Exhibit | Description of Exhibit | |||||||
99.1 | Press Release and Supplementary Financial Information – PartnerRe Ltd. third quarter results, dated November 18, 2020 | |||||||
PartnerRe Ltd. | ||||||||||||||||||||||||||
(Registrant) | ||||||||||||||||||||||||||
Date: | November 18, 2020 | By: | /s/ Nicolas Burnet | |||||||||||||||||||||||
Name: Nicolas Burnet | ||||||||||||||||||||||||||
Title: Chief Financial Officer |
Exhibit | Description of Exhibit | |||||||
99.1 | Press Release and Supplementary Financial Information – PartnerRe Ltd. third quarter results, dated November 18, 2020 | |||||||
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 |
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, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 1,601,402 | $ | 1,706,139 | $ | 5,200,995 | $ | 5,732,283 | |||||||||||||||
Net premiums written | $ | 1,434,444 | $ | 1,614,276 | $ | 4,703,337 | $ | 5,397,235 | |||||||||||||||
Decrease (increase) in unearned premiums | 166,500 | 82,295 | 52,110 | (607,399) | |||||||||||||||||||
Net premiums earned | 1,600,944 | 1,696,571 | 4,755,447 | 4,789,836 | |||||||||||||||||||
Net investment income | 100,209 | 109,423 | 275,622 | 340,318 | |||||||||||||||||||
Net realized and unrealized investment gains | 238,642 | 113,594 | 185,312 | 764,522 | |||||||||||||||||||
Other income | 5,737 | 3,806 | 8,778 | 11,376 | |||||||||||||||||||
Total revenues | 1,945,532 | 1,923,394 | 5,225,159 | 5,906,052 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Losses and loss expenses | 1,251,927 | 1,224,862 | 3,984,534 | 3,429,349 | |||||||||||||||||||
Acquisition costs | 319,369 | 375,317 | 982,760 | 1,059,474 | |||||||||||||||||||
Other expenses | 99,760 | 79,645 | 268,348 | 254,668 | |||||||||||||||||||
Interest expense | 8,807 | 10,011 | 25,271 | 31,857 | |||||||||||||||||||
Loss on redemption of debt | — | 15,175 | — | 15,175 | |||||||||||||||||||
Amortization of intangible assets | 2,449 | 2,795 | 7,469 | 8,505 | |||||||||||||||||||
Net foreign exchange losses (gains) | 43,658 | (38,834) | (51,296) | 8,308 | |||||||||||||||||||
Total expenses | 1,725,970 | 1,668,971 | 5,217,086 | 4,807,336 | |||||||||||||||||||
Income before taxes and interest in earnings of equity method investments | 219,562 | 254,423 | 8,073 | 1,098,716 | |||||||||||||||||||
Income tax expense (benefit) | 4,887 | 29,130 | (23,270) | 103,639 | |||||||||||||||||||
Interest in earnings of equity method investments | 3,324 | 2,455 | 5,421 | 37,852 | |||||||||||||||||||
Net income | 217,999 | 227,748 | 36,764 | 1,032,929 | |||||||||||||||||||
Preferred dividends | 11,604 | 11,604 | 34,812 | 34,812 | |||||||||||||||||||
Net income available to common shareholder | $ | 206,395 | $ | 216,144 | $ | 1,952 | $ | 998,117 | |||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income | $ | 217,999 | $ | 227,748 | $ | 36,764 | $ | 1,032,929 | |||||||||||||||
Change in currency translation adjustment | 26,491 | (7,871) | (71,039) | 29,683 | |||||||||||||||||||
Change in net unrealized gains or losses on investments, net of tax | (5) | (63) | (78) | (1,965) | |||||||||||||||||||
Change in unfunded pension obligation, net of tax | (425) | 94 | (788) | 45 | |||||||||||||||||||
Comprehensive income (loss) | $ | 244,060 | $ | 219,908 | $ | (35,141) | $ | 1,060,692 |
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Fixed maturities, at fair value | $ | 11,910,878 | $ | 10,680,714 | |||||||
Short-term investments, at fair value | 1,608,417 | 1,003,421 | |||||||||
