[February 08, 2016] |
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PartnerRe Ltd. Reports Fourth Quarter and Full Year 2015 Results
PartnerRe Ltd. (NYSE: PRE) today reported net income of $162.3 million,
or $3.30 per share for the fourth quarter of 2015. This includes net
after-tax realized and unrealized losses on investments of $22.8
million, or $0.46 per share. Net income for the fourth quarter of 2014
was $262.7 million, or $5.26 per share, including net after-tax realized
and unrealized gains on investments of $82.1 million, or $1.64 per
share. The Company reported operating earnings of $183.9 million, or
$3.74 per share, for the fourth quarter of 2015. This compares to
operating earnings of $218.3 million, or $4.37 per share, for the fourth
quarter of 2014.
Net income for the full year 2015 was $47.6 million, or $0.97 per share.
This includes the amalgamation termination fee and reimbursement of
expenses paid to Axis Capital of $315.0 million, or $6.44 per share, and
net after-tax realized and unrealized losses on investments of $261.4
million, or $5.34 per share. Net income for the full year 2014 was
$998.2 million, or $19.51 per share, including net after-tax realized
and unrealized gains on investments of $286.3 million, or $5.60 per
share. Operating earnings for the full year 2015 were $658.5 million, or
$13.45 per share. This compares to operating earnings of $755.4 million,
or $14.76 per share, for the full year 2014.
Operating earnings or loss excludes certain net after-tax realized and
unrealized investment gains and losses, net after-tax foreign exchange
gains and losses, certain net after-tax interest in results of equity
method investments, certain net after-tax withholding tax on
inter-company dividends (included in other expenses) and the
amalgamation termination fee and reimbursement of expenses paid to Axis
Capital (included in other expenses), and is calculated after the
payment of preferred dividends. All references to per share amounts in
the text of this press release are on a fully diluted basis.
Commenting on results, PartnerRe President Emmanuel Clarke said, "I am
very pleased with the strong financial results we achieved in 2015,
particularly given very challenging reinsurance and financial market
dynamics, as well as the transaction-related activity that occupied much
of the year, concluding in PartnerRe beginning the transition to private
ownership under EXOR. All of our operating units performed well,
resulting in a full-year operating return on equity of 10.7%."
"Last week, we announced the results of our Non-life treaty renewal,
which accounts for approximately two-thirds of our total Non-life treaty
business. Our excellent underwriting teams and resilient franchise made
it possible to access and renew a high quality portfolio, with renewal
premium volume down just 5%, as anticipated and planned for in this
increasingly competitive market. As we near the close of the transaction
with EXOR, which we still expect to occur in the first quarter of 2016,
the PartnerRe franchise is as strong as ever."
Highlights for the fourth quarter and full year 2015 compared to the
same periods in 2014 include:
Results of operations:
-
For the fourth quarter, net premiums written of $1.1 billion were down
13%. On a constant foreign exchange basis, net premiums written were
down 8% primarily driven by the Global Specialty Non-life sub-segment.
For the full year 2015, net premiums written of $5.2 billion were down
9%. On a constant foreign exchange basis, net premiums written were
down 3% primarily driven by the Global Specialty, Catastrophe and
North America Non-life sub-segments, partially offset by an increase
in the Life and Health segment.
-
For the fourth quarter, net premiums earned of $1.3 billion were down
10%. On a constant foreign exchange basis, net premiums earned were
down 5%, driven by all Non-life sub-segments and, to a lesser extent,
the Life and Health segment. For the full year 2015, net premiums
earned of $5.3 billion were down 6%. On a constant foreign exchange
basis, net premiums earned were flat with decreases in the Global
Specialty, Catastrophe and North America Non-life sub-segments being
partially offset by increases in the Life and Health segment and the
Global (Non-U.S.) P&C Non-life sub-segment.
-
For the fourth quarter, the Non-life combined ratio was 86.5%. The
combined ratio benefited from favorable prior year development of 18.7
points (or $187 million). All Non-life sub-segments, except for the
Catastrophe Non-life sub-segment, experienced net favorable
development from prior accident years during the fourth quarter of
2015. For the full year 2015, the Non-life combined ratio was 85.6%.
The combined ratio benefited from favorable prior year development of
20.5 points (or $831 million) and included 1.5 points (or $59 million)
of large losses related to the Tianjin explosion. All Non-life
sub-segments experienced net favorable development from prior accident
years during the full year 2015.
-
For the fourth quarter, other expenses of $120 million include
transaction related expenses of $16 million, pre-tax, or $0.33 per
diluted share, pre-tax. For the full year 2015, other expenses of $791
million include the termination fee and reimbursement of expenses paid
to Axis Capital of $315 million, or $6.44 per diluted share.
Additionally, other expenses include other transaction related
expenses of $63 million, pre-tax, or $1.29 per diluted share, pre-tax,
and costs related to the negotiated earn-out consideration paid to the
former shareholders of Presidio Reinsurance Group, Inc. of $25
million, or $0.52, per diluted share, pre-tax.
-
For the fourth quarter, net investment income of $108 million was down
6%, or 2% on a constant foreign exchange basis, primarily reflecting
lower reinvestment rates, partially offset by additional income from
higher yielding securities. For the full year 2015, net investment
income of $450 million was down 6%, or 3% on a constant foreign
exchange basis, primarily reflecting the timing of dividends.
-
For the fourth quarter, pre-tax net realized and unrealized investment
losses were $24 million, primarily driven by increases in U.S.
risk-free interest rates, partially offset by the narrowing of U.S.
and European credit spreads and increases in worldwide equity markets.
For the full year 2015, pre-tax realized and unrealized investment
losses were $297 million, primarily driven by increases in U.S.
risk-free interest rates, the widening of U.S. and European credit
spreads and decreases in worldwide equity markets.
-
For the fourth quarter, the effective tax rate on operating earnings
and non-operating losses was (6.6)% and (72.0)%, respectively. For the
full year 2015, the effective tax rate on operating earnings and
non-operating losses was 10.1% and 0.2%, respectively.
Balance sheet and capitalization:
-
Total investments, cash and funds held - directly managed were $16.5
billion at December 31, 2015, down 4% compared to December 31, 2014.
The decrease was primarily due to the impact of the strengthening U.S.
dollar, cash flows out of the portfolio to fund the termination fee
and reimbursement of expenses paid to Axis Capital, increases in U.S.
risk-free interest rates and the widening of U.S. and European credit
spreads.
