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Share Name | Share Symbol | Market | Type |
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Partnerre Ltd. | NYSE:PRE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 140.52 | 0 | 01:00:00 |
PartnerRe Ltd. (NYSE:PRE) today reported a net loss of $103.1 million, or $2.16 per share for the second quarter of 2015. This includes net after-tax realized and unrealized losses on investments of $217.2 million, or $4.55 per share. Net income for the second quarter of 2014 was $257.7 million, or $5.02 per share, including net after-tax realized and unrealized gains on investments of $123.7 million, or $2.41 per share. The Company reported operating earnings of $112.5 million, or $2.35 per share, for the second quarter of 2015. This compares to operating earnings of $133.5 million, or $2.60 per share, for the second quarter of 2014.
Net income for the first six months of 2015 was $128.6 million, or $2.64 per share. This includes net after-tax realized and unrealized losses on investments of $116.9 million, or $2.39 per share. Net income for the first six months of 2014 was $553.3 million, or $10.64 per share. This includes net after-tax realized and unrealized gains on investments of $239.6 million, or $4.61 per share. Operating earnings for the first six months of 2015 were $263.0 million, or $5.39 per share. This compares to operating earnings of $310.4 million, or $5.97 per share, for the first six months of 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, the loss on redemption of preferred shares and certain net after-tax withholding tax on inter-company dividends (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 Interim Chief Executive Officer David Zwiener said, “We continued to see challenging market conditions during the second quarter, both in terms of persistent competitive reinsurance pressures and difficult financial markets. Nevertheless, we posted strong technical results in the quarter, which when combined with our first quarter performance, resulted in an operating ROE of 8.5%. As you saw from our press release earlier this month, our tangible book value per share was impacted by increases in longer term risk-free rates both in the U.S. and Europe, resulting in a significant mark-to-market loss on our investment portfolio. For the year to date, however, our tangible book value is up 1%.”
Mr. Zwiener added, “As we look ahead to the important fall renewal season, we are encouraged by the success of the current June/July renewals, which accounts for approximately 10% of our Non-Life treaty business. Despite continued competitive pressures, we saw some initial signs that markets are beginning to stabilize, and we wrote a number of profitable new treaties. This speaks to our strong market presence, the quality of our client relationships, and underscores the strength of the PartnerRe franchise.”
Highlights for the second quarter and first six months of 2015 compared to the same periods in 2014 include:
Results of operations:
Balance sheet and capitalization:
Segment and sub-segment highlights for the second quarter and first six months of 2015 compared to the same period in 2014 include:
Non-life:
Life and Health:
Corporate and Other:
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 September 1, 2015 to common shareholders of record on August 7, 2015.
The Company has posted its second 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, July 28. 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 (888)-637-7707 or, from outside the United States, by dialing (913)-312-6670. 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.
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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 and loss on redemption of preferred shares.
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, the loss on redemption of preferred shares, certain after-tax interest in earnings/losses of equity method investments and certain after-tax withholding taxes on inter-company dividends (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) and certain after-tax withholding taxes on inter-company dividends (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, 2014, total revenues were $6.5 billion. At June 30, 2015, total assets were $22.5 billion, total capital was $7.9 billion and total shareholders’ equity attributable to PartnerRe was $7.1 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.
Important Information For Investors And Shareholders
This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed business combination between PartnerRe Ltd. (“PartnerRe”) and AXIS Capital Holdings Limited (“AXIS”). In connection with this proposed business combination, PartnerRe and AXIS have filed a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), and a definitive joint proxy statement/prospectus of PartnerRe and AXIS and other documents related to the proposed transaction. This communication is not a substitute for any such documents. The registration statement was declared effective by the SEC on June 1, 2015 and the definitive proxy statement/prospectus has been mailed to shareholders of PartnerRe and AXIS. INVESTORS AND SECURITY HOLDERS OF PARTNERRE AND AXIS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. A definitive proxy statement has been mailed to shareholders of PartnerRe and AXIS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by PartnerRe and/or AXIS through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PartnerRe are available free of charge on PartnerRe’s internet website at http://www.partnerre.com or by contacting PartnerRe’s Investor Relations Director by email at robin.sidders@partnerre.com or by phone at 1-441-294-5216. Copies of the documents filed with the SEC by AXIS are available free of charge on AXIS’ internet website at http://www.axiscapital.com or by contacting AXIS’ Investor Relations Contact by email at linda.ventresca@axiscapital.com or by phone at 1-441-405-2727.
