PartnerRe Ltd.
Development of Loss and Loss Expense Reserves Excluding Impact of Foreign Exchange
(in thousands of U.S. dollars)
(Unaudited)
1994 | 1995 | 1996 | 1997(1) | 1998(2) | 1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||||||||||
Gross liability for unpaid losses and | ||||||||||||||||||||||||||||||
loss expenses | $ | 36,051 | $ | 68,426 | $ | 59,866 | $ | 1,098,527 | $ | 2,649,380 | $ | 2,616,556 | $ | 2,386,032 | $ | 3,005,628 | $ | 3,658,416 | $ | 4,755,059 | ||||||||||
Retroceded liability for unpaid losses | ||||||||||||||||||||||||||||||
and loss expenses | — | — | — | 126,112 | 257,398 | 205,982 | 203,180 | 214,891 | 217,777 | 175,685 | ||||||||||||||||||||
Net liability for unpaid losses and | ||||||||||||||||||||||||||||||
loss expenses | $ | 36,051 | $ | 68,426 | $ | 59,866 | $ | 972,415 | $ | 2,391,982 | $ | 2,410,574 | $ | 2,182,852 | $ | 2,790,737 | $ | 3,440,639 | $ | 4,579,374 | ||||||||||
Net liability re-estimated as of: | ||||||||||||||||||||||||||||||
One year later | 36,051 | 68,426 | 59,866 | 914,558 | 2,360,763 | 2,410,462 | 2,174,981 | 2,846,855 | 3,496,102 | |||||||||||||||||||||
Two years later | 36,051 | 68,426 | 18,632 | 910,660 | 2,174,414 | 2,359,852 | 2,240,526 | 2,921,908 | ||||||||||||||||||||||
Three years later | 36,051 | 43,134 | 16,373 | 931,411 | 2,112,196 | 2,384,937 | 2,283,941 | |||||||||||||||||||||||
Four years later | 27,199 | 41,102 | 15,395 | 907,124 | 2,083,108 | 2,400,881 | ||||||||||||||||||||||||
Five years later | 26,192 | 40,124 | 15,013 | 891,916 | 2,079,706 | |||||||||||||||||||||||||
Six years later | 26,164 | 39,742 | 15,112 | 891,921 | ||||||||||||||||||||||||||
Seven years later | 26,034 | 39,809 | 16,288 | |||||||||||||||||||||||||||
Eight years later | 26,100 | 40,887 | ||||||||||||||||||||||||||||
Nine years later | 26,158 | |||||||||||||||||||||||||||||
Cumulative redundancy (deficiency) excluding foreign exchange | $ | 9,893 | $ | 27,539 | $ | 43,578 | $ | 80,494 | $ | 312,276 | $ | 9,693 | $ | (101,089 | ) | $ | (131,171 | ) | $ | (55,463 | ) |
(1) | Liability for unpaid losses and loss expenses includes, for the first time, PartnerRe SA, which the Company acquired in July 1997. |
(2) | Liability for unpaid losses and loss expenses includes, for the first time, Winterthur Re, which the Company acquired in December 1998. |
S-1
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the three months ended March 31, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 176 | $ | 207 | $ | 421 | $ | 804 | $ | - | $ | 43 | $ | - | $ | 847 | ||||||||
Net premiums written | $ | 174 | $ | 201 | $ | 409 | $ | 784 | $ | - | $ | 40 | $ | - | $ | 824 | ||||||||
Increase in unearned premiums | (54 | ) | (80 | ) | (204 | ) | (338 | ) | - | (7 | ) | - | (345 | ) | ||||||||||
Net premiums earned | $ | 120 | $ | 121 | $ | 205 | $ | 446 | $ | - | $ | 33 | $ | - | $ | 479 | ||||||||
Losses and loss expenses | ||||||||||||||||||||||||
including life policy benefits | (80 | ) | (89 | ) | (115 | ) | (284 | ) | - | (28 | ) | - | (312 | ) | ||||||||||
Acquisition costs | (32 | ) | (29 | ) | (35 | ) | (96 | ) | - | (8 | ) | - | (104 | ) | ||||||||||
Technical Result | $ | 8 | $ | 3 | $ | 55 | $ | 66 | $ | - | $ | (3 | ) | $ | - | $ | 63 | |||||||
Other income | n/a | n/a | n/a | - | 1 | - | - | 1 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (31 | ) | - | (3 | ) | (3 | ) | (37 | ) | ||||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 35 | $ | 1 | $ | (6 | ) | n/a | $ | 27 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 6 | 53 | 59 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | - | n/a | n/a | |||||||||||||||
Net realized investment losses | n/a | n/a | n/a | n/a | n/a | n/a | (8 | ) | (8 | ) | ||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Net foreign exchange losses | n/a | n/a | n/a | n/a | n/a | n/a | (4 | ) | (4 | ) | ||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (1 | ) | (1 | ) | ||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 63 | |||||||||||||||
