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PartnerRe Ltd. Reports First Quarter 2013 Results



  PartnerRe Ltd. Reports First Quarter 2013 Results

  * First Quarter Operating Earnings per share of $3.39; Net Income per share
    of $3.53
  * First Quarter Annualized Operating ROE of 13.5%; Annualized Net Income ROE
    of 14.0%
  * Book value of $102.96 per share, up 2.1% for the quarter
  * Tangible Book Value of $92.91 per share, up 2.3% for the quarter

Business Wire

PEMBROKE, Bermuda -- April 29, 2013

PartnerRe Ltd. (NYSE: PRE) today reported net income available to common
shareholders of $210.5 million, or $3.53 per share for the first quarter of
2013. This includes net after-tax realized and unrealized gains on investments
of $12.3 million, or $0.20 per share. Net income available to common
shareholders for the first quarter of 2012 was $344.7 million, or $5.24 per
share, including net after-tax realized and unrealized gains on investments of
$159.2 million, or $2.42 per share. The Company recorded operating earnings of
$202.1 million, or $3.39 per share, for the first quarter of 2013. This
compares to operating earnings of $181.7 million, or $2.76 per share, for the
first quarter of 2012.

Operating earnings or loss excludes certain net after-tax realized and
unrealized investment gains and losses, net after-tax foreign exchange gains
and losses, certain net after-tax interest in results of equity investments
and the loss on redemption of preferred shares, and is calculated after the
payment of preferred dividends. All references to per share amounts in the
text of this press release are on a fully diluted basis.

Commenting on results for the first quarter, PartnerRe President & Chief
Executive Officer Costas Miranthis said, “We began 2013 with a very good first
quarter result, driven by strong underwriting performance, generating a
Non-life combined ratio of 81.7%, and growth in our underlying portfolio.
This, combined with modest gains in our investment portfolio resulted in book
value growth of more than 2% for the quarter.”

“Reinsurance markets are evolving rapidly and present challenges. While
underlying primary pricing continues to improve, reinsurance competition has
intensified in recent months. As always our underwriting decisions over the
coming months will be guided by careful evaluation of risks and returns.” Mr.
Miranthis added. “The recently announced organizational changes position us to
effectively and efficiently focus on markets that continue to provide
opportunities to generate attractive returns.”

Highlights for the first quarter of 2013 compared to the same period in 2012
include:

Results of operations:

  * Net premiums written of $1.6 billion were up 11%, or 10% on a constant
    foreign exchange basis, primarily related to agricultural business in the
    North America sub-segment. To a lesser extent, the increase in net
    premiums written was also due to new business in the Global (Non-U.S.) P&C
    sub-segment, and the inclusion of Presidio’s business in the Life and
    Health segment from January 1, 2013.
  * Net premiums earned of $1.1 billion were up 16%, or up 15% on a constant
    foreign exchange basis. The increase in net premiums earned was primarily
    due to the new agricultural business in the North America sub-segment, new
    business in the Global Specialty sub-segment and the inclusion of
    Presidio.
  * The Non-life combined ratio was 81.7%. The combined ratio benefited from
    favorable prior year development of $183 million (or 19.8 points). All
    Non-life sub-segments experienced net favorable development on prior
    accident years during the first quarter of 2013, with the Global Specialty
    and Global (Non-U.S.) P&C sub-segments contributing the most
    significantly.
  * Net investment income of $124 million, was down 16%, or 18% on a constant
    foreign exchange basis. The decrease in net investment income primarily
    reflects lower reinvestment rates.
  * Pre-tax net realized and unrealized investment gains were $23 million.
  * The effective tax rate on operating earnings and non-operating earnings
    was 10% and 50%, respectively.

