PartnerRe Ltd. (PRE, Financial) filed Quarterly Report for the period ended 2012-09-30.
Partnerre Ltd. has a market cap of $5.06 billion; its shares were traded at around $79 with a P/E ratio of 15.3 and P/S ratio of 1. The dividend yield of Partnerre Ltd. stocks is 3.1%.
an increase of $1,170 million in the Non-life underwriting result, which was primarily driven by the absence of large catastrophic losses in the nine months ended September 30, 2012 compared to losses of $1,346 million, net of retrocession, reinstatement premiums and profit commissions, related to the 2011 catastrophic events in the same period of 2011 and a lower level of mid-sized loss activity. This increase in the Non-life underwriting result was partially offset by large losses related to the U.S. drought of $85 million which impacted the agriculture line of business in the North America sub-segment in the nine months ended September 30, 2012. In addition, the lower level of net premiums earned in the nine months ended September 30, 2012 in the Catastrophe sub-segment, absent catastrophe losses, directly reduces the underwriting result; and
Operating earnings increased from $164 million in the three months ended September 30, 2011 to $244 million in the same period of 2012 and from a loss of $504 million in the nine months ended September 30, 2011 to an income of $568 million in the same period of 2012. The increase for both periods was primarily due to an increase in the Non-life underwriting result as described above, partially offset by an increase in income tax expense on the higher level of operating earnings and a decrease in net investment income due to lower reinvestment rates.
The presentation of operating earnings or loss available to common shareholders is a non-GAAP financial measure within the meaning of Regulation G and should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP (see Comment on Non-GAAP Measures). The table below provides a reconciliation of operating earnings or loss to the most comparable GAAP financial measure for the three months and nine months ended September 30, 2012 and 2011 (in millions of U.S. dollars):
Annualized Operating ROE increased from 10.3% in the three months ended September 30, 2011 to 18.4% in the same period of 2012 and from a loss of 10.6% in the nine months ended September 30, 2011 to an income of 13.9% in the same period of 2012. The increase in annualized Operating ROE was primarily due to the increase in operating earnings in the three months and nine months ended September 30, 2012 compared to the same periods of 2011, as described above. The factors contributing to increases or decreases in operating earnings are described further in Review of Net Income (Loss) below.
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Partnerre Ltd. has a market cap of $5.06 billion; its shares were traded at around $79 with a P/E ratio of 15.3 and P/S ratio of 1. The dividend yield of Partnerre Ltd. stocks is 3.1%.
Highlight of Business Operations:
The results for the three months and nine months ended September 30, 2012 and 2011 demonstrate this volatility. While the three months ended September 30, 2012 and 2011 and the nine months ended September 30, 2012 included no significant catastrophic losses, during the nine months ended September 30, 2011 the Company incurred losses of $1,403 million, net of retrocession, reinstatement premiums and profit commissions, related to the combined impact of the Japan earthquake and resulting tsunami (Japan Earthquake), the New Zealand earthquake that occurred in February 2011 (New Zealand Earthquake), aggregate contracts covering losses in Australia and New Zealand, U.S. tornadoes and the floods in Queensland, Australia (Australian Floods) (collectively, 2011 catastrophic events).an increase of $1,170 million in the Non-life underwriting result, which was primarily driven by the absence of large catastrophic losses in the nine months ended September 30, 2012 compared to losses of $1,346 million, net of retrocession, reinstatement premiums and profit commissions, related to the 2011 catastrophic events in the same period of 2011 and a lower level of mid-sized loss activity. This increase in the Non-life underwriting result was partially offset by large losses related to the U.S. drought of $85 million which impacted the agriculture line of business in the North America sub-segment in the nine months ended September 30, 2012. In addition, the lower level of net premiums earned in the nine months ended September 30, 2012 in the Catastrophe sub-segment, absent catastrophe losses, directly reduces the underwriting result; and
Operating earnings increased from $164 million in the three months ended September 30, 2011 to $244 million in the same period of 2012 and from a loss of $504 million in the nine months ended September 30, 2011 to an income of $568 million in the same period of 2012. The increase for both periods was primarily due to an increase in the Non-life underwriting result as described above, partially offset by an increase in income tax expense on the higher level of operating earnings and a decrease in net investment income due to lower reinvestment rates.
The presentation of operating earnings or loss available to common shareholders is a non-GAAP financial measure within the meaning of Regulation G and should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP (see Comment on Non-GAAP Measures). The table below provides a reconciliation of operating earnings or loss to the most comparable GAAP financial measure for the three months and nine months ended September 30, 2012 and 2011 (in millions of U.S. dollars):
Annualized Operating ROE increased from 10.3% in the three months ended September 30, 2011 to 18.4% in the same period of 2012 and from a loss of 10.6% in the nine months ended September 30, 2011 to an income of 13.9% in the same period of 2012. The increase in annualized Operating ROE was primarily due to the increase in operating earnings in the three months and nine months ended September 30, 2012 compared to the same periods of 2011, as described above. The factors contributing to increases or decreases in operating earnings are described further in Review of Net Income (Loss) below.
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