PartnerRe Ltd. Reports Fourth Quarter and Full Year 2021 Results

March 2, 2022

  • Net income available to common shareholder of $362 million for the fourth quarter and $679 million for the year drove the full year return on equity to common shareholder to 9.7%, a significant improvement from 3.1% in 2020
  • Non-life underwriting profit of $313 million (combined ratio of 77.5%) for the fourth quarter and $507 million (combined ratio of 90.5%) for the full year
  • Life and Health allocated underwriting profit of $32 million for the fourth quarter and $97 million for the full year
  • Gross written premium increased 7% for the quarter and 19% for the year, and net premiums written were up 5% for the fourth quarter and 13% for the year
  • Cash flows from operating activities of $373 million for the quarter and $1.2 billion for the year were up 8.5% and 9.6% compared to the same periods of 2020
  • On December 16, 2021, EXOR Nederland N.V. and Covéa Coopérations S.A. (Covéa) announced they have signed a definitive agreement for the sale of PartnerRe to Covéa, subject to required approvals, with an expected completion in mid-2022

PEMBROKE, Bermuda, March 2, 2022 – PartnerRe Ltd. (“the Company”) today reported net income available to common shareholder of $362 million for the fourth quarter of 2021, compared to income of $204 million for the same period of 2020. Net income available to common shareholder was $679 million for the full year 2021, compared to income of $206 million for the same period of 2020.

Operating income was $300 million for the fourth quarter of 2021, compared to operating income of $19 million for the same period of 2020. Operating income for the full year 2021 was $545 million compared to an operating loss of $190 million for the same period of 2020. Operating income for the fourth quarter and the full year 2021 improved over the same periods of 2020 as a result of improvements in the underwriting results for both non-life segments.

PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “In an active year of catastrophic losses for the industry we were able to achieve strong performance in 2021. We grew gross written premiums by 19%, driven by meaningful rate increases in lines like casualty and professional lines and we also benefited from improved economic activity in other lines of business. Our non-life combined ratio improved by 15.5 points to 90.5% driven by our continuous focus on portfolio optimization.

We built on the momentum we’ve established with a successful January 1, 2022 renewal, providing solutions to our business partners while maintaining the strength and stability of our platform. Our approach remains disciplined, supported by third party capital, and we will grow exposures in lines where it is supported by rate. We look forward to the year ahead and to further increasing the value that we provide to all of our clients, capital partners and shareholders.” Please click here to access the full release.

Find a Contact