Balance sheet and capitalization:

  * Total investments, cash and funds held – directly managed were $17.7
    billion at March 31, 2013, down 2% compared to December 31, 2012.
  * Net Non-life loss and loss expense reserves were $10.0 billion at March
    31, 2013, down 4% compared to December 31, 2012 primarily due to loss
    payments associated with the 2011 and 2012 catastrophe events and the
    impact of the stronger U.S. dollar.
  * Net policy benefits for life and annuity contracts were $1.8 billion at
    March 31, 2013, down 2% when compared to December 31, 2012 primarily due
    to the impact of the stronger U.S. dollar.
  * Total capital was $7.7 billion at March 31, 2013, modestly down compared
    to December 31, 2012. The modest decline was primarily driven by share
    repurchases, common and preferred dividend payments and the redemption of
    Series C preferred shares, which were primarily offset by net income for
    the first quarter and the issuance of Series F preferred shares.
  * The Company repurchased approximately 1.8 million common shares at a total
    cost of approximately $160 million during the first quarter of 2013. Since
    April 1, 2013, the Company has repurchased approximately 450 thousand
    common shares at a total cost of approximately $41 million. At April 29,
    2013, approximately 4.7 million common shares remained under the current
    repurchase authorization.
  * Total shareholders’ equity attributable to PartnerRe Ltd. was $6.9 billion
    at March 31, 2013, modestly down compared to December 31, 2012. The modest
    decline was driven by the factors described above for total capital.
  * Book value per common share was $102.96 at March 31, 2013, up 2.1%
    compared to $100.84 at December 31, 2012. Tangible book value per common
    share was $92.91 at March 31, 2013, up 2.3% compared to $90.86 at December
    31, 2012. The increases were primarily driven by net income for the first
    quarter and the accretive impact of share repurchases, which were
    partially offset by common and preferred dividend payments.

Segment and sub-segment highlights for the first quarter compared to the same
period in 2012 include:

Non-life:

  * The Non-life segment’s net premiums written were up 10%. This increase was
    primarily driven by new agricultural business in the North America
    sub-segment and, to a lesser extent, new motor business in the Global
    (Non-U.S.) P&C sub-segment.
  * The North America sub-segment’s net premiums written were up 31% primarily
    driven by the agricultural line of business due to new business, the
    timing of renewals and a large downward premium adjustment in the same
    period of 2012. This sub-segment reported a technical ratio of 93.6%,
    which included 9.0 points (or $30 million) of net favorable prior year
    loss development. The technical ratio and net favorable prior year loss
    development include 4.8 points (or $16 million) of adverse development
    related to the 2012 U.S. drought losses.
  * The Global (Non-U.S.) P&C sub-segment’s net premiums written were up 6%,
    or 5% on a constant foreign exchange basis, primarily due to new business
    in the motor line of business and was partially offset by the impact of
    cancellations and non-renewals in the property line of business. This
    sub-segment reported a technical ratio of 70.5%, which included 34.8
    points (or $58 million) of net favorable prior year loss development.
  * The Global Specialty sub-segment’s net premiums written were up 2%
    primarily due to new business in the agriculture and multi-line lines of
    business. These increases were partially offset by non-renewals and
    adjustments in the aviation/space and specialty property lines of
    business. This sub-segment reported a technical ratio of 77.0%, which
    included 17.9 points (or $60 million) of net favorable prior year loss
    development.
  * The Catastrophe sub-segment’s net premiums written were down 2%, or 3% on
    a constant foreign exchange basis. The modest decrease in net premiums
    written was primarily due to the restructuring of certain treaties, which
    was partially offset by new business. This sub-segment reported a
    technical ratio of (0.5)%, which included 40.1 points (or $35 million) of
    net favorable prior year loss development.

Life and Health:

  * The Life and Health segment’s net premiums written were up 16%, or 14% on
    a constant foreign exchange basis, primarily due to the inclusion of
    Presidio’s net premiums written from January 1, 2013.
  * The Life and Health segment’s allocated underwriting result, which
    includes allocated investment income and operating expenses, decreased to
    $16 million in the first quarter of 2013 compared to $21 million in the
    same period of 2012. The decrease was primarily due to a lower level of
    net favorable prior year’s loss development in the GMDB line of business.

Corporate and Other:

  * Investment and capital markets activities contributed income of $138
    million to pre-tax net income, excluding investment income allocated to
    the Life and Health segment. Of this amount, income of $105 million was
    included in pre-tax operating earnings and an additional $33 million in
    net realized and unrealized gains on investments and earnings from equity
    investee companies was included in pre-tax non-operating income.

