First Quarter Operating Earnings per share of $3.39; Net Income per share of $3.53
First Quarter Annualized Operating ROE of 13.5%; Annualized Net Income ROE of 14.0%
Book value of $102.96 per share, up 2.1% for the quarter
Tangible Book Value of $92.91 per share, up 2.3% for the quarter
PEMBROKE, Bermuda–(BUSINESS WIRE)– PartnerRe Ltd. (NYSE: PRE) today reported net income available to common shareholders of $210.5 million, or $3.53 per share for the first quarter of 2013. This includes net after-tax realized and unrealized gains on investments of $12.3 million, or $0.20 per share. Net income available to common shareholders for the first quarter of 2012 was $344.7 million, or $5.24 per share, including net after-tax realized and unrealized gains on investments of $159.2 million, or $2.42 per share. The Company recorded operating earnings of $202.1 million, or $3.39 per share, for the first quarter of 2013. This compares to operating earnings of $181.7 million, or $2.76 per share, for the first quarter of 2012.
Operating earnings or loss excludes certain net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, certain net after-tax interest in results of equity investments and the loss on redemption of preferred shares, and is calculated after the payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.
Commenting on results for the first quarter, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We began 2013 with a very good first quarter result, driven by strong underwriting performance, generating a Non-life combined ratio of 81.7%, and growth in our underlying portfolio. This, combined with modest gains in our investment portfolio resulted in book value growth of more than 2% for the quarter.”
“Reinsurance markets are evolving rapidly and present challenges. While underlying primary pricing continues to improve, reinsurance competition has intensified in recent months. As always our underwriting decisions over the coming months will be guided by careful evaluation of risks and returns.” Mr. Miranthis added. “The recently announced organizational changes position us to effectively and efficiently focus on markets that continue to provide opportunities to generate attractive returns.”
