Exhibit | Description of Exhibit | |||||||
99.1 | Press Release and Supplementary Financial Information – PartnerRe Ltd. third quarter results, dated November 9, 2022 | |||||||
PartnerRe Ltd. | ||||||||||||||||||||||||||
(Registrant) | ||||||||||||||||||||||||||
Date: | November 9, 2022 | By: | /s/ Abina Kealy | |||||||||||||||||||||||
Name: Abina Kealy | ||||||||||||||||||||||||||
Title: Chief Financial Officer |
Exhibit | Description of Exhibit | |||||||
99.1 | Press Release and Supplementary Financial Information – PartnerRe Ltd. third quarter results, dated November 9, 2022 | |||||||
Operating income is a non-GAAP financial measure. See "Non-GAAP Financial Measures - Regulation G" for a reconciliation of non-GAAP measures. |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 1 |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 2 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Catastrophic and man-made event losses | $ | 408 | $ | 333 | $ | 539 | $ | 463 | |||||||||||||||
Impact on combined ratio | |||||||||||||||||||||||
P&C | 32.0 | ppts | 29.2 | ppts | 14.0 | ppts | 14.4 | ppts | |||||||||||||||
Specialty | 17.5 | ppts | 11.0 | ppts | 11.0 | ppts | 3.4 | ppts | |||||||||||||||
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 3 |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 4 |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 5 |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 6 |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 7 |
Contacts: | PartnerRe Ltd. | |||||||
(441) 292-0888 | ||||||||
Investor Contact: Ryan Lipschutz | ||||||||
Media Contact: Celia Powell |
PartnerRe Ltd. Wellesley House, 5th Floor 90 Pitts Bay Road Pembroke, Bermuda HM 08 | Telephone +1 441 292 0888 Fax +1 441 292 6080 www.partnerre.com | 8 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 1,958,876 | $ | 1,898,173 | $ | 6,935,762 | $ | 6,404,969 | |||||||||||||||
Net premiums written | $ | 1,704,980 | $ | 1,611,957 | $ | 5,958,836 | $ | 5,454,565 | |||||||||||||||
Decrease (increase) in unearned premiums | 161,692 | 194,859 | (586,389) | (317,361) | |||||||||||||||||||
Net premiums earned | 1,866,672 | 1,806,816 | 5,372,447 | 5,137,204 | |||||||||||||||||||
Net investment income | 101,814 | 101,672 | 284,385 | 283,482 | |||||||||||||||||||
Net realized and unrealized investment (losses) gains | (431,974) | (36,565) | (2,157,330) | 43,396 | |||||||||||||||||||
Other income | 8,428 | 6,652 | 26,551 | 19,791 | |||||||||||||||||||
Total revenues | 1,544,940 | 1,878,575 | 3,526,053 | 5,483,873 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Losses and loss expenses | 1,518,289 | 1,437,823 | 3,698,278 | 3,845,967 | |||||||||||||||||||
Acquisition costs | 370,433 | 323,361 | 1,124,849 | 975,746 | |||||||||||||||||||
Other expenses | 115,948 | 94,368 | 299,446 | 278,157 | |||||||||||||||||||
Interest expense | 13,805 | 13,948 | 41,297 | 41,922 | |||||||||||||||||||
Amortization of intangible assets | 2,182 | 2,184 | 6,684 | 6,661 | |||||||||||||||||||
Net foreign exchange (gains) losses | (84,151) | (46,390) | (97,051) | 12,310 | |||||||||||||||||||
Total expenses | 1,936,506 | 1,825,294 | 5,073,503 | 5,160,763 | |||||||||||||||||||
(Loss) income before taxes and interest in (losses) earnings of equity method investments | (391,566) | 53,281 | (1,547,450) | 323,110 | |||||||||||||||||||
Income tax benefit (expense) | 16,284 | 1,380 | 15,148 | (21,677) | |||||||||||||||||||
Interest in (losses) earnings of equity method investments | (9,428) | 17,541 | 6,965 | 57,466 | |||||||||||||||||||
Net (loss) income | (384,710) | 72,202 | (1,525,337) | 358,899 | |||||||||||||||||||
Preferred dividends | 2,437 | 2,437 | 7,313 | 20,255 | |||||||||||||||||||
