Key Financial Statements Data

As of December 31, (expressed in millions of U.S. dollars)

Balance Sheet Data201720162015
Total investments, funds held – directly managed and cash and cash equivalents$16,96316,853$16,455
Total assets$22,981$21,939$21,406
Unpaid losses and loss expenses$9,710$10,969$11,117
Total shareholders’ equity attributable to PartnerRe Ltd.$6,745$6,688$6,901
Total capital$8,193$8,025$7,714
Book value$6,041$5,984$6,047

For the years ended December 31, (expressed in millions of U.S. dollars)

Operating Data201720162015
Gross premiums written$5,588$5,357$5,548
Net premiums written$5,120$4,953$5,230
Net premiums earned$5,025$4,970$5,269
Net investment income$402$411$450
Total revenues$5,675$5,422$5,431
Net income available to common shareholders1$250$517$453
Net income ROE14.2%8.6%7.4%
Operating earnings available to common shareholders1$26$413$749
Operating return on average common shareholders’ equity1.4%6.9%12.2%

1Data adjusted by transaction and reorganization costs. Transaction costs include costs incurred related primarily to the Aurigen acquisition in 2017; Exor acquisition in 2016; the terminated amalgamation with Axis Capital in 2015; the losses on redemption of Aurigen debt in 2017 and senior notes and preferred shares in 2016; and the negotiated earn-out consideration paid to the former shareholders of Presidio Reinsurance Group, Inc. in 2015.

Non-life Ratios201720162015
Loss ratio69.8%60.3%54.0%
Acquisition ratio26.7%27.4%26.2%
Other expense ratio2.8%5.9%5.4%
Combined ratio99.3%93.6%85.6%

Net Premiums Earned201720162015
Total Non-life$3,688$3,853$4,060
Life and Health$1,337$1,117$1,209
Total$5,025$4,970$5,269
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