PartnerRe: ‘We Delivered Solid Financial Results’

February 22, 2018 | 0 Comments

Bermuda-based PartnerRe Ltd.reported a net income available to common shareholder of $72 million for the fourth quarter of 2017 compared to a net loss of $191 million for the same period of 2016. Net income available to common shareholder was $218 million for the full year 2017 compared to $387 million for 2016.

Operating losses were $28 million for the fourth quarter of 2017 compared to operating earnings of $125 million for the same period of 2016. Operating losses for the full year 2017 were $1 million compared to gains of $289 million for the full year 2016. Operating losses for the fourth quarter of 2017 and the full year were driven primarily by large catastrophic losses.

PartnerRe Reports 2017

Commenting on results, PartnerRe President and Chief Executive Officer Emmanuel Clarke said, “In 2017, in the face of industry insured losses in excess of $100 billion, we delivered solid financial results with adjusted net income of $250 million and an adjusted ROE of 4.2%.

“This remarkable performance demonstrates the value of our underwriting discipline, our portfolio construction with highly diversified and profitable business segments and our gross-to-net strategy. Together these have enabled us to deliver positive returns to our shareholders in a year marked by high frequency of severe catastrophes.”

Mr. Clarke also added: “We have started 2018 on a very positive note, with strong execution at the January renewals where we benefited from pricing improvements across a broad span of our portfolio with a double-digit rate increase in North America Property Cat rates along with improving profit margins in most of our Specialty lines and other P&C segments globally.

“We have leveraged opportunities to expand our business relationships with our clients and brokers and further improve our portfolio, with double digit year-on-year growth in Non-Life renewable treaty premium. I am very confident that we will continue to build on these achievements to deliver great results in 2018.”

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