PartnerRe Reports First Quarter 2019 Results
Bermuda-based PartnerRe Ltd. reported a net income available to common shareholder of $497 million for the quarter which included net unrealized investments gains of $257 million on fixed maturities and short-term investments, primarily due to decreases in world-wide risk-free rates and credit spreads, and $25 million net foreign exchange losses.
This compared to net loss of $120 million for the first quarter of 2018, which included net unrealized investment losses of $222 million on fixed maturities and short-term investments, primarily driven by increases in risk-free rates, and $13 million net foreign exchange losses.
The majority of the Company’s investments, including all fixed maturities, 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, “In the first quarter of 2019, we delivered strong results in our P&C and Life and Health segments, and in our Investments portfolio, while reporting an underwriting loss in our Specialty segment, driven by a combination of mid-sized losses and negative reserve development, and where we are undertaking portfolio actions to improve future underwriting performance.”
Mr. Clarke also added: “Positive momentum continued in our April 1 Non-life renewals with business production up double-digits on the back of continued improvements in the overall pricing environment, further solidifying the Company’s improved underwriting performance outlook for the remainder of the year.”
