[May 02, 2016] |
|
PartnerRe Ltd. Reports First Quarter 2016 Results
PartnerRe Ltd. today reported net income of $201.4 million for the first
quarter of 2016, or an annualized net income ROE of 13.3%. This includes
net after-tax realized and unrealized gains on investments of $148.1
million. Net income for the first quarter of 2015 was $231.7 million, or
an annualized net income ROE of 14.8%, including net after-tax realized
and unrealized gains on investments of $100.3 million. The Company
reported operating earnings of $44.2 million for the first quarter of
2016, or an annualized operating ROE of 2.9%. This compares to operating
earnings of $150.5 million for the first quarter of 2015, or an
annualized operating ROE of 9.6%.
Operating earnings and net income for the first quarters of 2016 and
2015 include certain after-tax transaction related costs of $60.0
million and $30.9 million, respectively. Adjusting for these after-tax
transaction related costs, the annualized operating ROE for the first
quarters of 2016 and 2015 was 6.9% and 11.6%, respectively, and the
annualized net income ROE for the first quarters of 2016 and 2015 was
17.3% and 16.8%, respectively.
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, and is calculated after the payment of preferred
dividends.
Commenting on results, PartnerRe Chief Executive Officer Emmanuel Clarke
said, "We had a solid start to 2016 that culminated with the closing of
the EXOR acquisition, which lands us on solid ground and enables us to
move forward with our usual focus and determination. Our performance for
the quarter resulted in an operating ROE of 6.9%, which reflects
continuing difficult conditions across nearly all reinsurance markets,
an absence of major catastrophes and continued favorable reserve
development. With our new ownership now set, we look forward to
leveraging our strong franchise and serving as a preferred reinsurer to
our clients."
Highlights for the first quarter of 2016 compared to the same period in
2015 include:
Results of operations:
-
Net premiums written of $1.5 billion were down 9%. On a constant
foreign exchange basis, net premiums written were down 5% with
decreases recorded in all Non-life sub-segments, with the exception of
the North America sub-segment, and the Life and Health segment.
-
Net premiums earned of $1.1 billion were down 8%. On a constant
foreign exchange basis, net premiums earned were down 4% due to the
same factors described above for net premiums written.
-
The Non-life combined ratio was 94.3%. The combined ratio benefited
from favorable prior year development of 21.0 points (or $183
million). All Non-life sub-segments experienced net favorable
development from prior accident years during the first quarter of 2016.
-
For the first quarter of 2016, other expenses of $153 million include
$66 million, pre-tax, of costs related to the closing of the Exor
transaction (including the impact of accelerating all remaining share
based compensation expense as a result of all awards vesting upon
closing). Other expenses of $125 million for the same period in 2015
included $31 million, pre-tax, of costs related to the terminated
amalgamation with Axis.
-
Net investment income of $103 million was down 2%. On a constant
foreign exchange basis, net investment income was up 1%.
-
Pre-tax net realized and unrealized investment gains were $167
million, primarily reflecting decreases in U.S. and European risk-free
interest rates.
-
The effective tax rate on operating earnings and non-operating
earnings was 23.6% and 7.6%, respectively.
Balance sheet and capitalization:
-
Total investments, cash and funds held - directly managed were $16.2
billion at March 31, 2016, down 2% compared to December 31, 2015,
primarily due to cash outflows to fund the special dividend (as
defined below) and the settlement of certain share based awards upon
the closing of the Exor transaction.
-
Net Non-life loss and loss expense reserves were $9.1 billion at
March 31, 2016, up 3% compared to December 31, 2015, primarily
reflecting lower losses paid and the impact of foreign exchange.
-
Net policy benefits for life and annuity contracts were $2.0 billion
at March 31, 2016, up 2% compared to December 31, 2015, primarily
reflecting lower losses paid and the impact of foreign exchange.
-
Total capital was $7.7 billion at March 31, 2016, which was flat
compared to December 31, 2015, with net income for the quarter being
offset by common and preferred share dividend payments (including the
special dividend (as defined below) paid on the closing of the Exor
transaction).
