Reinsurer RenaissanceRe's operating profit misses estimates

Tue Jul 31, 2012 6:11pm EDT

* Q2 oper EPS $2.14 vs est $2.48

* Q2 net earned premiums rise 13 percent to $244.4 mln

* Q2 total investment income falls to $44.8 mln

July 31 (Reuters) - RenaissanceRe Holdings Ltd's operating profit fell short of analysts' expectations as the reinsurer was hurt by lower investment income.

The reinsurer's net profit rose to $142.3 million, or $2.75 per share, from $24.8 million, or 48 cents per share, a year earlier.

Operating income, which excludes certain investment gains and losses, rose to $2.14 per share from 21 cents per share last year.

Analysts on average had expected RenaissanceRe to earn $2.48 per share on an operating basis, according to Thomson Reuters I/B/E/S.

The Bermuda-based reinsurer's underwriting profit last year was impacted by tornadoes in the United States, which had a net negative impact of $70.8 million.

Total investment income for the second quarter fell by a third to $44.8 million.

Net earned premiums rose 13 percent to $244.4 million.

RenaissanceRe shares, which have shed 7 percent from their 52-week high of $80.26 in May, closed at 73.99 on Tuesday on the New York Stock Exchange.