Separately, as announced by the Company earlier today, the Board of Directors
declared a quarterly dividend of $0.64 per common share. The dividend will be
payable on May 31, 2013, to common shareholders of record on May 20, 2013,
with the stock trading ex-dividend commencing May 16, 2013.

The Company has posted its first quarter 2013 financial supplement on its
website www.partnerre.com in the Investor Relations section on the Financial
Reports page under Supplementary Financial Data, which includes a
reconciliation of GAAP and non-GAAP measures.

The Company will hold a dial-in conference call and question and answer
session with investors at 10 a.m. Eastern tomorrow, April 30.  Investors and
analysts are encouraged to call in 15 minutes prior to the commencement of the
call. The conference call can be accessed by dialing 800-768-6569 or, from
outside the United States, by dialing 785-830-7992. The media are invited to
listen to the call live over the Internet on the Investor Relations section of
PartnerRe’s web site, www.partnerre.com. To listen to the webcast, please log
on to the broadcast at least five minutes prior to the start.

Net income/loss per share is defined as net income/loss available to common
shareholders divided by the weighted average number of fully diluted shares
outstanding for the period. Net income/loss available to common shareholders
is defined as net income/loss less preferred dividends and loss on redemption
of preferred shares. Operating earnings/loss is defined as net income/loss
available to common shareholders excluding certain after-tax net realized and
unrealized gains/losses on investments, after-tax net foreign exchange
gains/losses, the loss on redemption of preferred shares and certain after-tax
interest in earnings/losses of equity investments. Operating earnings/loss per
share is defined as operating earnings/loss divided by the weighted average
number of fully diluted shares outstanding for the period.

The Company uses operating earnings, diluted operating earnings per share and
annualized operating return on beginning diluted book value per common and
common share equivalents outstanding  to measure performance, as these
measures focus on the underlying fundamentals of our operations without the
impact of after-tax net realized and unrealized gains/losses on investments
(except where the company has made a strategic investment in an insurance or
reinsurance related investee), after-tax net foreign exchange gains/losses,
and the after-tax interest in earnings/losses of equity investments (except
where the company has made a strategic investment in an insurance or
reinsurance related investee and where the Company does not control the
investees activities). The Company uses technical ratio and technical result
as measures of underwriting performance. The technical ratio is defined as the
sum of the loss and acquisition ratios. These metrics exclude other operating
expenses. The Company also uses combined ratio to measure results for the
Non-life segment. The combined ratio is the sum of the technical and other
operating expense ratios. The Company uses allocated underwriting result as a
measure of underwriting performance for its Life and Health operations. This
metric is defined as net premiums earned, other income or loss and allocated
net investment income less life policy benefits, acquisition costs and other
operating expenses. The Company uses total capital, which is defined as total
shareholders’ equity attributable to PartnerRe Ltd., long-term debt, senior
notes and CENts, to manage the capital structure of the Company. The Company
calculates Tangible Book Value using common shareholders’ equity attributable
to PartnerRe Ltd. less goodwill and intangible assets, net of tax. The Company
calculates Diluted Tangible Book Value per Common Share using Tangible Book
Value divided by the weighted average number of common shares and common share
equivalents outstanding. These measures focus on the Company’s financial
position and shareholder return, without the impact of goodwill and
intangibles.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. The Company, through its wholly owned subsidiaries,
also offers capital markets products that include weather and credit
protection to financial, industrial and service companies. Risks reinsured
include property, casualty, motor, agriculture, aviation/space, catastrophe,
credit/surety, engineering, energy, marine, specialty property, specialty
casualty, multiline and other lines in its Non-life operations, mortality,
longevity and accident and health in its Life and Health operations, and
alternative risk products. For the year ended December 31, 2012, total
revenues were $5.6 billion. At March 31, 2013, total assets were $23.1
billion, total capital was $7.7 billion and total shareholders’ equity
attributable to PartnerRe Ltd. was $6.9 billion.

PartnerRe on the Internet: www.partnerre.com

Forward-looking statements contained in this press release are based on the
Company’s assumptions and expectations concerning future events and financial
performance and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to
significant business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those reflected in the
forward-looking statements. PartnerRe’s forward-looking statements could be
affected by numerous foreseeable and unforeseeable events and developments
such as exposure to catastrophe, or other large property and casualty losses,
credit, interest, currency and other risks associated with the Company’s
investment portfolio, adequacy of reserves, levels and pricing of new and
renewal business achieved, changes in accounting policies, risks associated
with implementing business strategies, and other factors identified in the
Company’s filings with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking information
contained herein, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which they are
made. The Company disclaims any obligation to publicly update or revise any
forward-looking information or statements.