Equities, at fair value | 1,332,343 | 1,295,164 | |||||||||
Investments in real estate | 70,416 | 71,834 | |||||||||
Other invested assets | 2,782,544 | 3,266,009 | |||||||||
Total investments | 17,704,598 | 16,317,142 | |||||||||
Cash and cash equivalents | 1,777,582 | 1,484,463 | |||||||||
Accrued investment income | 91,520 | 109,673 | |||||||||
Reinsurance balances receivable | 3,325,337 | 3,400,070 | |||||||||
Reinsurance recoverable on paid and unpaid losses | 885,317 | 889,021 | |||||||||
Prepaid reinsurance premiums | 190,621 | 80,942 | |||||||||
Funds held by reinsured companies | 726,444 | 815,167 | |||||||||
Deferred acquisition costs | 809,153 | 874,608 | |||||||||
Deposit assets | 144,554 | 168,067 | |||||||||
Net tax assets | 212,519 | 179,813 | |||||||||
Goodwill | 456,380 | 456,380 | |||||||||
Intangible assets | 110,068 | 117,538 | |||||||||
Other assets | 176,512 | 169,521 | |||||||||
Total assets | $ | 26,610,605 | $ | 25,062,405 | |||||||
Liabilities | |||||||||||
Non-life reserves | $ | 11,133,368 | $ | 10,363,383 | |||||||
Life and health reserves | 2,453,438 | 2,417,044 | |||||||||
Unearned premiums | 2,487,096 | 2,433,860 | |||||||||
Other reinsurance balances payable | 589,826 | 521,338 | |||||||||
Debt | 1,931,311 | 1,398,054 | |||||||||
Deposit liabilities | 6,516 | 5,507 | |||||||||
Net tax liabilities | 148,520 | 135,966 | |||||||||
Accounts payable, accrued expenses and other (1) | 724,619 | 517,084 | |||||||||
Total liabilities | 19,474,694 | 17,792,236 | |||||||||
Shareholders’ Equity | |||||||||||
Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) | — | — | |||||||||
Preferred shares (par value $1.00; issued and outstanding: 28,169,062 shares; aggregate liquidation value: $704,227) | 28,169 | 28,169 | |||||||||
Additional paid-in capital | 2,396,530 | 2,396,530 | |||||||||
Accumulated other comprehensive loss | (147,830) | (75,925) | |||||||||
Retained earnings | 4,859,042 | 4,921,395 | |||||||||
Total shareholders’ equity | 7,135,911 | 7,270,169 | |||||||||
Total liabilities and shareholders’ equity | $ | 26,610,605 | $ | 25,062,405 |
For the three months ended | For the nine months ended | |||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 301,626 | $ | 394,452 | $ | 781,062 | $ | 703,683 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (405,252) | (598,121) | (906,840) | 11,439 | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 477,476 | (649,890) | 405,185 | (256,264) | ||||||||||||||||||||||
Effect of foreign exchange rate changes on cash | 12,893 | (9,429) | 13,712 | (5,566) | ||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 386,743 | (862,988) | 293,119 | 453,292 | ||||||||||||||||||||||
Cash and cash equivalents - beginning of period | 1,390,839 | 2,194,187 | 1,484,463 | 877,907 | ||||||||||||||||||||||
Cash and cash equivalents - end of period | $ | 1,777,582 | $ | 1,331,199 | $ | 1,777,582 | $ | 1,331,199 |
For the three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 762 | $ | 484 | $ | 1,246 | $ | 355 | $ | — | $ | 1,601 | ||||||||||||||||||||||||||
Net premiums written | $ | 627 | $ | 458 | $ | 1,085 | $ | 349 | $ | — | $ | 1,434 | ||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 145 | 25 | 170 | (3) | — | 167 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 772 | $ | 483 | $ | 1,255 | $ | 346 | $ | — | $ | 1,601 | ||||||||||||||||||||||||||
Losses and loss expenses | (609) | (350) | (959) | (293) | — | (1,252) | ||||||||||||||||||||||||||||||||
Acquisition costs | (185) | (107) | (292) | (27) | — | (319) | ||||||||||||||||||||||||||||||||
Technical result | $ | (22) | $ | 26 | $ | 4 | $ | 26 | $ | — | $ | 30 | ||||||||||||||||||||||||||
Other income | — | — | — | 5 | 1 | 6 | ||||||||||||||||||||||||||||||||
Other expenses | (17) | (7) | (24) | (21) | (55) | (100) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | (39) | $ | 19 | $ | (20) | $ | 10 | n/a | $ | (64) | |||||||||||||||||||||||||||
Net investment income | 16 | 84 | 100 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 26 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 239 | 239 | ||||||||||||||||||||||||||||||||||||
Interest expense | (9) | (9) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (44) | (44) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (5) | (5) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 3 | 3 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 218 | |||||||||||||||||||||||||||||||||||
Loss ratio (1) | 78.9 | % | 72.5 | % | 76.4 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio (2) | 24.0 | 22.2 | 23.3 | |||||||||||||||||||||||||||||||||||
Technical ratio (3) | 102.9 | % | 94.7 | % | 99.7 | % | ||||||||||||||||||||||||||||||||
Other expense ratio (4) | 2.2 | 1.4 | 1.9 | |||||||||||||||||||||||||||||||||||
Combined ratio (5) | 105.1 | % | 96.1 | % | 101.6 | % | ||||||||||||||||||||||||||||||||
For the three months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 799 | $ | 552 | $ | 1,351 | $ | 355 | $ | — | $ | 1,706 | ||||||||||||||||||||||||||
Net premiums written | $ | 709 | $ | 554 | $ | 1,263 | $ | 352 | $ | — | $ | 1,615 | ||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 101 | (23) | 78 | 4 | — | 82 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 810 | $ | 531 | $ | 1,341 | $ | 356 | $ | — | $ | 1,697 | ||||||||||||||||||||||||||
Losses and loss expenses | (584) | (340) | (924) | (301) | — | (1,225) | ||||||||||||||||||||||||||||||||
Acquisition costs | (203) | (141) | (344) | (31) | — | (375) | ||||||||||||||||||||||||||||||||
Technical result | $ | 23 | $ | 50 | $ | 73 | $ | 24 | $ | — | $ | 97 | ||||||||||||||||||||||||||
Other income | — | — | — | 4 | — | 4 | ||||||||||||||||||||||||||||||||
Other expenses | (18) | (6) | (24) | (16) | (40) | (80) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 5 | $ | 44 | $ | 49 | $ | 12 | n/a | $ | 21 | |||||||||||||||||||||||||||
Net investment income | 19 | 90 | 109 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 31 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 114 | 114 | ||||||||||||||||||||||||||||||||||||
Interest expense | (10) | (10) | ||||||||||||||||||||||||||||||||||||
Loss on redemption of debt | (15) | (15) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (3) | (3) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange gains | 39 | 39 | ||||||||||||||||||||||||||||||||||||
Income tax expense | (29) | (29) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 228 | |||||||||||||||||||||||||||||||||||
Loss ratio (1) | 72.1 | % | 64.0 | % | 68.9 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio (2) | 25.1 | 26.6 | 25.7 | |||||||||||||||||||||||||||||||||||
Technical ratio (3) | 97.2 | % | 90.6 | % | 94.6 | % | ||||||||||||||||||||||||||||||||
Other expense ratio (4) | 2.2 | 1.1 | 1.8 | |||||||||||||||||||||||||||||||||||
Combined ratio (5) | 99.4 | % | 91.7 | % | 96.4 | % |
For the nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,668 | $ | 1,421 | $ | 4,089 | $ | 1,112 | $ | — | $ | 5,201 | ||||||||||||||||||||||||||
