Exhibit | Description of Exhibit | |||||||
99.1 | Press Release and Supplementary Financial Information – PartnerRe Ltd. fourth quarter results, dated March 21, 2023 | |||||||
PartnerRe Ltd. | ||||||||||||||||||||||||||
(Registrant) | ||||||||||||||||||||||||||
Date: | March 21, 2023 | 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. fourth quarter results, dated March 21, 2023 | |||||||
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 year ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Catastrophic and man-made event losses | $ | 24 | $ | 100 | $ | 546 | $ | 567 | |||||||||||||||
Impact on combined ratio | |||||||||||||||||||||||
P&C | 2.3 | ppts | 7.7 | ppts | 10.4 | ppts | 12.8 | ppts | |||||||||||||||
Specialty | (0.2) | ppts | 6.2 | ppts | 8.2 | ppts | 6.5 | 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: Elizabeth Deacon |
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 year ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 1,753,517 | $ | 1,798,956 | $ | 8,689,279 | $ | 8,203,925 | |||||||||||||||
Net premiums written | $ | 1,585,359 | $ | 1,679,453 | $ | 7,544,195 | $ | 7,134,018 | |||||||||||||||
Decrease (increase) in unearned premiums | 299,311 | 139,865 | (287,078) | (177,496) | |||||||||||||||||||
Net premiums earned | 1,884,670 | 1,819,318 | 7,257,117 | 6,956,522 | |||||||||||||||||||
Net investment income | 113,963 | 92,987 | 398,348 | 376,469 | |||||||||||||||||||
Net realized and unrealized investment gains (losses) | 188,316 | (5,599) | (1,969,014) | 37,797 | |||||||||||||||||||
Other income | 13,941 | 8,957 | 40,492 | 28,748 | |||||||||||||||||||
Total revenues | 2,200,890 | 1,915,663 | 5,726,943 | 7,399,536 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Losses and loss expenses | 1,049,125 | 1,038,017 | 4,747,403 | 4,883,984 | |||||||||||||||||||
Acquisition costs | 415,832 | 411,086 | 1,540,681 | 1,386,832 | |||||||||||||||||||
Other expenses | 115,430 | 120,385 | 414,876 | 398,542 | |||||||||||||||||||
Interest expense | 13,888 | 13,684 | 55,185 | 55,606 | |||||||||||||||||||
Amortization of intangible assets | 2,228 | 2,200 | 8,912 | 8,861 | |||||||||||||||||||
Net foreign exchange losses | 126,453 | 18,573 | 29,402 | 30,883 | |||||||||||||||||||
Total expenses | 1,722,956 | 1,603,945 | 6,796,459 | 6,764,708 | |||||||||||||||||||
Income (loss) before taxes and interest in earnings of equity method investments | 477,934 | 311,718 | (1,069,516) | 634,828 | |||||||||||||||||||
Income tax expense | (46,482) | (16,542) | (31,334) | (38,219) | |||||||||||||||||||
Interest in earnings of equity method investments | 3,856 | 69,329 | 10,821 | 126,795 | |||||||||||||||||||
Net income (loss) | 435,308 | 364,505 | (1,090,029) | 723,404 | |||||||||||||||||||
Preferred dividends | 2,437 | 2,438 | 9,750 | 22,693 | |||||||||||||||||||
Loss on redemption of preferred shares | — | — | — | 21,234 | |||||||||||||||||||
Net income (loss) attributable to common shareholder | $ | 432,871 | $ | 362,067 | $ | (1,099,779) | $ | 679,477 | |||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income (loss) | $ | 435,308 | $ | 364,505 | $ | (1,090,029) | $ | 723,404 | |||||||||||||||
Change in currency translation adjustment | 75,597 | 9,348 | 9,464 | 43,120 | |||||||||||||||||||
Change in net unrealized gains or losses on investments, net of tax | — | — | — | (128) | |||||||||||||||||||
Change in unfunded pension obligation, net of tax | 12,165 | 21,830 | 12,573 | 23,307 | |||||||||||||||||||