-
Common shareholders' equity attributable to PartnerRe (or book value)
and tangible book value were $6.1 billion and $5.5 billion,
respectively, at March 31, 2016, which were flat compared to
December 31, 2015 due to the same factors as for total capital.
Segment and sub-segment highlights for the first quarter of 2016
compared to the same period in 2015 include:
Non-life:
-
The Non-life segment's net premiums written were down 9%, or 5% on a
constant foreign exchange basis. The decrease was driven by the Global
(Non-U.S.) P&C and Catastrophe sub-segments and, to a lesser extent,
the Global Specialty sub-segment. These decreases were partially
offset by an increase in the net premiums written reported by the
North America sub-segment.
-
The North America sub-segment's net premiums written were up 2%, or 3%
on a constant foreign exchange basis. The increase was primarily
driven by the timing of renewals in the agriculture and casualty lines
of business, and new business in the casualty and structured property
lines of business. These increases were partially offset by
cancellations, downward prior year premium adjustments and renewal
changes in the casualty, property and agriculture lines of business,
and the impact of increased retrocessional coverage in the mortgage
line of business. This sub-segment reported a technical ratio of
86.9%, which included 22.9 points (or $81 million) of net favorable
prior year loss development.
-
The Global (Non-U.S.) P&C sub-segment's net premiums written were down
19%, or 11% on a constant foreign exchange basis. The decrease was
primarily driven by downward prior year premium adjustments and
cancellations, and reduced participations in the motor line of
business. This sub-segment reported a technical ratio of 113.2%, which
included 15.5 points (or $23 million) of net favorable prior year loss
development.
-
The Global Specialty sub-segment's net premiums written were down 8%,
or 3% on a constant foreign exchange basis. The decrease was driven by
cancellations, reduced participations, and higher downward prior year
premium adjustments across multiple lines of business. These decreases
were partially offset by new business written across all lines of
business and the positive impact of a timing difference related to the
renewal of a significant specialty casualty treaty. This sub-segment
reported a technical ratio of 85.0%, which included 21.4 points (or
$69 million) of net favorable prior year loss development.
-
The Catastrophe sub-segment's net premiums written were down 20%, or
16% on a constant foreign exchange basis. The decrease was primarily
driven by increased retrocessional coverage, timing of renewals,
cancellations and non-renewals. These decreases were partially offset
by new business. This sub-segment reported a technical ratio of 10.3%,
which included 22.0 points (or $10 million) of net favorable prior
year loss development.
Life and Health:
-
The Life and Health segment's net premiums written were down 12%, or
7% on a constant foreign exchange basis. The decrease was driven by
downward prior year premium adjustments and non-renewals in the
mortality line of business and increased client retentions in the
Health line of business.
-
The Life and Health segment's allocated underwriting result, which
includes allocated investment income and other expenses, was $24
million compared to $25 million in the same period of 2015, and
includes $15 million of favorable prior year loss development compared
to $14 million in the same period of 2015.
The Company has posted its first quarter 2016 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.
_________________________________________
On March 18, 2016, EXOR acquired 100% ownership of the Company's
common shares. Pursuant to the terms of the Merger Agreement, each
PartnerRe common share issued and outstanding immediately prior to the
effective time of the Merger was cancelled and converted into $137.50 in
cash per share and entitled to receive a one-time special pre-closing
cash dividend in the amount of $3.00 per common share (special
dividend). One common share at $1.00 par value was issued to Exor N.V.,
representing 100% common share ownership of the Company. Accordingly,
all net income per share, operating earnings per share and book value
per share data for the current year and the prior year periods is no
longer considered meaningful and has been excluded. The Company also
redefined its calculation of Annualized Operating ROE to be based on
average common shareholders' equity, accordingly, all comparative data
has been recast.
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 and the amalgamation termination fee and
reimbursement of expenses paid to Axis Capital (included in other
expenses).
