Revenue and underwriting margins remain highly volatile, with the combined ratio ranging from 53.5% to 103.6% and Q3 2026 printing 100.0% on a 60.7% loss ratio, indicating earnings are concentrated in a few favorable quarters.
RenaissanceRe Holdings Ltd. (RNR) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 9.16B | 12.75B | 11.65B | 9.09B | 5.05B | 5.27B | 5.16B | 4.18B | 2.06B | 2.1B | 1.73B | 1.49B | 1.23B | 1.36B | 1.4B | 1.18B | 1.24B | 1.27B | 1.23B | 1.67B | 1.84B | 1.66B | 1.57B | 1.37B | 913.51M | 409.67M | 349.74M | 270.24M | 260.53M | 254.73M | 295M |
| Revenue Growth % | -24.29% | 9.45% | 28.13% | 80.05% | -4.11% | 2.14% | 23.37% | 103.2% | -1.87% | 21.36% | 15.54% | 21.12% | -9.08% | -3.12% | 18.95% | -4.74% | -2.7% | 3.21% | -26.08% | -9.52% | 11.16% | 5.61% | 14.51% | 49.89% | 122.99% | 17.14% | 29.42% | 3.73% | 2.28% | -13.65% | - |
| Medical Costs & Claims | 3.9B | 7.57B | 7.98B | 5.45B | 5.91B | 5.09B | 3.82B | 2.86B | 1.55B | 2.21B | 820.15M | 686.83M | 342.42M | 296.79M | 438.75M | 958.55M | 224.31M | 33.45M | 974.04M | 734.2M | 726.93M | 1.87B | 1.34B | 563.32M | 410.17M | 175.28M | 147.13M | 102.64M | 139.26M | 75.24M | 113.14M |
| Medical Cost Ratio % | 42.6% | 59.34% | 68.48% | 59.93% | 117% | 96.69% | 74.15% | 68.42% | 75.52% | 105.38% | 47.49% | 45.95% | 27.75% | 21.87% | 31.32% | 81.38% | 18.14% | 2.63% | 79.11% | 44.08% | 39.49% | 113.13% | 85.54% | 41.14% | 44.9% | 42.78% | 42.07% | 37.98% | 53.45% | 29.54% | 38.35% |
| Gross Profit | 5.26B | 5.18B | 3.67B | 3.64B | -858.28M | 174.46M | 1.33B | 1.32B | 503.46M | -112.67M | 906.72M | 807.79M | 891.58M | 1.06B | 962.3M | 219.27M | 1.01B | 1.24B | 257.15M | 931.35M | 1.11B | -217.34M | 226.76M | 805.95M | 503.35M | 234.4M | 202.6M | 167.59M | 121.27M | 179.48M | 181.85M |
| Gross Margin % | 57.4% | 40.66% | 31.52% | 40.07% | -17% | 3.31% | 25.85% | 31.58% | 24.48% | -5.38% | 52.51% | 54.05% | 72.25% | 78.13% | 68.68% | 18.62% | 81.86% | 97.37% | 20.89% | 55.92% | 60.51% | -13.13% | 14.46% | 58.86% | 55.1% | 57.22% | 57.93% | 62.02% | 46.55% | 70.46% | 61.65% |
| Gross Profit Growth % | - | 41.18% | 0.79% | 524.4% | -591.98% | -86.91% | 1.01% | 162.08% | 546.84% | -112.43% | 12.25% | -9.4% | -15.93% | 10.2% | 338.87% | -78.34% | -18.2% | 381.16% | -72.39% | -16.38% | 612.47% | -195.85% | -71.86% | 60.12% | 114.74% | 15.69% | 20.89% | 38.2% | -32.43% | -1.3% | - |
| Operating Expenses | 2.61B | 1.17B | 678.05M | 532.53M | 360.55M | 288.56M | 336.92M | 352M | 240.84M | 215.51M | 276.33M | 311.42M | 204.72M | 219.46M | 195.47M | 247.72M | 219.82M | 181.32M | 172.43M | 337.35M | 315.76M | 185.87M | 99.94M | 101.69M | 76.56M | 0 | 70.72M | 64.88M | 67.17M | 40.23M | -78.05M |
| OpEx / Revenue % | 28.46% | 9.17% | 5.82% | 5.86% | 7.14% | 5.48% | 6.54% | 8.42% | 11.71% | 10.28% | 16% | 20.84% | 16.59% | 16.17% | 13.95% | 21.03% | 17.78% | 14.27% | 14.01% | 20.25% | 17.15% | 11.22% | 6.37% | 7.43% | 8.38% | 0% | 20.22% | 24.01% | 25.78% | 15.8% | -26.46% |
