PartnerRe suffers full-year loss

PartnerRe suffers full-year loss


Results season continues with the turn of PartnerRe, whose earnings report is a mixed bag.

According to the reinsurer, here’s how it fared in the quarter and year ended December 31, 2022:




Metric



Q4 2022



Q4 2021



FY 2022



FY 2021







Non-life underwriting profit



US$368 million



US$313 million



US$749 million



US$507 million





Life & health allocated underwriting profit



US$29 million



US$32 million



US$121 million



US$97 million





Net investment return



US$306 million



US$156 million



US$(1.56 billion)



US$541 million





Operating income



US$370 million



US$300 million



US$809 million



US$545 million





Net income/(loss) attributable to common shareholders



US$433 million



US$362 million



US$(1.1 billion)



US$679 million




 

PartnerRe attributed its 2022 loss to net unrealised losses on fixed maturities and short-term investments worth US$1.81 billion.

Highlighting the positives, however, PartnerRe president and chief executive Jacques Bonneau said in a release: “Our operating performance for the fourth quarter of 2022 was excellent, with operating income of US$370 million. Our annual operating performance also maintained its positive momentum, and operating income ROE (return on equity) was 12.0% for the year.

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“In addition to solid underwriting results, during 2022 we grew net investment income by almost 6% as we continued to reinvest available cash at rates that are meaningfully higher than our existing book yield.”

For 2022, dividends declared and paid to common shareholders of PartnerRe amounted to US$178 million. There were no dividends during the fourth quarter.