PartnerRe Ltd. Reports First Quarter 2019 Results

  • Net income available to common shareholder of $497 million,
    resulting in common shareholder’s book value growth of 7.9% (9.3%
    dividend adjusted) compared to December 31, 2018
  • Non-life combined ratio of 97.7%, driven by P&C combined ratio of
    87.7% benefiting from solid performances in the property catastrophe
    book and in Europe, and Specialty combined ratio of 116.0% impacted by
    mid-size loss activity and adverse prior year reserve development
  • Life and Health profitability, including underwriting result and
    allocated net investment income, of $30 million, driven by a 17%
    growth in net premiums earned and 30% growth in technical result
    compared to Q1 2018, partially offset by an increase in other expenses
    to support future business growth
  • Total investment return of $600 million, or 3.6%, driven by $163
    million in net realized and unrealized gains on equities and $280
    million net realized and unrealized gains on fixed maturities and
    short-term investments

PEMBROKE, Bermuda–(BUSINESS WIRE)–PartnerRe Ltd. (“the Company”) today reported a net income available to
common shareholder of $497 million for the quarter which included net
unrealized investments gains of $257 million on fixed maturities and
short-term investments, primarily due to decreases in world-wide
risk-free rates and credit spreads, and $25 million net foreign exchange
losses. This compared to net loss of $120 million for the first quarter
of 2018, which included net unrealized investment losses of $222 million
on fixed maturities and short-term investments, primarily driven by
increases in risk-free rates, and $13 million net foreign exchange
losses. The majority of the Company’s investments, including all fixed
maturities, such as government bonds and investment grade corporate
debt, are accounted for at fair value with changes in the fair value
recorded in the Consolidated Statements of Operations.

Commenting on results, PartnerRe President and Chief Executive Officer
Emmanuel Clarke said, “In the first quarter of 2019, we delivered strong
results in our P&C and Life and Health segments, and in our Investments
portfolio, while reporting an underwriting loss in our Specialty
segment, driven by a combination of mid-sized losses and negative
reserve development, and where we are undertaking portfolio actions to
improve future underwriting performance.”

Mr. Clarke also added: “Positive momentum continued in our April 1
Non-life renewals with business production up double-digits on the back
of continued improvements in the overall pricing environment, further
solidifying the Company’s improved underwriting performance outlook for
the remainder of the year.”

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Contacts

PartnerRe Ltd.
(441) 292-0888
Investor Contact: Ryan
Lipschutz
Media Contact: Celia Powell