Loss ratio (1) | 66.3 | % | 73.9 | % | 55.9 | % | 63.6 | % | ||||||||||||||||
Acquisition ratio (2) | 27.0 | 23.5 | 16.8 | 21.4 | ||||||||||||||||||||
Technical ratio (3) | 93.3 | % | 97.4 | % | 72.7 | % | 85.0 | % | ||||||||||||||||
Other overhead expense ratio (4) | 6.9 | |||||||||||||||||||||||
Combined ratio (5) | 91.9 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
For the three months ended June 30, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 176 | $ | 112 | $ | 244 | $ | 532 | $ | 1 | $ | 35 | $ | - | $ | 568 | ||||||||
Net premiums written | $ | 176 | $ | 110 | $ | 244 | $ | 530 | $ | - | $ | 33 | $ | - | $ | 563 | ||||||||
(Increase) decrease in unearned premiums | (39 | ) | 28 | 13 | 2 | - | 1 | - | 3 | |||||||||||||||
Net premiums earned | $ | 137 | $ | 138 | $ | 257 | $ | 532 | $ | - | $ | 34 | $ | - | $ | 566 | ||||||||
Losses and loss expenses | ||||||||||||||||||||||||
including life policy benefits | (106 | ) | (100 | ) | (145 | ) | (351 | ) | - | (31 | ) | - | (382 | ) | ||||||||||
Acquisition costs | (35 | ) | (35 | ) | (44 | ) | (114 | ) | - | (7 | ) | - | (121 | ) | ||||||||||
Technical Result | $ | (4 | ) | $ | 3 | $ | 68 | $ | 67 | $ | - | $ | (4 | ) | $ | - | $ | 63 | ||||||
Other income | n/a | n/a | n/a | - | 1 | - | - | 1 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (33 | ) | - | (3 | ) | (4 | ) | (40 | ) | ||||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 34 | $ | 1 | $ | (7 | ) | n/a | $ | 24 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 8 | 52 | 60 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 1 | n/a | n/a | |||||||||||||||
Net realized investment losses | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Net foreign exchange losses | n/a | n/a | n/a | n/a | n/a | n/a | (2 | ) | (2 | ) | ||||||||||||||
Income tax benefit | n/a | n/a | n/a | n/a | n/a | n/a | 1 | 1 | ||||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 67 | |||||||||||||||
Loss ratio (1) | 77.4 | % | 72.9 | % | 56.4 | % | 66.1 | % | ||||||||||||||||
Acquisition ratio (2) | 25.7 | 25.2 | 17.1 | 21.4 | ||||||||||||||||||||
Technical ratio (3) | 103.1 | % | 98.1 | % | 73.5 | % | 87.5 | % | ||||||||||||||||
Other overhead expense ratio (4) | 6.2 | |||||||||||||||||||||||
Combined ratio (5) | 93.7 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the six months ended June 30, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 352 | $ | 319 | $ | 665 | $ | 1,336 | $ | 1 | $ | 78 | $ | - | $ | 1,415 | ||||||||
Net premiums written | $ | 350 | $ | 311 | $ | 653 | $ | 1,314 | $ | - | $ | 74 | $ | - | $ | 1,388 | ||||||||
Increase in unearned premiums | (93 | ) | (52 | ) | (191 | ) | (336 | ) | - | (7 | ) | - | (343 | ) | ||||||||||
Net premiums earned | $ | 257 | $ | 259 | $ | 462 | $ | 978 | $ | - | $ | 67 | $ | - | $ | 1,045 | ||||||||
Losses and loss expenses | ||||||||||||||||||||||||
including life policy benefits | $ | (186 | ) | $ | (189 | ) | $ | (259 | ) | $ | (634 | ) | $ | - | $ | (59 | ) | $ | - | $ | (693 | ) | ||
Acquisition costs | (67 | ) | (64 | ) | (79 | ) | (210 | ) | - | (15 | ) | - | (225 | ) | ||||||||||
Technical Result | $ | 4 | $ | 6 | $ | 124 | $ | 134 | $ | - | $ | (7 | ) | $ | - | $ | 127 | |||||||
Other income | n/a | n/a | n/a | - | 2 | - | - | 2 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (64 | ) | - | (6 | ) | (7 | ) | (77 | ) | ||||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 70 | $ | 2 | $ | (13 | ) | n/a | $ | 52 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 14 | 104 | 118 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 1 | n/a | n/a | |||||||||||||||
Net realized investment losses | n/a | n/a | n/a | n/a | n/a | n/a | (14 | ) | (14 | ) | ||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Net foreign exchange losses | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | - | - | ||||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (14 | ) | (14 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 130 | |||||||||||||||
Loss ratio (1) | 72.2 | % | 73.4 | % | 56.2 | % | 64.9 | % | ||||||||||||||||