| Depreciation & Amortization | -40.92M | 2.44M | 258.46M | -134.75M | -26.95M | -20.99M | 16.65M | -58.96M | 123K | 31.24M | 29.3M | 18.18M | 47.77M | 51.6M | 59.7M | 42.3M | 59.72M | 9.21M | -8.87M | -19.77M | -12.28M | 9.63M | 16.86M | 13.09M | 19.04M | 3.19M | 315K | 9.81M | 14.49M | 1.12M | 300K |
| Combined Ratio % | 71.07% | 68.51% | 74.3% | 65.79% | 124.14% | 102.17% | 80.68% | 76.85% | 87.23% | 115.66% | 63.5% | 66.79% | 44.34% | 38.04% | 45.27% | 102.42% | 35.92% | 16.9% | 93.12% | 64.34% | 56.65% | 124.35% | 91.91% | 48.57% | 53.28% | 42.78% | 62.29% | 61.99% | 79.23% | 45.33% | 11.9% |
| Operating Income | 2.65B | 4.01B | 2.99B | 3.11B | -1.22B | -114.11M | 995.92M | 967.48M | 262.62M | -328.18M | 630.39M | 496.38M | 686.86M | 841.04M | 766.84M | -28.45M | 792.36M | 1.06B | 84.72M | 594M | 798.04M | -403.21M | 126.83M | 704.26M | 426.79M | 234.4M | 131.88M | 102.72M | 54.1M | 139.25M | 259.9M |
| Operating Margin % | 28.93% | 31.49% | 25.7% | 34.21% | -24.14% | -2.17% | 19.32% | 23.15% | 12.77% | -15.66% | 36.5% | 33.21% | 55.66% | 61.96% | 54.73% | -2.42% | 64.08% | 83.1% | 6.88% | 35.66% | 43.35% | -24.35% | 8.09% | 51.43% | 46.72% | 57.22% | 37.71% | 38.01% | 20.77% | 54.67% | 88.1% |
| Operating Income Growth % | - | 34.11% | -3.76% | 355.17% | -968.14% | -111.46% | 2.94% | 268.4% | 180.02% | -152.06% | 27% | -27.73% | -18.33% | 9.68% | 2795.58% | -103.59% | -24.97% | 1146.43% | -85.74% | -25.57% | 297.92% | -417.93% | -81.99% | 65.01% | 82.08% | 77.74% | 28.39% | 89.86% | -61.15% | -46.42% | - |
| EBITDA | 2.64B | 4.02B | 3.25B | 2.98B | -1.25B | -135.1M | 1.01B | 908.52M | 262.74M | -296.94M | 659.69M | 514.55M | 734.63M | 892.63M | 826.53M | 13.85M | 852.08M | 1.07B | 75.85M | 574.23M | 785.77M | -393.58M | 143.69M | 717.35M | 445.83M | 237.59M | 132.19M | 112.53M | 68.59M | 140.37M | 260.2M |
| EBITDA Margin % | 28.83% | 31.51% | 27.92% | 32.73% | -24.67% | -2.57% | 19.64% | 21.74% | 12.78% | -14.17% | 38.2% | 34.43% | 59.53% | 65.77% | 58.99% | 1.18% | 68.91% | 83.82% | 6.16% | 34.48% | 42.69% | -23.77% | 9.16% | 52.39% | 48.8% | 57.99% | 37.8% | 41.64% | 26.33% | 55.11% | 88.2% |
| Interest Expense | 126.75M | 120.85M | 93.77M | 73.18M | 48.34M | 47.54M | 50.45M | 58.36M | 47.07M | 44.19M | 42.14M | 36.27M | 17.4M | 17.93M | 23.1M | 23.37M | 21.83M | 15.11M | 24.63M | 33.63M | 37.6M | 28.22M | 25.97M | 18.25M | 13.07M | 7.25M | 17.17M | 9.93M | 4.47M | 4.27M | 6.6M |
| Non-Operating Income | -94.95M | -120.85M | -93.77M | -73.18M | -48.34M | -47.54M | -50.45M | -58.36M | -47.07M | -44.19M | -42.14M | -36.27M | -17.4M | -17.93M | -23.1M | -23.37M | -21.83M | -15.11M | -24.63M | -33.63M | -37.6M | -28.22M | -25.97M | -18.25M | -13.07M | 47.1M | -17.17M | -9.93M | -4.47M | -4.27M | 97.19M |
| Pretax Income | 2.9B | 4.01B | 2.99B | 3.11B | -1.22B | -114.11M | 995.92M | 967.48M | 262.62M | -328.18M | 630.39M | 496.38M | 686.86M | 841.04M | 766.84M | -28.45M | 792.36M | 1.06B | 84.72M | 594M | 798.04M | -403.21M | 126.83M | 704.26M | 426.79M | 180.05M | 131.88M | 102.72M | 54.1M | 139.25M | 156.16M |