PartnerRe Ltd.
Consolidated Statements of Operations and Comprehensive Income
(Expressed in thousands of U.S. dollars, except share and per share data)
(Unaudited)
                                                               
                                             For the three      For the three
                                             months ended       months ended
                                             March 31,          March 31,
                                             2013               2012
                                                                   
Revenues
Gross premiums written                       $ 1,756,886        $ 1,567,483   
                                                                   
Net premiums written                         $ 1,636,431        $ 1,473,286
Increase in unearned premiums                  (489,751   )       (483,456   )
Net premiums earned                            1,146,680          989,830
Net investment income                          123,704            146,896
Net realized and unrealized                    22,943             192,735
investment gains
Other income                                   3,927              2,746       
Total revenues                                 1,297,254          1,332,207   
                                                                   
Expenses
Losses and loss expenses and life              660,952            576,486
policy benefits
Acquisition costs                              234,200            211,608
Other operating expenses                       116,040            98,174
Interest expense                               12,229             12,220
Amortization of intangible assets              7,046              8,893
Net foreign exchange (gains) losses            (2,043     )       2,589       
Total expenses                                 1,028,424          909,970     
                                                                   
Income before taxes and interest in            268,830            422,237
earnings of equity investments
Income tax expense                             41,675             67,174
Interest in earnings of equity                 7,215              5,078       
investments
Net income                                     234,370            360,141
                                                                   
Preferred dividends                            14,699             15,405
Loss on redemption of preferred                9,135              —           
shares
Net income available to common               $ 210,536          $ 344,736     
shareholders
                                                                   
Operating earnings available to              $ 202,089          $ 181,695     
common shareholders
                                                                   
Comprehensive income, net of tax             $ 215,303          $ 376,237     
                                                                   
Per share data:
Earnings per common share:
Basic operating earnings                     $ 3.46             $ 2.78
Net realized and unrealized                    0.21               2.43
investment gains, net of tax
Net foreign exchange losses, net of            (0.01      )       (0.02      )
tax
Loss on redemption of preferred                (0.16      )       —
shares
Interest in earnings of equity                 0.10               0.08        
investments, net of tax
Basic net income                             $ 3.60             $ 5.27        
                                                                   
Weighted average number of common              58,423,898         65,404,227
shares outstanding
                                                                   
Diluted operating earnings                   $ 3.39             $ 2.76
Net realized and unrealized                    0.20               2.42
investment gains, net of tax
Net foreign exchange losses, net of            (0.01      )       (0.02      )
tax
Loss on redemption of preferred                (0.15      )       —
shares
Interest in earnings of equity                 0.10               0.08        
investments, net of tax
Diluted net income                           $ 3.53             $ 5.24        
                                                                   
Weighted average number of common shares       59,590,044         65,842,819
and common share equivalents outstanding
Dividends declared per common share          $ 0.64             $ 0.62

PartnerRe Ltd.
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars, except per share and parenthetical
share and per share data)
(Unaudited)
                                                                
                                               March 31,         December 31,
Assets                                         2013              2012
                                                                    
Investments:
Fixed maturities, trading securities, at       $ 13,969,240      $ 14,395,315
fair value
Short-term investments, trading securities,      115,484           150,552
at fair value
Equities, trading securities, at fair value      1,148,921         1,094,002
Other invested assets                            311,199           333,361
Total investments                                15,544,844        15,973,230
Funds held – directly managed                    909,520           930,741
Cash and cash equivalents, at fair value,        1,286,898         1,121,705
which approximates amortized cost
Accrued investment income                        181,151           184,315
Reinsurance balances receivable                  2,393,159         1,991,991
Reinsurance recoverable on paid and unpaid       400,509           348,086
losses
Funds held by reinsured companies                775,486           805,489
Deferred acquisition costs                       646,178           568,391
Deposit assets                                   253,823           257,208
Net tax assets                                   11,225            25,098
Goodwill                                         456,380           456,380
Intangible assets                                207,224           214,270
Other assets                                     73,216            103,528
Total assets                                   $ 23,139,613      $ 22,980,432
                                                                    