Comprehensive income (loss) | $ | 523,070 | $ | 395,683 | $ | (1,067,992) | $ | 789,703 |
December 31, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturities, at fair value | $ | 13,021,914 | $ | 14,071,274 | |||||||
Short-term investments, at fair value | 523,510 | 205,146 | |||||||||
Equities, at fair value | 929,886 | 1,751,584 | |||||||||
Investments in real estate | 57,984 | 67,539 | |||||||||
Other invested assets | 3,355,106 | 3,601,245 | |||||||||
Total investments | 17,888,400 | 19,696,788 | |||||||||
Cash and cash equivalents | 1,251,596 | 660,897 | |||||||||
Accrued investment income | 103,752 | 94,997 | |||||||||
Reinsurance balances receivable | 3,342,612 | 3,063,153 | |||||||||
Reinsurance recoverable on paid and unpaid losses | 1,959,652 | 1,787,493 | |||||||||
Prepaid reinsurance premiums | 247,276 | 216,338 | |||||||||
Funds held by reinsured companies | 471,570 | 561,576 | |||||||||
Deferred acquisition costs | 1,012,850 | 920,779 | |||||||||
Deposit assets | 81,053 | 109,528 | |||||||||
Net tax assets | 164,384 | 154,472 | |||||||||
Goodwill | 456,380 | 456,380 | |||||||||
Intangible assets | 89,769 | 98,818 | |||||||||
Other assets | 203,119 | 208,652 | |||||||||
Total assets | $ | 27,272,413 | $ | 28,029,871 | |||||||
Liabilities | |||||||||||
Non-life reserves | $ | 12,725,631 | $ | 12,047,792 | |||||||
Life and health reserves | 2,510,293 | 2,638,086 | |||||||||
Unearned premiums | 2,745,371 | 2,501,161 | |||||||||
Other reinsurance balances payable | 632,336 | 744,735 | |||||||||
Debt | 1,848,003 | 1,897,499 | |||||||||
Deposit liabilities | 4,681 | 5,077 | |||||||||
Net tax liabilities | 29,154 | 90,974 | |||||||||
Accounts payable, accrued expenses and other (1) | 488,594 | 560,561 | |||||||||
Total liabilities | 20,984,063 | 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 | (7,669) | (29,706) | |||||||||
Retained earnings | 4,358,085 | 5,635,758 | |||||||||
Total shareholders’ equity | 6,288,350 | 7,543,986 | |||||||||
Total liabilities and shareholders’ equity | $ | 27,272,413 | $ | 28,029,871 |
For the three months ended | For the year ended | |||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 571,249 | $ | 372,946 | $ | 1,468,409 | $ | 1,232,590 | ||||||||||||||||||
Net cash used in investing activities | (207,548) | (359,802) | (664,825) | (2,329,122) | ||||||||||||||||||||||
Net cash used in financing activities | (2,997) | (2,438) | (194,550) | (573,295) | ||||||||||||||||||||||
Effect of foreign exchange rate changes on cash | 22,714 | (3,805) | (18,335) | (20,109) | ||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 383,418 | 6,901 | 590,699 | (1,689,936) | ||||||||||||||||||||||
Cash and cash equivalents - beginning of period | 868,178 | 653,996 | 660,897 | 2,350,833 | ||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 1,251,596 | $ | 660,897 | $ | 1,251,596 | $ | 660,897 |
For the three months ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 890 | $ | 462 | $ | 1,352 | $ | 402 | $ | — | $ | 1,754 | ||||||||||||||||||||||||||
Net premiums written | $ | 795 | $ | 396 | $ | 1,191 | $ | 394 | $ | — | $ | 1,585 | ||||||||||||||||||||||||||
Decrease in unearned premiums | 277 | 21 | 298 | 2 | — | 300 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 1,072 | $ | 417 | $ | 1,489 | $ | 396 | $ | — | $ | 1,885 | ||||||||||||||||||||||||||
Losses and loss expenses | (573) | (132) | (705) | (344) | — | (1,049) | ||||||||||||||||||||||||||||||||
Acquisition costs | (256) | (129) | (385) | (31) | — | (416) | ||||||||||||||||||||||||||||||||