-
Net Non-life loss and loss expense reserves were $8.9 billion at
December 31, 2015, down 7% compared to December 31, 2014, primarily
reflecting the impacts of foreign exchange.
-
Net policy benefits for life and annuity contracts were $2.0 billion
at December 31, 2015, which is flat compared to December 31, 2014,
primarily due to growth in the business, which was partially offset by
the impacts of foreign exchange.
-
Total capital was $7.7 billion at December 31, 2015, down 1.9%
compared to December 31, 2014 primarily due to common and preferred
dividend payments, partially offset by comprehensive income for the
full year 2015.
-
Total shareholders' equity attributable to PartnerRe was $6.9 billion
at December 31, 2015, down 2.1% compared to December 31, 2014. The
decrease was primarily driven by the same factors described above for
total capital.
-
Book value per common share was $123.05 at December 31, 2015, down
2.5% compared to $126.21 at December 31, 2014. Tangible book value per
common share was $111.93 at December 31, 2015, down 2.5% compared to
$114.76 at December 31, 2014. The decreases were primarily driven by
common and preferred dividend payments, partially offset by
comprehensive income for the full year 2015.
Segment and sub-segment highlights for the fourth quarter and the full
year 2015 compared to the same periods in 2014 include:
Non-life:
-
For the fourth quarter, the Non-life segment's net premiums written
were down 15%. On a constant foreign exchange basis, net premiums
written were down 10% driven by the Global Specialty sub-segment, with
the other sub-segments being essentially flat. For the full year 2015,
the Non-life segment's net premiums written were down 11%. On a
constant foreign exchange basis, net premiums written were down 5%
primarily driven by the Global Specialty, Catastrophe and North
America sub-segments, which were partially offset by the Global
(Non-U.S.) P&C sub-segment.
-
For the fourth quarter, the North America sub-segment's net premiums
written were down 1% driven by increased retrocessional coverage in
the mortgage and agricultural lines of business, cancellations and a
timing difference relating to the renewal of a large contract in the
casualty line of business. These decreases were partially offset by
new business written in the casualty, structured property and
agricultural lines of business. This sub-segment reported a technical
ratio of 85.6%, which included 14.3 points (or $56 million) of net
favorable prior year loss development. For the full year 2015, the
North America sub-segment's net premiums written were down 5%
primarily due cancellations in the casualty, multi-line and motor
lines of business, increased retrocessional coverage in the mortgage
and agricultural lines of business and downward prior year premium
adjustments. These decreases were partially offset by new business
written across multiple lines of business. This sub-segment reported a
technical ratio of 84.2%, which included 18.1 points (or $284 million)
of net favorable prior year loss development.
-
For the fourth quarter, the Global (Non-U.S.) P&C sub-segment's net
premiums written were down 13%. On a constant foreign exchange basis,
net premiums written were down 3% primarily driven by downward prior
year premium adjustments in the property line of business and
cancellations in the motor line of business, which were partially
offset by new business written across all lines of business. This
sub-segment reported a technical ratio of 92.5%, which included 17.1
points (or $30 million) of net favorable prior year loss development.
For the full year 2015, the Global (Non-U.S.) P&C sub-segment's net
premiums written were down 9%. On a constant foreign exchange basis,
net premiums written were up 2% primarily driven by new business
written across all lines of business, partially offset by downward
prior year premium adjustments and cancellations in the property and
motor lines of business. This sub-segment reported a technical ratio
of 95.6%, which included 13.9 points (or $97 million) of net favorable
prior year loss development, and included 2.7 points (or $18 million)
of large losses related to the Tianjin explosion.
-
For the fourth quarter, the Global Specialty sub-segment's net
premiums written were down 26%. On a constant foreign exchange basis,
net premiums written were down 21% primarily due to downward prior
year premium adjustments, cancellations across multiple lines of
business, non-renewable business and a timing difference related to
the renewal of a large contract in the specialty casualty line of
business. This sub-segment reported a technical ratio of 79.5%, which
included 30.2 points (or $111 million) of net favorable prior year
loss development. For the full year 2015, the Global Specialty
sub-segment's net premiums written were down 13%. On a constant
foreign exchange basis, net premiums written were down 6% primarily
due to downward prior year premium adjustments and cancellations
across multiple lines of business, which were partially offset by new
business across multiple lines of business and lower premiums ceded
under retrocessional contracts. This sub-segment reported a technical
ratio of 78.9%, which included 28.7 points (or $434 million) of net
favorable prior year loss development, and included 1.4 points (or $22
million) of large losses related to the Tianjin explosion.
-
For the fourth quarter, which is traditionally a quiet catastrophe
renewal period, the Catastrophe sub-segment's net premiums written
increased by 31%, or $3 million on a constant foreign exchange basis.
This sub-segment reported a technical ratio of 33.1%, which included
30.2 points (or $21 million) of net favorable prior quarters' loss
development on events that occurred in the first nine months of 2015,
and 13.4 points (or $10 million) of net adverse prior year loss
development. For the full year 2015, the Catastrophe sub-segment's net
premiums written were down 28%. On a constant foreign exchange basis,
net premiums written were down 22% primarily due to an increase in
retrocessional coverage, and cancellations and non-renewals. This
sub-segment reported a technical ratio of 27.7%, which included 5.5
points (or $16 million) of net favorable prior year loss development,
and included 5.6 points (or $16 million) of large losses related to
the Tianjin explosion.
Life and Health:
-
For the fourth quarter, the Life and Health segment's net premiums
written were down 6%. On a constant foreign exchange basis, net
premiums written were up 1% primarily driven by the PartnerRe Health
business, which was partially offset by a decrease in the mortality
line of business. For the full year 2015, the Life and Health
segment's net premiums written were down 1%. On a constant foreign
exchange basis, net premiums written were up 7% primarily due to
increases in the PartnerRe Health business and the longevity line of
business.
-
For the fourth quarter, the Life and Health segment's allocated
underwriting result, which includes allocated investment income and
other expenses, increased to $24 million compared to $21 million in
the same period of 2014. This increase was primarily due to a higher
level of net favorable prior year loss development in the PartnerRe
Health business, the short term mortality line of business and the
GMDB portfolio. For the full year 2015, the Life and Health segment's
allocated underwriting result increased to $94 million compared to $73
million in the same period of 2014 due to increased favorable prior
year loss development and increased profitability from the PartnerRe
Health business.
