This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PartnerRe Ltd. Reports Third Quarter And Nine Month 2012 Results

Regulatory News:

PartnerRe Ltd. (NYSE, Euronext: PRE) today reported net income of $486.7 million, or $7.53 per share for the third quarter of 2012. This net income includes net after-tax realized and unrealized gains on investments of $221.8 million, or $3.55 per share. Net income for the third quarter of 2011 was $180.1 million, or $2.43 per share, including net after-tax realized and unrealized gains on investments of $6.2 million, or $0.09 per share. The Company recorded operating earnings of $244.4 million, or $3.90 per share, for the third quarter of 2012. This compares to operating earnings of $164.5 million, or $2.41 per share, for the third quarter of 2011.

Net income for the first nine months of 2012 was $1,023.0 million, or $15.19 per share. This net income includes net after-tax realized and unrealized gains on investments of $399.4 million, or $6.21 per share. Net loss for the first nine months of 2011 was $502.6 million, or $7.88 per share, including net after-tax realized and unrealized losses on investments of $41.3 million, or $0.61 per share. Operating earnings for the first nine months of 2012 were $568.1 million, or $8.84 per share. This compares to an operating loss of $503.9 million, or $7.43 per share, for the first nine months of 2011.

Operating earnings or loss excludes net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, and certain net after-tax interest in results of equity investments, 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 third quarter of 2012, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We had an excellent third quarter, generating an operating return on equity of 18%, driven by strong underwriting results and below average large loss experience. All in for the first nine months of 2012, our solid underwriting performance resulted in a Non-life combined ratio of 85.1% and an operating return on equity of 14%. While net investment income reflects the continued difficult investment environment, we recorded significant gains in our investment portfolio due to tightening credit spreads, improved equity markets and lower risk free rates. As a result we grew our book value per share over 8% in the quarter and 17% year-to-date.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs