PartnerRe takes a hit in latest interim numbers
According to the Covéa-owned reinsurer, here’s how it fared in the periods ended June 30:
Metric
Q2 2022
Q2 2021
H1 2022
H1 2021
Gross written premium
US$2.15 billion
US$2.04 billion
US$4.98 billion
US$4.51 billion
Net income/(loss) attributable to common shareholder
US$(606 million)
US$314 million
US$(1.15 billion)
US$248 million
Operating income
US$328 million
US$151 million
US$502 million
US$192 million
PartnerRe said the net loss was due to unrealised losses on fixed maturities of US$591 million in the second quarter and US$1.41 billion for the first half because of increasing interest rates.
In terms of underwriting profit, PartnerRe’s non-life business saw increases in the second quarter and first half, to US$282 million and US$481 million, respectively. The allocated underwriting profit for life & health, meanwhile, jumped in both periods as well.
“With the completion of Covéa’s acquisition of PartnerRe in early July, we are excited to join a group with such an established history, strong brand, and robust financial strength,” commented PartnerRe president and chief executive Jacques Bonneau.
“As our financial results for the half year demonstrate, with an annualised operating return on equity of 15.0%, an improvement in our non-life combined ratio of 10.5 points year-over-year, and our growing life operations and third-party capital management, we believe we can make an immediate contribution to the Covéa group.”
The CEO added: “I am thankful for our relationship with Exor, which we will continue through their meaningful contribution to our third-party capital platform. We look forward to our future with Covéa and to further increasing the value that we provide to all of our clients, distribution partners, capital partners, and other stakeholders.”
