PartnerRe First Quarter Net Loss: $120 Million
Bermuda-based PartnerRe Ltd. 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 company said.
“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.”
