RenaissanceRe has reported net income available to common shareholders of $1.8 billion for the 2024 fiscal year, despite recording a fourth quarter net loss.

The company reported $2.2 billion of operating income available to common shareholders.

RenRe had a fourth quarter net loss attributable to common shareholders of $198.5 million, and $406.9 million of operating income available to common shareholders in the quarter.

For the full year, the return on average common equity was 19.3 per cent and the operating return on average common equity was 23.5 per cent.

The company reported an 18.5 per cent growth in book value per share and 26 per cent growth in tangible book value per share plus change in accumulated dividends.

Kevin O’Donnell, president and chief executive, said: “We delivered another strong year. Our primary metric ― growth in tangible book value per share plus change in accumulated dividends ― was 26 per cent.

“At the same time, we fulfilled our purpose while demonstrating our relevance to our customers, rapidly paying claims against a backdrop of elevated catastrophic events punctuated by two large hurricanes.”

He added: “At the January 1 renewal, our long-term partnership approach was rewarded with preferential signings across our business, and we retained our attractive underwriting book.

“Looking forward, we believe our strong capital and liquidity positions will allow us to capture additional opportunities, bolstering our leadership position and generating superior shareholder value.”

For the full year, RenRe reported a strong performance across its three drivers of profit: underwriting income of $1.6 billion, net investment income of $1.7 billion, and fee income of $326.8 million.

The company reported a combined ratio of 83.9 per cent and adjusted combined ratio of 81.5 per cent.

During the year, RenRe repurchased $677.6 million of common shares, including $462.3 million in the fourth quarter.

It raised $857.4 million of third-party capital in the Capital Partners unit, with a further $237.8 million raised from third-party investors effective January 1, 2025.

The fourth quarter saw an annualised return on average common equity of minus 7.8 per cent and annualised operating return on average common equity of 16 per cent.

The combined ratio was 91.7 per cent and the adjusted combined ratio was 89.4 per cent. RenRe reported fee income of $77.1 million, up 8.9 per cent from Q4 2023.

Net investment income was $428.8 million, up 13.8 per cent from Q4 2023.

The company reported mark-to-market losses of $630.3 million, primarily driven by $565.9 million of losses related to the fixed maturity portfolio.

RenRe said Hurricane Milton had a net negative impact of $270.5 million and added 13.9 percentage points to the combined ratio.