PartnerRe Ltd. Reports Fourth Quarter and Full Year 2020 Results

• Net income available to common shareholder of $206 million for the year and $204 million for the discrete fourth quarter
  
• Non-life underwriting result of $21 million (combined ratio of 98.6%) and Life and Health allocated underwriting profit of $22 million for the quarter
  
• Total investments and cash and cash equivalents grew 12.8% to above $20 billion for the first time, with a full-year return of 4.6%
  
• During January 2021, experienced significant growth in third party capital vehicles with total assets of over $1 billion
  
• Balance sheet remains strong with ample liquidity, total capital of $9.3 billion following the full redemption of the 5.875% Series F Preferred Shares, and cash and cash equivalents of $2.4 billion at the end of the fourth quarter

PEMBROKE, Bermuda, February 25, 2021 – PartnerRe Ltd. (“the Company”) today reported net income available to common shareholder of $204 million for the fourth quarter of 2020, which included net realized and unrealized investment gains of $20 million on fixed maturities and short-term investments, and $103 million of net foreign exchange losses, driven by the depreciation of the U.S. dollar against all major currencies including the Canadian dollar, British Pound and Swiss Franc. This compared to a net loss attributable to common shareholder of $108 million in the fourth quarter of 2019, which included net realized and unrealized investment losses on fixed maturities and short-term investments of $50 million and $78 million of net foreign exchange losses.

Net income available to common shareholder was $206 million for the full year 2020, which included net realized and unrealized investment gains on fixed maturities and short-term investments of $245 million, primarily due to decreases in world-wide risk free rates, and net foreign exchange losses of $52 million. This compared to a net income available to common shareholder of $890 million for 2019, which included net realized and unrealized investment gains on fixed maturities and short-term investments of $434 million and $87 million net foreign exchange losses.

Commenting on results, PartnerRe President and Chief Executive Officer Jacques Bonneau commented,

“The 2020 year brought exceptional challenges, and I am proud of our ability to remain resilient and deliver value to our clients, despite the ongoing COVID-19 pandemic and a record-breaking year of mid-sized weather events for the industry.”

Mr. Bonneau continued: “The 2021 underwriting year has started on a very positive note, and we have remained focused on the continued execution of our strategies to improve profitability in our January renewals. We are seeing positive rate movement in most, if not all of our lines of business and have also achieved significant growth in our third party capital vehicles, with total assets over $1 billion. We are positioned well by geographic and product line to capitalize on the improving underwriting environment and deliver value to our clients, capital partners and shareholder in the year ahead.”

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