Bermuda-primarily based PartnerRe Ltd. reported a net income
of $295.7 million, or $5.sixty one according to share for the first region of
2014. This includes net after-tax found out and unrealized profits on
investments of $a hundred and fifteen.8 million, or $2.20 in line with share.
internet profits for the first sector of 2013 changed into $210.five million,
or $3.fifty three consistent with proportion, inclusive of internet after-tax
found out and unrealized profits on investments of $12.3 million, or $0.20 in
line with percentage.
The corporation additionally suggested working earnings,
which excludes capital gains/losses and certain other items, of $176.9 million,
or $3.36 in step with share, for the first quarter of 2014, in comparison to
$202.1 million, or $three.39 in line with proportion, for the first area of
2013.
PartnerRe listed the subsequent highlights for the first
area of 2014 as compared to the same length in 2013:
— net premiums written of $1.7 billion had been up 6
percent. The growth become driven via the North the us and international
distinctiveness Non-existence sub-segments, and the existence and health phase.
The increase become in general pushed by means of the agriculture and credit
score/surety strains of enterprise in the North america Non-lifestyles
sub-phase, the multi-line and agriculture strains of commercial enterprise
within the international forte Non-lifestyles sub-segment and PartnerRe
fitness’s accident and health line of business in the life and fitness phase.
those increases were partly offset with the aid of decreases inside the
catastrophe and global (Non-U.S.) % Non-existence sub-segments.
— net premiums earned of $1.3 billion have been up nine
percent, or 10 percent on a regular forex foundation. The growth became by and
large pushed via the earning of recent business written in 2013 within the
North the united states, worldwide (Non-U.S.) p.c and international uniqueness
Non-life sub-segments and the lifestyles and fitness phase.
— The Non-existence blended ratio became 83.9 percent. The
combined ratio benefited from favorable prior 12 months improvement of
sixteen.6 factors (or $164 million). All Non-existence sub-segments experienced
net favorable development on previous coincidence years during the first sector
of 2014.
— internet investment income of $117 million was down 6
percentage. The decrease in internet funding income mostly reflects lower
reinvestment quotes.
— Pre-tax net realized and unrealized investment gains had
been $142 million commonly reflecting decreases in longer-term chance-loose
hobby fees and narrowing credit score spreads.
— The effective tax charge on running earnings and
non-running earnings was 14 percent and 20 percent, respectively.
President & CEO Costas Miranthis commented: “i'm
thrilled to record a robust start to 2014, with first zone outcomes reflecting
stable underwriting overall performance and progressed monetary markets. On a
dividend adjusted basis, we grew tangible e book cost according to share with
the aid of 5.four percent.
“we're starting to see the impact of our efforts to
profitably diversify our portfolio into new strains together with fitness and
mortgage business. i am assured that our ability to locate new, attractive
groups coupled with our excellent franchise, robust customer relationships and
advanced balance sheet function us to compete correctly in an in any other case
hard running environment.”
The income file additionally indexed the subsequent
stability sheet and capitalization figures:
— total investments, coins and finances held – without delay
managed were $17.5 billion at March 31, 2014, comparable to December 31, 2013.
— net Non-existence loss and loss expense reserves were
$10.three billion at March 31, 2014, down 1 percent in comparison to December
31, 2013.
— internet policy blessings for existence and annuity contracts
had been $2.1 billion at March 31, 2014, up 7 percent as compared to December
31, 2013.
— overall capital was $7.6 billion at March 31, 2014, up 1
percentage compared to December 31, 2013 basically driven with the aid of net
profits for the zone, which become partly offset with the aid of proportion
repurchases and not unusual and desired dividend bills.
The organization also repurchased about 1.8 million common
stocks at a total value of approximately $a hundred and eighty million for the
duration of the first region of 2014. The average repurchase fee of $ninety
nine.seventy six according to percentage represents an 8.7 percent discount to
diluted e-book value according to proportion at December 31, 2013. on the
grounds that April 1, 2014, the employer has repurchased 450 thousand
commonplace shares at a total value of approximately $forty six million. As of
April 28, 2014, about 2.7 million not unusual stocks remained under the present
day repurchase authorization.
general shareholders’ equity because of PartnerRe changed
into $6.eight billion at March 31, 2014, up 1 percent as compared to December
31, 2013. The growth turned into pushed by the factors described above for
overall capital.
e book cost in keeping with not unusual share turned into
$114.thirteen at March 31, 2014, a report high for PartnerRe, up 4.5 percent in
comparison to $109.26 at December 31, 2013. Tangible book price consistent with
commonplace proportion changed into $103.10 at March 31, 2014, up four.7
percent compared to $98.forty nine at December 31, 2013. The increases have
been mostly pushed with the aid of net profits, which was partially offset by
commonplace and preferred dividend payments.
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