PartnerRe Ltd. Reports Third Quarter 2022 Results

• Operating income was $439 million for the first nine months, which provided an operating income return on equity of 9.1%, a 4.3 point improvement. Net loss attributable to common shareholder was $1,533 million for the first nine months of the year, due to unrealized losses on fixed maturities and short term investments of $1,912 million
• Operating loss was $62 million for the third quarter, driven by large catastrophic losses of $300 million for Hurricane Ian, net of retrocession and reinstatement premiums. Net loss attributable to common shareholder was $387 million for the third quarter, due to unrealized losses on fixed maturities and short term investments of $499 million
• Gross written premium increased 3% for the quarter and 8% for the first nine months, and net premiums written were up 6% for the quarter and 9% for the first nine months
• Non-life underwriting loss of $100 million for the third quarter driven by large losses, and non-life underwriting profit $381 million (combined ratio of 90.7%, a 4.3 point improvement on prior year) for the first nine months
• Life and Health had an allocated underwriting profit of $48 million (a $26 million improvement) for the third quarter and $92 million for the first nine months (a $27 million improvement)
• On July 12, 2022, Covéa Coopérations S.A. completed the acquisition of PartnerRe Ltd. from EXOR Nederland N.V.

PEMBROKE, Bermuda, November 9, 2022 – PartnerRe Ltd. (“the Company”) today reported net loss attributable to common shareholder of $387 million for the third quarter of 2022, compared to income of $70 million for the same period of 2021. Net loss attributable to common shareholder was $1,533 million for the first nine months of 2022, compared to income of $317 million for the same period of 2021. Operating loss was $62 million for the third quarter of 2022, compared to operating income of $54 million for the same period of 2021 and was the result of a decrease in underwriting profits for the non-life segments due to large catastrophic losses, offset by an increase in the Life and Health allocated underwriting result. Operating income for the first nine months of 2022 was $439 million compared to operating income of $246 million for the same period of 2021 as a result of improvements in the underwriting results for the P&C and Life and Health segments.

PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “Our thoughts are with those impacted by the quarter’s catastrophic activity. Hurricane Ian was a significant industry event, and the strength and resilience of our balance sheet allows us to remain a trusted business partner to our clients in times of need. Despite such a significant industry event, our continuous focus on portfolio optimization enabled us to deliver strong operating income of $439 million for the first nine months of the year, with an annualized operating return on equity that has nearly doubled to 9.1%. As we head into renewal season, our capital base remains strong, reinforced by the scale and capital strength of the Covéa group, and we are positioned to further increase the value that we provide to our clients, distribution partners, capital partners and other stakeholders.”

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