PartnerRe Ltd. Reports Second Quarter and Half Year 2022 Results

• On July 12, 2022, Covéa Coopérations S.A. completed the acquisition of PartnerRe Ltd. from EXOR Nederland N.V.
• PartnerRe continues to show strong progress on its operating results. Operating income was $328 million for the second quarter and $502 million for the half year, which provided an operating income return on equity of 15.0% through the first six months. Net loss attributable to common shareholders of $606 million for the second quarter and $1,146 million for the half year
• The net loss was driven by unrealized losses on fixed maturities of $591 million and $1,413 million for the second quarter and half year, respectively, due to increasing interest rates. As of June 30, 2022, reinvestment rates were on average 4.7% compared to the Company’s fixed income investment portfolio yield of 2.5% for the second quarter.
• Non-life underwriting profit of $282 million (combined ratio of 79.3%, a 9.3 point improvement) for the second quarter and $481 million (combined ratio of 81.9%, a 10.5 point improvement) for the half year
• Life and Health had an allocated underwriting profit of $60 million for the second quarter and $44 million for the half year
• Gross written premium increased 5% for the quarter and 10% for the half year, and net premiums written were up 7% for the quarter and 11% for the half year
• Cash flow from operations of $300 million for the quarter and $684 million for the half year

PEMBROKE, Bermuda, August 3, 2022 – PartnerRe Ltd. (“the Company”) today reported net loss attributable to common shareholder of $606 million for the second quarter of 2022, compared to income of $314 million for the same period of 2021. Net loss attributable to common shareholder was $1,146 million for the half year 2022, compared to income of $248 million for the same period of 2021. Operating income was $328 million for the second quarter of 2022, compared to operating income of $151 million for the same period of 2021. Operating income for the half year 2022 was $502 million compared to operating income of $192 million for the same period of 2021. Operating income for the second quarter and the half year 2022 improved over the same periods of 2021 as a result of improvements in the underwriting results for all three segments.

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