PartnerRe Ltd. Reports Fourth Quarter and Full Year 2022 Results

• Operating income was $809 million for 2022, which provided an operating income return on equity of 12.0%, a 4.2 point improvement. Net loss attributable to common shareholder was $1,100 million for the year, due to net unrealized losses on fixed maturities and short term investments of $1,807 million.
• Operating income was $370 million for the fourth quarter. Net income available to common shareholder was $433 million for the fourth quarter.
• Gross premiums written and net premiums written increased 6% for the year.
• Non-life underwriting profit of $368 million and combined ratio of 75.3% for the fourth quarter, a 2.2 point improvement over the prior year, and $749 million and combined ratio of 86.6% for the full year, a 3.9 point improvement over the prior year.
• Life and Health allocated underwriting profit of $29 million for the fourth quarter and $121 million for the full year. The full year allocated underwriting profit increased 25% year-over-year.
• Cash flow from operations of $571 million for the quarter and $1,468 million for the full year, increases of 53% and 19%, respectively.
• Stable expense ratio year-over-year reflecting a continuous focus on disciplined expense management

PEMBROKE, Bermuda, March 21, 2023 – PartnerRe Ltd. (“the Company”) today reported net income available to common shareholder of $433 million for the fourth quarter of 2022, compared to income of $362 million for the same period of 2021, an increase of 20%. Net loss attributable to common shareholder was $1,100 million for the full year 2022, compared to income of $679 million for the same period of 2021. Operating income was $370 million for the fourth quarter of 2022, compared to operating income of $300 million for the same period of 2021. Operating income for the full year 2022 was $809 million compared to an operating income of $545 million for the same period of 2021, an increase of 48%. Operating income for the fourth quarter and the full year 2022 improved over the same periods of 2021 as a result of improvements in the underwriting results.

PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “Our operating performance for the fourth quarter of 2022 was excellent, with operating income of $370 million. Our annual operating performance also maintained its positive momentum, and operating income ROE was 12.0% for the year. In addition to solid underwriting results, during 2022 we grew net investment income by almost 6% as we continued to reinvest available cash at rates that are meaningfully higher than our existing book yield.

Looking to 2023, we were able to capitalize on the attractive rate environment for the January 1st renewals. We grew our production premium base by 9% over January 1st, 2022 levels while at the same time improving the portfolio through higher attachment points on our property catastrophe portfolio, tighter terms and conditions and increased rates above inflation trends over a meaningful portion of the portfolio. We continued to execute on responding to our clients and our distribution partners once we received the necessary data to complete our analysis of risk.”

Starting from the 2023 financial year, the Company’s results will be published biannually. Please click here to access the full release.