Corporate and Other:
-
For the fourth quarter, investment activities contributed income of
$75 million to pre-tax net income, excluding investment income
allocated to the Life and Health segment. Of this amount, income of
$94 million was included in pre-tax operating earnings and losses of
$19 million related to net realized and unrealized losses on
investments and earnings from equity method investee companies was
included in pre-tax non-operating losses. For the full year 2015,
investment activities contributed income of $100 million to pre-tax
net income, excluding investment income allocated to the Life and
Health segment. Of this amount, income of $387 million was included in
pre-tax operating earnings and losses of $287 million related to net
realized and unrealized losses on investments and earnings from equity
method investee companies was included in pre-tax non-operating losses.
Separately, as announced by the Company earlier today, the Board of
Directors declared a quarterly dividend of $0.70 per common share. The
dividend will be payable on March 1, 2016 to common shareholders of
record on February 19, 2016.
The Company has posted its fourth quarter 2015 financial supplement on
its website www.partnerre.com
in the Financial Information section of the Investor Relations page
under Supplementary Financial Data, which includes a reconciliation of
GAAP and non-GAAP measures.
The Company will hold a dial-in conference call and question and answer
session with investors at 10 a.m. Eastern tomorrow, February 9.
Investors and analysts are encouraged to call in 15 minutes prior to the
commencement of the call. The conference call can be accessed by dialing
(877)-876-9176 or, from outside the United States, by dialing
(785)-424-1667. The media are invited to listen to the call live over
the Internet on the Investor Relations section of PartnerRe's web site, www.partnerre.com.
To listen to the webcast, please log on to the broadcast at least five
minutes prior to the start.
_________________________________________
Net income/loss per share is defined as net income/loss attributable
to PartnerRe common shareholders divided by the weighted average number
of fully diluted shares outstanding for the period. Net income/loss
attributable to PartnerRe common shareholders is defined as net
income/loss attributable to PartnerRe less preferred dividends.
Operating earnings/loss is defined as net income/loss available to
PartnerRe common shareholders excluding certain after-tax net realized
and unrealized gains/losses on investments, after-tax net foreign
exchange gains/losses, certain after-tax interest in earnings/losses of
equity method investments, certain after-tax withholding taxes on
inter-company dividends (included in other expenses) and the
amalgamation termination fee and reimbursement of expenses paid to Axis
Capital (included in other expenses). Operating earnings/loss per share
is defined as operating earnings/loss divided by the weighted average
number of fully diluted shares outstanding for the period.
The Company uses operating earnings, diluted operating earnings per
share and annualized operating return on beginning diluted book value
per common and common share equivalents outstanding to measure
performance, as these measures focus on the underlying fundamentals of
our operations without the impact of after-tax net realized and
unrealized gains/losses on investments (except where the Company has
made a strategic investment in an insurance or reinsurance related
investee), after-tax net foreign exchange gains/losses, the after-tax
interest in earnings/losses of equity method investments (except where
the Company has made a strategic investment in an insurance or
reinsurance related investee and where the Company does not control the
investees activities), certain after-tax withholding taxes on
inter-company dividends (included in other expenses) and the
amalgamation termination fee and reimbursement of expenses paid to Axis
Capital (included in other expenses).
The Company uses technical ratio and technical result as measures of
underwriting performance. The technical ratio is defined as the sum of
the loss and acquisition ratios. These metrics exclude other expenses.
The Company also uses combined ratio to measure results for the
Non-life segment. The combined ratio is the sum of the technical and
other expense ratios.
The Company uses allocated underwriting result as a measure of
underwriting performance for its Life and Health operations. This metric
is defined as net premiums earned, other income or loss and allocated
net investment income less life policy benefits, acquisition costs and
other expenses.
The Company uses total capital, which is defined as total
shareholders' equity attributable to PartnerRe, long-term debt, senior
notes and CENts, to manage the capital structure of the Company.
The Company calculates Tangible Book Value using common shareholders'
equity attributable to PartnerRe less goodwill and intangible assets,
net of tax. The Company calculates Diluted Tangible Book Value per
Common Share using Tangible Book Value divided by the number of
PartnerRe common shares and common share equivalents outstanding. The
Company uses these measures as the basis for its prime measure of
long-term financial performance (annualized growth in Diluted Tangible
Book Value per Common Share plus dividends).
_____________________________________________
PartnerRe Ltd. is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company, through its wholly
owned subsidiaries, also offers capital markets products that include
weather and credit protection to financial, industrial and service
companies. Risks reinsured include property, casualty, motor,
agriculture, aviation/space, catastrophe, credit/surety, engineering,
energy, marine, specialty property, specialty casualty, multi-line and
other lines in its Non-life operations, mortality, longevity and
accident and health in its Life and Health operations, and alternative
risk products. For the year ended December 31, 2015, total revenues were
$5.4 billion. At December 31, 2015, total assets were $21.4 billion,
total capital was $7.7 billion and total shareholders' equity
attributable to PartnerRe was $6.9 billion.
PartnerRe on the Internet: www.partnerre.com
Forward-looking statements contained in this press release are based
on the Company's assumptions and expectations concerning future events
and financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to significant business, economic and competitive
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
PartnerRe's forward-looking statements could be affected by numerous
foreseeable and unforeseeable events and developments such as exposure
to catastrophe, or other large property and casualty losses, credit,
interest, currency and other risks associated with the Company's
investment portfolio, adequacy of reserves, levels and pricing of new
and renewal business achieved, changes in accounting policies, risks
associated with implementing business strategies, and other factors
identified in the Company's filings with the Securities and Exchange
Commission. In light of the significant uncertainties inherent in the
forward-looking information contained herein, readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made. The Company disclaims any
obligation to publicly update or revise any forward-looking information
or statements.
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PartnerRe Ltd.