Loss on redemption of preferred shares | — | — | — | 21,234 | |||||||||||||||||||
Net (loss) income attributable to common shareholder | $ | (387,147) | $ | 69,765 | $ | (1,532,650) | $ | 317,410 | |||||||||||||||
Comprehensive (loss) income | |||||||||||||||||||||||
Net (loss) income | $ | (384,710) | $ | 72,202 | $ | (1,525,337) | $ | 358,899 | |||||||||||||||
Change in currency translation adjustment | (55,172) | (33,091) | (66,133) | 33,772 | |||||||||||||||||||
Change in net unrealized gains or losses on investments, net of tax | — | — | — | (128) | |||||||||||||||||||
Change in unfunded pension obligation, net of tax | 142 | 320 | 408 | 1,477 | |||||||||||||||||||
Comprehensive (loss) income | $ | (439,740) | $ | 39,431 | $ | (1,591,062) | $ | 394,020 |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturities, at fair value | $ | 12,565,556 | $ | 14,071,274 | |||||||
Short-term investments, at fair value | 419,276 | 205,146 | |||||||||
Equities, at fair value | 873,550 | 1,751,584 | |||||||||
Investments in real estate | 54,722 | 67,539 | |||||||||
Other invested assets | 3,314,991 | 3,601,245 | |||||||||
Total investments | 17,228,095 | 19,696,788 | |||||||||
Cash and cash equivalents | 868,178 | 660,897 | |||||||||
Accrued investment income | 113,274 | 94,997 | |||||||||
Reinsurance balances receivable | 3,648,433 | 3,063,153 | |||||||||
Reinsurance recoverable on paid and unpaid losses | 1,952,801 | 1,787,493 | |||||||||
Prepaid reinsurance premiums | 398,755 | 216,338 | |||||||||
Funds held by reinsured companies | 444,946 | 561,576 | |||||||||
Deferred acquisition costs | 1,014,782 | 920,779 | |||||||||
Deposit assets | 84,489 | 109,528 | |||||||||
Net tax assets | 159,944 | 154,472 | |||||||||
Goodwill | 456,380 | 456,380 | |||||||||
Intangible assets | 91,976 | 98,818 | |||||||||
Other assets | 173,569 | 208,652 | |||||||||
Total assets | $ | 26,635,622 | $ | 28,029,871 | |||||||
Liabilities | |||||||||||
Non-life reserves | $ | 12,419,381 | $ | 12,047,792 | |||||||
Life and health reserves | 2,362,020 | 2,638,086 | |||||||||
Unearned premiums | 3,156,412 | 2,501,161 | |||||||||
Other reinsurance balances payable | 699,956 | 744,735 | |||||||||
Debt | 1,779,927 | 1,897,499 | |||||||||
Deposit liabilities | 4,349 | 5,077 | |||||||||
Net tax liabilities | 35,914 | 90,974 | |||||||||
Accounts payable, accrued expenses and other (1) | 409,946 | 560,561 | |||||||||
Total liabilities | 20,867,905 | 20,485,885 | |||||||||
Shareholders’ Equity | |||||||||||
Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) | — | — | |||||||||
Preferred shares (par value $1.00; issued and outstanding: 8,000,000 shares; aggregate liquidation value: $200,000) | 8,000 | 8,000 | |||||||||
Additional paid-in capital | 1,929,934 | 1,929,934 | |||||||||
Accumulated other comprehensive loss | (95,431) | (29,706) | |||||||||
Retained earnings | 3,925,214 | 5,635,758 | |||||||||
Total shareholders’ equity | 5,767,717 | 7,543,986 | |||||||||
Total liabilities and shareholders’ equity | $ | 26,635,622 | $ | 28,029,871 |
For the three months ended | For the nine months ended | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 213,459 | $ | 428,279 | $ | 897,160 | $ | 859,644 | ||||||||||||||||||
Net cash used in investing activities | (90,961) | (581,777) | (457,277) | (1,969,320) | ||||||||||||||||||||||
Net cash used in financing activities | (8,784) | (109,104) | (191,553) | (570,857) | ||||||||||||||||||||||
Effect of foreign exchange rate changes on cash | (19,646) | (6,670) | (41,049) | (16,304) | ||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 94,068 | (269,272) | 207,281 | (1,696,837) | ||||||||||||||||||||||
Cash and cash equivalents - beginning of period | 774,110 | 923,268 | 660,897 | 2,350,833 | ||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 868,178 | $ | 653,996 | $ | 868,178 | $ | 653,996 |
