PartnerRe Ltd. Reports First Quarter 2018 Results

  • First Quarter Net loss attributable to common shareholder of $120 million, due to $222 million net realized and unrealized losses in the Investment portfolio driven by increase in risk-free rates
  • Non-life combined ratio of 94.7% (vs. 96.4% in Q1 2017), driven by continued solid performance in the Specialty segment (86.9% combined ratio in Q1 2018 vs. 95.2% in Q1 2017)
  • Allocated underwriting result in the Life and Health segment of $30 million, a $22 million increase vs. Q1 2017, and the highest recorded in PartnerRe history

PEMBROKE, Bermuda--()--PartnerRe Ltd. ("the Company") today reported a net loss attributable to common shareholder of $120 million for the first quarter of 2018 compared to net income of $38 million for the same period of 2017. The net loss attributable to common shareholder for the first quarter of 2018 includes net unrealized investment losses of approximately $222 million, mainly driven by an increase in risk-free rates. The majority of the Company's investments, including all standard fixed income investments such as government bonds and investment grade corporate debt, are accounted for at fair value with changes in the fair value recorded in the Consolidated Statements of Operations.

Commenting on results, PartnerRe President and Chief Executive Officer Emmanuel Clarke said, “We had solid underwriting profits this quarter in both our Non-Life and Life & Health segments with improved pricing margins, a 14% increase in net premium earned to last year’s first quarter and improved combined ratio across various lines of business. These results, alongside positive April 1 renewals, where we continued to see increases in business margins, position the company well to deliver improved underwriting results during the course of 2018. Interest rate increases recorded during Q1 are positive news for our business longer-term, yet their accounting impact translated into a net loss.”

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Contacts

PartnerRe Ltd.
Jaime Masters, +1 441 294 5209
Brand Manager, Corporate Communications,
PartnerRe Ltd. Wellesley House South, 90 Pitts Bay Road, Pembroke, HM08, Bermuda

Contacts

PartnerRe Ltd.
Jaime Masters, +1 441 294 5209
Brand Manager, Corporate Communications,
PartnerRe Ltd. Wellesley House South, 90 Pitts Bay Road, Pembroke, HM08, Bermuda