Participants in Solicitation
PartnerRe, AXIS, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of PartnerRe is set forth in its Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015, its proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on April 1, 2014, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, which was filed with the SEC on May 4, 2015 and its Current Reports on Form 8-K, which were filed with the SEC on January 29, 2015, May 16, 2014 and March 27, 2014. Information about the directors and executive officers of AXIS is set forth in its Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 23, 2015, its proxy statement for its 2014 annual meeting of stockholders, which was filed with the SEC on March 28, 2014, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, which was filed with the SEC on May 4, 2015 and its Current Reports on Form 8-K, which were filed with the SEC on March 11, 2015, January 29, 2015, August 7, 2014, June 26, 2014, March 27, 2014 and February 26, 2014.
These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC.
Forward Looking Statements
Certain statements in this communication regarding the proposed transaction between PartnerRe and AXIS are “forward-looking” statements. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “illustrative,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely” “plan,” “positioned,” “strategy,” and similar expressions, and the negative thereof, are intended to identify forward-looking statements. These forward-looking statements, which are subject to risks, uncertainties and assumptions about PartnerRe and AXIS, may include projections of their respective future financial performance, their respective anticipated growth strategies and anticipated trends in their respective businesses. These statements are only predictions based on current expectations and projections about future events. There are important factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the risk factors set forth in PartnerRe’s and AXIS’ most recent reports on Form 10-K, Form 10-Q and other documents on file with the SEC and the factors given below:
• the failure to obtain the approval of shareholders of PartnerRe or AXIS in connection with the proposed transaction;
• the failure to consummate or delay in consummating the proposed transaction for other reasons;
• the timing to consummate the proposed transaction;
• the risk that a condition to closing of the proposed transaction may not be satisfied;
• the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained, or is obtained subject to conditions that are not anticipated;
• AXIS’ or PartnerRe’s ability to achieve the synergies and value creation contemplated by the proposed transaction;
• the ability of either PartnerRe or AXIS to effectively integrate their businesses; and
• the diversion of management time on transaction-related issues.
PartnerRe’s forward-looking statements are based on assumptions that PartnerRe believes to be reasonable but that may not prove to be accurate. AXIS’ forward-looking statements are based on assumptions that AXIS believes to be reasonable but that may not prove to be accurate. Neither PartnerRe nor AXIS can guarantee future results, level of activity, performance or achievements. Moreover, neither PartnerRe nor AXIS assumes responsibility for the accuracy and completeness of any of these forward-looking statements. PartnerRe and AXIS assume no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as may be required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
PartnerRe Ltd. Consolidated Statements of Operations and Comprehensive (Loss) Income (Expressed in thousands of U.S. dollars, except share and per share data) (Unaudited)For the threemonths endedJune 30, 2015
For the threemonths endedJune 30, 2014
For the sixmonths endedJune 30, 2015
For the sixmonths endedJune 30, 2014
