PartnerRe Reports Q3 & Nine Month Results
Bermuda-based PartnerRe Ltd. reported a net loss attributable to common shareholder of $106 million for the quarter, which includes net unrealized investment losses on fixed income securities of $53 million and net foreign exchange losses of $17 million.
This compared to a net loss of $84 million for the same period of 2017, which included net unrealized investment losses on fixed income securities of $27 million and net foreign exchange losses of $41 million.
Net loss attributable to common shareholder for the first nine months of 2018 was $101 million, which includes net unrealized investment losses on fixed income securities of $358 million and net foreign exchange gains of $53 million.
This compared to a net income of $145 million in the same period of 2017, which included net unrealized investment gains on fixed income securities of $123 million and net foreign exchange losses of $107 million.
Commenting on the results, PartnerRe President and Chief Executive Officer Emmanuel Clarke said, “The third quarter of 2018 was an active period of catastrophic and man-made loss events which impacted the Company’s Non-life combined ratio.
“Despite these events, in the first nine months of 2018, the Company’s Non-life segment reported an underwriting profit, while our Life and Health segment significantly improved its underwriting profit and margin compared to the prior year. This performance — excluding the net unrealized losses primarily driven by increases in risk free rates — has helped produce a solid profitability in the first nine months of 2018.”
Mr. Clarke also added: “Our enhanced market positions with clients and brokers led to a double digit increase in net premium written compared to the last year. This, coupled with our strong total capital position, positions our Company well for the upcoming January renewal season.”
