Points to net unrealised losses of $1.8 billion on the asset side of its balance sheet as Bonneau cites improving underwriting conditions 

PartnerRe has reported a net loss of $1.1 billion for the full year 2022, compared to income of $679m for the same period of 2021.

Operating income for the full year 2022 was $809m compared to an operating income of $545m for the same period of 2021, an increase of 48%. Operating income for the fourth quarter and the full year 2022 improved over the same periods of 2021 as a result of improvements in the underwriting results.

For the fourth quarter, net income was $433m, compared to income of $362m for the same period of 2021, an increase of 20%. 

PartnerRe president and chief executive Jacques Bonneau commented, “Our operating performance for the fourth quarter of 2022 was excellent, with operating income of $370 million.

Bullish outlook as market hardens

“Our annual operating performance also maintained its positive momentum, and operating income ROE was 12.0% for the year.

“In addition to solid underwriting results, during 2022 we grew net investment income by almost 6% as we continued to reinvest available cash at rates that are meaningfully higher than our existing book yield.

He said the reinsurer was able capitalise on the attractive rate environment for the most recent 1 January renewals. 

“We grew our production premium base by 9% over January 1st, 2022 levels while at the same time improving the portfolio through higher attachment points on our property catastrophe portfolio, tighter terms and conditions and increased rates above inflation trends over a meaningful portion of the portfolio,” continued Bonneau.

”We continued to execute on responding to our clients and our distribution partners once we received the necessary data to complete our analysis of risk.”

French insurance giant Covéa finalised its $9 billion acquisition of PartnerRe from privately-owned Italian conglomerage Exor in July 2022. Thierry Derez, chief executive of Covéa Group, replaced Brian Dowd as chairman of the company’s Board of Directors.