View this article online: https://www.claimsjournal.com/news/international/2008/02/05/87015.htm
PartnerRe Ltd. reported a slight decrease in full year net earnings. For the year ended December 31, 2007, net income was $717.8 million, or $11.87 per share. The figure includes “$139.2 million, or $2.42 per share, in net after-tax realized losses on investments and net after-tax losses from the Company’s interest in the results of equity investments,” said the announcement. Net income for 2006 was $749.3 million, or $12.37 per share and included $58.4 million in net after-tax realized gains on investments.
For the fourth quarter of 2007 PartnerRe reported net income of $180.6 million, or $3.04 per share, which included net after-tax realized losses on investments and net after-tax losses from the Company’s interest in the results of equity investments aggregating at $85.4 million, or $1.51 per share. Net income for the fourth quarter of 2006 was $242.7 million or $4.03 per share, including $24.0 million, or $0.42 per share, in net after- tax realized gains on investments and net after-tax earnings from the Company’s interest in the results of equity investments.
Operating earnings, which exclude capital gains/losses, for the fourth quarter of 2007 were $257.4 million or $4.55 per share, compared to operating earnings of $210.1 million, or $3.61 per share, for the fourth quarter of 2006. Operating earnings for 2007 were $822.4 million, or $14.29 per share, compared to $656.4 million, or $11.36 per share in 2006.
President & CEO Patrick Thiele commented: “We had another excellent year in 2007. We closed the fourth quarter with strong results despite challenging capital markets conditions, and we enter 2008 in a position of strength and stability. We grew our book value per share by 21 percent for the year, and over a five-year cumulative period achieved 15 percent growth in book value on a compounded annual basis, in addition to an average annual dividend yield of 2.3 percent over the five-year period.
“In addition, we recently announced a 7 percent increase in our common stock dividend, marking the fifteenth consecutive year that we have increased our annual dividend.”
Summary unaudited consolidated financial data for the period is set out below.
The full report and additional details and comments may be obtained on the Company’s web site at: www.partnerre.com.
Senior management will conduct a dial-in conference call, which will include a question and answer period, today, Tuesday, February 5, 2008, at 10:00 a.m. Eastern. 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 (877) 795-3649 or, from outside the United States, by dialing (719) 325-4815.
The call and a replay may also be accessed on the Investor Relations section of the web site. To listen to the webcast, please log onto the broadcast at least five minutes prior to the start.
The replay number is: (888) 203-1112 or from outside the United States, (719) 457-0820 Replay Passcode: 9482056
Source: PartnerRe