PartnerRe slides to 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

$368 million

$313 million

$749 million

$507 million

Life & health allocated underwriting profit

$29 million

$32 million

$121 million

$97 million

Net investment return

$306 million

$156 million

$(1.56 billion)

$541 million

Operating income

$370 million

$300 million

$809 million

$545 million

Net income/(loss) attributable to common shareholders

$433 million

$362 million

$(1.1 billion)

$679 million

 

PartnerRe attributed its 2022 loss to net unrealized losses on fixed maturities and short-term investments worth $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 $370 million. Our annual operating performance also maintained its positive momentum, and operating income ROE (return on equity) was 12.0% for the year.

“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 $178 million. There were no dividends during the fourth quarter.