RenaissanceRe Holdings (FRA:RRJ) Beneish M-Score: -2.64 (As of Jun. 25, 2026)


FRA:RRJ RenaissanceRe Holdings Ltd FRA:RRJ
69 GF Score
Price €268.20
GF Value €237.25
Valuation Modestly Overvalued
! 7 Warning Signs
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What is RenaissanceRe Holdings Beneish M-Score?

RenaissanceRe Holdings FRA:RRJ +2.52% 69 Beneish M-Score is -2.64 as of Jun. 25, 2026. GuruFocus rates FRA:RRJ with a GF Score™ of 69/100 and a GF Value™ of €237.25 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 397 Insurance companies, RenaissanceRe Holdings ranks better than 66.25% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for RenaissanceRe Holdings's Beneish M-Score or its related term are showing as below:

FRA:RRJ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.31   Max: -1.8
Current: -2.64

During the past 13 years, the highest Beneish M-Score of RenaissanceRe Holdings was -1.80. The lowest was -2.71. And the median was -2.31.

FRA:RRJ
69GF Score
RenaissanceRe Holdings Ltd FRA:RRJ
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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RenaissanceRe Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of RenaissanceRe Holdings for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.8889+0.528 * 1+0.404 * 1+0.892 * 0.9809+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.018868-0.327 * 1.1636
=-2.74

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €9,878 Mil.
Revenue was €10,911 Mil.
Gross Profit was €10,911 Mil.
Total Current Assets was €0 Mil.
Total Assets was €45,946 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €-12 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,989 Mil.
Net Income was €2,291 Mil.
Gross Profit was €4 Mil.
Cash Flow from Operations was €3,154 Mil.
 Total Receivables was €11,329 Mil.
Revenue was €11,124 Mil.
Gross Profit was €11,124 Mil.
Total Current Assets was €0 Mil.
Total Assets was €48,426 Mil.
Property, Plant and Equipment(Net PPE) was €0 Mil.
Depreciation, Depletion and Amortization(DDA) was €247 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €1,802 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(9878.124 / 10911.338) / (11329.439 / 11123.898)
=0.905308 / 1.018477
=0.8889

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(11123.898 / 11123.898) / (10911.338 / 10911.338)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 45945.533) / (1 - (0 + 0) / 48425.71)
=1 / 1
=1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=10911.338 / 11123.898
=0.9809

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(246.825 / (246.825 + 0)) / (-12.06 / (-12.06 + 0))
=1 / 1
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 10911.338) / (0 / 11123.898)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1989.138 + 0) / 45945.533) / ((1801.788 + 0) / 48425.71)
=0.043293 / 0.037207
=1.1636

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(2290.713 - 3.69 - 3153.913) / 45945.533
=-0.018868

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

RenaissanceRe Holdings has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.64 mean?
RenaissanceRe Holdings (FRA:RRJ) has a Beneish M-Score of -2.64 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RenaissanceRe Holdings and its competitors. According to the industry distribution chart, RenaissanceRe Holdings ranks #134 out of 397 companies in the Insurance industry, placing it in the top 33.8%.
Is RenaissanceRe Holdings' Beneish M-Score too high?
RenaissanceRe Holdings' current Beneish M-Score is -2.64. Based on the distribution chart, RenaissanceRe Holdings ranks #134 out of 397 companies in the Insurance industry, which is above the industry midpoint. Overall, RenaissanceRe Holdings has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does RenaissanceRe Holdings' Beneish M-Score compare to EG and RGA?
According to the Insurance industry distribution chart, RenaissanceRe Holdings ranks #134 out of 397 companies for Beneish M-Score. This puts RenaissanceRe Holdings in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on RenaissanceRe Holdings and its competitors. RenaissanceRe Holdings's current Beneish M-Score is -2.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is RenaissanceRe Holdings stock overvalued right now?
Based on GuruFocus' analysis, RenaissanceRe Holdings (FRA:RRJ) is currently considered Modestly Overvalued. The stock's GF Value™ is €237.25, compared to a current price of €268.20 — trading 13% above its estimated fair value. The current Beneish M-Score is -2.64. RenaissanceRe Holdings' overall GF Score™ is 69/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For RenaissanceRe Holdings (FRA:RRJ), the current Beneish M-Score is -2.64 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is RenaissanceRe Holdings (FRA:RRJ) Overvalued in 2026?

Based on GuruFocus' analysis, RenaissanceRe Holdings stock appears to be overvalued. The current stock price of €268.20 is trading 13% above its estimated GF Value™ of €237.25. GuruFocus considers RenaissanceRe Holdings to be Modestly Overvalued.

Key valuation signals for FRA:RRJ:

  • Beneish M-Score: -2.64
  • GF Value™: €237.25 vs. price of €268.20 (13% above fair value)
  • GF Score™: 69/100 with 7 warning signs

No single metric tells the full story. See the FRA:RRJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

RenaissanceRe Holdings Business Description

Other Exchanges RNRpF.PFD:USARNR:USA
Address 12 Crow Lane, Renaissance House, Pembroke, BMU, HM 19
RenaissanceRe Holdings Ltd provides reinsurance and insurance solutions and related services. The company's core products include property, casualty and specialty reinsurance. Revenue is derived from three sources: net premiums earned from the insurance and insurance products sold; net investment income from the investment of capital funds and cash; and other income from the company's joint ventures, advisory services, and other items. The reportable segments of the company are the Property segment which includes catastrophe and other property reinsurance, and the Casualty and Specialty segment which is comprised of casualty and specialty reinsurance. It derives a majority of its revenue from the Casualty and specialty segment.
69GF Score

Get the complete analysis for FRA:RRJ

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€268.20
Price
€237.25
GF Value