- Net loss attributable to common shareholder of $108 million for the quarter (net income of $890 million for the full year 2019) and decline in book value to common shareholder of 1.1% in the quarter (16.4% increase for the full year, excluding dividends on common shares)
- Non-life combined ratio of 113.8% during the quarter (100.3% for the full year), including $133 million pre-tax losses (9.8 points) from Typhoon Hagibis and $82 million technical loss (5.3 points) in the agriculture line of business from higher attritional losses on the current accident year. Non-life net premiums written increased 16% to $1.14 billion for the quarter (18% increase for the year to $5.44 billion)
- Life and Health loss, including underwriting result and allocated net investment income, of $3 million for the quarter ($73 million profit for the year). Life and Health net premiums written increased 21% to $377 million (21% increase for the year to $1.47 billion)
- Total investment return of $208 million (1.2%) for the quarter, driven by $108 million net investment income (up 4% compared to the prior year) and $159 million net unrealized investment gains on equities
PartnerRe Ltd. ("the Company") today reported a net loss attributable to common shareholder of $108 million for the fourth quarter of 2019, which includes net realized and unrealized investment losses of $50 million on fixed maturities and short-term investments, primarily due to increases in world-wide risk free rates, and $78 million net foreign exchange losses. This compared to a net loss attributable to common shareholder of $32 million in the fourth quarter of 2018, which included net realized and unrealized investment gains on fixed maturities and short-term investments of $31 million and $66 million net foreign exchange gains.
Net income available to common shareholder was $890 million for the full year 2019, which includes net realized and unrealized investment gains on fixed maturities and short-term investments of $434 million, primarily due to decreases in world-wide risk free rates and credit spreads, and net foreign exchange losses of $87 million. This compared to a net loss attributable to common shareholder of $132 million for 2018, which included net realized and unrealized investment losses on fixed maturities and short-term investments of $376 million and $119 million net foreign exchange gains.
The majority of the Company's investments, including all fixed maturities, such as government bonds and investment grade corporate debt, are accounted for at fair value with changes in the fair value recorded in the Consolidated Statements of Operations.
Commenting on results, PartnerRe President and Chief Executive Officer Emmanuel Clarke said, "In the fourth quarter of 2019, our Non-Life combined ratio was impacted by losses related to Typhoon Hagibis and in the agriculture line of business, whose impact on book value has been mitigated by strong investment performance. Notwithstanding challenging Non-Life performance in the fourth quarter, the Company reported solid net income to common shareholder in 2019, driven by investments results and contribution from our Life and Health segment."
Mr. Clarke also added: "PartnerRe has taken actions to improve its Non-Life underwriting performance in 2020, leveraging improved Non-Life market conditions at the January renewal and ongoing portfolio optimization actions. With further margin improvement expected in our Non-Life portfolio during the course of the year, and continued growth in Life and Health, I am confident we will be able to deliver in 2020 solid growth in book value for our shareholder."
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Media Contact: Celia Powell
Investor Contact: Ryan Lipschutz