Technical result | $ | 243 | $ | 156 | $ | 399 | $ | 21 | $ | — | $ | 420 | ||||||||||||||||||||||||||
Other income | — | — | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||
Other expenses | (22) | (9) | (31) | (25) | (59) | (115) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 221 | $ | 147 | $ | 368 | $ | 10 | n/a | $ | 319 | |||||||||||||||||||||||||||
Net investment income | 19 | 95 | 114 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 29 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 188 | 188 | ||||||||||||||||||||||||||||||||||||
Interest expense | (14) | (14) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (3) | (3) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (127) | (127) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (46) | (46) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 4 | 4 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 435 | |||||||||||||||||||||||||||||||||||
Loss ratio (1) | 53.5 | % | 31.7 | % | 47.3 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio (2) | 23.9 | 30.9 | 25.9 | |||||||||||||||||||||||||||||||||||
Technical ratio (3) | 77.4 | % | 62.6 | % | 73.2 | % | ||||||||||||||||||||||||||||||||
Other expense ratio (4) | 2.1 | 2.2 | 2.1 | |||||||||||||||||||||||||||||||||||
Combined ratio (5) | 79.5 | % | 64.8 | % | 75.3 | % | ||||||||||||||||||||||||||||||||
For the three months ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 846 | $ | 520 | $ | 1,366 | $ | 433 | $ | — | $ | 1,799 | ||||||||||||||||||||||||||
Net premiums written | $ | 773 | $ | 481 | $ | 1,254 | $ | 425 | $ | — | $ | 1,679 | ||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 150 | (14) | 136 | 4 | — | 140 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 923 | $ | 467 | $ | 1,390 | $ | 429 | $ | — | $ | 1,819 | ||||||||||||||||||||||||||
Losses and loss expenses | (475) | (177) | (652) | (386) | — | (1,038) | ||||||||||||||||||||||||||||||||
Acquisition costs | (243) | (152) | (395) | (16) | — | (411) | ||||||||||||||||||||||||||||||||
Technical result | $ | 205 | $ | 138 | $ | 343 | $ | 27 | $ | — | $ | 370 | ||||||||||||||||||||||||||
Other income | — | — | — | 7 | 2 | 9 | ||||||||||||||||||||||||||||||||
Other expenses | (20) | (10) | (30) | (23) | (67) | (120) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 185 | $ | 128 | $ | 313 | $ | 11 | n/a | $ | 259 | |||||||||||||||||||||||||||
Net investment income | 21 | 72 | 93 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 32 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (6) | (6) | ||||||||||||||||||||||||||||||||||||
Interest expense | (14) | (14) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (18) | (18) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (16) | (16) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 69 | 69 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 365 | |||||||||||||||||||||||||||||||||||
Loss ratio (1) | 51.5 | % | 37.9 | % | 46.9 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio (2) | 26.3 | 32.5 | 28.4 | |||||||||||||||||||||||||||||||||||
Technical ratio (3) | 77.8 | % | 70.4 | % | 75.3 | % | ||||||||||||||||||||||||||||||||
Other expense ratio (4) | 2.2 | 2.1 | 2.2 | |||||||||||||||||||||||||||||||||||
Combined ratio (5) | 80.0 | % | 72.5 | % | 77.5 | % |
For the year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 5,025 | $ | 1,990 | $ | 7,015 | $ | 1,674 | $ | — | $ | 8,689 | ||||||||||||||||||||||||||