Acquisition ratio (2) | 26.3 | 24.4 | 17.0 | 21.4 | ||||||||||||||||||||
Technical ratio (3) | 98.5 | % | 97.8 | % | 73.2 | % | 86.3 | % | ||||||||||||||||
Other overhead expense ratio (4) | 6.5 | |||||||||||||||||||||||
Combined ratio (5) | 92.8 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
For the three months ended September 30, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 125 | $ | 143 | $ | 272 | $ | 540 | $ | - | $ | 36 | $ | - | $ | 576 | ||||||||
Net premiums written | 125 | 140 | 271 | 536 | - | 34 | - | 570 | ||||||||||||||||
Decrease in unearned premiums | $ | 17 | $ | 11 | $ | 33 | $ | 61 | $ | - | $ | 1 | $ | - | $ | 62 | ||||||||
Net premiums earned | $ | 142 | $ | 151 | $ | 304 | $ | 597 | $ | - | $ | 35 | $ | - | $ | 632 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (111 | ) | (135 | ) | (255 | ) | (501 | ) | - | (31 | ) | - | (532 | ) | ||||||||||
Acquisition costs | (40 | ) | (35 | ) | (55 | ) | (130 | ) | - | (7 | ) | - | (137 | ) | ||||||||||
Technical Result | $ | (9 | ) | $ | (19 | ) | $ | (6 | ) | $ | (34 | ) | $ | - | $ | (3 | ) | $ | - | $ | (37 | ) | ||
Other income | n/a | n/a | n/a | - | 1 | - | 1 | 2 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (33 | ) | - | (3 | ) | (5 | ) | (41 | ) | ||||||||||||
Underwriting Result | n/a | n/a | n/a | $ | (67 | ) | $ | 1 | $ | (6 | ) | n/a | $ | (76 | ) | |||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 8 | 52 | 60 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 2 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | (1 | ) | n/a | 2 | 1 | |||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 1 | 1 | ||||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (4 | ) | (4 | ) | ||||||||||||||
Distributions related to Trust Preferred and | ||||||||||||||||||||||||
Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Net loss | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | (28 | ) | ||||||||||||||
Loss ratio (1) | 77.9 | % | 89.7 | % | 83.8 | % | 83.9 | % | ||||||||||||||||
Acquisition ratio (2) | 27.9 | 23.1 | 18.2 | 21.8 | ||||||||||||||||||||
Technical ratio (3) | 105.8 | % | 112.8 | % | 102.0 | % | 105.7 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.5 | |||||||||||||||||||||||
Combined ratio (5) | 111.2 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the nine months ended September 30, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 476 | $ | 462 | $ | 937 | $ | 1,875 | $ | 1 | $ | 114 | $ | - | $ | 1,990 | ||||||||
Net premiums written | 475 | 451 | 925 | 1,851 | - | 107 | - | 1,958 | ||||||||||||||||
Increase in unearned premiums | $ | (76 | ) | $ | (41 | ) | $ | (159 | ) | $ | (276 | ) | $ | - | $ | (5 | ) | $ | - | $ | (281 | ) | ||
Net premiums earned | $ | 399 | $ | 410 | $ | 766 | $ | 1,575 | $ | - | $ | 102 | $ | - | $ | 1,677 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (297 | ) | (324 | ) | (514 | ) | (1,135 | ) | - | (90 | ) | - | (1,225 | ) | ||||||||||
Acquisition costs | (107 | ) | (99 | ) | (134 | ) | (340 | ) | - | (22 | ) | - | (362 | ) | ||||||||||
Technical Result | $ | (5 | ) | $ | (13 | ) | $ | 118 | $ | 100 | $ | - | $ | (10 | ) | $ | - | $ | 90 | |||||
Other income | n/a | n/a | n/a | - | 3 | - | 1 | 4 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (97 | ) | - | (9 | ) | (12 | ) | (118 | ) | ||||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 3 | $ | 3 | $ | (19 | ) | n/a | $ | (24 | ) | ||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 22 | 156 | 178 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 3 | n/a | n/a | |||||||||||||||
Net realized investment losses | n/a | n/a | n/a | n/a | n/a | n/a | (13 | ) | (13 | ) | ||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (10 | ) | (10 | ) | ||||||||||||||
Net foreign exchange losses | n/a | n/a | n/a | n/a | n/a | n/a | (5 | ) | (5 | ) | ||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (4 | ) | (4 | ) | ||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (20 | ) | (20 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 102 | |||||||||||||||