For the three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,096 | $ | 451 | $ | 1,547 | $ | 412 | $ | — | $ | 1,959 | ||||||||||||||||||||||||||
Net premiums written | $ | 905 | $ | 393 | $ | 1,298 | $ | 407 | $ | — | $ | 1,705 | ||||||||||||||||||||||||||
Decrease in unearned premiums | 148 | 12 | 160 | 2 | — | 162 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 1,053 | $ | 405 | $ | 1,458 | $ | 409 | $ | — | $ | 1,867 | ||||||||||||||||||||||||||
Losses and loss expenses | (907) | (275) | (1,182) | (336) | — | (1,518) | ||||||||||||||||||||||||||||||||
Acquisition costs | (250) | (94) | (344) | (27) | — | (371) | ||||||||||||||||||||||||||||||||
Technical result | $ | (104) | $ | 36 | $ | (68) | $ | 46 | $ | — | $ | (22) | ||||||||||||||||||||||||||
Other income | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||
Other expenses | (23) | (9) | (32) | (24) | (60) | (116) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | (127) | $ | 27 | $ | (100) | $ | 30 | n/a | $ | (130) | |||||||||||||||||||||||||||
Net investment income | 18 | 84 | 102 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 48 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (432) | (432) | ||||||||||||||||||||||||||||||||||||
Interest expense | (14) | (14) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange gains | 84 | 84 | ||||||||||||||||||||||||||||||||||||
Income tax benefit | 16 | 16 | ||||||||||||||||||||||||||||||||||||
Interest in losses of equity method investments | (9) | (9) | ||||||||||||||||||||||||||||||||||||
Net loss | n/a | $ | (385) | |||||||||||||||||||||||||||||||||||
Loss ratio (1) | 86.1 | % | 67.9 | % | 81.1 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio (2) | 23.7 | 23.2 | 23.6 | |||||||||||||||||||||||||||||||||||
Technical ratio (3) | 109.8 | % | 91.1 | % | 104.7 | % | ||||||||||||||||||||||||||||||||
Other expense ratio (4) | 2.2 | 2.2 | 2.2 | |||||||||||||||||||||||||||||||||||
Combined ratio (5) | 112.0 | % | 93.3 | % | 106.9 | % | ||||||||||||||||||||||||||||||||
For the three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,052 | $ | 463 | $ | 1,515 | $ | 383 | $ | — | $ | 1,898 | ||||||||||||||||||||||||||
Net premiums written | $ | 825 | $ | 407 | $ | 1,232 | $ | 380 | $ | — | $ | 1,612 | ||||||||||||||||||||||||||
Decrease in unearned premiums | 145 | 47 | 192 | 3 | — | 195 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 970 | $ | 454 | $ | 1,424 | $ | 383 | $ | — | $ | 1,807 | ||||||||||||||||||||||||||
Losses and loss expenses | (806) | (297) | (1,103) | (335) | — | (1,438) | ||||||||||||||||||||||||||||||||
Acquisition costs | (204) | (88) | (292) | (31) | — | (323) | ||||||||||||||||||||||||||||||||
Technical result | $ | (40) | $ | 69 | $ | 29 | $ | 17 | $ | — | $ | 46 | ||||||||||||||||||||||||||
Other income | — | — | — | 6 | 1 | 7 | ||||||||||||||||||||||||||||||||
Other expenses | (17) | (8) | (25) | (21) | (48) | (94) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | (57) | $ | 61 | $ | 4 | $ | 2 | n/a | $ | (41) | |||||||||||||||||||||||||||
Net investment income | 20 | 82 | 102 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 22 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (37) | (37) | ||||||||||||||||||||||||||||||||||||
Interest expense | (14) | (14) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (3) | (3) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange gains | 46 | 46 | ||||||||||||||||||||||||||||||||||||
Income tax benefit | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 18 | 18 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 72 | |||||||||||||||||||||||||||||||||||