The Company uses operating earnings and annualized operating return
on average common shareholders' equity (Annualized Operating ROE) 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), and the amalgamation termination fee
and reimbursement of expenses paid to Axis Capital (included in other
expenses).
The Company calculates annualized operating return on average common
shareholders' equity using operating earnings (loss) for the period
divided by the average common shareholders' equity outstanding for the
period.
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.
_____________________________________________
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 March 31, 2016, total assets were $22.0 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.
PartnerRe Ltd.
|
Consolidated Statements of Operations and Comprehensive Income (1)
|
(Expressed in thousands of U.S. dollars)
|
(Unaudited)
|
|
|
|
For the three
|
|
For the three
|
|
|
months ended
|
|
months ended
|
|
|
March 31,
|
|
March 31,
|
|
|
2016
|
|
2015
|
Revenues
|
|
|
|
|
Gross premiums written
|
|
$
|
1,629,009
|
|
|
$
|
1,748,933
|
|
Net premiums written
|
|
$
|
1,500,718
|
|
|
$
|
1,653,215
|
|
Increase in unearned premiums
|
|
(359,002
|
)
|
|
(418,493
|
)
|
Net premiums earned
|
|
1,141,716
|
|
|
1,234,722
|
|
Net investment income
|
|
102,987
|
|
|
104,631
|
|
Net realized and unrealized investment gains
|
|
167,193
|
|
|
115,645
|
|
Other income
|
|
4,840
|
|
|
4,292
|
|
Total revenues
|
|
1,416,736
|
|
|
1,459,290
|
|
Expenses
|
|
|
|
|
Losses and loss expenses and life policy benefits
|
|
714,268
|
|
|
721,281
|
|
Acquisition costs
|
|
282,974
|
|
|
275,791
|
|
Other expenses (2)
|
|
152,674
|
|
|
124,750
|
|
Interest expense
|
|
12,259
|
|
|
12,245
|
|
Amortization of intangible assets
|
|
6,588
|
|
|
6,768
|
|
Net foreign exchange gains
|
|
(2,074
|
)
|
|
(13,147
|
)
|
Total expenses
|
|
1,166,689
|
|
|
1,127,688
|
|
Income before taxes and interest in losses of equity method
investments
|
|
250,047
|
|
|
331,602
|
|
Income tax expense
|
|
30,954
|
|
|
79,665
|
|
Interest in losses of equity method investments
|
|
(3,467
|
)
|
|
(3,838
|
)
|
Net income
|
|
215,626
|
|
|
248,099
|
|
Net income attributable to noncontrolling interests
|
|
-
|
|
|
(2,182
|
)
|
Net income attributable to PartnerRe
|
|
215,626
|
|
|
245,917
|
|
Preferred dividends
|
|
14,184
|
|
|
14,184
|
|
Net income attributable to PartnerRe common shareholders
|
|
$
|
201,442
|
|
|
$
|
231,733
|
|
Operating earnings attributable to PartnerRe common shareholders (2)
|
|
$
|
44,238
|
|
|
$
|
150,536
|
|
Comprehensive income attributable to PartnerRe
|
|
$
|
235,717
|
|
|
$
|
242,760
|
|
(1) On March 18, 2016 EXOR acquired 100%
ownership of the Company; as such, per share data is no longer
meaningful and has been excluded.
|
(2) Other expenses and operating earnings for
the three months ended March 31, 2016 include $35 million and $31
million of transaction costs and accelerated stock based
compensation expense, respectively, related to the closing of the
Exor transaction, pre-tax. Other expenses and operating earnings
for the three months ended March 31, 2015 include $31 million of
costs related to the proposed amalgamation with Axis, pre-tax.
|
|
PartnerRe Ltd.
