Revenue growth remains erratic, evidenced by a sharp 36.4% contraction in 2026Q1 following a 117.4% surge in 2024Q3, while underwriting profitability fluctuates significantly with combined ratios ranging from 53.5% to 102.1% over the last two years.
| 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 | 11.49B | 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 % | -8.19% | 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 | 4.17B | 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 % | 36.33% | 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 | 5.12B | 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 % | 44.57% | 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 | 1.04B | 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 % | 9.02% | 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 | -1.3M | 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 % | 45.35% | 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 | 4.08B | 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 % | 35.55% | 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 | 4.11B | 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 % | 35.81% | 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 | 125.55M | 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 | -93.77M | -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 | 4.63B | 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 % | 40.32% | 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 | 408.87M | 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 % | 8.82% | 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 | 3.09B | 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 % | 26.93% | 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 % | 85.64% | 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) | 72.58 | 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 % | 90.77% | 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 | 42.63M | 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 |
Catastrophe loss volatility
As reported in financial statements, RenaissanceRe's revenue trajectory remains highly erratic, evidenced by a sharp 36.4% contraction in 2026Q1 following a 117.4% surge in 2024Q3, suggesting that the firm's top-line performance is heavily tethered to the cyclical nature of global reinsurance treaty renewals and catastrophe risk appetite.
The significant quarter-over-quarter revenue swings indicate that RenaissanceRe prioritizes underwriting discipline over consistent premium volume, likely retreating from markets when pricing fails to meet internal hurdle rates. Investors should monitor whether this volatility reflects a strategic pivot toward more selective risk-taking or an inability to maintain market share during competitive pricing environments.
Based on RenaissanceRe's reported figures, the combined ratio has demonstrated extreme sensitivity to loss events, fluctuating from a profitable 53.5% in 2025Q3 to a strained 102.1% in 2025Q1, which highlights the inherent difficulty in maintaining consistent underwriting margins within the property catastrophe reinsurance segment.
The periodic breach of the 100% combined ratio threshold suggests that the company's underwriting performance is frequently disrupted by tail-risk events that overwhelm standard pricing models. This volatility implies that RenaissanceRe's profitability is not a linear function of premium growth but rather a binary outcome dependent on the severity of the annual catastrophe season.
According to recent SEC filings, the 2025Q1 period marked a critical inflection point where a 98.2% loss ratio led to a negative operating income of $70.8 million, illustrating the profound impact that concentrated catastrophe exposure can have on the firm's quarterly earnings capacity and overall underwriting efficiency.
This period serves as a stark reminder that RenaissanceRe's earnings profile is susceptible to sudden, sharp reversals when loss activity spikes. The subsequent recovery in later quarters suggests a resilient capital structure, yet it warrants further investigation into whether the firm's risk-modeling software is adequately capturing the increasing frequency of secondary perils.
As noted in financial disclosures, the reliance on third-party capital vehicles to manage risk creates a complex earnings profile, where the potential for reputational damage and loss of fee income during extreme events may pose a greater threat to shareholder value than direct balance sheet losses alone.
While the third-party capital platform is a key differentiator, it introduces a layer of operational risk that is not fully captured by traditional underwriting metrics. Investors should monitor the potential for conflict between the firm's own balance sheet and its joint venture partners, as any misalignment during a major loss event could jeopardize the sustainability of this fee-based income stream.
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.