Partner Re posts H1 loss of $1.1b

04-08-2022

Partner Re posts H1 loss of $1.1b

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PartnerRe has reported a net loss attributable to common shareholders of $606 million for the second quarter of 2022, compared to an income of $314 million for the same period of 2021, and of $1.1 billion for the first half of 2022, compared to an income of $248 million for the same period of 2021. 

The falls were owing to unrealised losses on fixed maturities–of $591 million and $1.4 billion for Q2 and H1 2022, respectively–caused by rising interest rates.

Gross written premium increased 5% for the quarter, to $2.1 billion, and 10% for the half year, to almost $5 billion.

In its non-life business, the P&C segment produced an improvement in its combined ratio, to 79.2% for Q2 and 80.2% for H1. In the Specialty segment, the combined ratio was 79.6% for Q2 and 85.5% for H1, compared with 79.5% and 86.9% in 2021, respectively.

In Life and Health, net premiums written increased by 6% for Q2 and by 3% for H1, while the underwriting result rose to $60 million for Q2 and $44 million for H1, from $23 million and $43 million in 2021.

Jacques Bonneau, PartnerRe's president and chief executive officer, said: “With the completion of Covéa’s acquisition of PartnerRe in early July, we are excited to join a group with such an established history, strong brand and robust financial strength.

"As our financial results for the half year demonstrate, with an annualized operating return on equity of 15.0%, an improvement in our non-life combined ratio of 10.5 points year-over-year, and our growing life operations and third party capital management, we believe we can make an immediate contribution to the Covéa group.

“I am thankful for our relationship with Exor, which we will continue through their meaningful contribution to our third-party capital platform. We look forward to our future with Covéa and to further increasing the value that we provide to all of our clients, distribution partners, capital partners and other stakeholders.”

Partner Re, earnings

Bermuda Re