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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues        
Gross premiums written $ 1,462,307 $ 1,340,582 $ 3,334,047 $ 3,097,467
Net premiums written 1,418,665 1,309,318 3,157,159 2,945,750
Increase in unearned premiums (65,596) (100,682) (550,308) (590,434)
Net premiums earned 1,353,069 1,208,636 2,606,851 2,355,316
Net investment income 129,967 124,503 246,834 248,207
Net realized and unrealized investment gains (losses) 165,717 (299,215) 307,888 (276,272)
Other income 9,265 3,878 9,669 7,805
Total revenues 1,658,018 1,037,802 3,171,242 2,335,056
Expenses        
Losses and loss expenses and life policy benefits 883,846 866,843 1,633,303 1,527,794
Acquisition costs 302,573 241,743 567,181 475,942
Other operating expenses 107,072 144,833 218,534 260,874
Interest expense 12,240 12,232 24,477 24,460
Amortization of intangible assets 7,003 7,045 14,005 14,091
Net foreign exchange (gains) losses (2,023) 10,584 (2,693) 8,543
Total expenses 1,310,711 1,283,280 2,454,807 2,311,704
Income (loss) before taxes and interest in earnings (losses) of equity method investments 347,307 (245,478) 716,435 23,352
Income tax expense (benefit) 78,440 (74,569) 140,746 (32,894)
Interest in earnings (losses) of equity method investments 4,925 (3,479) 10,989 3,736
Net income (loss) 273,792 (174,388) 586,678 59,982
Net income attributable to noncontrolling interests (1,951) (1,183) (4,995) (1,183)
Net income (loss) attributable to PartnerRe Ltd. 271,841 (175,571) 581,683 58,799
Preferred dividends 14,184 14,796 28,367 29,494
Loss on redemption of preferred shares 0 0 0 9,135
Net income (loss) attributable to PartnerRe Ltd. common shareholders 257,657 (190,367) 553,316 20,170
Comprehensive income (loss)        
Net income (loss) attributable to PartnerRe Ltd. 271,841 (175,571) 581,683 58,799
Change in currency translation adjustment 17,020 (11,514) 1,797 (31,344)
Change in unfunded pension obligation, net of tax (9) (130) (10) 866
Change in unrealized losses on investments, net of tax (222) (230) (447) (463)
Total other comprehensive income (loss), net of tax 16,789 (11,874) 1,340 (30,941)
Comprehensive income (loss) attributable to PartnerRe Ltd. $ 288,630 $ (187,445) $ 583,023 $ 27,858
Per share data attributable to PartnerRe Ltd.common shareholders        
Basic net income (loss) $ 5.13 $ (3.37) $ 10.86 $ 0.35
Diluted net income (loss) $ 5.02 [1],[2] $ (3.37) [1],[2] $ 10.64 [1],[2] $ 0.34 [1],[2]
Weighted average number of common shares outstanding 50,241,216 56,485,882 50,942,980 57,449,528
Weighted average number of common shares and common share equivalents outstanding 51,328,761 56,485,882 52,024,451 58,534,526
Dividends declared per common share $ 0.67 $ 0.64 $ 1.34 $ 1.28
[1] Where the exercise price of share based awards is greater than the average market price of the common shares, the common shares are considered anti-dilutive and are excluded from the calculation of weighted average number of common shares and common share equivalents outstanding - diluted.
[2] Dilutive securities, in the form of share options and other, of 1,003,849 shares were not included in the weighted average number of common shares and common share equivalents outstanding - diluted, for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive for the three months ended June 30, 2013.