Exhibit 99.1
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| News Release | | 
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PartnerRe Ltd. Reports Second Quarter and Half Year 2010 Results
| • | | Second Quarter Operating Earnings per share of $1.92; Net Income per share of $2.31 |
| • | | Second Quarter Annualized Operating ROE of 8.5%; Annualized Net Income ROE of 10.2% |
| • | | Half Year Operating Earnings per share of $1.35; Net Income per share of $3.13 |
| • | | Half Year Annualized Operating ROE of 3.1%; Annualized Net Income ROE of 7.1% |
| • | | Book Value of $85.32 per share, up 1% year-to-date, and 16% year over year |
PEMBROKE, Bermuda, August 4, 2010 — PartnerRe Ltd. (NYSE, Euronext: PRE) today reported net income of $190.9 million, or $2.31 per share on a fully diluted basis for the second quarter of 2010. This net income includes net after-tax realized and unrealized gains on investments of $29.7 million, or $0.38 per share. Net income for the second quarter of 2009 was $474.3 million, or $8.10 per share, including net after-tax realized gains on investments of $279.6 million, or $4.86 per share. Operating earnings for the second quarter of 2010 were $151.5 million, or $1.92 per share on a fully diluted basis. This compares to operating earnings of $179.3 million, or $3.12 per share, for the second quarter of 2009.
Net income for the first six months of 2010 was $270.6 million, or $3.13 per share. This net income includes net after-tax realized and unrealized gains on investments of $140.3 million, or $1.74 per share. Net income for the first six months of 2009 was $615.8 million, or $10.43 per share, including net after-tax realized and unrealized gains on investments of $205.1 million, or $3.57 per share, as well as a net after-tax gain of $57.0 million, or $0.99 per share, from the purchase of approximately 75% of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009. Operating earnings for the first six months of 2010 were $109.8 million, or $1.35 per share on a fully diluted basis. This compares to operating earnings of $335.0 million, or $5.84 per share, for the first six months of 2009.
Operating earnings exclude net after-tax realized and unrealized investment gains and losses, net after-tax realized gain on the purchase of the CENts and net after-tax interest in results of equity investments, and are calculated after payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.
Commenting on the second quarter and half year 2010 results, PartnerRe Chief Executive Officer Patrick Thiele said, “We had good second quarter 2010 results although there were a number of cross-currents, including the cost of a voluntary termination plan related to the integration of PARIS RE. For the half year, we showed strong net written premium growth of 35%, while operating earnings were down due to the combined impact of the Chilean earthquake and the Deepwater Horizon losses, reflecting the normal volatility we expect in our results.”
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| PartnerRe Ltd. | | Telephone +1 441 292 0888 | | |
| Wellesley House, 5th Floor | | Fax +1 441 292 6080 | | |
| 90 Pitts Bay Road | | www.partnerre.com | | |
| Pembroke, Bermuda HM 08 | | | | |
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| News Release | |
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Summary unaudited consolidated financial data for the period is set out below.
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U.S.$ thousands (except per share amounts and ratios) | | Three months ended June 30 | | | Six months ended June 30 | |
| | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Net Premiums Written | | $ | 1,112,735 | | | $ | 844,659 | | | $ | 2,896,899 | | | $ | 2,152,717 | |
Net Premiums Earned | | $ | 1,104,631 | | | $ | 826,129 | | | $ | 2,258,410 | | | $ | 1,692,579 | |
Non-life Combined Ratio | | | 89.8 | % | | | 83.5 | % | | | 103.8 | % | | | 85.3 | % |
Net Income | | $ | 190,927 | | | $ | 474,269 | | | $ | 270,581 | | | $ | 615,789 | |
Net Income per share (a) | | $ | 2.31 | | | $ | 8.10 | | | $ | 3.13 | | | $ | 10.43 | |
Operating Earnings (a) | | $ | 151,537 | | | $ | 179,290 | | | $ | 109,755 | | | $ | 335,033 | |
Operating Earnings per share (a) | | $ | 1.92 | | | $ | 3.12 | | | $ | 1.35 | | | $ | 5.84 | |
| (a) | Net income/loss per share is defined as net income/loss available to common shareholders divided by the weighted average number of fully diluted shares outstanding for the period. Net income/loss available to common shareholders is defined as net income/loss less preferred dividends. Operating earnings/loss is defined as net income/loss available to common shareholders excluding after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts and after-tax interest in earnings/losses of equity investments. Operating earnings/loss per share is defined as operating earnings/loss divided by the weighted average number of fully diluted shares outstanding for the period. |
Net premiums written for the second quarter of 2010 were $1.1 billion, compared to $844.7 million in the second quarter of 2009. Total revenues for the second quarter of 2010 were $1.3 billion, essentially flat with the second quarter of 2009, and included $1.1 billion of net premiums earned, compared to $826.1 million in the second quarter of 2009; net investment income of $174.5 million, which compares to $135.6 million in the second quarter of 2009; and pre-tax net realized and unrealized investment gains of $46.0 million as compared to pre-tax net realized and unrealized investment gains of $306.5 million for the second quarter of 2009.
