Renaissancere Holdings (RNR) Q4 FY2023 earnings: revenue $3.2 billion, up 59.6% on the year

Renaissancere Holdings Ltd. (RNR) reported revenue of $3.2 billion for Q4 FY2023, the quarter ended 31 December 2023, up 59.6% on the same quarter a year earlier. Net income was $1.6 billion, up 247.0% on the year, and diluted earnings per share $30.43. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$3.2 billionup 59.6%

Net income$1.6 billionup 247.0%

Diluted EPS$30.43

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,240	1,836	n/a	n/a
Operating income	1,434	426	n/a	n/a
Operating margin	44.3%	23.2%	n/a
Interest expense	23.2	23.0	n/a	n/a
Pre-tax income	1,434	426	n/a	n/a
Income tax	-554	9.3	n/a	n/a
Effective tax rate	-38.6%	2.2%	n/a
Net income	1,586	203	n/a	n/a
Net margin	48.9%	11.0%	n/a
Diluted EPS	$30.43	$3.80	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	512	772	n/a	n/a
Cash from investing	-314	-328	n/a	n/a
Cash from financing	485	-198	n/a	n/a
Depreciation and amortisation	-13.7	-47.8	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	19.9	19.2	n/a	n/a
Diluted shares, weighted	51m	50m	n/a	n/a
Shares outstanding at period end	53m	51m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	9,455	7,589	n/a	n/a
Redeemable equity	6,101	5,662	n/a	n/a
Debt	1,959	1,883	n/a	n/a
Other liabilities	31,493	25,709	n/a	n/a
Total liabilities and equity	49,007	40,843	n/a	n/a
Intangible assets	482	n/a	n/a	n/a
Cash and equivalents	1,878	1,196	n/a	n/a
Other assets	46,648	39,647	n/a	n/a
Total assets	49,007	40,843	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,836	3,240	2,599	2,829	3,974	2,293	3,470	3,207	3,198	2,973	2,195	2,769
Operating income	426	1,434	634	708	1,735	-83.1	-70.8	1,341	1,481	1,264	549	1,118
Operating margin	23%	44%	24%	25%	44%	-4%	-2%	42%	46%	43%	25%	40%
Interest expense	23.0	23.2	23.1	23.6	23.8	23.2	27.1	31.8	30.6	31.4	31.8	31.8
Pre-tax income	426	1,434	634	708	1,735	-83.1	-70.8	1,341	1,481	1,264	549	1,118
Tax rate	2%	-39%	2%	-3%	6%	n/a	n/a	13%	10%	9%	6%	12%
Net income	203	1,586	374	504	1,182	-190	170	835	917	760	293	663
Net margin	11%	49%	14%	18%	30%	-8%	5%	26%	29%	26%	13%	24%
Diluted EPS	$3.80	$30.43	$6.94	$9.41	$22.62	-$3.95	$3.27	$17.20	$19.40	$16.75	$6.57	n/a
Operating cash flow	772	512	683	1,212	1,490	779	158	1,470	1,583	483	688	852
Buybacks	0.0	0.0	0.0	109	107	452	358	374	208	660	352	350
Dividends paid	19.2	19.9	20.5	20.4	20.0	20.0	19.5	19.2	18.5	17.6	17.6	16.9
Shares outstanding	51m	53m	53m	52m	52m	50m	49m	47m	47m	44m	43m	42m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0000913144-24-000019: the filing on EDGAR. All of Renaissancere Holdings Ltd.'s filings: EDGAR company page.

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