|
Consolidated Balance Sheets (1)
|
(Expressed in thousands of U.S. dollars, except parenthetical
share data)
|
(Unaudited)
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
Investments:
|
|
|
|
|
Fixed maturities, at fair value
|
|
$
|
13,020,014
|
|
|
$
|
13,448,262
|
|
Short-term investments, at fair value
|
|
33,555
|
|
|
46,688
|
|
Equities, at fair value
|
|
324,427
|
|
|
443,861
|
|
Other invested assets
|
|
458,709
|
|
|
399,204
|
|
Total investments
|
|
13,836,705
|
|
|
14,338,015
|
|
Funds held - directly managed
|
|
579,571
|
|
|
539,743
|
|
Cash and cash equivalents
|
|
1,749,851
|
|
|
1,577,097
|
|
Accrued investment income
|
|
134,735
|
|
|
141,672
|
|
Reinsurance balances receivable
|
|
2,964,950
|
|
|
2,428,020
|
|
Reinsurance recoverable on paid and unpaid losses
|
|
300,731
|
|
|
282,916
|
|
Funds held by reinsured companies
|
|
685,564
|
|
|
657,815
|
|
Deferred acquisition costs
|
|
691,117
|
|
|
629,372
|
|
Deposit assets
|
|
82,018
|
|
|
88,152
|
|
Net tax assets
|
|
82,405
|
|
|
102,596
|
|
Goodwill
|
|
456,380
|
|
|
456,380
|
|
Intangible assets
|
|
126,423
|
|
|
133,011
|
|
Other assets
|
|
265,013
|
|
|
31,254
|
|
Total assets
|
|
$
|
21,955,463
|
|
|
$
|
21,406,043
|
|
Liabilities
|
|
|
|
|
Unpaid losses and loss expenses
|
|
$
|
9,331,087
|
|
|
$
|
9,064,711
|
|
Policy benefits for life and annuity contracts
|
|
2,089,055
|
|
|
2,051,935
|
|
Unearned premiums
|
|
2,086,332
|
|
|
1,644,757
|
|
Other reinsurance balances payable
|
|
293,342
|
|
|
246,089
|
|
Deposit liabilities
|
|
33,506
|
|
|
44,420
|
|
Net tax liabilities
|
|
197,973
|
|
|
218,652
|
|
Accounts payable, accrued expenses and other
|
|
192,994
|
|
|
411,539
|
|
Debt related to senior notes
|
|
750,000
|
|
|
750,000
|
|
Debt related to capital efficient notes
|
|
70,989
|
|
|
70,989
|
|
Total liabilities
|
|
15,045,278
|
|
|
14,503,092
|
|
Shareholders' Equity
|
|
|
|
|
Common shares (par value $1.00; issued: 2016, 1 share and 2015,
87,237,220 shares)
|
|
-
|
|
|
87,237
|
|
Preferred shares (par value $1.00; issued and outstanding: 2016 and
2015, 34,150,000 shares; aggregate liquidation value: 2016 and 2015,
$853,750)
|
|
34,150
|
|
|
34,150
|
|
Additional paid-in capital
|
|
2,537,359
|
|
|
3,982,147
|
|
Accumulated other comprehensive loss
|
|
(63,192
|
)
|
|
(83,283
|
)
|
Retained earnings
|
|
4,401,868
|
|
|
6,146,802
|
|
Common shares held in treasury, at cost (2016, nil shares; 2015,
39,303,068 shares)
|
|
-
|
|
|
(3,266,552
|
)
|
Total shareholders' equity attributable to PartnerRe
|
|
6,910,185
|
|
|
6,900,501
|
|
Noncontrolling interests
|
|
-
|
|
|
2,450
|
|
Total shareholders' equity
|
|
6,910,185
|
|
|
6,902,951
|
|
Total liabilities and shareholders' equity
|
|
$
|
21,955,463
|
|
|
$
|
21,406,043
|
|
(1) On March 18, 2016 EXOR acquired 100% ownership of
the Company; as such, per share data is no longer meaningful and
has been excluded.
|
|
PartnerRe Ltd.
|
Segment Information
|
(Expressed in millions of U.S. dollars)
|
(Unaudited)
|
|
|
|
For the three months ended March 31, 2016
|
|
|
|
|
Global
|
|
|
|
|
|
Total
|
|
Life
|
|
|
|
|
|
|
North
|
|
(Non-U.S.)