Net premiums written | $ | 4,234 | $ | 1,665 | $ | 5,899 | $ | 1,645 | $ | — | $ | 7,544 | ||||||||||||||||||||||||||
(Increase) decrease in unearned premiums | (293) | 5 | (288) | 1 | — | (287) | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 3,941 | $ | 1,670 | $ | 5,611 | $ | 1,646 | $ | — | $ | 7,257 | ||||||||||||||||||||||||||
Losses and loss expenses | (2,410) | (903) | (3,313) | (1,434) | — | (4,747) | ||||||||||||||||||||||||||||||||
Acquisition costs | (995) | (435) | (1,430) | (111) | — | (1,541) | ||||||||||||||||||||||||||||||||
Technical result | $ | 536 | $ | 332 | $ | 868 | $ | 101 | $ | — | $ | 969 | ||||||||||||||||||||||||||
Other income | — | — | — | 39 | 1 | 40 | ||||||||||||||||||||||||||||||||
Other expenses | (84) | (35) | (119) | (93) | (203) | (415) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 452 | $ | 297 | $ | 749 | $ | 47 | n/a | $ | 594 | |||||||||||||||||||||||||||
Net investment income | 74 | 324 | 398 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 121 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment losses | (1,969) | (1,969) | ||||||||||||||||||||||||||||||||||||
Interest expense | (55) | (55) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (9) | (9) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (29) | (29) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (31) | (31) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 11 | 11 | ||||||||||||||||||||||||||||||||||||
Net loss | n/a | $ | (1,090) | |||||||||||||||||||||||||||||||||||
Loss ratio | 61.2 | % | 54.1 | % | 59.0 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio | 25.2 | 26.0 | 25.5 | |||||||||||||||||||||||||||||||||||
Technical ratio | 86.4 | % | 80.1 | % | 84.5 | % | ||||||||||||||||||||||||||||||||
Other expense ratio | 2.1 | 2.1 | 2.1 | |||||||||||||||||||||||||||||||||||
Combined ratio | 88.5 | % | 82.2 | % | 86.6 | % | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 4,541 | $ | 2,016 | $ | 6,557 | $ | 1,647 | $ | — | $ | 8,204 | ||||||||||||||||||||||||||
Net premiums written | $ | 3,722 | $ | 1,789 | $ | 5,511 | $ | 1,623 | $ | — | $ | 7,134 | ||||||||||||||||||||||||||
(Increase) decrease in unearned premiums | (194) | 13 | (181) | 4 | — | (177) | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 3,528 | $ | 1,802 | $ | 5,330 | $ | 1,627 | $ | — | $ | 6,957 | ||||||||||||||||||||||||||
Losses and loss expenses | (2,391) | (1,052) | (3,443) | (1,441) | — | (4,884) | ||||||||||||||||||||||||||||||||
Acquisition costs | (864) | (415) | (1,279) | (108) | — | (1,387) | ||||||||||||||||||||||||||||||||
Technical result | $ | 273 | $ | 335 | $ | 608 | $ | 78 | $ | — | $ | 686 | ||||||||||||||||||||||||||
Other income | — | — | — | 26 | 3 | 29 | ||||||||||||||||||||||||||||||||
Other expenses | (71) | (30) | (101) | (88) | (210) | (399) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 202 | $ | 305 | $ | 507 | $ | 16 | n/a | $ | 316 | |||||||||||||||||||||||||||
Net investment income | 81 | 295 | 376 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 97 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 38 | 38 | ||||||||||||||||||||||||||||||||||||
Interest expense | (56) | (56) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (9) | (9) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (31) | (31) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (38) | (38) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 127 | 127 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 723 | |||||||||||||||||||||||||||||||||||