For the first six months of 2010, net premiums written were $2.9 billion, compared to $2.2 billion in the first six months of 2009. Total revenues for the first half of 2010 were $2.8 billion, compared to $2.3 billion for the first half of 2009, and included $2.3 billion of net premiums earned, compared to $1.7 billion in the first half of 2009; net investment income of $347.6 million, which compares to $268.7 million for the first six months of 2009; and pre-tax net realized and unrealized investment gains of $191.5 million as compared to pre-tax net realized and unrealized investment gains of $236.4 million for the first half of 2009; and a
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PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | | |
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pre-tax gain of $88.4 million from the purchase of approximately 75% of the Company’s outstanding CENts during the first half of 2009.
During the second quarter of 2010, the Company repurchased 4.9 million common shares at a total cost of approximately $369 million. For the first six months of 2010, the Company repurchased 7.9 million common shares at a total cost of approximately $600 million. Approximately 2.0 million common shares now remain under the current repurchase authorization of 8.0 million common shares.
Separately, the Company announced today that its Board of Directors declared a quarterly dividend of $0.50 per common share. The dividend will be payable on September 1, 2010, to common shareholders of record on August 20, 2010, with the stock trading ex-dividend commencing August 18, 2010.
Results by Segment
The Non-life segment reported net premiums written of $939 million for the second quarter of 2010, compared to $724 million in the same period in 2009. The combined ratio was 89.8% for the second quarter of 2010 compared to 83.5% for the same period in 2009. The Non-life technical result was $176 million for the second quarter of 2010 compared to $171 million in the same period in 2009. For the first six months of 2010, Non-life net premiums written were $2.5 billion, compared to $1.9 billion for same period of 2009. The six-month technical result was $87 million, compared to $319 million for the same period in 2009. The combined ratio for the six month period was 103.8% compared to 85.3% in 2009.
The U.S. business, which represented 15% of total net premiums written for the quarter, reported net premiums written of $170 million for the second quarter of 2010, compared to $249 million in last year’s second quarter. Net premiums earned were $184 million in the second quarter of 2010, compared to $258 million for the same period in 2009. The technical ratio for this sub-segment was 83.8% for the second quarter of 2010, compared to 87.9% in the second quarter of 2009. The technical result for the second quarter of 2010 was a gain of $29 million, compared to a gain of $31 million for the same period in 2009. For the first six months of 2010, net premiums written were $462 million, compared to $561 million in the first six months of 2009. Net premiums earned for the first six months of 2010 were $417 million, compared to $500 million for the same period in 2009. The six-month technical ratio was 87.6%, compared to 90.4% in 2009. The technical result for the half-year was $51 million compared to $48 million in 2009.
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PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | | |
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The Global (Non-U.S.) P&C business, which represented 13% of total net premiums written for the quarter, reported net premiums written of $142 million for the second quarter of 2010, compared to $118 million for the same period in 2009. Net premiums earned during the second quarter of 2010 were $174 million, compared to $161 million in the second quarter of 2009. The technical ratio for this sub-segment was 90.0% for the second quarter of 2010 compared to 75.2% for the same period in 2009. The technical result for the second quarter of 2010 was $17 million, compared to $40 million for the same period in 2009. For the six months, net premiums written were $482 million, compared to $417 million for the first half of 2009. Net premiums earned for the first six months of 2010 were $340 million, compared to $318 million for the same period in 2009. The six-month technical ratio was 114.3%, compared to 74.5% in 2009. The technical result for the half-year 2010 was a loss of $49 million compared to a gain of $81 million for the first six months of 2009.
The Global (Non-U.S.) Specialty business, which represented 26% of total net premiums written for the quarter, reported net premiums written of $285 million for the second quarter of 2010, compared to $232 million for the second quarter of 2009. Net premiums earned were $267 million for the quarter, compared to $232 million in the same period in 2009. This sub-segment’s technical ratio was 88.4% for the second quarter of 2010 compared to 87.0% for the second quarter of 2009. The technical result for the second quarter of 2010 was $31 million, essentially flat with the same period in 2009. For the six-month period, net premiums written were $637 million, compared to $563 million in the first half of 2009. Net premiums earned for the first six months of 2010 were $522 million, compared to $479 million for the same period in 2009. The six-month technical ratio was 90.4%, compared to 87.5% in 2009. The technical result for the half-year 2010 was $51 million compared to $60 million for the first six months of 2009.
The Catastrophe business, which represented 11% of total net premiums written for the quarter, reported net premiums written of $125 million for the second quarter of 2010, flat with the same period in 2009. Net premiums earned were $62 million for the second quarter of 2010, compared to $52 million in the same period in 2009. This sub-segment’s technical ratio was (22.3)% for the second quarter of 2010 compared to (35.1)% for the second quarter of 2009. The technical result for the second quarter of 2010 was $76 million, compared to $70 million for the same period in 2009. For the six-month period, net premiums written were $371 million, compared to $330 million for the first six months of 2009. Net premiums earned for the first six months of 2010 were $153 million, compared to $131 million for the same period in 2009. The six-month technical ratio was 76.4%, compared to 0.3% in 2009. The technical result for the half-year was $36 million in 2010 compared to $130 million in 2009.
