XML 43 R97.htm IDEA: XBRL DOCUMENT v2.4.0.8
Unaudited Quarterly Financial Information (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]                      
Net premiums written $ 1,186,000 $ 1,265,000 $ 1,309,000 $ 1,636,000 $ 920,000 $ 1,043,000 $ 1,136,000 $ 1,473,000 $ 5,396,526 $ 4,572,860 $ 4,486,329
Net premiums earned 1,421,000 1,421,000 1,209,000 1,147,000 1,168,000 1,237,000 1,091,000 990,000 5,198,210 4,485,939 4,647,754
Net investment income 114,000 122,000 125,000 124,000 136,000 135,000 153,000 147,000 484,367 571,338 629,148
Net realized and unrealized investment (losses) gains 99,000 16,000 (299,000) 23,000 5,000 257,000 38,000 193,000 (160,735) 493,409 66,692
Other income 3,000 5,000 4,000 4,000 3,000 3,000 3,000 2,000 16,565 11,920 7,915
Total revenues 1,637,000 1,564,000 1,039,000 1,298,000 1,312,000 1,632,000 1,285,000 1,332,000 5,538,407 5,562,606 5,351,509
Losses and loss expenses and life policy benefits 879,000 751,000 867,000 661,000 801,000 721,000 706,000 576,000 3,157,808 2,804,610 4,372,570
Acquisition costs 318,000 283,000 242,000 235,000 245,000 247,000 233,000 212,000 1,077,628 936,909 938,361
Other operating expenses 131,000 108,000 145,000 116,000 112,000 95,000 106,000 98,000 500,466 411,374 434,846
Interest expense 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 48,929 48,895 48,949
Amortization of intangible assets 6,000 7,000 7,000 7,000 5,000 9,000 9,000 9,000 27,180 31,799 36,405
Net foreign exchange losses (gains) 8,000 1,000 11,000 (2,000) 3,000 2,000 (8,000) 3,000 18,203 175 (34,675)
Total expenses 1,354,000 1,162,000 1,284,000 1,029,000 1,178,000 1,086,000 1,058,000 910,000 4,830,214 4,233,762 5,796,456
Income (loss) before taxes and interest in earnings (losses) of equity investments 283,000 402,000 (245,000) 269,000 134,000 546,000 227,000 422,000 708,193 1,328,844 (444,947)
Income tax expense (benefit) 11,000 70,000 (75,000) 42,000 23,000 64,000 50,000 67,000 48,416 204,284 68,972
Interest in earnings (losses) of equity investments 4,000 6,000 (4,000) 7,000 1,000 5,000 (1,000) 5,000 13,665 9,954 (6,372)
Net income (loss) 276,000 338,000 (174,000) 234,000 112,000 487,000 176,000 360,000 673,442 1,134,514 (520,291)
Net income attributable to noncontrolling interests (4,000) (4,000) (1,000) 0 0 0 0 0 (9,434) 0 0
Net income (loss) attributable to PartnerRe Ltd. 272,000 334,000 (175,000) 234,000 112,000 487,000 176,000 360,000 664,008 1,134,514 (520,291)
Dividends on preferred shares 14,000 14,000 15,000 15,000 15,000 15,000 15,000 15,000 57,861 61,622 47,020
Loss on redemption of preferred shares 0 0 0 9,000 0 0 0 0 9,135 0 0
Net income (loss) attributable to PartnerRe Ltd. common shareholders $ 258,000 $ 320,000 $ (190,000) $ 210,000 $ 97,000 $ 472,000 $ 161,000 $ 345,000 $ 597,012 $ 1,072,892 $ (567,311)
Basic net income (loss) $ 4.86 $ 5.95 $ (3.37) $ 3.60 $ 1.58 $ 7.62 $ 2.52 $ 5.27 $ 10.78 $ 17.05 $ (8.40)
Diluted net income (loss) $ 4.76 $ 5.84 $ (3.37) $ 3.53 $ 1.56 $ 7.53 $ 2.50 $ 5.24 $ 10.58 $ 16.87 $ (8.40) [1]
Dividends declared per common share $ 0.64 $ 0.64 $ 0.64 $ 0.64 $ 0.62 $ 0.62 $ 0.62 $ 0.62 $ 2.56 $ 2.48 $ 2.35
[1] At December 31, 2013, 2012 and 2011, share based awards to purchase 14.8 thousand, 554.7 thousand and 2,854.4 thousand common shares, respectively, were excluded from the calculation of diluted weighted average number of common shares and common share equivalents outstanding because their exercise prices were greater than the average market price of the common shares. In addition, dilutive securities, in the form of share options and other, of 687.3 thousand shares were not included in the weighted average number of common shares and common share equivalents outstanding for the purpose of computing the diluted net loss per share because to do so would have been anti-dilutive for the year ended December 31, 2011.