| Pretax Margin % | 31.63% | 31.49% | 25.7% | 34.21% | -24.14% | -2.17% | 19.32% | 23.15% | 12.77% | -15.66% | 36.5% | 33.21% | 55.66% | 61.96% | 54.73% | -2.42% | 64.08% | 83.1% | 6.88% | 35.66% | 43.35% | -24.35% | 8.09% | 51.43% | 46.72% | 43.95% | 37.71% | 38.01% | 20.77% | 54.67% | 52.94% |
| Income Tax | 258.36M | 396.33M | 32.63M | -510.07M | -59.02M | -10.67M | 2.86M | 17.21M | -6.3M | 26.49M | 340K | -45.87M | 608K | 1.69M | 1.41M | 10.38M | -6.12M | 10.03M | 568K | -18.43M | 935K | 0 | 4M | 18K | -115K | 14.26M | 4.65M | -1.52M | -20.48M | 0 | 0 |
| Effective Tax Rate % | 8.91% | 9.87% | 1.09% | -16.4% | 4.84% | 9.35% | 0.29% | 1.78% | -2.4% | -8.07% | 0.05% | -9.24% | 0.09% | 0.2% | 0.18% | -36.51% | -0.77% | 0.95% | 0.67% | -3.1% | 0.12% | 0% | 3.16% | 0% | -0.03% | 7.92% | 3.52% | -1.48% | -37.85% | 0% | 0% |
| Net Income | 1.56B | 2.68B | 1.87B | 2.56B | -1.06B | -40.16M | 762.4M | 748.8M | 227.36M | -222.39M | 502.96M | 431.19M | 532.72M | 690.62M | 600.91M | -57.23M | 744.73M | 881.16M | 29.02M | 612.44M | 797.11M | -246.76M | 164.24M | 624.79M | 355.06M | 184.96M | 127.23M | 104.24M | 74.58M | 139.25M | 156.2M |
| Net Margin % | 17.07% | 21.04% | 16.06% | 28.17% | -21.02% | -0.76% | 14.79% | 17.92% | 11.06% | -10.61% | 29.13% | 28.85% | 43.17% | 50.88% | 42.89% | -4.86% | 60.23% | 69.34% | 2.36% | 36.77% | 43.3% | -14.9% | 10.47% | 45.63% | 38.87% | 45.15% | 36.38% | 38.57% | 28.63% | 54.67% | 52.95% |
| Net Income Growth % | -9.69% | 43.41% | -26.97% | 341.34% | -2542.77% | -105.27% | 1.82% | 229.34% | 202.24% | -144.22% | 16.64% | -19.06% | -22.86% | 14.93% | 1149.9% | -107.69% | -15.48% | 2936.38% | -95.26% | -23.17% | 423.03% | -250.24% | -73.71% | 75.97% | 91.97% | 45.37% | 22.05% | 39.78% | -46.44% | -10.85% | - |
| EPS (Diluted) | 38.83 | 56.62 | 35.21 | 52.27 | -25.50 | -1.57 | 15.31 | 16.29 | 5.72 | -5.58 | 11.43 | 9.28 | 12.60 | 14.87 | 11.23 | -1.13 | 12.31 | 13.40 | -0.21 | 7.93 | 10.57 | -3.50 | 1.85 | 8.53 | 4.88 | 2.72 | 2.17 | 1.68 | 1.11 | 2.02 | 2.00 |
| EPS Growth % | -2.58% | 60.81% | -32.64% | 304.98% | -1524.2% | -110.25% | -6.02% | 184.79% | 202.51% | -148.82% | 23.17% | -26.35% | -15.27% | 32.41% | 1093.81% | -109.18% | -8.13% | 6480.95% | -102.65% | -24.98% | 402% | -289.19% | -78.31% | 74.8% | 79.41% | 25.35% | 29.17% | 51.35% | -45.05% | 1% | - |
| EPS (Basic) | - | 56.76 | 35.31 | 52.40 | -25.50 | -1.57 | 15.34 | 16.32 | 5.72 | -5.58 | 11.50 | 9.36 | 12.77 | 15.14 | 11.40 | -1.13 | 12.42 | 13.50 | -0.21 | 8.08 | 10.72 | -3.50 | 1.90 | 8.78 | 5.08 | 2.72 | 2.23 | 1.70 | 1.13 | 2.06 | 2.05 |
| Diluted Shares Outstanding | 40.28M | 44.87M | 51.34M | 47.61M | 43.04M | 47.17M | 47.18M | 43.17M | 39.76M | 39.85M | 41.56M | 43.53M | 39.97M | 44.13M | 49.6M | 50.75M | 55.64M | 61.21M | 63.41M | 71.83M | 72.06M | 70.53M | 71.95M | 71.04M | 70.26M | 62.49M | 58.72M | 61.93M | 67.19M | 68.94M | 78.05M |
Quick answers to the most common questions about buying RNR stock.