Loss ratio (1) | 83.1 | % | 65.4 | % | 77.5 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio (2) | 21.0 | 19.4 | 20.5 | |||||||||||||||||||||||||||||||||||
Technical ratio (3) | 104.1 | % | 84.8 | % | 98.0 | % | ||||||||||||||||||||||||||||||||
Other expense ratio (4) | 1.8 | 1.8 | 1.8 | |||||||||||||||||||||||||||||||||||
Combined ratio (5) | 105.9 | % | 86.6 | % | 99.8 | % |
For the nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 4,135 | $ | 1,529 | $ | 5,664 | $ | 1,272 | $ | — | $ | 6,936 | ||||||||||||||||||||||||||
Net premiums written | $ | 3,439 | $ | 1,269 | $ | 4,708 | $ | 1,251 | $ | — | $ | 5,959 | ||||||||||||||||||||||||||
Increase in unearned premiums | (569) | (16) | (585) | (2) | — | (587) | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 2,870 | $ | 1,253 | $ | 4,123 | $ | 1,249 | $ | — | $ | 5,372 | ||||||||||||||||||||||||||
Losses and loss expenses | (1,838) | (771) | (2,609) | (1,089) | — | (3,698) | ||||||||||||||||||||||||||||||||
Acquisition costs | (739) | (306) | (1,045) | (80) | — | (1,125) | ||||||||||||||||||||||||||||||||
Technical result | $ | 293 | $ | 176 | $ | 469 | $ | 80 | $ | — | $ | 549 | ||||||||||||||||||||||||||
Other income | — | — | — | 26 | 1 | 27 | ||||||||||||||||||||||||||||||||
Other expenses | (62) | (26) | (88) | (68) | (143) | (299) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 231 | $ | 150 | $ | 381 | $ | 38 | n/a | $ | 277 | |||||||||||||||||||||||||||
Net investment income | 54 | 230 | 284 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 92 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (2,157) | (2,157) | ||||||||||||||||||||||||||||||||||||
Interest expense | (41) | (41) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (7) | (7) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange gains | 97 | 97 | ||||||||||||||||||||||||||||||||||||
Income tax benefit | 15 | 15 | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 7 | 7 | ||||||||||||||||||||||||||||||||||||
Net loss | n/a | $ | (1,525) | |||||||||||||||||||||||||||||||||||
Loss ratio | 64.0 | % | 61.5 | % | 63.3 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio | 25.7 | 24.4 | 25.3 | |||||||||||||||||||||||||||||||||||
Technical ratio | 89.7 | % | 85.9 | % | 88.6 | % | ||||||||||||||||||||||||||||||||
Other expense ratio | 2.2 | 2.1 | 2.1 | |||||||||||||||||||||||||||||||||||
Combined ratio | 91.9 | % | 88.0 | % | 90.7 | % | ||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 3,695 | $ | 1,496 | $ | 5,191 | $ | 1,214 | $ | — | $ | 6,405 | ||||||||||||||||||||||||||
Net premiums written | $ | 2,949 | $ | 1,308 | $ | 4,257 | $ | 1,198 | $ | — | $ | 5,455 | ||||||||||||||||||||||||||
(Increase) decrease in unearned premiums | (344) | 27 | (317) | (1) | — | (318) | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 2,605 | $ | 1,335 | $ | 3,940 | $ | 1,197 | $ | — | $ | 5,137 | ||||||||||||||||||||||||||
Losses and loss expenses | (1,916) | (875) | (2,791) | (1,055) | — | (3,846) | ||||||||||||||||||||||||||||||||
Acquisition costs | (621) | (263) | (884) | (91) | — | (975) | ||||||||||||||||||||||||||||||||
Technical result | $ | 68 | $ | 197 | $ | 265 | $ | 51 | $ | — | $ | 316 | ||||||||||||||||||||||||||
Other income | — | — | — | 19 | 1 | 20 | ||||||||||||||||||||||||||||||||
Other expenses | (51) | (20) | (71) | (64) | (143) | (278) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 17 | $ | 177 | $ | 194 | $ | 6 | n/a | $ | 58 | |||||||||||||||||||||||||||
Net investment income | 59 | 225 | 284 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 65 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 43 | 43 | ||||||||||||||||||||||||||||||||||||
