PartnerRe Ltd. Reports Second Quarter and Half Year 2022 Results

• On July 12, 2022, Covéa Coopérations S.A. completed the acquisition of PartnerRe Ltd. from EXOR Nederland N.V.

• PartnerRe continues to show strong progress on its operating results. Operating income was $328 million for the second quarter and $502 million for the half year, which provided an operating income return on equity of 15.0% through the first six months. Net loss attributable to common shareholders of $606 million for the second quarter and $1,146 million for the half year

• The net loss was driven by unrealized losses on fixed maturities of $591 million and $1,413 million for the second quarter and half year, respectively, due to increasing interest rates. As of June 30, 2022, reinvestment rates were on average 4.7% compared to the Company's fixed income investment portfolio yield of 2.5% for the second quarter.

• Non-life underwriting profit of $282 million (combined ratio of 79.3%, a 9.3 point improvement) for the second quarter and $481 million (combined ratio of 81.9%, a 10.5 point improvement) for the half year

• Life and Health had an allocated underwriting profit of $60 million for the second quarter and $44 million for the half year

• Gross written premium increased 5% for the quarter and 10% for the half year, and net premiums written were up 7% for the quarter and 11% for the half year

• Cash flow from operations of $300 million for the quarter and $684 million for the half year

PartnerRe Ltd. ("the Company") today reported net loss attributable to common shareholder of $606 million for the second quarter of 2022, compared to income of $314 million for the same period of 2021. Net loss attributable to common shareholder was $1,146 million for the half year 2022, compared to income of $248 million for the same period of 2021. Operating income was $328 million for the second quarter of 2022, compared to operating income of $151 million for the same period of 2021. Operating income for the half year 2022 was $502 million compared to operating income of $192 million for the same period of 2021. Operating income for the second quarter and the half year 2022 improved over the same periods of 2021 as a result of improvements in the underwriting results for all three segments.

PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “With the completion of Covéa’s acquisition of PartnerRe in early July, we are excited to join a group with such an established history, strong brand and robust financial strength. As our financial results for the half year demonstrate, with an annualized operating return on equity of 15.0%, an improvement in our non-life combined ratio of 10.5 points year-over-year, and our growing life operations and third party capital management, we believe we can make an immediate contribution to the Covéa group.

I am thankful for our relationship with Exor, which we will continue through their meaningful contribution to our third-party capital platform. We look forward to our future with Covéa and to further increasing the value that we provide to all of our clients, distribution partners, capital partners and other stakeholders." Please click here to access the PartnerRe News page for the full release.

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