With over $8 billion in total capital and the backing of Covéa, a leading European insurance company, we are in a strong position to keep our promises through the most unexpected and catastrophic events.
| Agency | Rating | Outlook | Reports |
|---|---|---|---|
| A.M. Best | A+ | stable |  |
| Moody’s* | A1 | stable | |
| Standard & Poor’s | A+ | stable | |
| Fitch | AA- | stable | |
*Applies to Partner Reinsurance Company Ltd. and Partner Reinsurance Company of the U.S.
As of December 31
(expressed in millions of U.S. dollars)
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Total investments and cash and cash equivalents | $19,140 | $20,358 | $20,086 |
| Total assets | $27,272 | $28,030 | 26,899 |
| Non-life reserves | $12,726 | $12,048 | $11,395 |
| Life & Health reserves | $2,510 | $2,638 | $2,704 |
| Total shareholders’ equity | $6,288 | $7,544 | $7,327 |
| Total capital | $8,136 | $9,441 | $9,294 |
| Book value | $6,088 | $7,344 | $6,690 |
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Gross premiums written | $8,689 | $8,204 | $6,876 |
| Net premiums written | $7,544 | $7,134 | $6,301 |
| Net premiums earned | $7,257 | $6,957 | $6,537 |
| Net investment income | $398 | $376 | $361 |
| Total revenues | $5,727 | $7,400 | $7,365 |
| Net (loss) income attributable to common shareholder | $(1,100) | $679 | $206 |
| Net (loss) income ROE | -16.40% | 9.70% | 3.10% |
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Loss ratio | 59.00% | 64.60% | 79.50% |
| Acquisition ratio | 25.50% | 24.00% | 24.80% |
| Other expense ratio | 2.10% | 1.90% | 1.70% |
| Combined ratio | 86.60% | 90.50% | 106.00% |
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Total Non-life | $5,611 | $5,330 | $5,055 |
| Life & Health | $1,646 | $1,627 | $1,482 |
| Total | $7,257 | $6,957 | $6,537 |
For PartnerRe’s annual reports from 1999 to 2022, please click the appropriate link. PartnerRe was acquired in 2022 by Covéa, a leading European insurance company. Financial data for 2014 and 2015 can be found in the 10K. For annual reports from 2016 onward, please see SEC Form 20F. To view all PartnerRe filings with the SEC, including XBRL, please click here. For Covéa’s most recent annual report, click here.
The Financial Condition Report (FCR) provides an overview of an insurance company’s financial condition including business performance, governance structure, risk profile, solvency valuation and capital management process. On June 30, 2017, PartnerRe, along with two of its Bermuda subsidiaries, submitted their first required FCRs for the year ended December 31, 2016 to the Group’s regulator, the Bermuda Monetary Authority. The FCR includes, among other disclosures, each Company’s required and available statutory capital. PartnerRe uses the standard Bermuda Solvency Capital Requirement (BSCR) model to assess the Enhanced Capital Requirement (ECR), the required statutory capital and surplus. Effective January 1, 2016, Bermuda was deemed Solvency II equivalent under the European Union’s (EU) Solvency II initiative.
FATCA imposes a 30% withholding tax on certain payments of U.S. source income (including interest, dividends, and U.S. insurance or reinsurance premium) to non-FATCA compliant counterparties.
PartnerRe has taken the necessary steps to ensure compliance with FATCA. The relevant documentation in relation to PartnerRe entities is included here for your convenience (Form W-8BEN-E for non-U.S. entities and Form W-9 for U.S. entities).
Scroll down to find the forms to download.
This document has been prepared to provide insight on the tax practices of PartnerRe Ltd. and its subsidiaries (collectively “PartnerRe”), and to also comply with the UK Finance Act 2016 to publish our tax strategy.
At PartnerRe, we provide benefits for all our stakeholders. For our clients, we exist to make risk manageable, combining technical expertise and strong personal relationships to help fuel their success―and their peace of mind. For our shareholders, we aim to deliver long-term returns. For our employees, we provide rewarding employment and development opportunities. For the communities we operate, we believe in investing in their economic sustainability through paying tax and through social, environmental or charitable programs.
Tax Planning Strategy
The management of PartnerRe’s tax affairs reflects the regulatory, legal and commercial environment in which our businesses operate. We act responsibly in all tax matters and are committed to fully complying with all tax laws, rules, and regulations that apply to us. We take an objective view of the generally understood interpretation of relevant laws and regulations, and do not enter into transactions which lack a commercial business purpose or are predicated upon unreasonable assumptions. When analyzing an uncertain area of the law, we will take into account both the letter of the law and the intent of the law; we will also seek counsel from external experts, as appropriate, to ensure that our interpretation of the law is reasonable and consistent with current market practice.
Tax Risk Appetite
For a large multi-national entity such as PartnerRe, the application of relevant tax law to our businesses and initiatives may be uncertain at times. In such cases, we endeavor to adopt positions that have a more-likely-than-not probability of success if examined by tax authorities or litigated before the courts of a competent jurisdiction on an informed and transparent basis. Such cases maybe supported by the opinion of external counsel.
Tax Risk Governance
Responsibility for the PartnerRe tax strategy, the supporting governance framework and the management of tax risk ultimately sits with the Group Chief Financial Officer. Day-to-day responsibility is delegated to the Group Tax Director.
The PartnerRe tax strategy aligns to the Group’s wider risk and control framework, with key risks and issues escalated to and considered by the Group Audit Committee as needed.
Dealing With Tax Authorities
Our stakeholders’ interests are best served when we work constructively with all of our regulators. When working with tax authorities, we aim for respectful, constructive and transparent engagement in order to bring tax matters to a timely conclusion.