Loss ratio (1) | 74.2 | % | 79.4 | % | 67.1 | % | % | 72.1 | % | |||||||||||||||
Acquisition ratio (2) | 26.9 | 23.9 | 17.5 | 21.5 | ||||||||||||||||||||
Technical ratio (3) | 101.1 | % | 103.3 | % | 84.6 | % | % | 93.6 | % | |||||||||||||||
Other overhead expense ratio (4) | 6.3 | |||||||||||||||||||||||
Combined ratio (5) | 99.9 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
For the three months ended December 31, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 175 | $ | 155 | $ | 317 | $ | 647 | $ | $ | 69 | $ | - | $ | 716 | |||||||||
Net premiums written | 174 | 149 | 307 | 630 | - | 67 | - | 697 | ||||||||||||||||
Decrease in unearned premiums | $ | 27 | $ | 1 | $ | 22 | $ | 50 | $ | - | $ | 2 | $ | - | $ | 52 | ||||||||
Net premiums earned | $ | 201 | $ | 150 | $ | 329 | $ | 680 | $ | - | $ | 69 | $ | - | $ | 749 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (150 | ) | (113 | ) | (164 | ) | (427 | ) | - | (64 | ) | - | (491 | ) | ||||||||||
Acquisition costs | (54 | ) | (43 | ) | (60 | ) | (157 | ) | - | (38 | ) | - | (195 | ) | ||||||||||
Technical Result | $ | (3 | ) | $ | (6 | ) | $ | 105 | $ | 96 | $ | - | $ | (33 | ) | $ | - | $ | 63 | |||||
Other income | n/a | n/a | n/a | - | 2 | - | - | 2 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (34 | ) | (1 | ) | (3 | ) | (6 | ) | (44 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 62 | $ | 1 | $ | (36 | ) | n/a | $ | 21 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | 1 | 13 | 53 | 67 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | (23 | ) | n/a | n/a | ||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 7 | 7 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 2 | 2 | ||||||||||||||||
Income tax benefit | n/a | n/a | n/a | n/a | n/a | n/a | 1 | 1 | ||||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 88 | |||||||||||||||
Loss ratio (1) | 74.5 | % | 75.4 | % | 49.8 | % | 62.8 | % | ||||||||||||||||
Acquisition ratio (2) | 26.8 | 28.3 | 18.2 | 22.9 | ||||||||||||||||||||
Technical ratio (3) | 101.3 | % | 103.7 | % | 68.0 | % | 85.7 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.1 | |||||||||||||||||||||||
Combined ratio (5) | 90.8 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the twelve months ended December 31, 2002
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 652 | $ | 617 | $ | 1,254 | $ | 2,523 | $ | 1 | $ | 182 | $ | - | $ | 2,706 | ||||||||
Net premiums written | 649 | 600 | $ | 1,232 | 2,481 | - | 174 | - | 2,655 | |||||||||||||||
Increase in unearned premiums | $ | (49 | ) | $ | (40 | ) | (137 | ) | $ | (226 | ) | $ | - | $ | (3 | ) | $ | - | $ | (229 | ) | |||
Net premiums earned | $ | 600 | $ | 560 | $ | 1,095 | $ | 2,255 | $ | - | $ | 171 | $ | - | $ | 2,426 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (446 | ) | (439 | ) | (678 | ) | (1,563 | ) | - | (153 | ) | - | (1,716 | ) | ||||||||||
Acquisition costs | (161 | ) | (140 | ) | (194 | ) | (495 | ) | - | (61 | ) | - | (556 | ) | ||||||||||
Technical Result | $ | (7 | ) | $ | (19 | ) | $ | 223 | $ | 197 | $ | - | $ | (43 | ) | $ | - | $ | 154 | |||||
Other income | n/a | n/a | n/a | - | 5 | - | 1 | 6 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (131 | ) | (1 | ) | (12 | ) | (18 | ) | (162 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 66 | $ | 4 | $ | (55 | ) | n/a | $ | (2 | ) | ||||||||||
Net investment income | n/a | n/a | n/a | n/a | 1 | 34 | 210 | 245 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | (21 | ) | n/a | n/a | ||||||||||||||
Net realized investment losses | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (13 | ) | (13 | ) | ||||||||||||||
Net foreign exchange losses | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Distributions related to Trust Preferred and | - | |||||||||||||||||||||||
Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (27 | ) | (27 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 190 | |||||||||||||||