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Consolidated Statements of Operations and Comprehensive Income
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(Expressed in thousands of U.S. dollars, except share and per share
data)
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(Unaudited)
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For the three months ended December 31, 2015
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For the three months ended December
31, 2014
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For the year ended December 31, 2015
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For the year ended December
31, 2014
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Revenues
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Gross premiums written
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$
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1,098,618
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$
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1,236,676
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$
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5,547,525
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$
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5,932,003
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Net premiums written
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$
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1,063,636
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$
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1,220,035
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$
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5,229,548
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$
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5,719,884
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Decrease (increase) in unearned premiums
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230,865
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225,695
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39,630
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(110,689
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)
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Net premiums earned
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1,294,501
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1,445,730
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5,269,178
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5,609,195
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Net investment income
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107,908
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114,686
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449,784
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479,696
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Net realized and unrealized investment (losses) gains
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(24,373
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)
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98,329
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(297,479
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)
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371,796
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Other income
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1,560
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4,297
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9,144
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16,190
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Total revenues
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1,379,596
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1,663,042
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5,430,627
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6,476,877
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Expenses
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Losses and loss expenses and life policy benefits
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767,026
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869,923
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3,157,420
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3,462,770
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Acquisition costs
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311,228
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324,884
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1,217,003
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1,213,822
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Other expenses (1) (2) (3)
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120,389
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122,539
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790,723
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449,688
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Interest expense
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12,246
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12,244
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48,988
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48,963
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Amortization of intangible assets
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6,290
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6,479
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26,593
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27,486
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Net foreign exchange (gains) losses
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(6,195
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)
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(7,301
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)
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9,461
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(18,201
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)
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Total expenses
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1,210,984
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1,328,768
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5,250,188
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5,184,528
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Income before taxes and interest in earnings (losses) of equity
method investments
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168,612
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334,274
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180,439
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1,292,349
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Income tax (benefit) expense
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(3,326
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)
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53,143
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79,664
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239,506
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Interest in earnings (losses) of equity method investments
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4,811
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(1,013
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6,375
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15,270
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Net income
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176,749
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280,118
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107,150
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|
|
|
|
1,068,113
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
|
|
|
(238
|
)
|
|
|
|
|
(3,225
|
)
|
|
|
|
|
(2,769
|
)
|
|
|
|
|
(13,139
|
)
|
|
|
Net income attributable to PartnerRe
|
|
|
|
|
|
176,511
|
|
|
|
|
|
276,893
|
|
|
|
|
|
104,381
|
|
|
|
|
|
1,054,974
|
|
|
|
Preferred dividends
|
|
|
|
|
|
14,184
|
|
|
|
|
|
14,184
|
|
|
|
|
|
56,735
|
|
|
|
|
|
56,735
|
|
|
|
Net income attributable to PartnerRe common shareholders
|
|
|
|
|
$
|
162,327
|
|
|
|
|
$
|
262,709
|
|
|
|
|
$
|
47,646
|
|
|
|
|
$
|
998,239
|
|
|
|
Operating earnings attributable to PartnerRe common shareholders
|
|
|
|
|
$
|
183,858
|
|
|
|
|
$
|
218,340
|
|
|
|
|
$
|
658,472
|
|
|
|
|
$
|
755,418
|
|
|
|
Comprehensive income attributable to PartnerRe
|
|
|
|
|
$
|
162,055
|
|
|
|
|
$
|
251,528
|
|
|
|
|
$
|
55,181
|
|
|
|
|
$
|
1,033,129
|
|
|
|
Earnings and dividends per share data attributable to
PartnerRe common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic operating earnings
|
|
|
|
|
$
|
3.84
|
|
|
|
|
$
|
4.48
|
|
|
|
|
$
|
13.78
|
|
|
|
|
$
|
15.10
|
|
|
|
Net realized and unrealized investment (losses) gains, net of tax
|
|
|
|
|
|
(0.48
|
)
|
|
|
|
|
1.69
|
|
|
|
|
|
(5.47
|
)
|
|
|
|
|
5.73
|
|
|
|
Net foreign exchange losses, net of tax
|
|
|
|
|
|
(0.07
|
)
|
|
|
|
|
(0.61
|
)
|
|
|
|
|
(0.84
|
)
|
|
|
|
|
(0.92
|
)
|
|
|
Interest in earnings (losses) of equity method investments, net of
tax
|
|
|
|
|
|
0.10
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
0.12
|
|
|
|
|
|
0.17
|
|
|
|
Amalgamation termination fee and reimbursement of expenses (1)
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(6.59
|
)
|
|
|
|
|
-
|
|
|
|
Withholding tax on inter-company dividends, net of tax (3)
|
|
|
|
|
|
-
|
|
|
|
|
|
(0.13
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(0.12
|
)
|
|
|
Basic net income
|
|
|
|
|
$
|
3.39
|
|
|
|
|
$
|
5.39
|
|
|
|
|
$
|
1.00
|
|
|
|
|
$
|
19.96
|
|
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
47,916,601
|
|
|
|
|
|
48,707,096
|
|
|
|
|
|
47,771,673
|
|
|
|
|
|
50,019,480
|
|
|
|
Diluted operating earnings (2)
|
|
|
|
|
$
|
3.74
|
|
|
|
|
$
|
4.37
|
|
|
|
|
$
|
13.45
|
|
|
|
|
$
|
14.76
|
|
|
|
Net realized and unrealized investment (losses) gains, net of tax
|
|
|
|
|
|
(0.46
|
)
|
|
|
|
|
1.64
|
|
|
|
|
|
(5.34
|
)
|
|
|
|
|
5.60
|
|
|
|
Net foreign exchange losses, net of tax
|
|
|
|
|
|
(0.07
|
)
|
|
|
|
|
(0.60
|
)
|
|
|
|
|
(0.82
|
)
|
|
|
|
|
(0.90
|
)
|
|
|
Interest in earnings (losses) of equity method investments, net of
tax
|
|
|
|
|
|
0.09
|
|
|
|
|
|
(0.03
|
)
|
|
|
|
|
0.12
|
|
|
|
|
|
0.17
|
|
|
|
Amalgamation termination fee and reimbursement of expenses (1)
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
(6.44
|
)
|
|
|
|
|
-
|
|
|
|
Withholding tax on inter-company dividends, net of tax (3)
|
|
|
|
|
|
-
|
|
|
|
|
|
(0.12
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(0.12
|
)
|
|
|
Diluted net income
|
|
|
|
|
$
|
3.30
|
|
|
|
|
$
|
5.26
|
|
|
|
|
$
|
0.97
|
|
|
|
|
$
|
19.51
|
|
|
|
Weighted average number of common shares and common share
equivalents outstanding
|
|
|
|
|
|
49,121,664
|
|
|
|
|
|
49,958,224
|
|
|
|
|
|
48,939,870
|
|
|
|
|
|
51,174,225
|
|
|
|
Dividends declared per common share
|
|
|
|
|
$
|
0.70
|
|
|
|
|
$
|
0.67
|
|
|
|
|
$
|
2.80
|
|
|
|
|
$
|
2.68
|
|
|
|
(1) Other expenses for the year ended December
31, 2015 include the amalgamation termination fee and reimbursement
of expenses of $315 million, or $6.44 per diluted share.
