RenaissanceRe Holdings Ltd.

Contents

Page

Basis of Presentation

i

Financial Highlights

1

Summary Consolidated Financial Statements

a. Consolidated Statements of Operations

2

b. Consolidated Balance Sheets

3

Underwriting and Reserves

a. Consolidated Segment Underwriting Results

5

b. Segment Underwriting Results

6

c. Property Segment - Catastrophe and Other Property Underwriting Results

7

d. Gross Premiums Written

8

e. Reserves for Claims and Claim Expenses

9

f. Paid to Incurred Analysis

10

Managed Joint Ventures and Fee Income

a. Fee Income

11

b. Noncontrolling Interests

12

c. DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations

13

Investments

a. Total Investment Result

14

b. Investment Portfolio - Composition

15

c. Investment Portfolio - Fixed Maturity Investments

16

d. Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating

17

e. Retained Investment Information

18

Other Items

a. Earnings per Share

19

Comments on Regulation G

20

RenaissanceRe Holdings Ltd.

Basis of Presentation

RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP") including "operating income (loss) available (attributable) to RenaissanceRe common shareholders," "operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted," "operating return on average common equity - annualized," "tangible book value per common share," "tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 20 through 24 for "Comments on Regulation G."

Cautionary Statement under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered "forward-looking." These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and prospectus supplement dated July 7, 2021.

All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10- K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.comfor further information about RenaissanceRe.

i

Financial Highlights

Three months ended

Twelve months ended

December 31,

September 30,

June 30,

March 31,

December 31,

December 31,

December 31,

2021

2021

2021

2021

2020

2021

2020

Highlights

Gross premiums written

$

1,313,018

$

1,774,180

$

2,094,158

$

2,652,442

$

935,514

$

7,833,798

$

5,806,165

Underwriting income (loss)

$

276,661

$

(678,825)

$

328,976

$

(35,760)

$

(151,655)

$

(108,948)

$

(76,511)

Net investment income

$

80,483

$

78,267

$

80,925

$

79,804

$

81,717

$

319,479

$

354,038

Net realized and unrealized gains (losses) on investments

(21,518)

(42,071)

191,018

(345,563)

258,745

(218,134)

820,636

Total investment result

$

58,965

$

36,196

$

271,943

$

(265,759)

$

340,462

$

101,345

$

1,174,674

Net income (loss) available (attributable) to RenaissanceRe

$

210,917

$

(450,222)

$

456,818

$

(290,934)

$

189,812

$

(73,421)

$

731,482

common shareholders

Operating income (loss) available (attributable) to RenaissanceRe

$

213,692

$

(414,538)

$

278,050

$

4,395

$

(77,122)

$

81,599

$

14,640

common shareholders (1)

Per share data

Net income (loss) available (attributable) to RenaissanceRe

$

4.65

$

(9.75)

$

9.36

$

(5.87)

$

3.75

$

(1.57)

$

15.34

common shareholders per common share - basic

Net income (loss) available (attributable) to RenaissanceRe

$

4.65

$

(9.75)

$

9.35

$

(5.87)

$

3.74

$

(1.57)

$

15.31

common shareholders per common share - diluted

Operating income (loss) available (attributable) to RenaissanceRe

$

4.71

$

(8.98)

$

5.64

$

0.09

$

(1.59)

$

1.72

$

0.12

common shareholders per common share - diluted (1)

Book value per common share

$

132.17

$

128.91

$

139.35

$

131.15

$

138.46

$

132.17

$

138.46

Tangible book value per common share (1)

$

126.27

$

123.24

$

133.75

$

125.73

$

133.09

$

126.27

$

133.09

Tangible book value per common share plus accumulated

$

149.79

$

146.40

$

156.55

$

148.17

$

155.17

$

149.79

$

155.17

dividends (1)

Change in tangible book value per common share plus change in

2.8 %

(7.6)%

6.7 %

(5.3)%

3.0 %

(4.0)%

17.9 %

accumulated dividends (1)

Financial ratios

Combined ratio

79.4 %

145.1 %

72.4 %

103.1 %

114.7 %

102.1 %

101.9 %

Return on average common equity - annualized

14.2 %

(28.4)%

27.6 %

(17.1)%

10.9 %

(1.1)%

11.7 %

Operating return on average common equity - annualized (1)

14.4 %

(26.1)%

16.8 %

0.3 %

(4.4)%

1.3 %

0.2 %

Total investment return - annualized

1.1 %

0.7 %

5.2 %

(4.9)%

6.6 %

0.5 %

5.9 %

  1. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.