Loss ratio (1) | 74.3 | % | 78.3 | % | 61.9 | % | 69.3 | % | ||||||||||||||||
Acquisition ratio (2) | 26.8 | 25.1 | 17.7 | 22.0 | ||||||||||||||||||||
Technical ratio (3) | 101.1 | % | 103.4 | % | 79.6 | % | 91.3 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.8 | |||||||||||||||||||||||
Combined ratio (5) | 97.1 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the three months ended March 31, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 318 | $ | 305 | $ | 552 | $ | 1,175 | $ | - | $ | 87 | $ | - | $ | 1,262 | ||||||||
Net premiums written | $ | 318 | $ | 305 | $ | 530 | $ | 1,153 | $ | - | $ | 82 | $ | - | $ | 1,235 | ||||||||
Increase in unearned premiums | (122 | ) | (103 | ) | (197 | ) | (422 | ) | - | (7 | ) | - | (429 | ) | ||||||||||
Net premiums earned | $ | 196 | $ | 202 | $ | 333 | $ | 731 | $ | - | $ | 75 | $ | - | $ | 806 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (138 | ) | (138 | ) | (207 | ) | (483 | ) | - | (73 | ) | - | (556 | ) | ||||||||||
Acquisition costs | (50 | ) | (49 | ) | (62 | ) | (161 | ) | - | (9 | ) | - | (170 | ) | ||||||||||
Technical Result | $ | 8 | $ | 15 | $ | 64 | $ | 87 | $ | - | $ | (7 | ) | $ | - | $ | 80 | |||||||
Other income | n/a | n/a | n/a | - | 2 | - | - | 2 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (39 | ) | (2 | ) | (4 | ) | (6 | ) | (51 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 48 | $ | - | $ | (11 | ) | n/a | $ | 31 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 12 | 49 | 61 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 1 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 40 | 40 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 4 | 4 | ||||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (2 | ) | (2 | ) | ||||||||||||||
Distributions related to Trust Preferred andMandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 124 | |||||||||||||||
Loss ratio (1) | 70.3 | % | 68.2 | % | 62.2 | % | 66.0 | % | ||||||||||||||||
Acquisition ratio (2) | 25.7 | 24.0 | 18.5 | 22.0 | ||||||||||||||||||||
Technical ratio (3) | 96.0 | % | 92.2 | % | 80.7 | % | 88.0 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.3 | |||||||||||||||||||||||
Combined ratio (5) | 93.3 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
For the three months ended June 30, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 221 | $ | 182 | $ | 366 | $ | 769 | $ | - | $ | 68 | $ | - | $ | 837 | ||||||||
Net premiums written | $ | 221 | $ | 186 | $ | 366 | $ | 773 | $ | - | $ | 66 | $ | - | $ | 839 | ||||||||
(Increase) decrease in unearned premiums | (6 | ) | 29 | - | 23 | - | 1 | - | 24 | |||||||||||||||
Net premiums earned | $ | 215 | $ | 215 | $ | 366 | $ | 796 | $ | - | $ | 67 | $ | - | $ | 863 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (148 | ) | (145 | ) | (202 | ) | (495 | ) | - | (59 | ) | - | (554 | ) | ||||||||||
Acquisition costs | (57 | ) | (57 | ) | (74 | ) | (188 | ) | - | (14 | ) | - | (202 | ) | ||||||||||
Technical Result | $ | 10 | $ | 13 | $ | 90 | $ | 113 | $ | - | $ | (6 | ) | $ | - | $ | 107 | |||||||
Other income | n/a | n/a | n/a | - | 3 | - | - | 3 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (44 | ) | (3 | ) | (4 | ) | (7 | ) | (58 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 69 | $ | - | $ | (10 | ) | n/a | $ | 52 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 12 | 51 | 63 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 2 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 16 | 16 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (3 | ) | (3 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 5 | 5 | ||||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (4 | ) | (4 | ) | ||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (7 | ) | (7 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 122 | |||||||||||||||
Loss ratio (1) | 68.7 | % | 67.8 | % | 55.2 | % | 62.2 | % | ||||||||||||||||
Acquisition ratio (2) | 26.6 | 26.4 | 20.0 | 23.6 | ||||||||||||||||||||