Loss ratio | 67.8 | % | 58.4 | % | 64.6 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio | 24.5 | 23.0 | 24.0 | |||||||||||||||||||||||||||||||||||
Technical ratio | 92.3 | % | 81.4 | % | 88.6 | % | ||||||||||||||||||||||||||||||||
Other expense ratio | 2.0 | 1.7 | 1.9 | |||||||||||||||||||||||||||||||||||
Combined ratio | 94.3 | % | 83.1 | % | 90.5 | % |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
Fixed maturities | |||||||||||||||||||||||
U.S. government | $ | 861,343 | 5 | % | $ | 1,210,113 | 6 | % | |||||||||||||||
U.S. government sponsored enterprises | 936,591 | 5 | 908,659 | 5 | |||||||||||||||||||
U.S. states, territories and municipalities | 58,873 | — | 108,059 | 1 | |||||||||||||||||||
Non-U.S. sovereign government, supranational and government related | 1,654,532 | 9 | 2,181,127 | 11 | |||||||||||||||||||
Corporate bonds | 5,759,149 | 32 | 5,441,908 | 28 | |||||||||||||||||||
Mortgage/asset-backed securities | 3,751,426 | 21 | 4,221,408 | 21 | |||||||||||||||||||
Total fixed maturities | 13,021,914 | 72 | 14,071,274 | 72 | |||||||||||||||||||
Short-term investments | 523,510 | 4 | 205,146 | 1 | |||||||||||||||||||
Equities | 929,886 | 5 | 1,751,584 | 9 | |||||||||||||||||||
Investments in real estate | 57,984 | — | 67,539 | — | |||||||||||||||||||
Other invested assets (1) | 3,355,106 | 19 | 3,601,245 | 18 | |||||||||||||||||||
Total investments | $ | 17,888,400 | 100 | % | $ | 19,696,788 | 100 | % | |||||||||||||||
Cash and cash equivalents | 1,251,596 | 660,897 | |||||||||||||||||||||
Total investments and cash and cash equivalents | $ | 19,139,996 | $ | 20,357,685 | |||||||||||||||||||
Maturity distribution: | |||||||||||||||||||||||
One year or less | $ | 1,937,653 | 14 | % | $ | 1,086,283 | 8 | % | |||||||||||||||
More than one year through five years | 5,318,125 | 39 | 4,235,065 | 29 | |||||||||||||||||||
More than five years through ten years | 1,580,459 | 12 | 2,971,089 | 21 | |||||||||||||||||||
More than ten years | 957,761 | 7 | 1,762,575 | 12 | |||||||||||||||||||
Subtotal | 9,793,998 | 72 | 10,055,012 | 70 | |||||||||||||||||||
Mortgage/asset-backed securities | 3,751,426 | 28 | 4,221,408 | 30 | |||||||||||||||||||
Total fixed maturities and short-term investments | $ | 13,545,424 | 100 | % | $ | 14,276,420 | 100 | % | |||||||||||||||
Credit quality by market value (Total fixed maturities and short-term investments): | |||||||||||||||||||||||
AAA | $ | 1,428,379 | 10 | % | $ | 1,902,640 | 13 | % | |||||||||||||||
AA | 6,056,517 | 45 | 6,751,903 | 47 | |||||||||||||||||||
A | 2,133,603 | 16 | 1,750,574 | 13 | |||||||||||||||||||
BBB | 3,618,234 | 27 | 3,398,661 | 24 | |||||||||||||||||||
Below Investment Grade/Unrated | 308,691 | 2 | 472,642 | 3 | |||||||||||||||||||
Total fixed maturities and short-term investments | $ | 13,545,424 | 100 | % | $ | 14,276,420 | 100 | % | |||||||||||||||
Expected average duration | 3.5Yrs | 4.0Yrs | |||||||||||||||||||||
Average yield to maturity at market | 5.1 | % | 2.7 | % | |||||||||||||||||||
Average credit quality | A+ | AA- |
December 31, 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 services | $ | 1,656,915 | 28.8 | % | 8.7 | % | 0.6 | % | |||||||||||||||||||||||||||
Consumer cyclical | 680,042 | 11.8 | 3.6 | 0.3 | % | ||||||||||||||||||||||||||||||
Real estate | 536,879 | 9.3 | 2.9 | 0.2 | % | ||||||||||||||||||||||||||||||
Consumer non-cyclical | 530,815 | 9.2 | 2.8 | 0.2 | % | ||||||||||||||||||||||||||||||