Interest expense | (42) | (42) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (7) | (7) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (12) | (12) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (22) | (22) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 57 | 57 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 359 | |||||||||||||||||||||||||||||||||||
Loss ratio | 73.6 | % | 65.5 | % | 70.8 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio | 23.8 | 19.7 | 22.4 | |||||||||||||||||||||||||||||||||||
Technical ratio | 97.4 | % | 85.2 | % | 93.2 | % | ||||||||||||||||||||||||||||||||
Other expense ratio | 2.0 | 1.5 | 1.8 | |||||||||||||||||||||||||||||||||||
Combined ratio | 99.4 | % | 86.7 | % | 95.0 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||
U.S. government | $ | 868,224 | 5 | % | $ | 1,210,113 | 6 | % | |||||||||||||||
U.S. government sponsored enterprises | 944,102 | 6 | 908,659 | 5 | |||||||||||||||||||
U.S. states, territories and municipalities | 63,565 | — | 108,059 | 1 | |||||||||||||||||||
Non-U.S. sovereign government, supranational and government related | 1,676,693 | 10 | 2,181,127 | 11 | |||||||||||||||||||
Corporate bonds | 5,471,893 | 32 | 5,441,908 | 28 | |||||||||||||||||||
Mortgage/asset-backed securities | 3,541,079 | 21 | 4,221,408 | 21 | |||||||||||||||||||
Total fixed maturities | 12,565,556 | 74 | 14,071,274 | 72 | |||||||||||||||||||
Short-term investments | 419,276 | 2 | 205,146 | 1 | |||||||||||||||||||
Equities | 873,550 | 5 | 1,751,584 | 9 | |||||||||||||||||||
Investments in real estate | 54,722 | — | 67,539 | — | |||||||||||||||||||
Other invested assets (1) | 3,314,991 | 19 | 3,601,245 | 18 | |||||||||||||||||||
Total investments | $ | 17,228,095 | 100 | % | $ | 19,696,788 | 100 | % | |||||||||||||||
Cash and cash equivalents | 868,178 | 660,897 | |||||||||||||||||||||
Total investments and cash and cash equivalents | $ | 18,096,273 | $ | 20,357,685 | |||||||||||||||||||
Maturity distribution: | |||||||||||||||||||||||
One year or less | $ | 1,632,029 | 13 | % | $ | 1,086,283 | 8 | % | |||||||||||||||
More than one year through five years | 5,005,558 | 38 | 4,235,065 | 29 | |||||||||||||||||||
More than five years through ten years | 1,515,117 | 12 | 2,971,089 | 21 | |||||||||||||||||||
More than ten years | 1,291,049 | 10 | 1,762,575 | 12 | |||||||||||||||||||
Subtotal | 9,443,753 | 73 | 10,055,012 | 70 | |||||||||||||||||||
Mortgage/asset-backed securities | 3,541,079 | 27 | 4,221,408 | 30 | |||||||||||||||||||
Total fixed maturities and short-term investments | $ | 12,984,832 | 100 | % | $ | 14,276,420 | 100 | % | |||||||||||||||
Credit quality by market value (Total fixed maturities and short-term investments): | |||||||||||||||||||||||
AAA | $ | 1,484,634 | 12 | % | $ | 1,902,640 | 13 | % | |||||||||||||||
AA | 5,712,235 | 44 | 6,751,903 | 47 | |||||||||||||||||||
A | 1,963,874 | 15 | 1,750,574 | 13 | |||||||||||||||||||
BBB | 3,510,358 | 27 | 3,398,661 | 24 | |||||||||||||||||||
Below Investment Grade/Unrated | 313,731 | 2 | 472,642 | 3 | |||||||||||||||||||
$ | 12,984,832 | 100 | % | $ | 14,276,420 | 100 | % | ||||||||||||||||
Expected average duration | 3.8Yrs | 4.0Yrs | |||||||||||||||||||||
Average yield to maturity at market | 5.3 | % | 2.7 | % | |||||||||||||||||||
Average credit quality | A+ | AA- |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Fair Value | Percentage of Fair Value of Corporate Bonds | Percentage of Invested Assets and cash | Largest single issuer as a percentage of Invested Assets and cash | ||||||||||||||||||||||||||||||||
Distribution by sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Financial | $ | 1,521,995 | 27.8 | % | 8.4 | % | 0.6 | % | |||||||||||||||||||||||||||
Consumer cyclical | 643,159 | 11.8 | 3.6 | 0.3 | % | ||||||||||||||||||||||||||||||
