PartnerRe announces dividend on preferred shares

PartnerRe announces dividend on preferred shares | Insurance Business New Zealand

Reinsurance

PartnerRe announces dividend on preferred shares

Dividend payable on June 17

Reinsurance

By
Kenneth Araullo

PartnerRe Ltd has announced that its board of directors declared a dividend for the period March 15, 2024, to June 14, 2024, amounting to $0.3046875 per share on the company’s 4.875% Fixed Rate Non-Cumulative Redeemable Preferred Shares, Series J.

As per the group’s statement, the dividend will be payable on June 17, 2024, to shareholders of record as of May 31, 2024.

For the year ended December 31, 2023, PartnerRe reported total revenues of $9.1 billion. As of December 31, 2023, the company’s total assets stood at $30.5 billion, total capital at $10.3 billion, and total shareholders’ equity at $8.4 billion.

Jacques Bonneau, PartnerRe’s president and CEO described the year’s performance as one of the strongest in the company’s recent history. He noted that the company achieved operating income of $1,447 million and an operating return on equity of 20.0%.

Bonneau attributed this success to reduced impacts from catastrophic events in the P&C sector, growth in the premium base in the specialty and life and health sectors, and the exceptional performance of the investment portfolio, which saw a 62% increase in net investment income compared to the previous year.

PartnerRe holds strong financial strength ratings: A+ from A.M. Best, A1 from Moody’s, and A+ from Standard & Poor’s.

Offsetting Covea’s losses

In April, French insurance group Covea reported a significant increase in profits for 2023, supported by the performance of its recently acquired reinsurer, PartnerRe, which helped offset losses from its UK affiliate’s reserve development.

Covea’s CEO, Thierry Derez, stated that the group fully implemented its strategy in 2023, achieving strong results in France despite higher repair costs and claims related to social unrest and climate-related events.

Derez highlighted that PartnerRe’s reinsurance operations bolstered Covea’s financial and technical robustness. Reinsurance operations for Covea saw a notable increase, with earned premiums rising 69.3% in 2023 due to the full-year integration of PartnerRe, contributing €8.43 billion to the group.

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