Industrial | 510,553 | 8.9 | 2.7 | 0.2 | % | ||||||||||||||||||||||||||||||
Utilities | 501,486 | 8.7 | 2.6 | 0.3 | % | ||||||||||||||||||||||||||||||
Communications | 358,506 | 6.2 | 1.9 | 0.3 | % | ||||||||||||||||||||||||||||||
Energy | 312,489 | 5.4 | 1.6 | 0.2 | % | ||||||||||||||||||||||||||||||
Technology | 287,956 | 5.0 | 1.5 | 0.2 | % | ||||||||||||||||||||||||||||||
Insurance | 200,486 | 3.5 | 1.0 | 0.1 | % | ||||||||||||||||||||||||||||||
Basic materials | 180,931 | 3.2 | 0.9 | 0.2 | % | ||||||||||||||||||||||||||||||
Other | 2,091 | — | — | — | % | ||||||||||||||||||||||||||||||
Total Corporate bonds | $ | 5,759,149 | 100.0 | % | 30.2 | % | |||||||||||||||||||||||||||||
Finance sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Banks | $ | 786,716 | 13.7 | % | 4.2 | % | |||||||||||||||||||||||||||||
Financial services | 523,564 | 9.1 | 2.7 | ||||||||||||||||||||||||||||||||
Investment banking and brokerage | 346,635 | 6.0 | 1.8 | ||||||||||||||||||||||||||||||||
Total finance sector - Corporate bonds | $ | 1,656,915 | 28.8 | % | 8.7 | % | |||||||||||||||||||||||||||||
AAA | AA | A | BBB | Non-Investment Grade/Unrated | Total | ||||||||||||||||||||||||||||||
Credit quality of finance sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Banks | $ | — | $ | 27,982 | $ | 386,892 | $ | 341,799 | $ | 30,043 | $ | 786,716 | |||||||||||||||||||||||
Financial services | — | 68,071 | 224,993 | 205,023 | 25,477 | 523,564 | |||||||||||||||||||||||||||||
Investment banking and brokerage | — | 1,378 | 111,287 | 233,385 | 585 | 346,635 | |||||||||||||||||||||||||||||
Total finance sector - Corporate bonds | $ | — | $ | 97,431 | $ | 723,172 | $ | 780,207 | $ | 56,105 | $ | 1,656,915 | |||||||||||||||||||||||
% of total | — | % | 5.9 | % | 43.6 | % | 47.1 | % | 3.4 | % | 100.0 | % |
For the three months ended | For the year ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Fixed maturities | $ | 85,220 | $ | 70,509 | $ | 310,152 | $ | 301,391 | |||||||||||||||
Short-term investments and cash and cash equivalents | 10,452 | 968 | 17,477 | 4,860 | |||||||||||||||||||
Equities, investments in real estate, funds held and other | 31,642 | 32,454 | 121,294 | 120,999 | |||||||||||||||||||
Investment expenses | (13,351) | (10,944) | (50,575) | (50,781) | |||||||||||||||||||
Net investment income | $ | 113,963 | $ | 92,987 | $ | 398,348 | $ | 376,469 | |||||||||||||||
Net realized investment (losses) gains on fixed maturities and short-term investments | $ | (879) | $ | (589) | $ | 859 | $ | 19,893 | |||||||||||||||
Net realized investment gains on equities | 30,569 | 62,065 | 461,041 | 78,501 | |||||||||||||||||||
Net realized investment gains on other invested assets | 2,909 | 4,268 | 9,781 | 103,011 | |||||||||||||||||||
Net realized investment gains | $ | 32,599 | $ | 65,744 | $ | 471,681 | $ | 201,405 | |||||||||||||||
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments | $ | 105,069 | $ | (185,166) | $ | (1,807,048) | $ | (558,466) | |||||||||||||||
Change in net unrealized investment gains (losses) on equities | 62,380 | (39,804) | (505,072) | 198,780 | |||||||||||||||||||
Change in net unrealized investment (losses) gains on other invested assets | (8,224) | 153,983 | (123,694) | 196,926 | |||||||||||||||||||
Net other realized and unrealized investment losses | (1,299) | (356) | (2,672) | (848) | |||||||||||||||||||
Change in net unrealized investment gains (losses) | $ | 157,926 | $ | (71,343) | $ | (2,438,486) | $ | (163,608) | |||||||||||||||
