Results season isn’t over just yet, with global reinsurer PartnerRe Ltd. taking its turn to reveal how the Bermuda-based group fared in 2021.
PartnerRe, which is being snapped up by French mutual insurer Covéa in a revived deal, reported the following financial results:
|
Period |
Net income available to common shareholders |
Operating income/(loss) |
|
Q4 2021 |
US$362 million |
US$300 million |
|
Q4 2020 |
US$204 million |
US$19 million |
|
FY 2021 |
US$679 million |
US$545 million |
|
FY 2020 |
US$206 million |
US$(190 million) |
“In an active year of catastrophic losses for the industry,” noted PartnerRe president and chief executive Jacques Bonneau, “we were able to achieve strong performance in 2021. We grew gross written premiums by 19%, driven by meaningful rate increases in lines like casualty and professional lines, and we also benefited from improved economic activity in other lines of business.
“Our non-life combined ratio improved by 15.5 points to 90.5%, driven by our continuous focus on portfolio optimisation. We built on the momentum we’ve established with a successful January 01, 2022 renewal, providing solutions to our business partners while maintaining the strength and stability of our platform.”
PartnerRe’s non-life underwriting profit grew, in the fourth quarter, from US$21 million to US$313 million, while the company posted a major comeback from the US$304 million full-year non-life underwriting loss suffered in 2020, emerging with a non-life underwriting profit worth US$507 million for last year.
Under life & health, PartnerRe’s allocated underwriting result amounted to a US$32 million profit in the fourth quarter. The corresponding profit for FY 2021 stood at US$97 million. Both figures are higher than their 2020 counterparts.
“Our approach remains disciplined, supported by third-party capital, and we will grow exposures in lines where it is supported by rate,” commented Bonneau. “We look forward to the year ahead and to further increasing the value that we provide to all of our clients, capital partners, and shareholders.”
Meanwhile, the company’s sale is expected to be completed in the middle of this year.
