (0.69) | ||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.50 | $ | 4.71 | $ | (8.98) | $ | 5.64 | $ | 0.09 | |||||||||||||||||||
Return on average common equity - annualized | (28.1) | % | 14.2 | % | (28.4) | % | 27.6 | % | (17.1) | % | |||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 47.3 | % | 0.8 | % | 2.3 | % | (11.5) | % | 19.2 | % | |||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 1.1 | % | 1.1 | % | 0.3 | % | (0.2) | % | 1.4 | % | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (3.0) | % | (0.2) | % | — | % | 0.7 | % | (1.2) | % | |||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2) | (6.5) | % | (1.5) | % | (0.3) | % | 0.2 | % | (2.0) | % | |||||||||||||||||||
Operating return on average common equity - annualized | 10.8 | % | 14.4 | % | (26.1) | % | 16.8 | % | 0.3 | % |
20 | ![]() |
Comments on Regulation G |
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Book value per common share | $ | 121.44 | $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.89) | (5.90) | (5.67) | (5.60) | (5.42) | ||||||||||||||||||||||||
Tangible book value per common share | 115.55 | 126.27 | 123.24 | 133.75 | 125.73 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 23.89 | 23.52 | 23.16 | 22.80 | 22.44 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 139.44 | $ | 149.79 | $ | 146.40 | $ | 156.55 | $ | 148.17 | |||||||||||||||||||
Quarterly change in book value per common share | (8.1) | % | 2.5 | % | (7.5) | % | 6.3 | % | (5.3) | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | (8.2) | % | 2.8 | % | (7.6) | % | 6.7 | % | (5.3) | % | |||||||||||||||||||
Year to date change in book value per common share | (8.1) | % | (4.5) | % | (6.9) | % | 0.6 | % | (5.3) | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | (8.2) | % | (4.0) | % | (6.6) | % | 1.0 | % | (5.3) | % |
21 | ![]() |
Comments on Regulation G |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Net investment income | $ | 83,691 | $ | 80,483 | $ | 78,267 | $ | 80,925 | $ | 79,804 | |||||||||||||||||||
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (21,015) | (18,553) | (18,162) | (17,943) | (17,206) | ||||||||||||||||||||||||
Retained net investment income | 62,676 | 61,930 | 60,105 | 62,982 | 62,598 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (673,017) | (21,518) | (42,071) | 191,018 | (345,563) | ||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 88,393 | 23,171 | 4,096 | (3,627) | 26,875 | ||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | (584,624) | 1,653 | (37,975) | 187,391 | (318,688) | ||||||||||||||||||||||||
Total investment result | (589,326) | 58,965 | 36,196 | 271,943 | (265,759) | ||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 67,378 | 4,618 | (14,066) | (21,570) | 9,669 | ||||||||||||||||||||||||
Retained total investment result | $ | (521,948) | $ | 63,583 | $ | 22,130 | $ | 250,373 | $ | (256,090) |
22 | ![]() |
Comments on Regulation G |
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,029,085 | $ | 13,507,131 | $ | 13,839,248 | $ | 13,418,389 | $ | 13,309,234 | |||||||||||||||||||
Short term investments, at fair value | 4,685,280 | 5,298,385 | 4,667,273 | 4,392,652 | 5,091,143 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 17,714,365 | $ | 18,805,516 | $ | 18,506,521 | $ | 17,811,041 | $ | 18,400,377 | |||||||||||||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,626,564) | (5,937,956) | (5,473,846) | (5,242,017) | (5,664,377) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,087,801 | $ | 12,867,560 | $ | 13,032,675 | $ | 12,569,024 | $ | 12,736,000 |
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