PartnerRe Ltd. Reports Q4 and Full Year 2013 Results (Excerpt)

PEMBROKE, Bermuda – 04 February, 2014 - PartnerRe Ltd. (Ticker: PRE.BH) reported a net income of $271.8 million, or $4.76 per share for the fourth quarter of 2013. This includes net after-tax realized and unrealized gains on investments of $91.8 million, or $1.70 per share. Net income for the fourth quarter of 2012 was $111.5 million, or $1.56 per share, including net after-tax realized and unrealized losses on investments of $7.4 million, or $0.12 per share. The Company reported operating earnings of $157.4 million, or $2.91 per share, for the fourth quarter of 2013. This compares to operating earnings of $95.7 million, or $1.55 per share, for the fourth quarter of 2012.

Highlights:

•       Fourth Quarter Operating Earnings per share of $2.91; Net Income per share of $4.76

•       Fourth Quarter Annualized Operating ROE of 11.5%; Annualized Net Income ROE of 18.9%

•       Full Year Operating Earnings per share of $12.79; Net Income per share of $10.58

•       Full Year Annualized Operating ROE of 12.7%; Annualized Net Income ROE of 10.5%

•       Book Value of $109.26 per share, up 3.5% for the quarter and up 8.3% year-to-date

•       Tangible Book Value of $98.49 per share, up 3.8% for the quarter and up 8.4% year-to-date

Net income for the full year 2013 was $664.0 million, or $10.58 per share. This includes net after-tax realized and unrealized losses on investments of $127.2 million, or $2.25 per share. Net income for the full year 2012 was $1,134.5 million, or $16.87 per share, including net after-tax realized and unrealized gains on investments of $392.0 million, or $6.17 per share. Operating earnings for the full year 2013 were $721.7 million, or $12.79 per share. This compares to operating earnings of $663.8 million, or $10.43 per share, for the full year 2012.

Operating earnings or loss excludes certain net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, certain net after-tax interest in results of equity investments and the loss on redemption of preferred shares, 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, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We had a strong fourth quarter to finish 2013. We generated an 11.5% operating ROE for the quarter, and close to 19% net income ROE, reflecting a gain in one of our insurance investments. For the year, despite significant mark to market losses on our fixed income portfolio resulting from higher risk free rates, we increased our tangible book value per share by 8.4% while maintaining an attractive dividend yield.”

“Last week, we announced the results of our Non-life treaty renewal,” Mr. Miranthis added. “Despite challenging market conditions, the strength of our global franchise allowed us to modestly grow our portfolio while we maintained our usual underwriting discipline. We also had good production in our Life & Health operations which continue to grow profitably. I am confident that the strength of our client relationships and our technical skills in evaluating a broad range of risk will continue to differentiate us in the years to come.”

Separately, as announced by the Company on January 29, 2014, the Board of Directors increased the annual common share dividend by 5%, marking the twenty-first consecutive year that the Company has increased the common share dividend since its inception in 1993. The Board declared a quarterly dividend of $0.67 per common share. The dividend will be payable on February 28, 2014 to common shareholders of record on February 18, 2014.

The Company has posted its fourth quarter 2013 financial supplement on its website www.partnerre.com  in the Investor Relations section on the Financial Reports page under Supplementary Financial Data, which includes a reconciliation of GAAP and non-GAAP measures.

The Company will hold a dial-in conference call and question and answer session with investors at 10 a.m. Eastern tomorrow, February 4. Investors and analysts are encouraged to call in 15 minutes prior to the commencement of the call. The conference call can be accessed by dialing (866)-249-5224 or, from outside the United States, by dialing (480)-293-0646. The media are invited to listen to the call live over the Internet on the Investor Relations section of PartnerRe’s web site, www.partnerre.com . To listen to the webcast, please log on to the broadcast at least five minutes prior to the start.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company, through its wholly owned subsidiaries, also offers capital markets products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, mortality, longevity, accident and health, and alternative risk products. For the year ended December 31, 2012, total revenues were $5.6 billion. At September 30, 2013, total assets were $23.1 billion, total capital was $7.4 billion and total shareholders’ equity attributable to PartnerRe was $6.6 billion.

PartnerRe on the Internet including the complete text of this release: www.partnerre.com  

PartnerRe Ltd.

Investor: Robin Sidders

Media: Celia Powell

441-292-0888

or

Sard Verbinnen & Co

Drew Brown/Daniel Goldstein