RenaissanceRe Holdings Ltd. and Subsidiaries Consolidated Statements of Changes in Shareholders’ Equity For the years ended December 31, 2021, 2020 and 2019 (in thousands of United States Dollars) 2021 2020 2019 Preference shares Balance – January 1 $ 525,000 $ 650,000 $ 650,000 Issuance of shares (Note 12) 500,000 — — Repurchase of shares (Note 12) (275,000) (125,000) — Balance – December 31 750,000 525,000 650,000 Common shares Balance – January 1 50,811 44,148 42,207 Issuance of shares (Note 12) — 6,777 1,739 Repurchase of shares (Note 12) (6,579) (406) — Exercise of options and issuance of restricted stock awards (Notes 12 and 17) 213 292 202 Balance – December 31 44,445 50,811 44,148 Additional paid-in capital Balance – January 1 1,623,206 568,277 296,099 Issuance of shares (Note 12) — 1,088,730 248,259 Repurchase of shares (Note 12) (1,024,751) (62,215) — Offering expenses (Note 12) (11,347) — — Change in redeemable noncontrolling interest (6,994) (334) (342) Exercise of options and issuance of restricted stock awards (Notes 12 and 17) 28,007 28,748 24,261 Balance – December 31 608,121 1,623,206 568,277 Accumulated other comprehensive income (loss) Balance – January 1 (12,642) (1,939) (1,433) Change in net unrealized gains (loss) on investments, net of tax (2,492) 606 2,173 Foreign currency translation adjustments, net of tax 4,225 (11,309) (2,679) Balance – December 31 (10,909) (12,642) (1,939) Retained earnings Balance – January 1 5,373,873 4,710,881 4,058,207 Net income (loss) (103,440) 993,058 950,267 Net (income) loss attributable to redeemable noncontrolling interests (Note 10) 63,285 (230,653) (201,469) Dividends on common shares (Note 12) (67,828) (68,490) (59,368) Dividends on preference shares (Note 12) (33,266) (30,923) (36,756) Balance – December 31 5,232,624 5,373,873 4,710,881 Total shareholders’ equity $ 6,624,281 $ 7,560,248 $ 5,971,367 See accompanying notes to the consolidated financial statements F-7