|
(2) Other expenses for the three months and
year ended December 31, 2015 include $16 million and $63 million,
respectively, of aggregate expenses related to the Axis and Exor
transactions, pre-tax, or $0.33 and $1.29, respectively, per diluted
share, pre-tax. In addition, other expenses for the year ended
December 31, 2015 include $25 million, pre-tax, related to the
negotiated earn-out consideration paid to the former shareholders of
Presidio Reinsurance Group, Inc., or $0.52 per diluted share,
pre-tax.
|
(3) Withholding taxes on certain inter-company
dividends are included in other expenses.
|
|
|
|
|
PartnerRe Ltd.
|
|
|
Consolidated Balance Sheets
|
|
|
(Expressed in thousands of U.S. dollars, except per share and
parenthetical share and per share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
|
2014
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturities, at fair value
|
|
|
|
|
$
|
|
|
13,448,262
|
|
|
|
|
$
|
|
|
13,918,745
|
|
|
|
Short-term investments, at fair value
|
|
|
|
|
|
|
|
46,688
|
|
|
|
|
|
|
|
25,678
|
|
|
|
Equities, at fair value
|
|
|
|
|
|
|
|
443,861
|
|
|
|
|
|
|
|
1,056,514
|
|
|
|
Other invested assets
|
|
|
|
|
|
|
|
399,204
|
|
|
|
|
|
|
|
298,827
|
|
|
|
Total investments
|
|
|
|
|
|
|
|
14,338,015
|
|
|
|
|
|
|
|
15,299,764
|
|
|
|
Funds held - directly managed
|
|
|
|
|
|
|
|
539,743
|
|
|
|
|
|
|
|
608,853
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
1,577,097
|
|
|
|
|
|
|
|
1,313,468
|
|
|
|
Accrued investment income
|
|
|
|
|
|
|
|
141,672
|
|
|
|
|
|
|
|
158,737
|
|
|
|
Reinsurance balances receivable
|
|
|
|
|
|
|
|
2,428,020
|
|
|
|
|
|
|
|
2,454,850
|
|
|
|
Reinsurance recoverable on paid and unpaid losses
|
|
|
|
|
|
|
|
282,916
|
|
|
|
|
|
|
|
246,158
|
|
|
|
Funds held by reinsured companies
|
|
|
|
|
|
|
|
657,815
|
|
|
|
|
|
|
|
765,905
|
|
|
|
Deferred acquisition costs
|
|
|
|
|
|
|
|
629,372
|
|
|
|
|
|
|
|
661,186
|
|
|
|
Deposit assets
|
|
|
|
|
|
|
|
88,152
|
|
|
|
|
|
|
|
92,973
|
|
|
|
Net tax assets
|
|
|
|
|
|
|
|
102,596
|
|
|
|
|
|
|
|
6,876
|
|
|
|
Goodwill
|
|
|
|
|
|
|
|
456,380
|
|
|
|
|
|
|
|
456,380
|
|
|
|
Intangible assets
|
|
|
|
|
|
|
|
133,011
|
|
|
|
|
|
|
|
159,604
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
31,254
|
|
|
|
|
|
|
|
45,603
|
|
|
|
Total assets
|
|
|
|
|
$
|
|
|
21,406,043
|
|
|
|
|
$
|
|
|
22,270,357
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid losses and loss expenses
|
|
|
|
|
$
|
|
|
9,064,711
|
|
|
|
|
$
|
|
|
9,745,806
|
|
|
|
Policy benefits for life and annuity contracts
|
|
|
|
|
|
|
|
2,051,935
|
|
|
|
|
|
|
|
2,050,107
|
|
|
|
Unearned premiums
|
|
|
|
|
|
|
|
1,644,757
|
|
|
|
|
|
|
|
1,750,607
|
|
|
|
Other reinsurance balances payable
|
|
|
|
|
|
|
|
246,089
|
|
|
|
|
|
|
|
182,395
|
|
|
|
Deposit liabilities
|
|
|
|
|
|
|
|
44,420
|
|
|
|
|
|
|
|
70,325
|
|
|
|
Net tax liabilities
|
|
|
|
|
|
|
|
218,652
|
|
|
|
|
|
|
|
240,989
|
|
|
|
Accounts payable, accrued expenses and other
|
|
|
|
|
|
|
|
411,539
|
|
|
|
|
|
|
|
304,728
|
|
|
|
Debt related to senior notes
|
|
|
|
|
|
|
|
750,000
|
|
|
|
|
|
|
|
750,000
|
|
|
|
Debt related to capital efficient notes
|
|
|
|
|
|
|
|
70,989
|
|
|
|
|
|
|
|
70,989
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
|
14,503,092
|
|
|
|
|
|
|
|
15,165,946
|
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
Common shares (par value $1.00; issued: 2015 and 2014, 87,237,220
shares)
|
|
|
|
|
|
|
|
87,237
|
|
|
|
|
|
|
|
87,237
|
|
|
|
Preferred shares (par value $1.00; issued and outstanding: 2015
and 2014, 34,150,000 shares;
|
|
|
|
|
|
|
|
|
|
|
|
aggregate liquidation value: 2015 and 2014, $853,750)
|
|
|
|
|
|
|
|
34,150
|
|
|
|
|
|
|
|
34,150
|
|
|
|
Additional paid-in capital
|
|
|
|
|
|
|
|
3,982,147
|
|
|
|
|
|
|
|
3,949,665
|
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
(83,283
|
)
|
|
|
|
|
|
|
(34,083
|
)
|
|
|
Retained earnings
|
|
|
|
|
|
|
|
6,146,802
|
|
|
|
|
|
|
|
6,270,811
|
|
|
|
Common shares held in treasury, at cost (2015, 39,303,068 shares;
2014, 39,400,936 shares)
|
|
|
|
|
|
|
|
(3,266,552
|
)
|
|
|
|
|
|
|
(3,258,870
|
)
|
|
|
Total shareholders' equity attributable to PartnerRe
|
|
|
|
|
|
|
|
6,900,501
|
|
|
|
|
|
|
|
7,048,910
|
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
|
2,450
|
|
|
|
|
|
|
|
55,501
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
|
|
6,902,951
|
|
|
|
|
|
|
|
7,104,411
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
|
$
|
|
|
21,406,043
|
|
|
|
|
$
|
|
|
22,270,357
|
|
|
|
Diluted Book Value Per Common Share and Common Share Equivalents
Outstanding (1) (2)
|
|
|
|
|
$
|
|
|
123.05
|
|
|
|
|
$
|
|
|
126.21
|
|
|
|
Diluted Tangible Book Value Per Common Share and Common Share
Equivalents Outstanding (1) (2)
|
|
|
|
|
$
|
|
|
111.93
|
|
|
|
|
$
|
|
|
114.76
|
|
|
|
Number of Common Shares and Common Share Equivalents Outstanding (2)
|
|
|
|
|
|
|
|
49,139,215
|
|
|
|
|
|
|
|
49,087,412
|
|
|
|
(1)
|
|
|
Excludes the aggregate liquidation value of preferred shares
(2015 and 2014, $853,750) and noncontrolling interests (2015,
$2,450; 2014, $55,501).
