PartnerRe Ltd. Reports Fourth Quarter and Full Year 2017 Results
- Q4 2017 Net income available to common shareholder of
$72m and FY 2017 of$218m , driven by strong results in the Specialty segment and Investment portfolio - FY 2017 Non-life combined ratio of 99.3% (Q4 2017 combined ratio of 100.7%), impacted by 15.4 points on the combined ratio for Hurricanes Harvey, Irma and Maria and
California wildfire losses ($569 million in aggregate). FY 2017 Specialty combined ratio of 85.7% (92.5% in Q4 2017) - FY 2017 total net investment return of
$720 million , or 4.2%, driven by strong performance in corporate credit, public and private equity and real estate
PEMBROKE,
Operating losses were
Operating earnings or losses is a non-GAAP financial measure calculated with net income or loss available to common shareholder and excludes certain after-tax net realized and unrealized investment gains and losses, foreign exchange gains and losses, certain interest in results of equity method investments, income tax expense related to the enactment of the Tax Cuts and Jobs Act (TCJA) in the
Net income (loss) available to common shareholder, operating (losses) earnings and the associated annualized return on average common shareholder's equity (ROE), for the fourth quarters and the full years 2017 and 2016 include certain non-recurring costs, which impact period over period comparability as follows (in US$ millions, except for percentages):
Supplementary Financial Information |
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Non-GAAP measures adjusted for certain non-recurring costs, net of tax(1): | Q4 2017 | Q4 2016 | 2017 | 2016 | ||||||||||||||||||||
Net income (loss) available to common shareholder | $ | 85 | $ | (161 | ) | $ | 250 | $ | 517 | |||||||||||||||
Annualized net income (loss) available to common shareholder ROE | 5.6 | % | (10.5 | )% | 4.2 | % | 8.6 | % | ||||||||||||||||
Operating (losses) earnings | $ | (20 | ) | $ | 151 | $ | 26 | $ | 413 | |||||||||||||||
Annualized Operating ROE | (1.3 | )% | 9.8 | % | 0.4 | % | 6.9 | % |
(1) See page 20 for details.
On
Commenting on results, PartnerRe President and Chief Executive Officer
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PartnerRe Ltd.
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Source: PartnerRe Ltd.
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