PEMBROKE, Bermuda, May 19, 2022 – PartnerRe Ltd. (“the Company”) today reported a net loss attributable to common shareholder of $539 million for the first quarter of 2022, compared to a net loss of $66 million for the same period of 2021.
Operating income was $174 million for the first quarter of 2022, compared to operating income of $42 million for the same period of 2021. Operating income for the first quarter of 2022 improved over the same period of 2021 as a result of improvements in the underwriting results for both non-life segments.
PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “On the back of a successful January 1st renewal and benefiting from our disciplined focus on profitable growth, we had an improved underwriting result for the first quarter of 2022, which led to the strong improvement in operating income. We continued to grow our premium base where rates are attractive, particularly in casualty and professional lines. With an annualized operating return on equity of 9.9% and an improvement in our non-life combined ratio of 12 points year-over-year, it is clear that our continuous focus on underwriting profitability provides PartnerRe the stability that our clients, capital partners and shareholder expect, despite a challenging macroeconomic and geopolitical backdrop.
The industry continues to be impacted by increases in interest rates. While mark-to-market investment losses on fixed maturities, which we include in net income, were the sole driver of our net loss for the quarter, management’s approach of holding most of our fixed maturity investments to their maturity means that changes in interest rates do not immediately put our capital at risk.”
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