PartnerRe Ltd. Reports First Half 2023 Results

PEMBROKE, Bermuda, August 1, 2023 – PartnerRe Ltd. (“the Company”) today reported first half 2023 results.

Highlights

• Net income attributable to common shareholder of $783 million, an improvement of $1,786 million, for an annualized return on equity of 23.9%
• Operating income of $636 million for an annualized operating income return on equity of 19.5%, a 4.1% improvement
• Net premiums earned grew by 10% reflecting 6% growth in P&C, 7% growth in Specialty and 21% growth in Life and Health
• Non-life underwriting result was $466 million, with a combined ratio of 83.5%
• Life and health allocated underwriting result of $78 million
• Net investment return of $481 million included unrealized gains on fixed maturities and short-term investment of $107 million and an improvement in net investment income of 57%
• Cash flows from operating activities of $1,084 million, reflecting growth of 58%
• Long Duration Targeted Improvements (“LDTI”) accounting standard adopted in Q1 2023; comparable periods have been updated to reflect the adoption

PartnerRe President and Chief Executive Officer Jacques Bonneau commented,

“Favorable market conditions persist half way through 2023, and we remain focused on our disciplined approach to capitalizing on these opportunities and making a meaningful contribution to the Covéa group. Our operating income of $636 million for the first half of 2023 continued its growth trend, up 24% compared to the first half of 2022. The fundamentals across operating segments are strong. For the non-life business we saw an improvement in current underwriting year performance for both the P&C and Specialty segments as compared to the first half of 2022, though the non-life combined ratio increased marginally by 1.6 points, as the first half of 2022 benefited from favorable prior year reserve development. The contribution from the Life and Health business continues to be a positive source of earnings to the group as premium volume grows. Our investment portfolio also performed well, demonstrated by 57% growth in net investment income compared to the first half of 2022, and we expect this trend to continue as we deploy our increasing cash flows from operations at attractive reinvestment rates.”

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