Technical ratio (3) | 95.3 | % | 94.2 | % | 75.2 | % | 85.8 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.5 | |||||||||||||||||||||||
Combined ratio (5) | 91.3 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the six months ended June 30, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 539 | $ | 487 | $ | 918 | $ | 1,944 | $ | - | $ | 155 | $ | - | $ | 2,099 | ||||||||
Net premiums written | $ | 539 | $ | 491 | $ | 896 | $ | 1,926 | $ | - | $ | 148 | $ | - | $ | 2,074 | ||||||||
Increase in unearned premiums | (128 | ) | (74 | ) | (197 | ) | (399 | ) | - | (6 | ) | - | (405 | ) | ||||||||||
Net premiums earned | $ | 411 | $ | 417 | $ | 699 | $ | 1,527 | $ | - | $ | 142 | $ | - | $ | 1,669 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (286 | ) | (283 | ) | (409 | ) | (978 | ) | - | (132 | ) | - | (1,110 | ) | ||||||||||
Acquisition costs | (107 | ) | (106 | ) | (135 | ) | (348 | ) | - | (23 | ) | - | (371 | ) | ||||||||||
Technical Result | $ | 18 | $ | 28 | $ | 155 | $ | 201 | $ | - | $ | (13 | ) | $ | - | $ | 188 | |||||||
Other income | n/a | n/a | n/a | - | 5 | - | - | 5 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (83 | ) | (5 | ) | (8 | ) | (13 | ) | (109 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 118 | $ | - | $ | (21 | ) | n/a | $ | 84 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 24 | 100 | 124 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 3 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 56 | 56 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 8 | 8 | ||||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Distributions related to Trust Preferred andMandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (14 | ) | (14 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 246 | |||||||||||||||
Loss ratio (1) | 69.5 | % | 68.0 | % | 58.6 | % | 64.1 | % | ||||||||||||||||
Acquisition ratio (2) | 26.1 | 25.2 | 19.3 | 22.8 | ||||||||||||||||||||
Technical ratio (3) | 95.6 | % | 93.2 | % | 77.9 | % | 86.9 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.4 | |||||||||||||||||||||||
Combined ratio (5) | 92.3 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
For the three months ended September 30, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 199 | $ | 168 | $ | 321 | $ | 688 | $ | - | $ | 62 | $ | - | $ | 750 | ||||||||
Net premiums written | $ | 199 | $ | 165 | $ | 319 | $ | 683 | $ | - | $ | 61 | $ | - | $ | 744 | ||||||||
Decrease in unearned premiums | 14 | 29 | 97 | 140 | - | 4 | - | 144 | ||||||||||||||||
Net premiums earned | $ | 213 | $ | 194 | $ | 416 | $ | 823 | $ | - | $ | 65 | $ | - | $ | 888 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (166 | ) | (167 | ) | (203 | ) | (536 | ) | - | (58 | ) | - | (594 | ) | ||||||||||
Acquisition costs | (53 | ) | (54 | ) | (77 | ) | (184 | ) | - | (14 | ) | - | (198 | ) | ||||||||||
Technical Result | $ | (6 | ) | $ | (27 | ) | $ | 136 | $ | 103 | $ | - | $ | (7 | ) | $ | - | $ | 96 | |||||
Other income | n/a | n/a | n/a | - | 4 | - | - | 4 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (46 | ) | (3 | ) | (5 | ) | (9 | ) | (63 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 57 | $ | 1 | $ | (12 | ) | n/a | $ | 37 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 12 | 53 | 65 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | - | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 12 | 12 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Net foreign exchange loss | n/a | n/a | n/a | n/a | n/a | n/a | - | - | ||||||||||||||||
Income tax benefit | n/a | n/a | n/a | n/a | n/a | n/a | 13 | 13 | ||||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (4 | ) | (4 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 117 | |||||||||||||||
Loss ratio (1) | 78.0 | % | 86.0 | % | 48.8 | % | 65.1 | % | ||||||||||||||||
Acquisition ratio (2) | 24.8 | 27.8 | 18.6 | 22.4 | ||||||||||||||||||||
Technical ratio (3) | 102.8 | % | 113.8 | % | 67.4 | % | 87.5 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.6 | |||||||||||||||||||||||