Net premiums written | $ | 2,317 | $ | 1,293 | $ | 3,610 | $ | 1,093 | $ | — | $ | 4,703 | ||||||||||||||||||||||||||
(Increase) decrease in unearned premiums | (56) | 105 | 49 | 3 | — | 52 | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 2,261 | $ | 1,398 | $ | 3,659 | $ | 1,096 | $ | — | $ | 4,755 | ||||||||||||||||||||||||||
Losses and loss expenses | (1,756) | (1,250) | (3,006) | (979) | — | (3,985) | ||||||||||||||||||||||||||||||||
Acquisition costs | (549) | (362) | (911) | (72) | — | (983) | ||||||||||||||||||||||||||||||||
Technical result | $ | (44) | $ | (214) | $ | (258) | $ | 45 | $ | — | $ | (213) | ||||||||||||||||||||||||||
Other (loss) income | (1) | — | (1) | 8 | 2 | 9 | ||||||||||||||||||||||||||||||||
Other expenses | (49) | (19) | (68) | (54) | (146) | (268) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | (94) | $ | (233) | $ | (327) | $ | (1) | n/a | $ | (472) | |||||||||||||||||||||||||||
Net investment income | 50 | 226 | 276 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 49 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 185 | 185 | ||||||||||||||||||||||||||||||||||||
Interest expense | (25) | (25) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (6) | (6) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange gains | 51 | 51 | ||||||||||||||||||||||||||||||||||||
Income tax benefit | 23 | 23 | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 5 | 5 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 37 | |||||||||||||||||||||||||||||||||||
Loss ratio | 77.7 | % | 89.4 | % | 82.2 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio | 24.3 | 25.9 | 24.9 | |||||||||||||||||||||||||||||||||||
Technical ratio | 102.0 | % | 115.3 | % | 107.1 | % | ||||||||||||||||||||||||||||||||
Other expense ratio | 2.2 | 1.4 | 1.9 | |||||||||||||||||||||||||||||||||||
Combined ratio | 104.2 | % | 116.7 | % | 109.0 | % | ||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||
P&C segment | Specialty segment | Total Non-life | Life and Health segment | Corporate and Other | Total | |||||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,933 | $ | 1,690 | $ | 4,623 | $ | 1,109 | $ | — | $ | 5,732 | ||||||||||||||||||||||||||
Net premiums written | $ | 2,671 | $ | 1,633 | $ | 4,304 | $ | 1,093 | $ | — | $ | 5,397 | ||||||||||||||||||||||||||
Increase in unearned premiums | (444) | (155) | (599) | (8) | — | (607) | ||||||||||||||||||||||||||||||||
Net premiums earned | $ | 2,227 | $ | 1,478 | $ | 3,705 | $ | 1,085 | $ | — | $ | 4,790 | ||||||||||||||||||||||||||
Losses and loss expenses | (1,421) | (1,094) | (2,515) | (914) | — | (3,429) | ||||||||||||||||||||||||||||||||
Acquisition costs | (559) | (387) | (946) | (113) | — | (1,059) | ||||||||||||||||||||||||||||||||
Technical result | $ | 247 | $ | (3) | $ | 244 | $ | 58 | $ | — | $ | 302 | ||||||||||||||||||||||||||
Other income | — | — | — | 9 | 2 | 11 | ||||||||||||||||||||||||||||||||
Other expenses | (56) | (20) | (76) | (45) | (134) | (255) | ||||||||||||||||||||||||||||||||
Underwriting result | $ | 191 | $ | (23) | $ | 168 | $ | 22 | n/a | $ | 58 | |||||||||||||||||||||||||||
Net investment income | 53 | 287 | 340 | |||||||||||||||||||||||||||||||||||
Allocated underwriting result | $ | 75 | n/a | n/a | ||||||||||||||||||||||||||||||||||
Net realized and unrealized investment gains | 765 | 765 | ||||||||||||||||||||||||||||||||||||
Interest expense | (32) | (32) | ||||||||||||||||||||||||||||||||||||