|
(2)
|
|
|
Common share and common share equivalents outstanding are
calculated using the Treasury Method for all potentially dilutive
shares.
|
|
|
|
|
|
|
|
PartnerRe Ltd.
|
|
|
Segment Information
|
|
|
(Expressed in millions of U.S. dollars)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2014
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
Global (Non-U.S.) P&C
|
|
|
|
Global Specialty
|
|
|
|
Catastrophe
|
|
|
|
Total Non-life segment
|
|
|
|
Life and Health segment
|
|
|
|
Corporate and Other
|
|
|
|
Total
|
|
|
Gross premiums written
|
|
|
|
|
$
|
|
352
|
|
|
|
|
|
$
|
|
106
|
|
|
|
|
|
$
|
|
330
|
|
|
|
|
|
$
|
|
13
|
|
|
|
|
|
$
|
|
801
|
|
|
|
|
|
$
|
|
298
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
$
|
|
|
1,099
|
|
|
|
Net premiums written
|
|
|
|
|
$
|
|
335
|
|
|
|
|
|
$
|
|
105
|
|
|
|
|
|
$
|
|
329
|
|
|
|
|
|
$
|
|
11
|
|
|
|
|
|
$
|
|
780
|
|
|
|
|
|
$
|
|
284
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
$
|
|
|
1,064
|
|
|
|
Decrease in unearned premiums
|
|
|
|
|
|
|
55
|
|
|
|
|
|
|
|
69
|
|
|
|
|
|
|
|
39
|
|
|
|
|
|
|
|
59
|
|
|
|
|
|
|
|
222
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
230
|
|
|
|
Net premiums earned
|
|
|
|
|
$
|
|
390
|
|
|
|
|
|
$
|
|
174
|
|
|
|
|
|
$
|
|
368
|
|
|
|
|
|
$
|
|
70
|
|
|
|
|
|
$
|
|
1,002
|
|
|
|
|
|
$
|
|
292
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
$
|
|
|
1,294
|
|
|
|
Losses and loss expenses and life policy benefits
|
|
|
|
|
|
|
(231
|
)
|
|
|
|
|
|
|
(111
|
)
|
|
|
|
|
|
|
(193
|
)
|
|
|
|
|
|
|
(16
|
)
|
|
|
|
|
|
|
(551
|
)
|
|
|
|
|
|
|
(216
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
(767
|
)
|
|
|
Acquisition costs
|
|
|
|
|
|
|
(103
|
)
|
|
|
|
|
|
|
(50
|
)
|
|
|
|
|
|
|
(100
|
)
|
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
|
(260
|
)
|
|
|
|
|
|
|
(51
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
(311
|
)
|
|
|
Technical result
|
|
|
|
|
$
|
|
56
|
|
|
|
|
|
$
|
|
13
|
|
|
|
|
|
$
|
|
75
|
|
|
|
|
|
$
|
|
47
|
|
|
|
|
|
$
|
|
191
|
|
|
|
|
|
$
|
|
25
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
$
|
|
|
216
|
|
|
|
Other income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
1
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(56
|
)
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
|
|
|
(47
|
)
|
|
|
|
|
|
|
|
(120
|
)
|
|
|
Underwriting result
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
135
|
|
|
|
|
|
$
|
|
10
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
$
|
|
|
97
|
|
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
94
|
|
|
|
|
|
|
|
|
108
|
|
|
|
Allocated underwriting result (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
24
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
Net realized and unrealized investment losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(24
|
)
|
|
|
|
|
|
|
|
(24
|
)
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
(12
|
)
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
Net foreign exchange gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
|
6
|
|
|
|
Income tax benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
3
|
|
|
|
Interest in earnings of equity method investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
5
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
$
|
|
|
177
|
|
|
|
Loss ratio (2)
|
|
|
|
|
|
|
59.2
|
|
%
|
|
|
|
|
|
63.7
|
|
%
|
|
|
|
|
|
52.3
|
|
%
|
|
|
|
|
|
23.2
|
|
%
|
|
|
|
|
|
54.9
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition ratio (3)
|
|
|
|
|
|
|
26.4
|
|
|
|
|
|
|
|
28.8
|
|
|
|
|
|
|
|
27.2
|
|
|
|
|
|
|
|
9.9
|
|
|
|
|
|
|
|
26.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical ratio (4)
|
|
|
|
|
|
|
85.6
|
|
%
|
|
|
|
|
|
92.5
|
|
%
|
|
|
|
|
|
79.5
|
|
%
|
|
|
|
|
|
33.1
|
|
%
|
|
|
|
|
|
80.9
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating ratio (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86.5
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, 2014
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
Global (Non-U.S.) P&C
|
|
|
|
Global Specialty
|
|
|
|
Catastrophe
|
|
|
|
Total Non-life segment
|
|
|
|
Life and Health segment
|
|
|
|
Corporate and Other
|
|
|
|
Total
|
|
|
Gross premiums written
|
|
|
|
|
$
|
|
340
|
|
|
|
|
|
$
|
|
122
|
|
|
|
|
|
$
|
|
448
|
|
|
|
|
|
$
|
|
13
|
|
|
|
|
|
$
|
|
923
|
|
|
|
|
|
$
|
|
314
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
$
|
|
|
1,237
|
|
|
|
Net premiums written
|
|
|
|
|
$
|
|
338
|
|
|
|
|
|
$
|
|
122
|
|
|
|
|
|
$
|
|
446
|
|
|
|
|
|
$
|
|
11
|
|
|
|
|
|
$
|
|
917
|
|
|
|
|
|
$
|
|
302
|
|
|
|
|
|
$
|
|
1
|
|
|
|
|
|
$
|
|
|
1,220
|
|
|
|
Decrease (increase) in unearned premiums
|
|
|
|
|
|
|
67
|
|
|
|
|
|
|
|
78
|
|
|
|
|
|
|
|
(16
|
)
|
|
|
|
|
|
|
81
|
|
|
|
|
|
|
|
210
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
226
|
|
|
|
Net premiums earned
|
|
|
|
|
$
|
|
405
|
|
|
|
|
|
$
|
|
200
|
|
|
|
|
|
$
|
|
430
|
|
|
|
|
|
$
|
|
92
|
|
|
|
|
|
$
|
|
1,127
|
|
|
|
|
|
$
|
|
318
|
|
|
|
|
|
$
|
|
1
|
|
|
|
|
|
$
|
|
|
1,446
|
|
|
|
Losses and loss expenses and life policy benefits
|
|
|
|
|
|
|
(253
|
)
|
|
|
|
|
|
|
(119