Liabilities
Unpaid losses and loss expenses                $ 10,323,786      $ 10,709,371
Policy benefits for life and annuity             1,763,413         1,813,244
contracts
Unearned premiums                                2,074,370         1,534,625
Other reinsurance balances payable               342,423           238,578
Deposit liabilities                              248,204           252,217
Net tax liabilities                              358,197           387,647
Accounts payable, accrued expenses and other     260,673           290,265
Debt related to senior notes                     750,000           750,000
Debt related to capital efficient notes          70,989            70,989
Total liabilities                                16,192,055        16,046,936
                                                                    
Shareholders’ Equity
Common shares (par value $1.00; issued:
2013, 86,011,738 shares; 2012, 85,459,905        86,012            85,460
shares)
Preferred shares (par value $1.00; issued
and outstanding: 2013, 34,150,000 shares;
2012, 35,750,000 shares; aggregate
liquidation value: 2013, $853,750; 2012,         34,150            35,750
$893,750)
Additional paid-in capital                       3,845,781         3,861,844
Accumulated other comprehensive (loss)           (8,470)           10,597
income
Retained earnings                                5,125,173         4,952,002
Common shares held in treasury, at cost
(2013, 28,351,550 shares; 2012, 26,550,530       (2,171,932)       (2,012,157)
shares)
Total shareholders’ equity attributable to       6,910,714         6,933,496
PartnerRe Ltd.
Noncontrolling interests                         36,844            —
Total shareholders’ equity                       6,947,558         6,933,496
                                                                    
Total liabilities and shareholders’ equity     $ 23,139,613      $ 22,980,432
                                                                    
Diluted Book Value Per Common Share and
Common Share Equivalents Outstanding ^(1)      $ 102.96          $ 100.84
(2)
                                                                    
Diluted Tangible Book Value Per Common Share
and Common Share Equivalents Outstanding       $ 92.91           $ 90.86
^(1) (2)
                                                                    
Number of Common Share and Common Share          58,826,334        59,893,366
Equivalents Outstanding ^ (2)

       Excludes the aggregate liquidation value of preferred shares (2013,
^(1)   $853,750; 2012, $893,750) and noncontrolling interests (2013, $36,844;
       2012, $Nil).
^(2)   Common share and common share equivalents outstanding are calculated
       using the Treasury Method for all potentially dilutive shares.

PartnerRe Ltd.
Segment Information
(Expressed in millions of U.S. dollars)
(Unaudited)
                                                                                                                
For the three months ended March 31, 2013
                                                                                                                    
                             Global                                       Total        Life
                 North       (Non-U.S.)     Global                        Non-life     and         Corporate
                                                                                       Health
                 America     P&C            Specialty     Catastrophe     segment      segment     and Other     Total
                                                                                                                    
Gross
premiums         $ 447       $   372        $  445        $   238         $  1,502     $ 254       $   1         $ 1,757
written
                                                                                                                    
Net premiums     $ 446       $   368        $  361        $   211         $  1,386     $ 249       $   1         $ 1,636
written
Increase in
unearned           (113)         (202)         (24)           (124)          (463)       (25)          (1)         (489)
premiums
Net premiums     $ 333       $   166        $  337        $   87          $  923       $ 224       $   —         $ 1,147
earned
Losses and
loss
expenses and
life policy        (240)         (67)          (184)          11             (480)       (182)         1           (661)
benefits
Acquisition        (72)          (50)          (75)           (11)           (208)       (27)          —           (235)
costs
Technical        $ 21        $   49         $  78         $   87          $  235       $ 15        $   1         $ 251
result
                                                                                                                    
Other income                                                                 —           3             1           4
Other
operating                                                                    (66)        (18)          (32)        (116)
expenses
Underwriting                                                              $  169       $ —             n/a       $ 139
result
                                                                                                                    
Net
investment                                                                               16            108         124
income
Allocated
underwriting                                                                           $ 16            n/a         n/a
result ^ (1)
                                                                                                                    