Revenues Gross premiums written $ 1,432,012 $ 1,462,307 $ 3,180,946 $ 3,334,047 Net premiums written $ 1,322,304 $ 1,418,665 $ 2,975,519 $ 3,157,159 Decrease (increase) in unearned premiums 5,522 (65,596 ) (412,972 ) (550,308 ) Net premiums earned 1,327,826 1,353,069 2,562,547 2,606,851 Net investment income 120,192 129,967 224,823 246,834 Net realized and unrealized investment (losses) gains (255,734 ) 165,717 (140,089 ) 307,888 Other income 236 9,265 4,528 9,669 Total revenues 1,192,520 1,658,018 2,651,809 3,171,242 Expenses Losses and loss expenses and life policy benefits 864,917 883,846 1,586,198 1,633,303 Acquisition costs 283,463 302,573 559,254 567,181 Other expenses (1) 129,766 107,072 254,516 218,534 Interest expense 12,248 12,240 24,493 24,477 Amortization of intangible assets 6,767 7,003 13,535 14,005 Net foreign exchange losses (gains) 6,391 (2,023 ) (6,756 ) (2,693 ) Total expenses 1,303,552 1,310,711 2,431,240 2,454,807(Loss) income before taxes and interest in earnings of equity methodinvestments
(111,032 ) 347,307 220,569 716,435 Income tax (benefit) expense (13,844 ) 78,440 65,821 140,746 Interest in earnings of equity method investments 8,633 4,925 4,795 10,989 Net (loss) income (88,555 ) 273,792 159,543 586,678 Net income attributable to noncontrolling interests (354 ) (1,951 ) (2,536 ) (4,995 ) Net (loss) income attributable to PartnerRe (88,909 ) 271,841 157,007 581,683 Preferred dividends 14,184 14,184 28,367 28,367 Net (loss) income attributable to PartnerRe common shareholders $ (103,093 ) $ 257,657 $ 128,640 $ 553,316 Operating earnings attributable to PartnerRe common shareholders $ 112,494 $ 133,508 $ 263,030 $ 310,418 Comprehensive (loss) income attributable to PartnerRe $ (81,913 ) $ 288,630 $ 160,846 $ 583,023Earnings and dividends per share data attributable to PartnerRe commonshareholders:
Basic operating earnings $ 2.35 $ 2.66 $ 5.52 $ 6.09 Net realized and unrealized investment (losses) gains, net of tax (4.55 ) 2.46 (2.45 ) 4.70 Net foreign exchange losses, net of tax (0.10 ) (0.06 ) (0.44 ) (0.08 ) Interest in earnings of equity method investments, net of tax 0.14 0.07 0.07 0.15 Basic net (loss) income $ (2.16 ) $ 5.13 $ 2.70 $ 10.86 Weighted average number of common shares outstanding 47,773,371 50,241,216 47,650,042 50,942,980 Diluted operating earnings (1) $ 2.35 $ 2.60 $ 5.39 $ 5.97 Net realized and unrealized investment (losses) gains, net of tax (4.55 ) 2.41 (2.39 ) 4.61 Net foreign exchange losses, net of tax (0.10 ) (0.06 ) (0.43 ) (0.08 ) Interest in earnings of equity method investments, net of tax 0.14 0.07 0.07 0.14 Diluted net (loss) income $ (2.16 ) $ 5.02 $ 2.64 $ 10.64Weighted average number of common shares and common shareequivalents outstanding
47,773,371 51,328,761 48,785,437 52,024,451 Dividends declared per common share $ 0.70 $ 0.67 $ 1.40 $ 1.34 (1) Other expenses for the three months and six months ended June 30, 2015 include $9 million and $40 million, respectively, of costs related to the amalgamation with Axis, pre-tax, or $0.19 and $0.82, respectively, per diluted share, pre-tax. In addition, other expenses for the three months and six months ended June 30, 2015 include $25 million, pre-tax, related to the negotiated earn-out consideration paid to the former shareholders of Presidio Reinsurance Group, Inc., or $0.53 and $0.52, respectively, per diluted share, pre-tax. PartnerRe Ltd. Consolidated Balance Sheets(Expressed in thousands of U.S. dollars, except per share and parenthetical share and per share data)
