Results season continues with the turn of PartnerRe, whose earnings report is a mixed bag.
According to the reinsurer, here’s how it fared in the quarter and year ended December 31, 2022:
|
Metric |
Q4 2022 |
Q4 2021 |
FY 2022 |
FY 2021 |
|---|---|---|---|---|
|
Non-life underwriting profit |
US$368 million |
US$313 million |
US$749 million |
US$507 million |
|
Life & health allocated underwriting profit |
US$29 million |
US$32 million |
US$121 million |
US$97 million |
|
Net investment return |
US$306 million |
US$156 million |
US$(1.56 billion) |
US$541 million |
|
Operating income |
US$370 million |
US$300 million |
US$809 million |
US$545 million |
|
Net income/(loss) attributable to common shareholders |
US$433 million |
US$362 million |
US$(1.1 billion) |
US$679 million |
PartnerRe attributed its 2022 loss to net unrealised losses on fixed maturities and short-term investments worth US$1.81 billion.
Highlighting the positives, however, PartnerRe president and chief executive Jacques Bonneau said in a release: “Our operating performance for the fourth quarter of 2022 was excellent, with operating income of US$370 million. Our annual operating performance also maintained its positive momentum, and operating income ROE (return on equity) was 12.0% for the year.
“In addition to solid underwriting results, during 2022 we grew net investment income by almost 6% as we continued to reinvest available cash at rates that are meaningfully higher than our existing book yield.”
For 2022, dividends declared and paid to common shareholders of PartnerRe amounted to US$178 million. There were no dividends during the fourth quarter.