Loss on redemption of debt | (15) | (15) | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | (9) | (9) | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (8) | (8) | ||||||||||||||||||||||||||||||||||||
Income tax expense | (104) | (104) | ||||||||||||||||||||||||||||||||||||
Interest in earnings of equity method investments | 38 | 38 | ||||||||||||||||||||||||||||||||||||
Net income | n/a | $ | 1,033 | |||||||||||||||||||||||||||||||||||
Loss ratio | 63.8 | % | 74.0 | % | 67.9 | % | ||||||||||||||||||||||||||||||||
Acquisition ratio | 25.1 | 26.2 | 25.5 | |||||||||||||||||||||||||||||||||||
Technical ratio | 88.9 | % | 100.2 | % | 93.4 | % | ||||||||||||||||||||||||||||||||
Other expense ratio | 2.5 | 1.4 | 2.1 | |||||||||||||||||||||||||||||||||||
Combined ratio | 91.4 | % | 101.6 | % | 95.5 | % |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||
Fixed maturities | ||||||||||||||||||||||||||
U.S. government | $ | 1,307,403 | 7 | % | $ | 877,196 | 6 | % | ||||||||||||||||||
U.S. government sponsored enterprises | 632,000 | 4 | 544,520 | 3 | ||||||||||||||||||||||
U.S. states, territories and municipalities | 138,542 | 1 | 157,234 | 1 | ||||||||||||||||||||||
Non-U.S. sovereign government, supranational and government related | 2,229,279 | 13 | 3,255,154 | 20 | ||||||||||||||||||||||
Corporate bonds | 3,015,707 | 17 | 2,662,089 | 16 | ||||||||||||||||||||||
Mortgage/asset-backed securities | 4,587,947 | 26 | 3,184,521 | 20 | ||||||||||||||||||||||
Total fixed maturities | 11,910,878 | 68 | 10,680,714 | 66 | ||||||||||||||||||||||
Short-term investments | 1,608,417 | 9 | 1,003,421 | 6 | ||||||||||||||||||||||
Equities | 1,332,343 | 7 | 1,295,164 | 8 | ||||||||||||||||||||||
Investments in real estate | 70,416 | — | 71,834 | — | ||||||||||||||||||||||
Other invested assets (1) | 2,782,544 | 16 | 3,266,009 | 20 | ||||||||||||||||||||||
Total investments | $ | 17,704,598 | 100 | % | $ | 16,317,142 | 100 | % | ||||||||||||||||||
Cash and cash equivalents | 1,777,582 | 1,484,463 | ||||||||||||||||||||||||
Total investments and cash and cash equivalents | 19,482,180 | 17,801,605 | ||||||||||||||||||||||||
Maturity distribution: | ||||||||||||||||||||||||||
One year or less | $ | 2,710,982 | 20 | % | $ | 1,673,912 | 14 | % | ||||||||||||||||||
More than one year through five years | 3,502,460 | 26 | 3,276,078 | 29 | ||||||||||||||||||||||
More than five years through ten years | 1,886,237 | 14 | 2,939,624 | 25 | ||||||||||||||||||||||
More than ten years | 831,669 | 6 | 610,000 | 5 | ||||||||||||||||||||||
Subtotal | 8,931,348 | 66 | 8,499,614 | 73 | ||||||||||||||||||||||
Mortgage/asset-backed securities | 4,587,947 | 34 | 3,184,521 | 27 | ||||||||||||||||||||||
Total fixed maturities and short-term investments | $ | 13,519,295 | 100 | % | $ | 11,684,135 | 100 | % | ||||||||||||||||||
Credit quality by market value (Total fixed maturities and short-term investments): | ||||||||||||||||||||||||||
AAA | $ | 1,915,772 | 14 | % | $ | 2,986,519 | 26 | % | ||||||||||||||||||
AA | 8,279,632 | 61 | 5,739,019 | 49 | ||||||||||||||||||||||
A | 1,676,189 | 13 | 1,706,119 | 14 | ||||||||||||||||||||||
BBB | 1,076,967 | 8 | 931,082 | 8 | ||||||||||||||||||||||
Below Investment Grade/Unrated | 570,735 | 4 | 321,396 | 3 | ||||||||||||||||||||||
$ | 13,519,295 | 100 | % | $ | 11,684,135 | 100 | % | |||||||||||||||||||
Expected average duration | 1.7 | Yrs | 2.7 | Yrs | ||||||||||||||||||||||
Average yield to maturity at market | 1.6 | % | 2.8 | % | ||||||||||||||||||||||
Average credit quality | AA | AA |
