Letter from the CEO
Patrick Thiele
President and Chief Executive Officer
To Our Shareholders:
PartnerRe had a very good year in 2007. A low level of reported losses in virtually all of our lines of business led to an operating ROE of 25%, well above our long-term goal of 13%. Despite a challenging year in the capital markets, our book value per share grew by 21%. In January 2008, we also raised our annual dividend to $1.84 a share, continuing a record of annual increases that stretches back to our founding in 1993.
More importantly, this level of performance builds on our longer-term success with our 2002–2007 record as follows:
- Compound annual growth rate (CAGR) of book value per share of 14.8%.
- Average operating return on equity (ROE) of 15.6%.
- CAGR dividends per common share of 8.4%.
As far as performance goes, I don’t think I need to say any more. There are, however, two topics I’d like to discuss as they have a direct bearing on what we have achieved in the past and how PartnerRe will perform in the future. Next >