|
|
Global
|
|
|
|
Non-life
|
|
and Health
|
|
Corporate
|
|
|
|
|
America
|
|
P&C
|
|
Specialty
|
|
Catastrophe
|
|
segment
|
|
segment
|
|
and Other
|
|
Total
|
Gross premiums written
|
|
$
|
494
|
|
|
$
|
274
|
|
|
$
|
398
|
|
|
$
|
170
|
|
|
$
|
1,336
|
|
|
$
|
293
|
|
|
$
|
-
|
|
|
$
|
1,629
|
|
Net premiums written
|
|
$
|
481
|
|
|
$
|
269
|
|
|
$
|
333
|
|
|
$
|
141
|
|
|
$
|
1,224
|
|
|
$
|
277
|
|
|
$
|
-
|
|
|
$
|
1,501
|
|
Increase in unearned premiums
|
|
(129
|
)
|
|
(119
|
)
|
|
(11
|
)
|
|
(93
|
)
|
|
(352
|
)
|
|
(7
|
)
|
|
-
|
|
|
(359
|
)
|
Net premiums earned
|
|
$
|
352
|
|
|
$
|
150
|
|
|
$
|
322
|
|
|
$
|
48
|
|
|
$
|
872
|
|
|
$
|
270
|
|
|
$
|
-
|
|
|
$
|
1,142
|
|
Losses and loss expenses and life policy benefits
|
|
(199
|
)
|
|
(123
|
)
|
|
(184
|
)
|
|
(3
|
)
|
|
(509
|
)
|
|
(205
|
)
|
|
-
|
|
|
(714
|
)
|
Acquisition costs
|
|
(107
|
)
|
|
(47
|
)
|
|
(90
|
)
|
|
(1
|
)
|
|
(245
|
)
|
|
(38
|
)
|
|
-
|
|
|
(283
|
)
|
Technical result
|
|
$
|
46
|
|
|
$
|
(20
|
)
|
|
$
|
48
|
|
|
$
|
44
|
|
|
$
|
118
|
|
|
$
|
27
|
|
|
$
|
-
|
|
|
$
|
145
|
|
Other income
|
|
|
|
|
|
|
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
5
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
(68
|
)
|
|
(18
|
)
|
|
(67
|
)
|
|
(153
|
)
|
Underwriting result
|
|
|
|
|
|
|
|
|
|
$
|
52
|
|
|
$
|
11
|
|
|
n/a
|
|
$
|
(3
|
)
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
90
|
|
|
103
|
|
Allocated underwriting result (1)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24
|
|
|
n/a
|
|
n/a
|
Net realized and unrealized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167
|
|
|
167
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
(12
|
)
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
(7
|
)
|
Net foreign exchange gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
2
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31
|
)
|
|
(31
|
)
|
Interest in losses of equity method investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
(3
|
)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
$
|
216
|
|
Loss ratio (2)
|
|
56.5
|
%
|
|
82.1
|
%
|
|
57.2
|
%
|
|
7.2
|
%
|
|
58.5
|
%
|
|
|
|
|
|
|
Acquisition ratio (3)
|
|
30.4
|
|
|
31.1
|
|
|
27.8
|
|
|
3.1
|
|
|
28.0
|
|
|
|
|
|
|
|
Technical ratio (4)
|
|
86.9
|
%
|
|
113.2
|
%
|
|
85.0
|
%
|
|
10.3
|
%
|
|
86.5
|
%
|
|
|
|
|
|
|
Other expense ratio (5)
|
|
|
|
|
|
|
|
|
|
7.8
|
|
|
|
|
|
|
|
Combined ratio (6)
|
|
|
|
|
|
|
|
|
|
94.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2015
|
|
|
|
|
Global
|
|
|
|
|
|
Total
|
|
Life
|
|
|
|
|
|
|
North
|
|
(Non-U.S.)