Impairment loss on investments in real estate | (2,209) | — | (2,209) | — | |||||||||||||||||||
Net realized and unrealized investment gains (losses) | $ | 188,316 | $ | (5,599) | $ | (1,969,014) | $ | 37,797 | |||||||||||||||
As at and for the three months ended | As at and for the year ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Reconciliation of beginning and ending non-life reserves: | |||||||||||||||||||||||
Gross liability at beginning of period | $ | 12,419,381 | $ | 12,291,545 | $ | 12,047,792 | $ | 11,395,321 | |||||||||||||||
Reinsurance recoverable at beginning of period | (1,835,515) | (1,583,174) | (1,532,666) | (782,330) | |||||||||||||||||||
Net liability at beginning of period | 10,583,866 | 10,708,371 | 10,515,126 | 10,612,991 | |||||||||||||||||||
Net incurred losses related to: (1) | |||||||||||||||||||||||
Current year | 806,352 | 847,823 | 3,533,087 | 3,637,671 | |||||||||||||||||||
Prior years | (100,901) | (195,752) | (219,853) | (194,426) | |||||||||||||||||||
705,451 | 652,071 | 3,313,234 | 3,443,245 | ||||||||||||||||||||
Net losses paid | (651,210) | (784,442) | (2,658,136) | (2,972,995) | |||||||||||||||||||
Retroactive reinsurance recoverable adjustment (1) | 86 | (714) | (35,695) | (357,864) | |||||||||||||||||||
Effects of foreign exchange rate changes and other | 235,627 | (60,160) | (260,709) | (210,251) | |||||||||||||||||||
Net liability at end of period | 10,873,820 | 10,515,126 | 10,873,820 | 10,515,126 | |||||||||||||||||||
Reinsurance recoverable at end of period | 1,851,811 | 1,532,666 | 1,851,811 | 1,532,666 | |||||||||||||||||||
Gross liability at end of period | $ | 12,725,631 | $ | 12,047,792 | $ | 12,725,631 | $ | 12,047,792 | |||||||||||||||
Breakdown of gross liability at end of period: | |||||||||||||||||||||||
Case reserves | $ | 5,110,575 | $ | 4,881,892 | $ | 5,110,575 | $ | 4,881,892 | |||||||||||||||
Additional case reserves | 159,821 | 140,464 | 159,821 | 140,464 | |||||||||||||||||||
Incurred but not reported reserves | 7,455,235 | 7,025,436 | 7,455,235 | 7,025,436 | |||||||||||||||||||
Gross liability at end of period | $ | 12,725,631 | $ | 12,047,792 | $ | 12,725,631 | $ | 12,047,792 | |||||||||||||||
Gross liability at end of period by Non-life segment: | |||||||||||||||||||||||
P&C | $ | 9,487,922 | $ | 8,746,449 | $ | 9,487,922 | $ | 8,746,449 | |||||||||||||||
Specialty | 3,237,709 | 3,301,343 | 3,237,709 | 3,301,343 | |||||||||||||||||||
Gross liability at end of period | $ | 12,725,631 | $ | 12,047,792 | $ | 12,725,631 | $ | 12,047,792 | |||||||||||||||
Unrecognized time value of non-life reserves (2) | $ | 1,172,068 | $ | 314,949 | $ | 1,172,068 | $ | 314,949 |
As at and for the three months ended | As at and for the year ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Reconciliation of beginning and ending life and health reserves: | |||||||||||||||||||||||
Gross liability at beginning of period | $ | 2,362,020 | $ | 2,658,035 | $ | 2,638,086 | $ | 2,704,229 | |||||||||||||||
Reinsurance recoverable at beginning of period | (30,267) | (24,832) | (21,000) | (35,662) | |||||||||||||||||||
Net liability at beginning of period | 2,331,753 | 2,633,203 | 2,617,086 | 2,668,567 | |||||||||||||||||||
Net incurred losses | 343,674 | 385,946 | 1,434,169 | 1,440,739 | |||||||||||||||||||
Net losses paid | (361,280) | (388,683) | (1,390,848) | (1,413,316) | |||||||||||||||||||
Effects of foreign exchange rate changes and other | 164,471 | (13,380) | (181,789) | (78,904) | |||||||||||||||||||