|
)
|
|
|
|
|
|
|
(213
|
)
|
|
|
|
|
|
|
(24
|
)
|
|
|
|
|
|
|
(609
|
)
|
|
|
|
|
|
|
(261
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
(870
|
)
|
|
|
Acquisition costs
|
|
|
|
|
|
|
(102
|
)
|
|
|
|
|
|
|
(60
|
)
|
|
|
|
|
|
|
(117
|
)
|
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
|
|
(288
|
)
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
(325
|
)
|
|
|
Technical result
|
|
|
|
|
$
|
|
50
|
|
|
|
|
|
$
|
|
21
|
|
|
|
|
|
$
|
|
100
|
|
|
|
|
|
$
|
|
59
|
|
|
|
|
|
$
|
|
230
|
|
|
|
|
|
$
|
|
20
|
|
|
|
|
|
$
|
|
1
|
|
|
|
|
|
$
|
|
|
251
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
4
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(65
|
)
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
|
|
|
(41
|
)
|
|
|
|
|
|
|
|
(123
|
)
|
|
|
Underwriting result
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
167
|
|
|
|
|
|
$
|
|
5
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
$
|
|
|
132
|
|
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
99
|
|
|
|
|
|
|
|
|
115
|
|
|
|
Allocated underwriting result (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
21
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
Net realized and unrealized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98
|
|
|
|
|
|
|
|
|
98
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
(12
|
)
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
Net foreign exchange gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
7
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(53
|
)
|
|
|
|
|
|
|
|
(53
|
)
|
|
|
Interest in losses of equity method investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
$
|
|
|
280
|
|
|
|
Loss ratio (2)
|
|
|
|
|
|
|
62.5
|
|
%
|
|
|
|
|
|
59.4
|
|
%
|
|
|
|
|
|
49.5
|
|
%
|
|
|
|
|
|
26.5
|
|
%
|
|
|
|
|
|
54.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition ratio (3)
|
|
|
|
|
|
|
25.1
|
|
|
|
|
|
|
|
29.9
|
|
|
|
|
|
|
|
27.4
|
|
|
|
|
|
|
|
9.1
|
|
|
|
|
|
|
|
25.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical ratio (4)
|
|
|
|
|
|
|
87.6
|
|
%
|
|
|
|
|
|
89.3
|
|
%
|
|
|
|
|
|
76.9
|
|
%
|
|
|
|
|
|
35.6
|
|
%
|
|
|
|
|
|
79.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense ratio (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85.3
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
Allocated underwriting result is defined as net premiums earned,
other income or loss and allocated net investment income less life
policy benefits, acquisition costs and other expenses.
|
(2)
|
|
|
Loss ratio is obtained by dividing losses and loss expenses by
net premiums earned.
|
(3)
|
|
|
Acquisition ratio is obtained by dividing acquisition costs by
net premiums earned.
|
(4)
|
|
|
Technical ratio is defined as the sum of the loss ratio and the
acquisition ratio.
|
(5)
|
|
|
Other expense ratio is obtained by dividing other expenses by net
premiums earned.
|
(6)
|
|
|
Combined ratio is defined as the sum of the technical ratio and
the other expense ratio.
|
|
|
|
|
|
|
|
PartnerRe Ltd.
|
|
|
Segment Information
|
|
|
(Expressed in millions of U.S. dollars)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2015
|
|
|
|
|
|
|
|
North America
|
|
|
|
Global (Non-U.S.) P&C
|
|
|
|
Global Specialty
|
|
|
|
Catastrophe
|
|
|
|
Total Non-life segment
|
|
|
|
Life and Health segment
|
|
|
|
Corporate and Other
|
|
|
|
Total
|
|
|
Gross premiums written
|
|
|
|
|
$
|
|
1,604
|
|
|
|
|
$
|
|
735
|
|
|
|
|
$
|
|
1,556
|
|
|
|
|
$
|
|
382
|
|
|
|
|
$
|
|
4,277
|
|
|
|
|
$
|
|
1,271
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
5,548
|
|
|
|
Net premiums written
|
|
|
|
|
$
|
|
1,542
|
|
|
|
|
$
|
|
726
|
|
|
|
|
$
|
|
1,482
|
|
|
|
|
$
|
|
272
|
|
|
|
|
$
|
|
4,022
|
|
|
|
|
$
|
|
1,208
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
5,230
|
|
|
|
Decrease (increase) in unearned premiums
|
|
|
|
|
|
|
30
|
|
|
|
|
|
|
(33
|
)
|
|
|
|
|
|
29
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
39
|
|
|
|
Net premiums earned
|
|
|
|
|
$
|
|
1,572
|
|
|
|
|
$
|
|
693
|
|
|
|
|
$
|
|
1,511
|
|
|
|
|
$
|
|
284
|
|
|
|
|
$
|
|
4,060
|
|
|
|
|
$
|
|
1,209
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
5,269
|
|
|
|
Losses and loss expenses and life policy benefits
|
|
|
|
|
|
|
(881
|
)
|
|
|
|
|
|
(473
|
)
|
|
|
|
|
|
(785
|
)
|
|
|
|
|
|
(54
|
)
|
|
|
|
|
|
(2,193
|
)
|
|
|
|
|
|
(964
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(3,157
|
)
|
|
|
Acquisition costs
|
|
|
|
|
|
|
(443
|
)
|
|
|
|
|
|
(189
|
)
|
|
|
|
|
|
(407
|
)
|
|
|
|
|
|
(25
|
)
|
|
|
|
|
|
(1,064
|
)
|
|
|
|
|
|
(153
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(1,217
|
)
|
|
|
Technical result
|
|
|
|
|
$
|
|
248
|
|
|
|
|
$
|
|
31
|
|
|
|
|
$
|
|
319
|
|
|
|
|
$
|
|
205
|
|
|
|
|
$
|
|
803
|
|
|
|
|
$
|
|
92
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
895
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
9
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(219
|
)
|
|
|
|
|
|
(63
|
)
|
|
|
|
|
|
(509
|
)
|
|
|
|
|
|
(791
|
)
|
|
|
Underwriting result
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
584
|
|
|
|
|
$
|
|
35
|
|
|
|
|
|
|
n/a
|
