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PartnerRe Ltd. (NYSE: PRE) today reported net income of $111.5 million, or $1.56 per share for the fourth quarter of 2012. This net income includes net after-tax realized and unrealized losses on investments of $7.4 million, or $0.12 per share. Net loss for the fourth quarter of 2011 was $17.6 million, or $0.49 per share, including net after-tax realized and unrealized gains on investments of $56.4 million, or $0.85 per share. The Company recorded operating earnings of $95.7 million, or $1.55 per share, for the fourth quarter of 2012. This compares to an operating loss of $137.7 million, or $2.06 per share, for the fourth quarter of 2011.
Net income for the full year 2012 was $1,134.5 million, or $16.87 per share. This net income includes net after-tax realized and unrealized gains on investments of $392.0 million, or $6.17 per share. Net loss for the full year 2011 was $520.3 million, or $8.40 per share, including net after-tax realized and unrealized gains on investments of $15.1 million, or $0.23 per share. Operating earnings for the full year 2012 were $663.8 million, or $10.43 per share. This compares to an operating loss of $641.6 million, or $9.50 per share, for the full year 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 fourth quarter and full year 2012, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We had a good fourth quarter, culminating in an excellent result for 2012. Despite the impact of Superstorm Sandy during the fourth quarter and the U.S. drought earlier in the year, we generated in excess of $660 million of operating income during the year, with a combined ratio of 87.8%, reflecting excellent underwriting results. Our investment portfolio did well, and we recorded significant gains during the year. This, together with our strong operating performance, resulted in book value per share growth of close to 19% for 2012.”