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PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | | |
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The PARIS RE business, which represented 20% of total net premiums written for the second quarter of 2010, reported net premiums written of $217 million. Net premiums earned were $244 million for the second quarter of 2010. This sub-segment’s technical ratio was 90.7%, while the technical result was $23 million for the second quarter 2010. For the six-month period, net premiums written were $594 million, and net premiums earned were $488 million. The six-month technical ratio was 100.4%, and the technical result was a loss of $2 million.
The Life segment, which represented 15% of total net premiums written for the second quarter of 2010, reported net premiums written of $167 million for the second quarter of 2010, compared to $116 million in the second quarter of 2009. The allocated underwriting result for the quarter was a loss of $13 million, compared to a gain of $15 million in the same period of 2009. For the six-month period, net premiums written were $349 million, with an allocated underwriting result of nil, compared with net premiums written of $277 million and an allocated underwriting result of $20 million in the first half of 2009.
The Company’s capital markets and investment activities are reported under the heading of “Corporate and Other”. Within Corporate and Other, capital markets and investment activities contributed $151 million to pre-tax operating income in the second quarter and $304 million to pre-tax operating income in the first six months of the year, as compared to $123 million and $241 million in 2009, respectively. Separately, as the Company reports changes in the unrealized market values of invested assets and funds held – directly managed assets in net income, the capital markets and investment activities contributed pre-tax non-operating gains of $47 million and $195 million in the second quarter and first half of 2010, respectively, compared to pre-tax non-operating gains of $313 million and $236 million, respectively, in the second quarter and first half of 2009.
Balance Sheet Items
At June 30, 2010, total assets were $23.6 billion, essentially flat with December 31, 2009. Over the trailing 12 month period, total investments, cash and funds held – directly managed increased 47% to $17.8 billion at June 30, 2010. Gross Non-life loss and loss expense reserves were $10.3 billion at June 30, 2010, compared to $10.8 billion at December 31, 2009. During the second quarter of 2010, the Company’s estimate of Non-life reserves for prior accident years was reduced by $121 million due to favorable development. The overall prior year reserve development for the second quarter of 2010 in the Non-life segment includes net favorable development in all sub-segments, with reductions of $47 million in the U.S. sub-segment, $17 million in the Global (Non-U.S.) P&C sub-segment, $39 million in the Global (Non-U.S.) Specialty sub-segment, $8 million in the Catastrophe sub-segment,
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PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | | |
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and $10 million in the PARIS RE sub-segment. In the second quarter of 2009, Non-life reserves for prior years developed favorably by $143 million. Policy benefits for life and annuity contracts were $1.6 billion at June 30, 2010, essentially flat with the December 31, 2009 level. During the second quarter of 2010, the Company’s estimate of Life reserves for prior years developed adversely by $28 million, while there was favorable development of $4 million in the second quarter of 2009.
At June 30, 2010, total capital was $7.9 billion, and total shareholders’ equity was $7.1 billion. This compares to total capital of $8.0 billion, and total shareholders’ equity of $7.6 billion at December 31, 2009. Book value per common share at June 30, 2010 was $85.32 on a fully diluted basis compared to $84.51 per diluted share at December 31, 2009.
For additional information, the Company has posted a second quarter 2010 financial supplement on its websitewww.partnerre.com in the Investor Relations section on the Financial Reports page under Supplementary Financial Data.
Commentary and Outlook
Mr. Thiele said, “Our July 1 renewals were consistent with those at January 1, and expected profitability was reasonable considering the current low level of interest rates and assuming a continuing low underlying loss trend. This current market environment, which may last for some time, validates our decision to purchase PARIS RE last year. We have a larger more diversified book of business which gives us greater flexibility in generating shareholder value over the long-term.”
The Company uses operating earnings, diluted operating earnings per share and annualized operating return on beginning common shareholders’ equity to measure performance, as these measures focus on the underlying fundamentals of our operations without the impact of after-tax net realized and unrealized gains/losses on investments, after-tax net realized gain on the purchase of the CENts, and the after-tax interest in earnings/losses of equity investments, where the Company does not control the investee companies’ activities. The Company uses technical ratio and technical result as measures of underwriting performance. The technical ratio is defined as the sum of the loss and acquisition ratios. These metrics exclude other operating expenses. The Company also uses combined ratio to measure results for the Non-life segment. The combined ratio is the sum of the technical and other operating expense ratios. The Company uses total capital, which is defined as total shareholders’
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PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | | |
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equity, long-term debt, senior notes and CENts, to manage the capital structure of the Company.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion. At June 30, 2010, total assets were $23.6 billion, total capital was $7.9 billion and total shareholders’ equity was $7.1 billion.
PartnerRe on the Internet:www.partnerre.com
Forward-looking statements contained in this press release are based on the Company’s assumptions and expectations concerning future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. PartnerRe’s forward-looking statements could be affected by numerous foreseeable and unforeseeable events and developments such as exposure to catastrophe, or other large property and casualty losses, credit, interest, currency and other risks associated with the Company’s investment portfolio, adequacy of reserves, levels and pricing of new and renewal business achieved, changes in accounting policies, risks associated with implementing business strategies, and other factors identified in the Company’s filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking information contained herein, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company disclaims any obligation to publicly update or revise any forward-looking information or statements.