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Fair Value | Percentage of Fair Value of Corporate Bonds | Percentage to Invested Assets and cash | Largest single issuer as a percentage of Invested Assets and cash | ||||||||||||||||||||||||||||||||
Distribution by sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Financial | $ | 1,378,681 | 45.7 | % | 7.1 | % | 0.5 | % | |||||||||||||||||||||||||||
Consumer cyclical | 283,660 | 9.4 | 1.5 | 0.4 | |||||||||||||||||||||||||||||||
Energy | 266,649 | 8.8 | 1.4 | 0.2 | |||||||||||||||||||||||||||||||
Industrial | 219,107 | 7.3 | 1.1 | 0.1 | |||||||||||||||||||||||||||||||
Insurance | 213,481 | 7.1 | 1.1 | 0.4 | |||||||||||||||||||||||||||||||
Utilities | 170,034 | 5.6 | 0.9 | 0.2 | |||||||||||||||||||||||||||||||
Consumer non-cyclical | 161,524 | 5.4 | 0.8 | 0.1 | |||||||||||||||||||||||||||||||
Real estate and real estate investment trusts | 122,041 | 4.0 | 0.6 | 0.1 | |||||||||||||||||||||||||||||||
Communications | 96,641 | 3.2 | 0.5 | 0.1 | |||||||||||||||||||||||||||||||
Basic materials | 43,416 | 1.4 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||
Technology | 37,715 | 1.3 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||
Longevity and mortality bonds | 16,433 | 0.5 | 0.1 | 0.1 | |||||||||||||||||||||||||||||||
Other | 6,325 | 0.3 | — | — | |||||||||||||||||||||||||||||||
Total Corporate bonds | $ | 3,015,707 | 100.0 | % | 15.5 | % | |||||||||||||||||||||||||||||
Finance sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Banks | $ | 791,750 | 26.2 | % | 4.1 | % | |||||||||||||||||||||||||||||
Investment banking and brokerage | 229,372 | 7.6 | 1.2 | ||||||||||||||||||||||||||||||||
Other | 357,559 | 11.9 | 1.8 | ||||||||||||||||||||||||||||||||
Total finance sector - Corporate bonds | $ | 1,378,681 | 45.7 | % | 7.1 | % | |||||||||||||||||||||||||||||
AAA | AA | A | BBB | Non-Investment Grade/Unrated | Total | ||||||||||||||||||||||||||||||
Credit quality of finance sector - Corporate bonds | |||||||||||||||||||||||||||||||||||
Banks | $ | — | $ | 127,576 | $ | 356,475 | $ | 271,957 | $ | 35,742 | $ | 791,750 | |||||||||||||||||||||||
Investment banking and brokerage | — | 2,892 | 31,600 | 172,185 | 22,695 | 229,372 | |||||||||||||||||||||||||||||
Other | — | 71,078 | 180,440 | 53,993 | 52,048 | 357,559 | |||||||||||||||||||||||||||||
Total finance sector - Corporate bonds | $ | — | $ | 201,546 | $ | 568,515 | $ | 498,135 | $ | 110,485 | $ | 1,378,681 | |||||||||||||||||||||||
% of total | — | % | 14.6 | % | 41.2 | % | 36.1 | % | 8.1 | % | 100.0 | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Fixed maturities | $ | 73,615 | $ | 89,552 | $ | 220,242 | $ | 298,059 | |||||||||||||||
Short-term investments and cash and cash equivalents | 2,512 | 5,364 | 10,515 | 20,037 | |||||||||||||||||||
Equities, investments in real estate, funds held and other | 30,359 | 25,670 | 84,296 | 49,832 | |||||||||||||||||||
Investment expenses | (6,277) | (11,163) | (39,431) | (27,610) | |||||||||||||||||||
Net investment income | $ | 100,209 | $ | 109,423 | $ | 275,622 | $ | 340,318 | |||||||||||||||
Net realized investment gains on fixed maturities and short-term investments | $ | 5,156 | $ | 70,165 | $ | 11,300 | $ | 221,659 | |||||||||||||||
Net realized investment gains (losses) on equities | 15,475 | (174) | 11,773 | 6,241 | |||||||||||||||||||
Net realized investment (losses) gains on other invested assets | (194) | 9,385 | (34,099) | 9,472 | |||||||||||||||||||