For fiscal year 2025, RenaissanceRe Holdings Ltd. (RNR) reported total revenue of $12.75B. This represents a 4221.6% increase compared to $295.0M in 1996.
RenaissanceRe Holdings Ltd. (RNR) is profitable, generating $2.68B in net income for the fiscal year ending 2025 with a net profit margin of 21.0%.
RenaissanceRe Holdings Ltd. (RNR) reported an operating income of $4.01B, resulting in an operating profit margin of 31.5%. This margin reflects the operational efficiency of the business before interest and taxes.
RenaissanceRe Holdings Ltd. (RNR) generated $5.18B in gross profit for the year, representing a gross profit margin of 40.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Secondary peril catastrophe volatility
Metrics are mathematically derived from official filings.
Premium Base Swinging With Hard Market Cycle
Based on reported quarterly figures, RNR's revenue fell 46.9% year over year to $1.7B in Q3 2026 after ranging between $2.2B and $4.0B across the prior ten quarters, indicating a highly cyclical top line tied to reinsurance pricing and catastrophe activity.
The swings in revenue suggest that RNR's top line is driven more by timing of treaty renewals, reinstatement premiums, and retrocession ceding than by steady organic volume growth. The sharp Q3 2026 decline may reflect lower earned premium recognition or ceded retrocessional activity, and investors should monitor whether this represents a deliberate pullback from soft-priced layers or an underlying shrinkage in demand.
Underwriting Profit Hinges on Loss Quarters
Reported combined ratios ranged from 53.5% to 103.6% over the period, with Q3 2026 printing 100.0% against a loss ratio of 60.7%, suggesting underwriting results remain highly sensitive to individual catastrophe events.
When the combined ratio stays below 100%, underwriting itself generates profit, which appears to have been the case in most quarters, but the 2024Q4 and 2025Q1 readings above 100% show that a single severe loss period can erase months of margin. The Q3 2026 print at the breakeven threshold warrants further investigation to determine whether it reflects elevated attritional losses or a normal cat load.
Earnings Quality Depends on Reserve Development
Reported quarterly EPS of $15.48 in Q2 2026 against a reported loss ratio of 39.7% suggests strong near-term earnings, but the absence of disclosed prior-year development data limits confidence in how much of that result is current-accident-year profit.
Favorable prior-year reserve releases can lift reported earnings without reflecting current underwriting quality, and the data provided does not separate these effects. Investors should examine reserve development disclosures before treating the Q2 2026 beat as a sustainable run-rate.
Investment Income Contribution Not Visible in Data
The supplied income statement data reports no investment income or investment yield figures for any period, so the contribution of the fixed-income portfolio to net income cannot be assessed from the provided figures.
Because investment income is absent from the dataset, any conclusion about its share of total earnings would be unsupported. Analysts should consult the segment and investment note to quantify how much of quarterly net income stems from portfolio yield versus underwriting results.
Q1 2025 Marks a Sharp Underwriting Deterioration
Reported figures show Q1 2025 with a loss ratio of 98.2% and a combined ratio of 102.1%, following a period of more favorable results, with net income falling to $170.0M and EPS dropping 52.9% year over year.
This quarter coincides with a period of elevated losses that compressed underwriting margins to near breakeven, suggesting either a concentrated catastrophe event or deteriorating attritional experience. Subsequent recovery to 74.8% and 64.6% combined ratios in 2026 suggests the disruption may have been transitory, though investors should monitor whether loss frequency trends are reversing.
Strong Q2 2026 Beat May Overstate Run Rate
Reported Q2 2026 EPS of $15.48 and a combined ratio of 64.6% represent a favorable quarter, but the Q3 2026 collapse in net income to -$152.5M suggests that a single period may not reflect sustainable earnings power.
The sharp reversal from a strong Q2 to a loss-making Q3 indicates high volatility in reported earnings, and extrapolating the Q2 result could overstate normalized profitability. Based on reported figures, the earnings profile appears more dependent on catastrophe timing than on steady underwriting performance, which warrants caution in valuation.