PartnerRe Ltd. Reports Third Quarter and Nine Month 2018 Results
PEMBROKE, Bermuda--(BUSINESS WIRE)--Nov 15, 2018--PartnerRe Ltd. (“the Company”) today reported a net loss attributable to common shareholder of $106 million for the quarter, which includes net unrealized investment losses on fixed income securities of $53 million and net foreign exchange losses of $17 million. This compared to a net loss of $84 million for the same period of 2017, which included net unrealized investment losses on fixed income securities of $27 million and net foreign exchange losses of $41 million.
Net loss attributable to common shareholder for the first nine months of 2018 was $101 million, which includes net unrealized investment losses on fixed income securities of $358 million and net foreign exchange gains of $53 million. This compared to a net income of $145 million in the same period of 2017, which included net unrealized investment gains on fixed income securities of $123 million and net foreign exchange losses of $107 million.
The unrealized investment losses on fixed income securities in 2018 were driven by an increase in risk-free rates and credit spreads as the Company’s fixed income securities are accounted for at fair value with changes in the fair value recorded in the Consolidated Statements of Operations.
Commenting on the results, PartnerRe President and Chief Executive Officer Emmanuel Clarke said, “The third quarter of 2018 was an active period of catastrophic and man-made loss events which impacted the Company’s Non-life combined ratio. Despite these events, in the first nine months of 2018, the Company’s Non-life segment reported an underwriting profit, while our Life and Health segment significantly improved its underwriting profit and margin compared to the prior year. This performance — excluding the net unrealized losses primarily driven by increases in risk free rates — has helped produce a solid profitability in the first nine months of 2018.”
Mr. Clarke also added: “Our enhanced market positions with clients and brokers led to a double digit increase in net premium written compared to the last year. This, coupled with our strong total capital position, positions our Company well for the upcoming January renewal season.”
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CONTACT: PartnerRe Ltd.
Media Contact: Celia Powell
Investor Contact: Ryan Lipschutz
KEYWORD: BERMUDA CARIBBEAN
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
SOURCE: PartnerRe Ltd
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PUB: 11/15/2018 09:41 AM/DISC: 11/15/2018 09:41 AM