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| Contacts: | | PartnerRe Ltd. (441) 292-0888 Investor Contact: Robin Sidders Media Contact: Celia Powell | | Sard Verbinnen & Co. (212) 687-8080 Drew Brown/Briana Kelly |
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PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | | |
PartnerRe Ltd.
Consolidated Statements of Operations and Comprehensive Income
(Expressed in thousands of U.S. dollars, except per share data)
(Unaudited)
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| | | For the three
months ended
June 30,
2010 | | | For the three
months ended
June 30,
2009 | | | For the six
months ended
June 30,
2010 | | | For the six
months ended
June 30,
2009 | |
Revenues | | | | | | | | | | | | | | | | |
Gross premiums written | | $ | 1,140,175 | | | $ | 846,149 | | | $ | 3,049,501 | | | $ | 2,186,528 | |
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Net premiums written | | $ | 1,112,735 | | | $ | 844,659 | | | $ | 2,896,899 | | | $ | 2,152,717 | |
Increase in unearned premiums | | | (8,104 | ) | | | (18,530 | ) | | | (638,489 | ) | | | (460,138 | ) |
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Net premiums earned | | | 1,104,631 | | | | 826,129 | | | | 2,258,410 | | | | 1,692,579 | |
Net investment income | | | 174,454 | | | | 135,593 | | | | 347,576 | | | | 268,720 | |
Net realized and unrealized investment gains | | | 46,046 | | | | 306,536 | | | | 191,519 | | | | 236,417 | |
Net realized gain on purchase of capital efficient notes | | | — | | | | — | | | | — | | | | 88,427 | |
Other income | | | 753 | | | | 3,361 | | | | 2,028 | | | | 7,942 | |
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Total revenues | | | 1,325,884 | | | | 1,271,619 | | | | 2,799,533 | | | | 2,294,085 | |
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Expenses | | | | | | | | | | | | | | | | |
Losses and loss expenses and life policy benefits | | | 704,631 | | | | 458,898 | | | | 1,716,967 | | | | 977,797 | |
Acquisition costs | | | 244,144 | | | | 181,689 | | | | 464,251 | | | | 381,657 | |
Other operating expenses | | | 160,151 | | | | 98,468 | | | | 288,286 | | | | 182,062 | |
Interest expense | | | 12,803 | | | | 6,335 | | | | 19,935 | | | | 15,482 | |
Amortization of intangible assets | | | 7,833 | | | | — | | | | 12,636 | | | | — | |
Net foreign exchange (gains) losses | | | (11,021 | ) | | | 1,202 | | | | (14,648 | ) | | | 4,550 | |
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Total expenses | | | 1,118,541 | | | | 746,592 | | | | 2,487,427 | | | | 1,561,548 | |
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Income before taxes and interest in earnings of equity investments | | | 207,343 | | | | 525,027 | | | | 312,106 | | | | 732,537 | |
Income tax expense | | | 17,762 | | | | 56,954 | | | | 45,316 | | | | 116,765 | |
Interest in earnings of equity investments | | | 1,346 | | | | 6,196 | | | | 3,791 | | | | 17 | |
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Net income | | $ | 190,927 | | | $ | 474,269 | | | $ | 270,581 | | | $ | 615,789 | |
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Preferred dividends | | $ | 8,631 | | | $ | 8,631 | | | $ | 17,263 | | | $ | 17,263 | |
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Operating earnings available to common shareholders | | $ | 151,537 | | | $ | 179,290 | | | $ | 109,755 | | | $ | 335,033 | |
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Comprehensive income, net of tax | | $ | 84,271 | | | $ | 512,396 | | | $ | 91,249 | | | $ | 625,040 | |
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Per Share Data: | | | | | | | | | | | | | | | | |
Earnings per common share: | | | | | | | | | | | | | | | | |
Basic operating earnings | | $ | 1.96 | | | $ | 3.17 | | | $ | 1.38 | | | $ | 5.92 | |
Net realized and unrealized investment gains, net of tax | | | 0.38 | | | | 4.94 | | | | 1.77 | | | | 3.63 | |
Net realized gain on purchase of capital efficient notes, net of tax | | | — | | | | — | | | | — | | | | 1.00 | |
Interest in earnings of equity investments, net of tax | | | 0.02 | | | | 0.12 | | | | 0.04 | | | | 0.03 | |
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Basic net income | | $ | 2.36 | | | $ | 8.23 | | | $ | 3.19 | | | $ | 10.58 | |
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Weighted average number of common shares outstanding | | | 77,365.4 | | | | 56,609.8 | | | | 79,519.2 | | | | 56,560.8 | |
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Diluted operating earnings (1) | | $ | 1.92 | | | $ | 3.12 | | | $ | 1.35 | | | $ | 5.84 | |
Net realized and unrealized investment gains, net of tax | | | 0.38 | | | | 4.86 | | | | 1.74 | | | | 3.57 | |
Net realized gain on purchase of capital efficient notes, net of tax | | | — | | | | — | | | | — | | | | 0.99 | |
Interest in earnings of equity investments, net of tax | | | 0.01 | | | | 0.12 | | | | 0.04 | | | | 0.03 | |
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Diluted net income | | $ | 2.31 | | | $ | 8.10 | | | $ | 3.13 | | | $ | 10.43 | |
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Weighted average number of common and common share equivalents outstanding | | | 78,796.4 | | | | 57,469.0 | | | | 81,050.7 | | | | 57,394.9 | |
| (1) | Income before taxes and interest in earnings of equity investments includes $20.0 million and $45.5 million of expenses related to the acquisition of Paris Re for the three months and six months ended June 30, 2010, respectively, and includes $33.8 million and $35.2 million of expenses related to the Company’s voluntary severance plan for the three months and six months ended June 30, 2010, respectively. See page 53 of the Company’s Financial Supplement as of June 30, 2010. |
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PartnerRe Ltd.