Combined ratio (5) | 93.1 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the nine months ended September 30, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 738 | $ | 655 | $ | 1,239 | $ | 2,632 | $ | - | $ | 217 | $ | - | $ | 2,849 | ||||||||
Net premiums written | $ | 738 | $ | 655 | $ | 1,216 | $ | 2,609 | $ | - | $ | 208 | $ | - | $ | 2,817 | ||||||||
Increase in unearned premiums | (114 | ) | (45 | ) | (100 | ) | (259 | ) | - | (1 | ) | - | (260 | ) | ||||||||||
Net premiums earned | $ | 624 | $ | 610 | $ | 1,116 | $ | 2,350 | $ | - | $ | 207 | $ | - | $ | 2,557 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (452 | ) | (450 | ) | (612 | ) | (1,514 | ) | - | (190 | ) | - | (1,704 | ) | ||||||||||
Acquisition costs | (160 | ) | (159 | ) | (213 | ) | (532 | ) | - | (37 | ) | - | (569 | ) | ||||||||||
Technical Result | $ | 12 | $ | 1 | $ | 291 | $ | 304 | $ | - | $ | (20 | ) | $ | - | $ | 284 | |||||||
Other income | n/a | n/a | n/a | - | 9 | - | - | 9 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (129 | ) | (8 | ) | (13 | ) | (22 | ) | (172 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 175 | $ | 1 | $ | (33 | ) | n/a | $ | 121 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 36 | 153 | 189 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 3 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 68 | 68 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (13 | ) | (13 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 9 | 9 | ||||||||||||||||
Income tax benefit | n/a | n/a | n/a | n/a | n/a | n/a | 7 | 7 | ||||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (18 | ) | (18 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 363 | |||||||||||||||
Loss ratio (1) | 72.4 | % | 73.7 | % | 54.9 | % | 64.4 | % | ||||||||||||||||
Acquisition ratio (2) | 25.7 | 26.1 | 19.1 | 22.7 | ||||||||||||||||||||
Technical ratio (3) | 98.1 | % | 99.8 | % | 74.0 | % | 87.1 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.5 | |||||||||||||||||||||||
Combined ratio (5) | 92.6 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
For the three months ended December 31, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 181 | $ | 193 | $ | 303 | $ | 677 | $ | 5 | $ | 93 | $ | - | $ | 775 | ||||||||
Net premiums written | $ | 182 | $ | 194 | $ | 301 | $ | 677 | $ | 4 | $ | 92 | $ | - | $ | 773 | ||||||||
Decrease (increase) in unearned premiums | 37 | 36 | 101 | 174 | (1 | ) | - | - | 173 | |||||||||||||||
Net premiums earned | $ | 219 | $ | 230 | $ | 402 | $ | 851 | $ | 3 | $ | 92 | $ | - | $ | 946 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (193 | ) | (176 | ) | (213 | ) | (582 | ) | (2 | ) | (77 | ) | - | (661 | ) | |||||||||
Acquisition costs | (54 | ) | (50 | ) | (76 | ) | (180 | ) | - | (24 | ) | - | (204 | ) | ||||||||||
Technical Result | $ | (28 | ) | $ | 4 | $ | 113 | $ | 89 | $ | 1 | $ | (9 | ) | $ | - | $ | 81 | ||||||
Other income | n/a | n/a | n/a | - | 12 | - | - | 12 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (47 | ) | (3 | ) | (6 | ) | (8 | ) | (64 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 42 | $ | 10 | $ | (15 | ) | n/a | $ | 29 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 17 | 56 | 73 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 2 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 19 | 19 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (6 | ) | (6 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 3 | 3 | ||||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (9 | ) | (9 | ) | ||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (4 | ) | (4 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 105 | |||||||||||||||
Loss ratio (1) | 88.1 | % | 76.7 | % | 53.4 | % | 68.5 | % | ||||||||||||||||
Acquisition ratio (2) | 24.7 | 21.5 | 18.9 | 21.1 | ||||||||||||||||||||
Technical ratio (3) | 112.8 | % | 98.2 | % | 72.3 | % | 89.6 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.5 | |||||||||||||||||||||||
Combined ratio (5) | 95.1 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |
PartnerRe Ltd.