1

Summary Consolidated Financial Statements

Consolidated Statements of Operations

Three months ended

Twelve months ended

December 31,

September 30,

June 30,

March 31,

December 31,

December 31,

December 31,

Revenues

2021

2021

2021

2021

2020

2021

2020

Gross premiums written

$

1,313,018

$

1,774,180

$

2,094,158

$

2,652,442

$

935,514

$

7,833,798

$

5,806,165

Net premiums written

$

1,116,560

$

1,486,440

$

1,512,292

$

1,824,083

$

746,311

$

5,939,375

$

4,096,333

Decrease (increase) in unearned premiums

224,730

19,825

(319,502)

(670,247)

282,774

(745,194)

(143,871)

Net premiums earned

1,341,290

1,506,265

1,192,790

1,153,836

1,029,085

5,194,181

3,952,462

Net investment income

80,483

78,267

80,925

79,804

81,717

319,479

354,038

Net foreign exchange gains (losses)

(16,697)

(4,755)

3,234

(22,788)

23,270

(41,006)

27,773

Equity in earnings (losses) of other ventures

3,830

5,305

8,732

(5,558)

(1,868)

12,309

17,194

Other income (loss)

6,431

1,692

586

2,171

4,374

10,880

213

Net realized and unrealized gains (losses) on investments

(21,518)

(42,071)

191,018

(345,563)

258,745

(218,134)

820,636

Total revenues

1,393,819

1,544,703

1,477,285

861,902

1,395,323

5,277,709

5,172,316

Expenses

Net claims and claim expenses incurred

690,970

1,798,045

520,021

867,051

901,353

3,876,087

2,924,609

Acquisition expenses

333,986

328,048

285,590

267,234

238,283

1,214,858

897,677

Operational expenses

39,673

58,997

58,203

55,311

41,104

212,184

206,687

Corporate expenses

10,426

10,196

10,125

10,405

21,031

41,152

96,970

Interest expense

11,872

11,919

11,833

11,912

11,841

47,536

50,453

Total expenses

1,086,927

2,207,205

885,772

1,211,913

1,213,612

5,391,817

4,176,396

Income (loss) before taxes

306,892

(662,502)

591,513

(350,011)

181,711

(114,108)

995,920

Income tax benefit (expense)

(18,616)

23,630

(13,862)

19,516

9,923

10,668

(2,862)

Net income (loss)

288,276

(638,872)

577,651

(330,495)

191,634

(103,440)

993,058

Net (income) loss attributable to redeemable noncontrolling

(68,516)

198,495

(113,544)

46,850

5,467

63,285

(230,653)

interests

Net income (loss) attributable to RenaissanceRe

219,760

(440,377)

464,107

(283,645)

197,101

(40,155)

762,405

Dividends on preference shares

(8,843)

(9,845)

(7,289)

(7,289)

(7,289)

(33,266)

(30,923)

Net income (loss) available (attributable) to

$

210,917

$

(450,222)

$

456,818

$

(290,934)

$

189,812

$

(73,421)

$

731,482

RenaissanceRe common shareholders

Net income (loss) available (attributable) to RenaissanceRe

$

4.65

$

(9.75)

$

9.36

$

(5.87)

$

3.75

$

(1.57)

$

15.34

common shareholders per common share - basic

Net income (loss) available (attributable) to RenaissanceRe

$

4.65

$

(9.75)

$

9.35

$

(5.87)

$

3.74

$

(1.57)

$

15.31

common shareholders per common share - diluted

Operating income (loss) available (attributable) to

RenaissanceRe common shareholders per common share

$

4.71

$

(8.98)

$

5.64

$

0.09

$

(1.59)

$

1.72

$

0.12

- diluted (1)

Return on average common equity - annualized

14.2 %

(28.4)%

27.6 %

(17.1)%

10.9 %

(1.1)%

11.7 %

Operating return on average common equity - annualized (1)

14.4 %

(26.1)%

16.8 %

0.3 %

(4.4)%

1.3 %

0.2 %

2

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Disclaimer

RenaissanceRe Holdings Ltd. published this content on 25 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2022 22:20:32 UTC.