Net realized investment gains (losses) | $ | 20,437 | $ | 79,376 | $ | (11,026) | $ | 237,372 | |||||||||||||||
Change in net unrealized investment gains (losses) on fixed maturities and short-term investments | $ | 8,591 | $ | (29,346) | $ | 213,517 | $ | 262,620 | |||||||||||||||
Change in net unrealized investment gains on equities | 152,343 | 67,836 | 18,870 | 244,103 | |||||||||||||||||||
Change in net unrealized investment gains (losses) on other invested assets | 58,897 | (4,272) | (32,548) | 20,192 | |||||||||||||||||||
Net other realized and unrealized investment (losses) gains | (1,626) | — | (3,501) | 235 | |||||||||||||||||||
Change in net unrealized investment gains | $ | 218,205 | $ | 34,218 | $ | 196,338 | $ | 527,150 | |||||||||||||||
Net realized and unrealized investment gains | $ | 238,642 | $ | 113,594 | $ | 185,312 | $ | 764,522 | |||||||||||||||
As at and for the three months ended | As at and for the nine months ended | ||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Reconciliation of beginning and ending non-life reserves: | |||||||||||||||||||||||
Gross liability at beginning of period | $ | 10,758,847 | $ | 9,867,699 | $ | 10,363,383 | $ | 9,895,376 | |||||||||||||||
Reinsurance recoverable at beginning of period | (754,698) | (749,325) | (754,795) | (850,946) | |||||||||||||||||||
Net liability at beginning of period | 10,004,149 | 9,118,374 | 9,608,588 | 9,044,430 | |||||||||||||||||||
Net incurred losses related to: | |||||||||||||||||||||||
Current year | 1,003,059 | 921,134 | 2,931,429 | 2,497,018 | |||||||||||||||||||
Prior years | (44,189) | 3,240 | 74,557 | 17,757 | |||||||||||||||||||
958,870 | 924,374 | 3,005,986 | 2,514,775 | ||||||||||||||||||||
Net losses paid | (719,813) | (698,105) | (2,281,347) | (2,213,327) | |||||||||||||||||||
Effects of foreign exchange rate changes and other | 118,375 | (115,741) | 28,354 | (116,976) | |||||||||||||||||||
Net liability at end of period | 10,361,581 | 9,228,902 | 10,361,581 | 9,228,902 | |||||||||||||||||||
Reinsurance recoverable at end of period | 771,787 | 681,458 | 771,787 | 681,458 | |||||||||||||||||||
Gross liability at end of period | $ | 11,133,368 | $ | 9,910,360 | $ | 11,133,368 | $ | 9,910,360 | |||||||||||||||
Breakdown of gross liability at end of period: | |||||||||||||||||||||||
Case reserves | $ | 4,451,173 | $ | 4,093,384 | $ | 4,451,173 | $ | 4,093,384 | |||||||||||||||
Additional case reserves | 134,697 | 153,432 | 134,697 | 153,432 | |||||||||||||||||||
Incurred but not reported reserves | 6,547,498 | 5,663,544 | 6,547,498 | 5,663,544 | |||||||||||||||||||
Gross liability at end of period | $ | 11,133,368 | $ | 9,910,360 | $ | 11,133,368 | $ | 9,910,360 | |||||||||||||||
Gross liability at end of period by Non-life segment: | |||||||||||||||||||||||
P&C | 7,646,343 | 6,871,475 | 7,646,343 | 6,871,475 | |||||||||||||||||||
Specialty | 3,487,025 | 3,038,885 | 3,487,025 | 3,038,885 | |||||||||||||||||||
Gross liability at end of period | $ | 11,133,368 | $ | 9,910,360 | $ | 11,133,368 | $ | 9,910,360 | |||||||||||||||
Unrecognized time value of non-life reserves (1) | $ | 115,372 | $ | 361,061 | $ | 115,372 | $ | 361,061 |
As at and for the three months ended | As at and for the nine months ended | ||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Reconciliation of beginning and ending life and health reserves: | |||||||||||||||||||||||
Gross liability at beginning of period | $ | 2,406,160 | $ | 2,312,182 | $ | 2,417,044 | $ | 2,198,080 | |||||||||||||||