|
|
|
|
$
|
|
113
|
|
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59
|
|
|
|
|
|
|
391
|
|
|
|
|
|
|
450
|
|
|
|
Allocated underwriting result (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
94
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
n/a
|
|
|
|
Net realized and unrealized investment losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(297
|
)
|
|
|
|
|
|
(297
|
)
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(49
|
)
|
|
|
|
|
|
(49
|
)
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27
|
)
|
|
|
|
|
|
(27
|
)
|
|
|
Net foreign exchange losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
|
(9
|
)
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(80
|
)
|
|
|
|
|
|
(80
|
)
|
|
|
Interest in earnings of equity method investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
6
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
$
|
|
107
|
|
|
|
Loss ratio (2)
|
|
|
|
|
|
|
56.0
|
|
%
|
|
|
|
|
68.3
|
|
%
|
|
|
|
|
52.0
|
|
%
|
|
|
|
|
19.1
|
|
%
|
|
|
|
|
54.0
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition ratio (3)
|
|
|
|
|
|
|
28.2
|
|
|
|
|
|
|
27.3
|
|
|
|
|
|
|
26.9
|
|
|
|
|
|
|
8.6
|
|
|
|
|
|
|
26.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical ratio (4)
|
|
|
|
|
|
|
84.2
|
|
%
|
|
|
|
|
95.6
|
|
%
|
|
|
|
|
78.9
|
|
%
|
|
|
|
|
27.7
|
|
%
|
|
|
|
|
80.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense ratio (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85.6
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, 2014
|
|
|
|
|
|
|
|
North America
|
|
|
|
Global (Non-U.S.) P&C
|
|
|
|
Global Specialty
|
|
|
|
Catastrophe
|
|
|
|
Total Non-life segment
|
|
|
|
Life and Health segment
|
|
|
|
Corporate and Other
|
|
|
|
Total
|
|
|
Gross premiums written
|
|
|
|
|
$
|
|
1,642
|
|
|
|
|
$
|
|
803
|
|
|
|
|
$
|
|
1,797
|
|
|
|
|
$
|
|
425
|
|
|
|
|
$
|
|
4,667
|
|
|
|
|
$
|
|
1,265
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
5,932
|
|
|
|
Net premiums written
|
|
|
|
|
$
|
|
1,630
|
|
|
|
|
$
|
|
794
|
|
|
|
|
$
|
|
1,696
|
|
|
|
|
$
|
|
380
|
|
|
|
|
$
|
|
4,500
|
|
|
|
|
$
|
|
1,220
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
5,720
|
|
|
|
(Increase) decrease in unearned premiums
|
|
|
|
|
|
|
(33
|
)
|
|
|
|
|
|
(26
|
)
|
|
|
|
|
|
(58
|
)
|
|
|
|
|
|
4
|
|
|
|
|
|
|
(113
|
)
|
|
|
|
|
|
2
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(111
|
)
|
|
|
Net premiums earned
|
|
|
|
|
$
|
|
1,597
|
|
|
|
|
$
|
|
768
|
|
|
|
|
$
|
|
1,638
|
|
|
|
|
$
|
|
384
|
|
|
|
|
$
|
|
4,387
|
|
|
|
|
$
|
|
1,222
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
5,609
|
|
|
|
Losses and loss expenses and life policy benefits
|
|
|
|
|
|
|
(1,000
|
)
|
|
|
|
|
|
(438
|
)
|
|
|
|
|
|
(963
|
)
|
|
|
|
|
|
(62
|
)
|
|
|
|
|
|
(2,463
|
)
|
|
|
|
|
|
(1,000
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(3,463
|
)
|
|
|
Acquisition costs
|
|
|
|
|
|
|
(401
|
)
|
|
|
|
|
|
(222
|
)
|
|
|
|
|
|
(400
|
)
|
|
|
|
|
|
(42
|
)
|
|
|
|
|
|
(1,065
|
)
|
|
|
|
|
|
(149
|
)
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(1,214
|
)
|
|
|
Technical result
|
|
|
|
|
$
|
|
196
|
|
|
|
|
$
|
|
108
|
|
|
|
|
$
|
|
275
|
|
|
|
|
$
|
|
280
|
|
|
|
|
$
|
|
859
|
|
|
|
|
$
|
|
73
|
|
|
|
|
$
|
|
-
|
|
|
|
|
$
|
|
932
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
16
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(252
|
)
|
|
|
|
|
|
(68
|
)
|
|
|
|
|
|
(130
|
)
|
|
|
|
|
|
(450
|
)
|
|
|
Underwriting result
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
610
|
|
|
|
|
$
|
|
13
|
|
|
|
|
|
|
n/a
|
|
|
|
|
$
|
|
498
|
|
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
420
|
|
|
|
|
|
|
480
|
|
|
|
Allocated underwriting result (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
73
|
|
|
|
|
|
|
n/a
|
|
|
|
|
|
|
n/a
|
|
|
|
Net realized and unrealized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
372
|
|
|
|
|
|
|
372
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(49
|
)
|
|
|
|
|
|
(49
|
)
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27
|
)
|
|
|
|
|
|
(27
|
)
|
|
|
Net foreign exchange gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
|
|
|
18
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(239
|
)
|
|
|
|
|
|
(239
|
)
|
|
|
Interest in earnings of equity method investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
|
|
|
|
15
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
|
$
|
|
1,068
|
|
|
|
Loss ratio (2)
|
|
|
|
|
|
|
62.6
|
|
%
|
|
|
|
|
57.0
|
|
%
|
|
|
|
|
58.8
|
|
%
|
|
|
|
|
16.1
|
|
%
|
|
|
|
|
56.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition ratio (3)
|
|
|
|
|
|
|
25.1
|
|
|
|
|
|
|
28.9
|
|
|
|
|
|
|
24.4
|
|
|
|
|
|
|
11.0
|
|
|
|
|
|
|
24.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technical ratio (4)
|
|
|
|
|
|
|
87.7
|
|
%
|
|
|
|
|
85.9
|
|
%
|
|
|
|
|
83.2
|
|
%
|
|
|
|
|
27.1
|
|
%
|
|
|
|
|
80.4
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense ratio (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86.2
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160208006238/en/
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