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share and parenthetical share and per share data)
(Unaudited)
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| | | June 30,
2010 | | | December 31,
2009 | |
Assets | | | | | | | | |
Investments: | | | | | | | | |
Fixed maturities, trading securities, at fair value | | $ | 13,556,761 | | | $ | 14,143,093 | |
Short-term investments, trading securities, at fair value | | | 106,773 | | | | 137,346 | |
Equities, trading securities, at fair value | | | 885,999 | | | | 795,539 | |
Other invested assets | | | 246,664 | | | | 225,532 | |
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Total investments | | | 14,796,197 | | | | 15,301,510 | |
Funds held - directly managed | | | 1,875,305 | | | | 2,124,826 | |
Cash and cash equivalents, at fair value, which approximates amortized cost | | | 1,085,325 | | | | 738,309 | |
Accrued investment income | | | 184,715 | | | | 218,739 | |
Reinsurance balances receivable | | | 2,627,422 | | | | 2,249,181 | |
Reinsurance recoverable on paid and unpaid losses | | | 406,549 | | | | 367,453 | |
Funds held by reinsured companies | | | 859,050 | | | | 938,039 | |
Deferred acquisition costs | | | 672,694 | | | | 614,857 | |
Deposit assets | | | 300,162 | | | | 313,798 | |
Net tax assets | | | 73,414 | | | | 79,044 | |
Goodwill | | | 455,533 | | | | 455,533 | |
Intangible assets | | | 206,044 | | | | 247,269 | |
Other assets | | | 93,724 | | | | 83,986 | |
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Total assets | | $ | 23,636,134 | | | $ | 23,732,544 | |
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Liabilities | | | | | | | | |
Unpaid losses and loss expenses | | $ | 10,342,589 | | | $ | 10,811,483 | |
Policy benefits for life and annuity contracts | | | 1,566,899 | | | | 1,615,193 | |
Unearned premiums | | | 2,295,576 | | | | 1,706,816 | |
Other reinsurance balances payable | | | 478,862 | | | | 426,091 | |
Deposit liabilities | | | 314,723 | | | | 330,015 | |
Net tax liabilities | | | 336,588 | | | | 444,789 | |
Accounts payable, accrued expenses and other | | | 208,666 | | | | 231,441 | |
Current portion of long-term debt | | | 200,000 | | | | 200,000 | |
Debt related to senior notes | | | 750,000 | | | | 250,000 | |
Debt related to capital efficient notes | | | 70,989 | | | | 70,989 | |
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Total liabilities | | | 16,564,892 | | | | 16,086,817 | |
| | | | | | | | |
| | |
Shareholders’ Equity | | | | | | | | |
Common shares (par value $1.00, issued: 2010, 83,215,032; 2009, 82,585,707) | | | 83,215 | | | | 82,586 | |
Series C cumulative preferred shares (par value $1.00, issued and outstanding:
2010 and 2009, 11,600,000; aggregate liquidation preference: 2010 and 2009, $290,000,000) | | | 11,600 | | | | 11,600 | |
Series D cumulative preferred shares (par value $1.00, issued and outstanding:
2010 and 2009, 9,200,000; aggregate liquidation preference: 2010 and 2009, $230,000,000) | | | 9,200 | | | | 9,200 | |
Additional paid-in capital | | | 3,387,335 | | | | 3,357,004 | |
Accumulated other comprehensive (loss) income: | | | | | | | | |
Currency translation adjustment | | | (91,235 | ) | | | 82,843 | |
Other accumulated comprehensive (loss) income | | | (3,170 | ) | | | 2,084 | |
Retained earnings | | | 4,274,755 | | | | 4,100,782 | |
Common shares held in treasury, at cost (2010, 7,865,177 shares; 2009, 5,000 shares) | | | (600,458 | ) | | | (372 | ) |
| | | | | | | | |
Total shareholders’ equity | | | 7,071,242 | | | | 7,645,727 | |
| | | | | | | | |
| | |
Total liabilities and shareholders’ equity | | $ | 23,636,134 | | | $ | 23,732,544 | |
| | | | | | | | |
| | |
Shareholders’ Equity Per Common Share (excluding cumulative preferred shares: 2010 and 2009, $520,000,000) | | $ | 86.94 | | | $ | 86.29 | |
| | | | | | | | |
Diluted Book Value Per Common and Common Share Equivalents Outstanding (assuming exercise of all share-based awards) | | $ | 85.32 | | | $ | 84.51 | |
| | | | | | | | |
| | |
Number of Common and Common Share Equivalents Outstanding | | | 76,780.8 | | | | 84,319.7 | |
| | | | | | | | |
9
PartnerRe Ltd.
