PartnerRe Ltd. Reports Third Quarter and Nine Month 2021 Results

• Net income available to common shareholders of $70 million for the third quarter and $317 million for the nine months

• Non-life combined ratio of 99.8% for the third quarter and 95.0% for the nine months and Life and Health allocated underwriting result of $22 million and $65 million for the same periods

• Net premiums written were up 12% for the quarter and 16% for the nine months, driven by growth in the P&C segment, for lines of business that experienced rate increases, and in the Life and Health segment for growth in the long-term protection business

• Large catastrophic losses were $297 million for the third quarter and $417 million for the first nine months, and included the impacts of Winter Storm Uri, Hurricane Ida, European Floods and losses on aggregate covers related to these events
  
  
• Cash provided by operating activities was up 42.0% for the third quarter to $428 million and 10.1% for the nine months to $860 million
  
  
• On October 28, 2021, EXOR Nederland N.V. and Covéa Coopérations S.A. announced they entered into a memorandum of understanding for the sale of PartnerRe to Covéa, subject to required approvals, with an expected completion in mid-2022

PartnerRe Ltd. ("the Company") today reported net income available to common shareholder of $70 million for the third quarter of 2021, compared to income of $206 million for the same period of 2020. Net income available to common shareholder was $317 million for the first nine months of 2021, compared to income of $2 million for the same period of 2020.

Operating income was $54 million for the third quarter of 2021, compared to operating income of $18 million for the same period of 2020. Operating income for the first nine months of 2021 was $246 million compared to an operating loss of $209 million for the same period of 2020. Operating income for the third quarter and first nine months of 2021 improved over the same periods of 2020 as a result of improvements in current accident year attritional loss ratios.

Operating income (loss) is a non-GAAP financial measure defined by the Company as net income or loss available to common shareholder and excludes after-tax net realized and unrealized investment gains and losses, foreign exchange gains and losses, interest in results of equity method investments, prior years' reserves development subject to adverse development cover, and loss on redemption of preferred shares. The Company calculates annualized operating ROE using Operating income (loss) for the period divided by the average common shareholder's equity outstanding for the period. See "Non-GAAP Financial Measures - Regulation G" for a reconciliation of non-GAAP measures.

On October 28, 2021, EXOR Nederland N.V. (Exor) and Covéa Coopérations S.A. (Covéa) announced they entered into a memorandum of understanding under which, following completion of Covéa’s required consultation with works councils in France, the parties would enter into a definitive agreement for Covéa to acquire the Company (the Covéa Acquisition). The Covéa Acquisition is subject to customary closing conditions, including antitrust, regulatory and other approvals.

PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “Despite an active quarter for catastrophic activity, we delivered positive operating income during the third quarter of 2021, demonstrating the continued positive financial impacts of our portfolio optimization, especially on the current accident year attritional loss ratio. With a profitable underwriting result across all of our segments for the first nine months of 2021, and the strength of our capital and liquidity positions, we are well positioned for the renewal season. As we look forward to 2022, our strong capital base along with over $1 billion in third party capital assets under management leaves us poised to remain a valuable, responsive reinsurance partner.” Please click here to access the PartnerRe News page for the full release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109005782/en/