Net realized
and
unrealized                                                                                             23          23
investment
gains
Interest                                                                                               (12)        (12)
expense
Amortization
of                                                                                                     (7)         (7)
intangible
assets
Net foreign
exchange                                                                                               2           2
gains
Income tax                                                                                             (42)        (42)
expense
Interest in
earnings of                                                                                            7           7
equity
investments
Net income                                                                                             n/a       $ 234
                                                                                                                    
Loss ratio ^       72.0  %       40.4   %      54.6   %       (12.8)  %      52.0  %
(2)
Acquisition        21.6          30.1          22.4           12.3           22.6
ratio ^ (3)
                                                                                                                    
Technical          93.6  %       70.5   %      77.0   %       (0.5)   %      74.6  %
ratio ^ (4)
Other
operating                                                                    7.1
expense
ratio ^ (5)
                                                                                                                    
Combined                                                                     81.7  %
ratio ^ (6)
                                                                                                                    
For the three months ended March 31, 2012
                                                                                                                    
                             Global                                       Total        Life
                 North       (Non-U.S.)     Global                        Non-life     and         Corporate
                                                                                       Health
                 America     P&C            Specialty     Catastrophe     segment      segment     and Other     Total
                                                                                                                    
Gross
premiums         $ 341       $   347        $  417        $   242         $  1,347     $ 217       $   3         $ 1,567
written
                                                                                                                    
Net premiums     $ 341       $   346        $  353        $   215         $  1,255     $ 215       $   3         $ 1,473
written
Increase in
unearned           (103)         (187)         (45)           (125)          (460)       (21)          (2)         (483)
premiums
Net premiums     $ 238       $   159        $  308        $   90          $  795       $ 194       $   1         $ 990
earned
Losses and
loss
expenses and
life policy        (133)         (98)          (194)          (2)            (427)       (149)         —           (576)
benefits
Acquisition        (66)          (38)          (70)           (9)            (183)       (29)          —           (212)
costs
Technical        $ 39        $   23         $  44         $   79          $  185       $ 16        $   1         $ 202
result
                                                                                                                    
Other income                                                                 1           —             1           2
Other
operating                                                                    (63)        (12)          (23)        (98)
expenses
Underwriting                                                              $  123       $ 4             n/a       $ 106
result
                                                                                                                    
Net
investment                                                                               17            130         147
income
Allocated
underwriting                                                                           $ 21            n/a         n/a
result ^ (1)
                                                                                                                    
Net realized
and
unrealized                                                                                             193         193
investment
gains
Interest                                                                                               (12)        (12)
expense
Amortization
of                                                                                                     (9)         (9)
intangible
assets
Net foreign
exchange                                                                                               (3)         (3)
losses
Income tax                                                                                             (67)        (67)
expense
Interest in
earnings of                                                                                            5           5
equity
investments
Net income                                                                                             n/a       $ 360
                                                                                                                    
Loss ratio ^       55.9  %       61.6   %      63.2   %       2.1     %      53.8  %
(2)
Acquisition        27.5          23.9          22.6           10.5           23.0
ratio ^ (3)
                                                                                                                    
Technical          83.4  %       85.5   %      85.8   %       12.6    %      76.8  %
ratio ^ (4)
Other
operating                                                                    7.9
expense
ratio ^ (5)
                                                                                                                    
Combined                                                                     84.7  %
ratio ^ (6)

      Allocated underwriting result is defined as net premiums earned, other
(1)   income or loss and allocated net investment income less life policy
      benefits, acquisition costs and other operating expenses.
(2)   Loss ratio is obtained by dividing losses and loss expenses by net
      premiums earned.
(3)   Acquisition ratio is obtained by dividing acquisition costs by net
      premiums earned.
(4)   Technical ratio is defined as the sum of the loss ratio and the
      acquisition ratio.
(5)   Other operating expense ratio is obtained by dividing other operating
      expenses by net premiums earned.
(6)   Combined ratio is defined as the sum of the technical ratio and the
      other operating expense ratio.

Contact:

PartnerRe Ltd.
Investor: Robin Sidders
Media: Celia Powell
441-292-0888
or
Sard Verbinnen & Co.
Drew Brown/Daniel Goldstein
212-687-8080
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