Segment Information
(in millions of U.S. dollars)
(Unaudited)
For the three months ended June 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. | | | Global
(Non-U.S.)
P&C | | | Global
(Non-U.S.)
Specialty | | | Catastrophe | | | Paris
Re | | | Total
Non-life
Segment | | | Life
Segment | | | Corporate
and Other | | | Total | |
Gross premiums written | | $ | 170 | | | $ | 144 | | | $ | 288 | | | $ | 125 | | | $ | 246 | | | $ | 973 | | | $ | 167 | | | $ | — | | | $ | 1,140 | |
Net premiums written | | $ | 170 | | | $ | 142 | | | $ | 285 | | | $ | 125 | | | $ | 217 | | | $ | 939 | | | $ | 167 | | | $ | 7 | | | $ | 1,113 | |
Decrease (increase) in unearned premiums | | | 14 | | | | 32 | | | | (18 | ) | | | (63 | ) | | | 27 | | | | (8 | ) | | | 6 | | | | (6 | ) | | | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net premiums earned | | $ | 184 | | | $ | 174 | | | $ | 267 | | | $ | 62 | | | $ | 244 | | | $ | 931 | | | $ | 173 | | | $ | 1 | | | $ | 1,105 | |
Losses and loss expenses and life policy benefits | | | (95 | ) | | | (112 | ) | | | (173 | ) | | | 19 | | | | (175 | ) | | | (536 | ) | | | (169 | ) | | | — | | | | (705 | ) |
Acquisition costs | | | (60 | ) | | | (45 | ) | | | (63 | ) | | | (5 | ) | | | (46 | ) | | | (219 | ) | | | (25 | ) | | | — | | | | (244 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical result | | $ | 29 | | | $ | 17 | | | $ | 31 | | | $ | 76 | | | $ | 23 | | | $ | 176 | | | $ | (21 | ) | | $ | 1 | | | $ | 156 | |
| | | | | | | | | |
Other income (loss) | | | | | | | | | | | | | | | | | | | | | | | 1 | | | | 1 | | | | (1 | ) | | | 1 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | | | | (82 | ) | | | (13 | ) | | | (65 | ) | | | (160 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underwriting result | | | | | | | | | | | | | | | | | | | | | | $ | 95 | | | $ | (33 | ) | | | n/a | | | $ | (3 | ) |
| | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | | | | | | | | | | | | 20 | | | | 154 | | | | 174 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocated underwriting result (1) | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (13 | ) | | | n/a | | | | n/a | |
| | | | | | | | | |
Net realized and unrealized investment gains | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 46 | | | | 46 | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (13 | ) | | | (13 | ) |
Amortization of intangible assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (8 | ) | | | (8 | ) |
Net foreign exchange gains | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11 | | | | 11 | |
Income tax expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (17 | ) | | | (17 | ) |
Interest in earnings of equity investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1 | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | n/a | | | $ | 191 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Loss ratio (2) | | | 51.4 | % | | | 64.4 | % | | | 64.9 | % | | | (30.4 | )% | | | 71.8 | % | | | 57.6 | % | | | | | | | | | | | | |
Acquisition ratio (3) | | | 32.4 | | | | 25.6 | | | | 23.5 | | | | 8.1 | | | | 18.9 | | | | 23.4 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical ratio (4) | | | 83.8 | % | | | 90.0 | % | | | 88.4 | % | | | (22.3 | )% | | | 90.7 | % | | | 81.0 | % | | | | | | | | | | | | |
Other operating expense ratio (5) | | | | | | | | | | | | | | | | | | | | | | | 8.8 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio (6) | | | | | | | | | | | | | | | | | | | | | | | 89.8 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the three months ended June 30, 2009
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. | | | Global
(Non-U.S.)
P&C | | | Global
(Non-U.S.)