|
|
Global
|
|
|
|
Non-life
|
|
and Health
|
|
Corporate
|
|
|
|
|
America
|
|
P&C
|
|
Specialty
|
|
Catastrophe
|
|
segment
|
|
segment
|
|
and Other
|
|
Total
|
Gross premiums written
|
|
$
|
473
|
|
|
$
|
334
|
|
|
$
|
427
|
|
|
$
|
191
|
|
|
$
|
1,425
|
|
|
$
|
324
|
|
|
$
|
-
|
|
|
$
|
1,749
|
|
Net premiums written
|
|
$
|
471
|
|
|
$
|
331
|
|
|
$
|
362
|
|
|
$
|
176
|
|
|
$
|
1,340
|
|
|
$
|
313
|
|
|
$
|
-
|
|
|
$
|
1,653
|
|
(Increase) decrease in unearned premiums
|
|
(132
|
)
|
|
(157
|
)
|
|
3
|
|
|
(118
|
)
|
|
(404
|
)
|
|
(14
|
)
|
|
-
|
|
|
(418
|
)
|
Net premiums earned
|
|
$
|
339
|
|
|
$
|
174
|
|
|
$
|
365
|
|
|
$
|
58
|
|
|
$
|
936
|
|
|
$
|
299
|
|
|
$
|
-
|
|
|
$
|
1,235
|
|
Losses and loss expenses and life policy benefits
|
|
(172
|
)
|
|
(119
|
)
|
|
(170
|
)
|
|
(20
|
)
|
|
(481
|
)
|
|
(240
|
)
|
|
-
|
|
|
(721
|
)
|
Acquisition costs
|
|
(93
|
)
|
|
(52
|
)
|
|
(93
|
)
|
|
(4
|
)
|
|
(242
|
)
|
|
(34
|
)
|
|
-
|
|
|
(276
|
)
|
Technical result
|
|
$
|
74
|
|
|
$
|
3
|
|
|
$
|
102
|
|
|
$
|
34
|
|
|
$
|
213
|
|
|
$
|
25
|
|
|
$
|
-
|
|
|
$
|
238
|
|
Other income
|
|
|
|
|
|
|
|
|
|
-
|
|
|
1
|
|
|
3
|
|
|
4
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
(52
|
)
|
|
(15
|
)
|
|
(58
|
)
|
|
(125
|
)
|
Underwriting result
|
|
|
|
|
|
|
|
|
|
$
|
161
|
|
|
$
|
11
|
|
|
n/a
|
|
$
|
117
|
|
Net investment income
|
|
|
|
|
|
|
|
|
|
|
|
14
|
|
|
91
|
|
|
105
|
|
Allocated underwriting result (1)
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25
|
|
|
n/a
|
|
n/a
|
Net realized and unrealized investment gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
116
|
|
|
116
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12
|
)
|
|
(12
|
)
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
(7
|
)
|
Net foreign exchange gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
13
|
|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(80
|
)
|
|
(80
|
)
|
Interest in losses of equity method investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4
|
)
|
|
(4
|
)
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
$
|
248
|
|
Loss ratio (2)
|
|
50.7
|
%
|
|
68.4
|
%
|
|
46.7
|
%
|
|
33.7
|
%
|
|
51.4
|
%
|
|
|
|
|
|
|
Acquisition ratio (3)
|
|
27.5
|
|
|
30.1
|
|
|
25.4
|
|
|
7.0
|
|
|
25.9
|
|
|
|
|
|
|
|
Technical ratio (4)
|
|
78.2
|
%
|
|
98.5
|
%
|
|
72.1
|
%
|
|
40.7
|
%
|
|
77.3
|
%
|
|
|
|
|
|
|
Other expense ratio (5)
|
|
|
|
|
|
|
|
|
|
5.5
|
|
|
|
|
|
|
|
Combined ratio (6)
|
|
|
|
|
|
|
|
|
|
82.8
|
%
|
|
|
|
|
|
|
(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.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160502005757/en/
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