PartnerRe posts $387mn loss in Q3

PartnerRe has reported a net loss attributable to common shareholders of $387 million for the third quarter of 2022, compared to an income of $70 million for the same period of 2021. The figures for the first nine months of 2022 and 2021 were a loss of $1,533 million and an income of $317 million.

Operating loss was $62 million in Q3 2022, compared to operating income of $54 million for the same period of 2021 and was the result of a decrease in underwriting profits for the non-life segments due to large catastrophic losses, offset by an increase in the Life and Health allocated underwriting result.

Operating income for the first nine months of 2022 was $439 million compared to operating income of $246 million for the same period of 2021 as a result of improvements in the underwriting results for the P&C and Life and Health segments.

Jacques Bonneau, PartnerRe’s president and chief executive officer, said: “Our thoughts are with those impacted by the quarter’s catastrophic activity. Hurricane Ian was a significant industry event, and the strength and resilience of our balance sheet allows us to remain a trusted business partner to our clients in times of need.”

He continued: “Despite such a significant industry event, our continuous focus on portfolio optimization enabled us to deliver strong operating income of $439 million for the first nine months of the year, with an annualized operating return on equity that has nearly doubled to 9.1 percent. As we head into renewal season, our capital base remains strong, reinforced by the scale and capital strength of the Covéa group, and we are positioned to further increase the value that we provide to our clients, distribution partners, capital partners and other stakeholders.”

Gross written premium (GWP) increased 3 percent for the quarter, to $1.96 billion, and 8 percent for the first nine months, to $6.94 billion.

GWP in the third quarter was split as follows: P&C $1.1 billion, Specialty $451 million, and Life & Health $412 million.

The Non-life underwriting loss was $100 million (combined ratio of 106.9 percent) for the third quarter of 2022, while the Non-life underwriting profit was $381 million (combined ratio of 90.7 percent) for the first nine months of 2022. This compares to Non-life underwriting profit of $4 million (combined ratio of 99.8 percent) and $194 million (combined ratio of 95.0 percent) for the third quarter and first nine months of 2021, respectively.