Specialty | | | Catastrophe | | | Total
Non-life
Segment | | | Life
Segment | | | Corporate
and Other | | | Total | |
Gross premiums written | | $ | 248 | | | $ | 120 | | | $ | 232 | | | $ | 125 | | | $ | 725 | | | $ | 116 | | | $ | 5 | | | $ | 846 | |
Net premiums written | | $ | 249 | | | $ | 118 | | | $ | 232 | | | $ | 125 | | | $ | 724 | | | $ | 116 | | | $ | 5 | | | $ | 845 | |
Decrease (increase) in unearned premiums | | | 9 | | | | 43 | | | | — | | | | (73 | ) | | | (21 | ) | | | 7 | | | | (5 | ) | | | (19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net premiums earned | | $ | 258 | | | $ | 161 | | | $ | 232 | | | $ | 52 | | | $ | 703 | | | $ | 123 | | | $ | — | | | $ | 826 | |
Losses and loss expenses and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
life policy benefits | | | (164 | ) | | | (83 | ) | | | (152 | ) | | | 22 | | | | (377 | ) | | | (85 | ) | | | 3 | | | | (459 | ) |
Acquisition costs | | | (63 | ) | | | (38 | ) | | | (50 | ) | | | (4 | ) | | | (155 | ) | | | (27 | ) | | | — | | | | (182 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical result | | $ | 31 | | | $ | 40 | | | $ | 30 | | | $ | 70 | | | $ | 171 | | | $ | 11 | | | $ | 3 | | | $ | 185 | |
| | | | | | | | |
Other income | | | | | | | | | | | | | | | | | | | 1 | | | | — | | | | 2 | | | | 3 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | (55 | ) | | | (11 | ) | | | (32 | ) | | | (98 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underwriting result | | | | | | | | | | | | | | | | | | $ | 117 | | | $ | — | | | | n/a | | | $ | 90 | |
| | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | | | | | | | | 15 | | | | 121 | | | | 136 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocated underwriting result (1) | | | | | | | | | | | | | | | | | | | | | | $ | 15 | | | | n/a | | | | n/a | |
| | | | | | | | |
Net realized and unrealized investment gains | | | | | | | | | | | | | | | | | | | | | | | | | | | 307 | | | | 307 | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | (6 | ) | | | (6 | ) |
Net foreign exchange losses | | | | | | | | | | | | | | | | | | | | | | | | | | | (2 | ) | | | (2 | ) |
Income tax expense | | | | | | | | | | | | | | | | | | | | | | | | | | | (57 | ) | | | (57 | ) |
Interest in earnings of equity investments | | | | | | | | | | | | | | | | | | | | | | | | | | | 6 | | | | 6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | n/a | | | $ | 474 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Loss ratio (2) | | | 63.7 | % | | | 51.5 | % | | | 65.5 | % | | | (43.0 | )% | | | 53.6 | % | | | | | | | | | | | | |
Acquisition ratio (3) | | | 24.2 | | | | 23.7 | | | | 21.5 | | | | 7.9 | | | | 22.0 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical ratio (4) | | | 87.9 | % | | | 75.2 | % | | | 87.0 | % | | | (35.1 | )% | | | 75.6 | % | | | | | | | | | | | | |
Other operating expense ratio (5) | | | | | | | | | | | | | | | | | | | 7.9 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio (6) | | | | | | | | | | | | | | | | | | | 83.5 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Allocated underwriting result is defined as net premiums earned, other income or loss and allocated net investment income less life policy benefits, acquisition costs and other operating expenses. |
| (2) | Loss ratio is obtained by dividing losses and loss expenses by net premiums earned. |
| (3) | Acquisition ratio is obtained by dividing acquisition costs by net premiums earned. |
| (4) | Technical ratio is defined as the sum of the loss ratio and the acquisition ratio. |
| (5) | Other operating expense ratio is obtained by dividing other operating expenses by net premiums earned. |
| (6) | Combined ratio is defined as the sum of the technical ratio and the other operating expense ratio. |
10
PartnerRe Ltd.
Segment Information
(in millions of U.S. dollars)
(Unaudited)
For the six months ended June 30, 2010
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. | | | Global
(Non-U.S.)
P&C | | | Global
(Non-U.S.)
Specialty | | | Catastrophe | | | Paris Re | | | Total
Non-life
Segment | | | Life
Segment | | | Corporate
and Other | | | Total | |
Gross premiums written | | $ | 462 | | | $ | 485 | | | $ | 667 | | | $ | 371 | | | $ | 707 | | | $ | 2,692 | | | $ | 354 | | | $ | 3 | | | $ | 3,049 | |
| | | | | | | | | |
Net premiums written | | $ | 462 | | | $ | 482 | | | $ | 637 | | | $ | 371 | | | $ | 594 | | | $ | 2,546 | | | $ | 349 | | | $ | 2 | | | $ | 2,897 | |
Increase in unearned premiums | | | (45 | ) | | | (142 | ) | | | (115 | ) | | | (218 | ) | | | (106 | ) | | | (626 | ) | | | (12 | ) | | | (1 | ) | | | (639 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net premiums earned | | $ | 417 | | | $ | 340 | | | $ | 522 | | | $ | 153 | | | $ | 488 | | | $ | 1,920 | | | $ | 337 | | | $ | 1 | | | $ | 2,258 | |
Losses and loss expenses and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
life policy benefits | | | (245 | ) | | | (305 | ) | | | (358 | ) | | | (105 | ) | | | (405 | ) | | | (1,418 | ) | | | (299 | ) | | | — | | | | (1,717 | ) |
Acquisition costs | | | (121 | ) | | | (84 | ) | | | (113 | ) | | | (12 | ) | | | (85 | ) | | | (415 | ) | | | (49 | ) | | | — | | | | (464 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical result | | $ | 51 | | | $ | (49 | ) | | $ | 51 | | | $ | 36 | | | $ | (2 | ) | | $ | 87 | | | $ | (11 | ) | | $ | 1 | | | $ | 77 | |
| | | | | | | | | |
Other income (loss) | | | | | | | | | | | | | | | | | | | | | | | 2 | | | | 1 | | | | (1 | ) | | | 2 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | | | | (160 | ) | | | (27 | ) | | | (101 | ) | | | (288 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underwriting result | | | | | | | | | | | | | | | | | | | | | | $ | (71 | ) | | $ | (37 | ) | | | n/a | | | $ | (209 | ) |
| | | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | | | | | | | | | | | | 37 | | | | 311 | | | | 348 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocated underwriting result(1) | | | | | | | | | | | | | | | | | | | | | | | | | | $ | — | | | | n/a | | | | n/a | |
| | | | | | | | | |
Net realized and unrealized investment gains | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 191 | | | | 191 | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (20 | ) | | | (20 | ) |
Amortization of intangible assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (13 | ) | | | (13 | ) |
Net foreign exchange gains | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15 | | | | 15 | |
Income tax expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (45 | ) | | | (45 | ) |
Interest in earnings of equity investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4 | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | n/a | | | $ | 271 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Loss ratio (2) | | | 58.7 | % | | | 89.6 | % | | | 68.6 | % | | | 68.4 | % | | | 83.0 | % | | | 73.9 | % | | | | | | | | | | | | |
Acquisition ratio(3) | | | 28.9 | | | | 24.7 | | | | 21.8 | | | | 8.0 | | | | 17.4 | | | | 21.6 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical ratio(4) | | | 87.6 | % | | | 114.3 | % | | | 90.4 | % | | | 76.4 | % | | | 100.4 | % | | | 95.5 | % | | | | | | | | | | | | |
Other operating expense ratio(5) | | | | | | | | | | | | | | | | | | | | | | | 8.3 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio(6) | | | | | | | | | | | | | | | | | | | | | | | 103.8 | % | | | | | | | | | | | | |
For the six months ended June 30, 2009
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. | | | Global
(Non-U.S.)