Reinsurance recoverable at beginning of period | (18,556) | (11,705) | (16,183) | (11,829) | |||||||||||||||||||
Net liability at beginning of period | 2,387,604 | 2,300,477 | 2,400,861 | 2,186,251 | |||||||||||||||||||
Net incurred losses | 293,057 | 300,488 | 978,548 | 914,574 | |||||||||||||||||||
Net losses paid | (319,751) | (370,354) | (940,722) | (878,571) | |||||||||||||||||||
Effects of foreign exchange rate changes and other | 78,045 | (57,920) | 268 | (49,563) | |||||||||||||||||||
Net liability at end of period | 2,438,955 | 2,172,691 | 2,438,955 | 2,172,691 | |||||||||||||||||||
Reinsurance recoverable at end of period | 14,483 | 9,943 | 14,483 | 9,943 | |||||||||||||||||||
Gross liability at end of period | $ | 2,453,438 | $ | 2,182,634 | $ | 2,453,438 | $ | 2,182,634 | |||||||||||||||
Life value in force (1) | $ | 194,700 | $ | 287,700 | $ | 194,700 | $ | 287,700 |
September 30, 2020 | ||||||||||||||||||||
Zone | Peril | 1-in-250 year PML | 1-in-500 year PML (Earthquake perils only) | |||||||||||||||||
U.S. Southeast | Hurricane | $ | 828 | |||||||||||||||||
U.S. Northeast | Hurricane | 811 | ||||||||||||||||||
U.S. Gulf Coast | Hurricane | 744 | ||||||||||||||||||
Caribbean | Hurricane | 245 | ||||||||||||||||||
Europe | Windstorm | 469 | ||||||||||||||||||
Japan | Typhoon | 394 | ||||||||||||||||||
California | Earthquake | 756 | $ | 1,105 | ||||||||||||||||
Japan | Earthquake | 499 | 566 | |||||||||||||||||
Australia | Earthquake | 298 | 413 | |||||||||||||||||
New Zealand | Earthquake | 287 | 427 | |||||||||||||||||
British Columbia | Earthquake | 170 | 344 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||||||||||||
$ | ROE (1) | $ | ROE (1) | $ | ROE (1) | $ | ROE (1) | ||||||||||||||||||||||||||||
Net income available to common shareholder | 206,395 | 13.1 | % | 216,144 | 13.1 | % | 1,952 | — | % | 998,117 | 21.4 | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
Calculation of average common shareholder's equity | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||
Beginning of period common shareholder's equity | $ | 6,199,228 | $ | 6,550,204 | $ | 6,565,942 | $ | 5,812,287 | |||||||||||||||
End of period common shareholder's equity | $ | 6,431,684 | $ | 6,638,780 | $ | 6,431,684 | $ | 6,638,780 | |||||||||||||||
Average common shareholder's equity | $ | 6,315,456 | $ | 6,594,492 | $ | 6,498,813 | $ | 6,225,534 |
September 30, 2020 | December 31, 2019 | ||||||||||
Tangible book value: | |||||||||||
Total shareholders' equity | $ | 7,135,911 | $ | 7,270,169 | |||||||
Less: | |||||||||||
Preferred shares, aggregate liquidation value at $25 per share | 704,227 | 704,227 | |||||||||
Common shareholder’s equity or book value | 6,431,684 | 6,565,942 | |||||||||
Less: | |||||||||||
Goodwill | 456,380 | 456,380 | |||||||||
Intangible assets, net of tax (1) | 98,114 | 109,217 | |||||||||
Tangible book value | $ | 5,877,190 | $ | 6,000,345 | |||||||
Capital structure: | |||||||||||
Senior notes | |||||||||||
Senior notes due 2029 | $ | 496,055 | $ | 495,614 | |||||||
Senior notes due 2026 (2) | 870,926 | 832,351 | |||||||||
Junior subordinated notes | |||||||||||
Junior subordinated notes due 2050 (3) | 494,241 | — | |||||||||
Capital efficient notes due 2066 | 62,484 | 62,484 | |||||||||
Total debt (4) | 1,923,706 | 1,390,449 | |||||||||
Preferred shares, aggregate liquidation value | 704,227 | 704,227 | |||||||||
Common shareholder's equity | 6,431,684 | 6,565,942 | |||||||||
Total capital | $ | 9,059,617 | $ | 8,660,618 |
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