Net liability at end of period | 2,478,618 | 2,617,086 | 2,478,618 | 2,617,086 | |||||||||||||||||||
Reinsurance recoverable at end of period | 31,675 | 21,000 | 31,675 | 21,000 | |||||||||||||||||||
Gross liability at end of period | $ | 2,510,293 | $ | 2,638,086 | $ | 2,510,293 | $ | 2,638,086 | |||||||||||||||
Life value in force (1) | $ | 806,000 | $ | 757,000 | $ | 806,000 | $ | 757,000 |
December 31, 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 year ended | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||
$ | ROE (1) | $ | ROE (1) | $ | ROE (1) | $ | ROE (1) | ||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholder | $ | 432,871 | 29.7 | % | $ | 362,067 | 20.3 | % | $ | (1,099,779) | (16.4) | % | $ | 679,477 | 9.7 | % | |||||||||||||||||||
Less: adjustments for non-operating items | |||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains (losses) | 188,316 | 12.9 | (5,599) | (0.3) | (1,969,014) | (29.3) | 37,797 | 0.5 | |||||||||||||||||||||||||||
Net foreign exchange losses | (126,453) | (8.7) | (18,573) | (1.0) | (29,402) | (0.4) | (30,883) | (0.4) | |||||||||||||||||||||||||||
Interest in earnings of equity method investments | 3,856 | 0.3 | 69,329 | 3.9 | 10,821 | 0.1 | 126,795 | 1.8 | |||||||||||||||||||||||||||
Favorable (adverse) prior years' reserve development subject to ADC | 1,810 | 0.1 | 585 | — | (26,897) | (0.4) | (20,364) | (0.3) | |||||||||||||||||||||||||||
Loss on redemption of preferred shares | — | — | — | — | — | — | (21,234) | (0.3) | |||||||||||||||||||||||||||
Tax effects of adjustments | (4,350) | (0.3) | 16,128 | 0.9 | 105,937 | 1.6 | 42,021 | 0.6 | |||||||||||||||||||||||||||
Operating income | $ | 369,692 | 25.4 | % | $ | 300,197 | 16.8 | % | $ | 808,776 | 12.0 | % | $ | 545,345 | 7.8 | % |
For the three months ended | For the year ended | ||||||||||||||||||||||
Calculation of average common shareholder's equity | December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||
Beginning of period common shareholder's equity | $ | 5,567,717 | $ | 6,950,741 | $ | 7,343,986 | $ | 6,689,756 | |||||||||||||||
End of period common shareholder's equity | $ | 6,088,350 | $ | 7,343,986 | $ | 6,088,350 | $ | 7,343,986 | |||||||||||||||
Average common shareholder's equity | $ | 5,828,034 | $ | 7,147,364 | $ | 6,716,168 | $ | 7,016,871 |
December 31, 2022 | December 31, 2021 | ||||||||||
Tangible book value: | |||||||||||
Total shareholders' equity | $ | 6,288,350 | $ | 7,543,986 | |||||||
Less: | |||||||||||
Preferred shares, aggregate liquidation value at $25 per share | 200,000 | 200,000 | |||||||||
Common shareholder’s equity or book value | 6,088,350 | 7,343,986 | |||||||||
Less: | |||||||||||
Goodwill | 456,380 | 456,380 | |||||||||
Intangible assets, net of tax (1) | 81,520 | 89,702 | |||||||||
Tangible book value | $ | 5,550,450 | $ | 6,797,904 | |||||||
Capital structure: | |||||||||||
Senior notes | |||||||||||
Senior notes due 2029 | $ | 497,073 | $ | 496,620 | |||||||
Senior notes due 2026 (2) | 794,368 | 843,950 | |||||||||
Junior subordinated notes | |||||||||||
Junior subordinated notes due 2050 | 494,638 | 494,445 | |||||||||
Capital efficient notes due 2066 | 61,924 | 62,484 | |||||||||
Total debt | 1,848,003 | 1,897,499 | |||||||||
Preferred shares, aggregate liquidation value | 200,000 | 200,000 | |||||||||
Common shareholder's equity | 6,088,350 | 7,343,986 | |||||||||
Total capital | $ | 8,136,353 | $ | 9,441,485 |
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