P&C | | | Global
(Non-U.S.)
Specialty | | | Catastrophe | | | Total
Non-life
Segment | | | Life
Segment | | | Corporate
and Other | | | Total | |
Gross premiums written | | $ | 561 | | | $ | 419 | | | $ | 591 | | | $ | 330 | | | $ | 1,901 | | | $ | 281 | | | $ | 5 | | | $ | 2,187 | |
| | | | | | | | |
Net premiums written | | $ | 561 | | | $ | 417 | | | $ | 563 | | | $ | 330 | | | $ | 1,871 | | | $ | 277 | | | $ | 5 | | | $ | 2,153 | |
Increase in unearned premiums | | | (61 | ) | | | (99 | ) | | | (84 | ) | | | (199 | ) | | | (443 | ) | | | (14 | ) | | | (3 | ) | | | (460 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net premiums earned | | $ | 500 | | | $ | 318 | | | $ | 479 | | | $ | 131 | | | $ | 1,428 | | | $ | 263 | | | $ | 2 | | | $ | 1,693 | |
Losses and loss expenses and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
life policy benefits | | | (326 | ) | | | (158 | ) | | | (309 | ) | | | 11 | | | | (782 | ) | | | (198 | ) | | | 2 | | | | (978 | ) |
Acquisition costs | | | (126 | ) | | | (79 | ) | | | (110 | ) | | | (12 | ) | | | (327 | ) | | | (55 | ) | | | — | | | | (382 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical result | | $ | 48 | | | $ | 81 | | | $ | 60 | | | $ | 130 | | | $ | 319 | | | $ | 10 | | | $ | 4 | | | $ | 333 | |
| | | | | | | | |
Other income | | | | | | | | | | | | | | | | | | | 3 | | | | 1 | | | | 4 | | | | 8 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | (109 | ) | | | (21 | ) | | | (52 | ) | | | (182 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underwriting result | | | | | | | | | | | | | | | | | | $ | 213 | | | $ | (10 | ) | | | n/a | | | $ | 159 | |
| | | | | | | | |
Net investment income | | | | | | | | | | | | | | | | | | | | | | | 30 | | | | 239 | | | | 269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocated underwriting result(1) | | | | | | | | | | | | | | | | | | | | | | $ | 20 | | | | n/a | | | | n/a | |
| | | | | | | | |
Net realized and unrealized investment gains | | | | | | | | | | | | | | | | | | | | | | | | | | | 236 | | | | 236 | |
Net realized gain on purchase of capital efficient notes | | | | | | | | | | | | | | | | | | | | | | | | | | | 89 | | | | 89 | |
Interest expense | | | | | | | | | | | | | | | | | | | | | | | | | | | (15 | ) | | | (15 | ) |
Net foreign exchange losses | | | | | | | | | | | | | | | | | | | | | | | | | | | (5 | ) | | | (5 | ) |
Income tax expense | | | | | | | | | | | | | | | | | | | | | | | | | | | (117 | ) | | | (117 | ) |
Interest in earnings of equity investments | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | n/a | | | $ | 616 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Loss ratio (2) | | | 65.2 | % | | | 49.6 | % | | | 64.5 | % | | | (8.6 | )% | | | 54.8 | % | | | | | | | | | | | | |
Acquisition ratio (3) | | | 25.2 | | | | 24.9 | | | | 23.0 | | | | 8.9 | | | | 22.9 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Technical ratio (4) | | | 90.4 | % | | | 74.5 | % | | | 87.5 | % | | | 0.3 | % | | | 77.7 | % | | | | | | | | | | | | |
Other operating expense ratio (5) | | | | | | | | | | | | | | | | | | | 7.6 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Combined ratio (6) | | | | | | | | | | | | | | | | | | | 85.3 | % | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
11