(Unaudited) June 30, December 31, 2015 2014 Assets Investments: Fixed maturities, at fair value $ 13,349,772 $ 13,918,745 Short-term investments, at fair value 19,244 25,678 Equities, at fair value 1,006,551 1,056,514 Other invested assets 340,267 298,827 Total investments 14,715,834 15,299,764 Funds held – directly managed 594,870 608,853 Cash and cash equivalents 1,492,997 1,313,468 Accrued investment income 139,772 158,737 Reinsurance balances receivable 3,055,308 2,454,850 Reinsurance recoverable on paid and unpaid losses 342,074 246,158 Funds held by reinsured companies 688,358 765,905 Deferred acquisition costs 733,184 661,186 Deposit assets 72,442 92,973 Net tax assets 55,214 6,876 Goodwill 456,380 456,380 Intangible assets 146,069 159,604 Other assets 39,321 45,603 Total assets $ 22,531,823 $ 22,270,357 Liabilities Unpaid losses and loss expenses $ 9,549,398 $ 9,745,806 Policy benefits for life and annuity contracts 2,087,369 2,050,107 Unearned premiums 2,207,674 1,750,607 Other reinsurance balances payable 234,175 182,395 Deposit liabilities 48,475 70,325 Net tax liabilities 246,618 240,989 Accounts payable, accrued expenses and other 254,982 304,728 Debt related to senior notes 750,000 750,000 Debt related to capital efficient notes 70,989 70,989 Total liabilities 15,449,680 15,165,946 Shareholders’ Equity Common shares (par value $1.00; issued: 2015 and 2014, 87,237,220 shares) 87,237 87,237Preferred shares (par value $1.00; issued and outstanding: 2015 and 2014, 34,150,000 shares; aggregate liquidationvalue: 2015 and 2014, $853,750)
34,150 34,150 Additional paid-in capital 3,965,490 3,949,665 Accumulated other comprehensive loss (30,244 ) (34,083 ) Retained earnings 6,297,968 6,270,811 Common shares held in treasury, at cost (2015, 39,401,311 shares; 2014, 39,400,936 shares) (3,274,675 ) (3,258,870 ) Total shareholders’ equity attributable to PartnerRe 7,079,926 7,048,910 Noncontrolling interests 2,217 55,501 Total shareholders’ equity 7,082,143 7,104,411 Total liabilities and shareholders’ equity $ 22,531,823 $ 22,270,357 Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (1) (2) $ 127.24 $ 126.21 Diluted Tangible Book Value Per Common Share and Common Share Equivalents Outstanding (1) (2) $ 115.90 $ 114.76 Number of Common Shares and Common Share Equivalents Outstanding (2) 48,932,758 49,087,412 (1) Excludes the aggregate liquidation value of preferred shares (2015 and 2014, $853,750) and noncontrolling interests (2015, $2,217; 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 June 30, 2015
NorthAmerica
Global(Non-U.S.)P&C
GlobalSpecialty
Catastrophe
TotalNon-lifesegment
Lifeand Healthsegment
Corporateand Other
Total Gross premiums written $ 427 $ 143 $ 406 $ 122 $ 1,098 $ 334 $ — $ 1,432 Net premiums written $ 401 $ 137 $ 400 $ 71 $ 1,009 $ 313 $ — $ 1,322 Decrease (increase) in unearned premiums 34 22 (26) (27) 3 3 — 6 Net premiums earned $ 435 $ 159 $ 374 $ 44 $ 1,012 $ 316 $ — $ 1,328 Losses and loss expenses and life policy benefits (296) (121) (198) 10 (605) (260) — (865) Acquisition costs (111) (36) (102) (4) (253) (30) — (283) Technical result $ 28 $ 2 $ 74 $ 50 $ 154 $ 26 $ — $ 180 Other income — — — — Other expenses (55) (16) (59) (130) Underwriting result $ 99 $ 10 n/a $ 50 Net investment income 16 104 120 Allocated underwriting result (1) $ 26 n/a n/a Net realized and unrealized investment losses (256) (256) Interest expense (12) (12) Amortization of intangible assets (7) (7) Net foreign exchange losses (6) (6) Income tax benefit 14 14 Interest in earnings of equity method investments 8 8 Net loss n/a $ (89) Loss ratio (2) 68.1 % 75.9 % 53.0 % (21.5) % 59.8 % Acquisition ratio (3) 25.4 23.2 27.2 8.2 25.0 Technical ratio (4) 93.5 % 99.1 % 80.2 % (13.3) % 84.8 % Other expense ratio (5) 5.5 Combined ratio (6) 90.3 %
For the three months ended June 30, 2014
NorthAmerica
Global(Non-U.S.)P&C
GlobalSpecialty
Catastrophe
TotalNon-lifesegment
Lifeand Healthsegment
Corporateand Other