Real estate | 529,742 | 9.7 | 3.0 | 0.2 | % | ||||||||||||||||||||||||||||||
Industrial | 501,156 | 9.2 | 2.8 | 0.2 | % | ||||||||||||||||||||||||||||||
Consumer non-cyclical | 500,428 | 9.1 | 2.8 | 0.2 | % | ||||||||||||||||||||||||||||||
Utilities | 491,919 | 9.0 | 2.7 | 0.4 | % | ||||||||||||||||||||||||||||||
Communications | 349,509 | 6.4 | 1.9 | 0.3 | % | ||||||||||||||||||||||||||||||
Technology | 285,630 | 5.2 | 1.6 | 0.2 | % | ||||||||||||||||||||||||||||||
Energy | 271,143 | 5.0 | 1.5 | 0.2 | % | ||||||||||||||||||||||||||||||
Insurance | 194,591 | 3.6 | 1.1 | 0.1 | % | ||||||||||||||||||||||||||||||
Basic materials | 179,941 | 3.2 | 1.0 | 0.2 | % | ||||||||||||||||||||||||||||||
Other | 2,680 | — | — | — | |||||||||||||||||||||||||||||||
Total Corporate bonds | $ | 5,471,893 | 100.0 | % | 30.4 | % | |||||||||||||||||||||||||||||
Finance sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Banks | $ | 729,124 | 13.3 | % | 4.0 | % | |||||||||||||||||||||||||||||
Financial services | 506,427 | 9.3 | 2.8 | ||||||||||||||||||||||||||||||||
Investment banking and brokerage | 286,444 | 5.2 | 1.6 | ||||||||||||||||||||||||||||||||
Total finance sector - Corporate bonds | $ | 1,521,995 | 27.8 | % | 8.4 | % | |||||||||||||||||||||||||||||
AAA | AA | A | BBB | Non-Investment Grade/Unrated | Total | ||||||||||||||||||||||||||||||
Credit quality of finance sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Banks | $ | — | $ | 14,942 | $ | 339,064 | $ | 344,849 | $ | 30,269 | $ | 729,124 | |||||||||||||||||||||||
Financial services | — | 65,806 | 215,645 | 201,746 | 23,230 | 506,427 | |||||||||||||||||||||||||||||
Investment banking and brokerage | — | 1,248 | 85,716 | 198,232 | 1,248 | 286,444 | |||||||||||||||||||||||||||||
Total finance sector - Corporate bonds | $ | — | $ | 81,996 | $ | 640,425 | $ | 744,827 | $ | 54,747 | $ | 1,521,995 | |||||||||||||||||||||||
% of total | — | % | 5.4 | % | 42.1 | % | 48.9 | % | 3.6 | % | 100.0 | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Fixed maturities | $ | 74,156 | $ | 81,236 | $ | 213,331 | $ | 230,882 | |||||||||||||||
Short-term investments and cash and cash equivalents | 5,577 | 1,081 | 7,025 | 3,892 | |||||||||||||||||||
Equities, investments in real estate, funds held and other | 36,662 | 29,747 | 101,253 | 88,545 | |||||||||||||||||||
Investment expenses | (14,581) | (10,392) | (37,224) | (39,837) | |||||||||||||||||||
Net investment income | $ | 101,814 | $ | 101,672 | $ | 284,385 | $ | 283,482 | |||||||||||||||
Net realized investment (losses) gains on fixed maturities and short-term investments | $ | (109) | $ | 5,081 | $ | 1,738 | $ | 20,482 | |||||||||||||||
Net realized investment gains on equities | 453,896 | 388 | 430,472 | 16,436 | |||||||||||||||||||
Net realized investment (losses) gains on other invested assets | (1,112) | 6,479 | 6,872 | 98,743 | |||||||||||||||||||
Net realized investment gains | $ | 452,675 | $ | 11,948 | $ | 439,082 | $ | 135,661 | |||||||||||||||
Change in net unrealized investment losses on fixed maturities and short-term investments | $ | (499,332) | $ | (103,007) | $ | (1,912,117) | $ | (373,300) | |||||||||||||||
Change in net unrealized investment (losses) gains on equities | (363,146) | 26,507 | (567,452) | 238,584 | |||||||||||||||||||
Change in net unrealized investment (losses) gains on other invested assets | (20,952) | 29,241 | (115,470) | 42,943 | |||||||||||||||||||
Net other realized and unrealized investment losses | (1,219) | (1,254) | (1,373) | (492) | |||||||||||||||||||
Change in net unrealized investment losses | $ | (884,649) | $ | (48,513) | $ | (2,596,412) | $ | (92,265) | |||||||||||||||
Net realized and unrealized investment (losses) gains | $ | (431,974) | $ | (36,565) | $ | (2,157,330) | $ | 43,396 | |||||||||||||||