Supplementary Information
(in millions of U.S. dollars)
(Unaudited)
SEGMENT INFORMATION
For the twelve months ended December 31, 2003
U.S. P&C | Global (Non- U.S. P&C) | Worldwide Specialty | Total Non-Life Segment | ART Segment | Life Segment | Corporate | Total | |||||||||||||||||
Gross premiums written | $ | 920 | $ | 848 | $ | 1,542 | $ | 3,310 | $ | 5 | $ | 310 | $ | - | $ | 3,625 | ||||||||
Net premiums written | $ | 920 | $ | 849 | $ | 1,517 | $ | 3,286 | $ | 4 | $ | 300 | $ | - | $ | 3,590 | ||||||||
(Increase) decrease in unearned premiums | (77 | ) | (10 | ) | 1 | (86 | ) | (1 | ) | - | - | (87 | ) | |||||||||||
Net premiums earned | $ | 843 | $ | 839 | $ | 1,518 | $ | 3,200 | $ | 3 | $ | 300 | $ | - | $ | 3,503 | ||||||||
Losses and loss expenses including | ||||||||||||||||||||||||
life policy benefits | (645 | ) | (625 | ) | (827 | ) | (2,097 | ) | (2 | ) | (267 | ) | - | (2,366 | ) | |||||||||
Acquisition costs | (214 | ) | (209 | ) | (289 | ) | (712 | ) | - | (61 | ) | - | (773 | ) | ||||||||||
Technical Result | $ | (16 | ) | $ | 5 | $ | 402 | $ | 391 | $ | 1 | $ | (28 | ) | $ | - | $ | 364 | ||||||
Other income | n/a | n/a | n/a | - | 21 | - | - | 21 | ||||||||||||||||
Other operating expenses | n/a | n/a | n/a | (176 | ) | (11 | ) | (19 | ) | (30 | ) | (236 | ) | |||||||||||
Underwriting Result | n/a | n/a | n/a | $ | 215 | $ | 11 | $ | (47 | ) | n/a | $ | 149 | |||||||||||
Net investment income | n/a | n/a | n/a | n/a | - | 53 | 209 | 262 | ||||||||||||||||
Allocated Underwriting Result (6) | n/a | n/a | n/a | n/a | n/a | $ | 6 | n/a | n/a | |||||||||||||||
Net realized investment gains | n/a | n/a | n/a | n/a | n/a | n/a | 87 | 87 | ||||||||||||||||
Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | (18 | ) | (18 | ) | ||||||||||||||
Net foreign exchange gains | n/a | n/a | n/a | n/a | n/a | n/a | 12 | 12 | ||||||||||||||||
Income tax expense | n/a | n/a | n/a | n/a | n/a | n/a | (2 | ) | (2 | ) | ||||||||||||||
Distributions related to Trust Preferred and Mandatorily Redeemable Preferred Securities | n/a | n/a | n/a | n/a | n/a | n/a | (22 | ) | (22 | ) | ||||||||||||||
Net income | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $ | 468 | |||||||||||||||
Loss ratio (1) | 76.5 | % | 74.5 | % | 54.5 | % | 65.5 | % | ||||||||||||||||
Acquisition ratio (2) | 25.4 | 24.8 | 19.0 | 22.2 | ||||||||||||||||||||
Technical ratio (3) | 101.9 | % | 99.3 | % | 73.5 | % | 87.7 | % | ||||||||||||||||
Other overhead expense ratio (4) | 5.5 | |||||||||||||||||||||||
Combined ratio (5) | 93.2 | % | ||||||||||||||||||||||
(1) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
(2) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
(3) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
(4) | Other overhead expense ratio is obtained by dividing other operating expenses by net premiums earned. |
(5) | Combined ratio is the sum of the technical ratio and the other overhead expense ratio. |
(6) | Allocated Underwriting Result is defined as net premiums earned and allocated investment income less losses and loss expenses, acquisition costs and other overhead expenses. |