4 May 2017News

PartnerRe reports massive fall in Q1 results

PartnerRe has reported that its profits for the first quarter of 2017 were just $38 million, a fall of 82 percent on the $201 million that it reported over the same period of 2016. PartnerRe said that it had been hit by a combination of factors that had impacted its bottom line results.

“Our annualised adjusted operating ROE of 3.4 percent in the first quarter of 2017 reflects prudent underwriting, de-risked investment portfolio, the impact of the change in the Ogden discount rate in the UK, a decline in favorable prior year reserve development and lower profitability in our health line of business,” said PartnerRe president and CEO Emmanuel Clarke. “We reported a non-life combined ratio of 96.4 percent and an improved accident year combined ratio compared to the first quarter of 2016 driven by a lower level of mid-sized loss activity in P&C and reduced operating expenses.”

Gross premiums written over the period came to $1.5 billion a fall from the $1.63 billion it wrote over the same period of the previous year.

PartnerRe said that non-life net premiums written were down 14 percent in the first quarter of 2017 compared to the same period of 2016, primarily as a result of cancellations and non-renewals, the timing of renewal of a significant agricultural contract and higher premiums ceded.

In addition, the non-life combined ratio of 96.4 percent was 2.1 points higher than the ratio reported in the first quarter of 2016, primarily due to lower favorable prior years' reserve development, partially offset by lower other operating expenses, acquisition costs and mid-sized loss activity. The prior years' reserve development was impacted by a $35 million charge related to the change in the Ogden discount rate in the UK.




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26 May 2017   AM Best has affirmed the financial strength rating (FSR) of A (Excellent) of PartnerRe and its affiliates. The rating has also been granted an outlook of stable.
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29 June 2017   PartnerRe has announced that Tad Walker, CEO property & casualty and Marvin Pestcoe, chief risk and actuarial officer, will both retire from the company at the end of the first quarter of 2018. The company is now carrying out external searches for their successors.
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28 July 2017   PartnerRe has announced that its net income for the first six months of 2017 came to $243 million, down substantially from the first half 2016 figure of $420 million.

More on this story

News
26 May 2017   AM Best has affirmed the financial strength rating (FSR) of A (Excellent) of PartnerRe and its affiliates. The rating has also been granted an outlook of stable.
News
29 June 2017   PartnerRe has announced that Tad Walker, CEO property & casualty and Marvin Pestcoe, chief risk and actuarial officer, will both retire from the company at the end of the first quarter of 2018. The company is now carrying out external searches for their successors.
News
28 July 2017   PartnerRe has announced that its net income for the first six months of 2017 came to $243 million, down substantially from the first half 2016 figure of $420 million.