As at and for the three months ended | As at and for the nine months ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Reconciliation of beginning and ending non-life reserves: | |||||||||||||||||||||||
Gross liability at beginning of period | $ | 11,940,890 | $ | 11,651,070 | $ | 12,047,792 | $ | 11,395,321 | |||||||||||||||
Reinsurance recoverable at beginning of period | (1,507,622) | (1,119,434) | (1,532,666) | (782,330) | |||||||||||||||||||
Net liability at beginning of period | 10,433,268 | 10,531,636 | 10,515,126 | 10,612,991 | |||||||||||||||||||
Net incurred losses related to: | |||||||||||||||||||||||
Current year | 1,162,745 | 1,137,834 | 2,726,735 | 2,789,848 | |||||||||||||||||||
Prior years | 18,728 | (34,564) | (118,952) | 1,326 | |||||||||||||||||||
1,181,473 | 1,103,270 | 2,607,783 | 2,791,174 | ||||||||||||||||||||
Net losses paid | (794,710) | (817,709) | (2,006,926) | (2,186,407) | |||||||||||||||||||
Retroactive reinsurance recoverable adjustment (1) | 200 | (20,950) | (35,781) | (357,150) | |||||||||||||||||||
Effects of foreign exchange rate changes and other | (236,365) | (87,876) | (496,336) | (152,237) | |||||||||||||||||||
Net liability at end of period | 10,583,866 | 10,708,371 | 10,583,866 | 10,708,371 | |||||||||||||||||||
Reinsurance recoverable at end of period | 1,835,515 | 1,583,174 | 1,835,515 | 1,583,174 | |||||||||||||||||||
Gross liability at end of period | $ | 12,419,381 | $ | 12,291,545 | $ | 12,419,381 | $ | 12,291,545 | |||||||||||||||
Breakdown of gross liability at end of period: | |||||||||||||||||||||||
Case reserves | $ | 4,796,869 | $ | 4,720,094 | $ | 4,796,869 | $ | 4,720,094 | |||||||||||||||
Additional case reserves | 130,807 | 126,497 | 130,807 | 126,497 | |||||||||||||||||||
Incurred but not reported reserves | 7,491,705 | 7,444,954 | 7,491,705 | 7,444,954 | |||||||||||||||||||
Gross liability at end of period | $ | 12,419,381 | $ | 12,291,545 | $ | 12,419,381 | $ | 12,291,545 | |||||||||||||||
Gross liability at end of period by Non-life segment: | |||||||||||||||||||||||
P&C | $ | 9,234,136 | $ | 8,828,205 | $ | 9,234,136 | $ | 8,828,205 | |||||||||||||||
Specialty | 3,185,245 | 3,463,340 | 3,185,245 | 3,463,340 | |||||||||||||||||||
Gross liability at end of period | $ | 12,419,381 | $ | 12,291,545 | $ | 12,419,381 | $ | 12,291,545 | |||||||||||||||
Unrecognized time value of non-life reserves (2) | $ | 1,111,703 | $ | 276,379 | $ | 1,111,703 | $ | 276,379 |
As at and for the three months ended | As at and for the nine months ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Reconciliation of beginning and ending life and health reserves: | |||||||||||||||||||||||
Gross liability at beginning of period | $ | 2,533,136 | $ | 2,736,043 | $ | 2,638,086 | $ | 2,704,229 | |||||||||||||||
Reinsurance recoverable at beginning of period | (41,711) | (26,510) | (21,000) | (35,662) | |||||||||||||||||||
Net liability at beginning of period | 2,491,425 | 2,709,533 | 2,617,086 | 2,668,567 | |||||||||||||||||||
Net incurred losses | 336,816 | 334,553 | 1,090,495 | 1,054,793 | |||||||||||||||||||
Net losses paid | (335,897) | (351,045) | (1,029,568) | (1,024,633) | |||||||||||||||||||
Effects of foreign exchange rate changes and other | (160,591) | (59,838) | (346,260) | (65,524) | |||||||||||||||||||
Net liability at end of period | 2,331,753 | 2,633,203 | 2,331,753 | 2,633,203 | |||||||||||||||||||
Reinsurance recoverable at end of period | 30,267 | 24,832 | 30,267 | 24,832 | |||||||||||||||||||
Gross liability at end of period | $ | 2,362,020 | $ | 2,658,035 | $ | 2,362,020 | $ | 2,658,035 | |||||||||||||||
Life value in force (1) | $ | 872,100 | $ | 448,900 | $ | 872,100 | $ | 448,900 |