Total Gross premiums written $ 400 $ 155 $ 438 $ 143 $ 1,136 $ 326 $ — $ 1,462 Net premiums written $ 392 $ 148 $ 432 $ 136 $ 1,108 $ 311 $ — $ 1,419 (Increase) decrease in unearned premiums (2) 39 (26) (77) (66) — — (66) Net premiums earned $ 390 $ 187 $ 406 $ 59 $ 1,042 $ 311 $ — $ 1,353 Losses and loss expenses and life policy benefits (240) (103) (270) (19) (632) (252) — (884) Acquisition costs (102) (52) (98) (8) (260) (43) — (303) Technical result $ 48 $ 32 $ 38 $ 32 $ 150 $ 16 $ — $ 166 Other income 1 3 5 9 Other expenses (61) (16) (30) (107) Underwriting result $ 90 $ 3 n/a $ 68 Net investment income 15 115 130 Allocated underwriting result (1) $ 18 n/a n/a Net realized and unrealized investment gains 166 166 Interest expense (12) (12) Amortization of intangible assets (7) (7) Net foreign exchange gains 2 2 Income tax expense (78) (78) Interest in earnings of equity method investments 5 5 Net income n/a $ 274 Loss ratio (2) 61.5 % 54.6 % 66.5 % 33.4 % 60.6 % Acquisition ratio (3) 26.1 27.9 24.2 13.0 25.0 Technical ratio (4) 87.6 % 82.5 % 90.7 % 46.4 % 85.6 % Other expense ratio (5) 5.9 Combined ratio (6) 91.5 % (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 six months ended June 30, 2015
NorthAmerica
Global(Non-U.S.)P&C
GlobalSpecialty
Catastrophe
TotalNon-lifesegment
Lifeand Healthsegment
Corporateand Other
Total Gross premiums written $ 900 $ 477 $ 833 $ 312 $ 2,522 $ 659 $ — $ 3,181 Net premiums written $ 872 $ 468 $ 762 $ 247 $ 2,349 $ 626 $ — $ 2,975 Increase in unearned premiums (98 ) (135 ) (23 ) (145 ) (401 ) (12 ) — (413 ) Net premiums earned $ 774 $ 333 $ 739 $ 102 $ 1,948 $ 614 $ — $ 2,562 Losses and loss expenses and life policy benefits (468 ) (240 ) (369 ) (10 ) (1,087 ) (499 ) — (1,586 ) Acquisition costs (204 ) (89 ) (194 ) (8 ) (495 ) (64 ) — (559 ) Technical result $ 102 $ 4 $ 176 $ 84 $ 366 $ 51 $ — $ 417 Other income — 1 3 4 Other expenses (107 ) (31 ) (116 ) (254 ) Underwriting result $ 259 $ 21 n/a $ 167 Net investment income 30 195 225 Allocated underwriting result (1) $ 51 n/a n/a Net realized and unrealized investment losses (140 ) (140 ) Interest expense (25 ) (25 ) Amortization of intangible assets (14 ) (14 ) Net foreign exchange gains 7 7 Income tax expense (65 ) (65 ) Interest in earnings of equity method investments 5 5 Net income n/a $ 160 Loss ratio (2) 60.4 % 72.0 % 49.9 % 9.9 % 55.8 % Acquisition ratio (3) 26.4 26.8 26.3 7.6 25.4 Technical ratio (4) 86.8 % 98.8 % 76.2 % 17.5 % 81.2 % Other expense ratio (5) 5.5 Combined ratio (6) 86.7 %
For the six months ended June 30, 2014
NorthAmerica
Global(Non-U.S.)P&C
GlobalSpecialty
Catastrophe
TotalNon-lifesegment
Lifeand Healthsegment
Corporateand Other
Total Gross premiums written $ 930 $ 519 $ 917 $ 353 $ 2,719 $ 615 $ — $ 3,334 Net premiums written $ 919 $ 508 $ 822 $ 315 $ 2,564 $ 593 $ — $ 3,157 Increase in unearned premiums (151 ) (141 ) (61 ) (177 ) (530 ) (20 ) — (550 ) Net premiums earned $ 768 $ 367 $ 761 $ 138 $ 2,034 $ 573 $ — $ 2,607 Losses and loss expenses and life policy benefits (499 ) (196 ) (471 ) 1 (1,165 ) (468 ) — (1,633 ) Acquisition costs (194 ) (107 ) (178 ) (15 ) (494 ) (73 ) — (567 ) Technical result $ 75 $ 64 $ 112 $ 124 $ 375 $ 32 $ — $ 407 Other income 2 4 4 10 Other expenses (126 ) (34 ) (59 ) (219 ) Underwriting result $ 251 $ 2 n/a $ 198 Net investment income 30 217 247 Allocated underwriting result (1) $ 32 n/a n/a Net realized and unrealized investment gains 308 308 Interest expense (25 ) (25 ) Amortization of intangible assets (14 ) (14 ) Net foreign exchange gains 3 3 Income tax expense (141 ) (141 ) Interest in earnings of equity method investments 11 11 Net income n/a $ 587 Loss ratio (2) 65.0 % 53.5 % 61.9 % (0.9 ) % 57.3 % Acquisition ratio (3) 25.2 29.0 23.4 11.4 24.3 Technical ratio (4) 90.2 % 82.5 % 85.3 % 10.5 % 81.6 % Other operating ratio (5) 6.2 Combined ratio (6) 87.8 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20150727006219/en/
PartnerRe Ltd.(441) 292-0888Investor Contact: Robin SiddersMedia Contact: Celia PowellorSard Verbinnen & Co(212) 687-8080Drew Brown/Robin Weinberg
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