PartnerRe tumbles to loss in full-year results

Main driver cited

PartnerRe tumbles to loss in full-year results

Insurance News

By Terry Gangcuangco

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:


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.

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