September 30, 2022 | ||||||||||||||||||||
Zone | Peril | 1-in-250 year PML | 1-in-500 year PML (Earthquake perils only) | |||||||||||||||||
U.S. Northeast | Hurricane | $ | 1,376 | |||||||||||||||||
U.S. Southeast | Hurricane | 1,267 | ||||||||||||||||||
U.S. Gulf Coast | Hurricane | 1,209 | ||||||||||||||||||
Caribbean | Hurricane | 239 | ||||||||||||||||||
Europe | Windstorm | 654 | ||||||||||||||||||
Japan | Typhoon | 408 | ||||||||||||||||||
California | Earthquake | 1,128 | $ | 1,519 | ||||||||||||||||
Australia | Earthquake | 401 | 577 | |||||||||||||||||
Japan | Earthquake | 365 | 425 | |||||||||||||||||
New Zealand | Earthquake | 329 | 537 | |||||||||||||||||
British Columbia | Earthquake | 213 | 427 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||
$ | ROE (1) | $ | ROE (1) | $ | ROE (1) | $ | ROE (1) | ||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholder | $ | (387,147) | (26.8) | % | $ | 69,765 | 4.0 | % | $ | (1,532,650) | (31.7) | % | $ | 317,410 | 6.2 | % | |||||||||||||||||||
Less: adjustments for non-operating items | |||||||||||||||||||||||||||||||||||
Net realized and unrealized investment (losses) gains | (431,974) | (29.8) | (36,565) | (2.1) | (2,157,330) | (44.6) | 43,396 | 0.8 | |||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 84,151 | 5.8 | 46,390 | 2.7 | 97,051 | 2.0 | (12,310) | (0.2) | |||||||||||||||||||||||||||
Interest in (losses) earnings of equity method investments | (9,428) | (0.7) | 17,541 | 1.0 | 6,965 | 0.1 | 57,466 | 1.1 | |||||||||||||||||||||||||||
Favorable (adverse) prior years' reserve development subject to ADC and related amortization changes | 1,864 | 0.1 | (20,950) | (1.2) | (28,707) | (0.6) | (20,950) | (0.4) | |||||||||||||||||||||||||||
Loss on redemption of preferred shares | — | — | — | — | — | — | (21,234) | (0.4) | |||||||||||||||||||||||||||
Tax effects of adjustments | 30,683 | 2.1 | 9,795 | 0.5 | 110,287 | 2.3 | 25,106 | 0.5 | |||||||||||||||||||||||||||
Operating (loss) income | $ | (62,443) | (4.3) | % | $ | 53,554 | 3.1 | % | $ | 439,084 | 9.1 | % | $ | 245,936 | 4.8 | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
Calculation of average common shareholder's equity | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Beginning of period common shareholder's equity | $ | 6,009,894 | $ | 7,020,414 | $ | 7,343,986 | $ | 6,689,756 | |||||||||||||||
End of period common shareholder's equity | $ | 5,567,717 | $ | 6,950,741 | $ | 5,567,717 | $ | 6,950,741 | |||||||||||||||
Average common shareholder's equity | $ | 5,788,806 | $ | 6,985,578 | $ | 6,455,852 | $ | 6,820,249 |
September 30, 2022 | December 31, 2021 | ||||||||||
Tangible book value: | |||||||||||
Total shareholders' equity | $ | 5,767,717 | $ | 7,543,986 | |||||||
Less: | |||||||||||
Preferred shares, aggregate liquidation value at $25 per share | 200,000 | 200,000 | |||||||||
Common shareholder’s equity or book value | 5,567,717 | 7,343,986 | |||||||||
Less: | |||||||||||
Goodwill | 456,380 | 456,380 | |||||||||
Intangible assets, net of tax (1) | 83,834 | 89,702 | |||||||||
Tangible book value | $ | 5,027,503 | $ | 6,797,904 | |||||||
Capital structure: | |||||||||||
Senior notes | |||||||||||
Senior notes due 2029 | $ | 496,960 | $ | 496,620 | |||||||
Senior notes due 2026 (2) | 725,893 | 843,950 | |||||||||
Junior subordinated notes | |||||||||||
Junior subordinated notes due 2050 | 494,590 | 494,445 | |||||||||
Capital efficient notes due 2066 | 62,484 | 62,484 | |||||||||
Total debt | 1,779,927 | 1,897,499 | |||||||||
Preferred shares, aggregate liquidation value | 200,000 | 200,000 | |||||||||
Common shareholder's equity | 5,567,717 | 7,343,986 | |||||||||
Total capital | $ | 7,547,644 | $ | 9,441,485 |
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