PEMBROKE, Bermuda -- (Business Wire)
PartnerRe Ltd. (NYSE:PRE) today announced information on its expected
results for the fourth quarter of 2014, which are as follows:
-
Fourth Quarter Operating Earnings between $210 million and $230 million
-
Fourth Quarter Operating Earnings per diluted share between $4.20 and
$4.60
-
Fourth Quarter Annualized Operating ROE between 15.4% and 16.9%
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Diluted Book Value between $126.04 and $126.44 per share
-
Diluted Tangible Book Value between $114.59 and $114.99 per share
PartnerRe will report final 2014 results for the fourth quarter and full
year after the market close on Wednesday, February 4, 2015.
The Company has posted a reconciliation on its website www.partnerre.com
in the Financial Information section of the Investor Relations page
under Supplementary Financial Data, which reconciles the non-GAAP
financial measures contained within this News Release to the nearest
comparable GAAP financial measure.
The Company will hold a dial-in conference call and question and answer
session with investors at 10 a.m. Eastern on Thursday, February 5, 2015.
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
(800)-227-9428 or, from outside the United States, by dialing
(785)-830-1925. The media are invited to listen to the call live over
the Internet on the Investor Relations section of PartnerRe’s web site www.partnerre.com.
To listen to the webcast, please log on to the broadcast at least five
minutes prior to the start.
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Net income/loss per share is defined as net income/loss attributable
to PartnerRe common shareholders divided by the weighted average number
of fully diluted shares outstanding for the period. Net income/loss
attributable to PartnerRe common shareholders is defined as net
income/loss attributable to PartnerRe less preferred dividends and loss
on redemption of preferred shares.
Operating earnings/loss is defined as net income/loss available to
PartnerRe common shareholders excluding certain after-tax net realized
and unrealized gains/losses on investments, after-tax net foreign
exchange gains/losses, the loss on redemption of preferred shares,
certain after-tax interest in earnings/losses of equity method
investments and certain after-tax withholding tax on inter-company
dividends (included in other expenses). Operating earnings/loss per
share is defined as operating earnings/loss divided by the weighted
average number of fully diluted shares outstanding for the period.
The Company uses operating earnings, diluted operating earnings per
share and annualized operating return on beginning diluted book value
per common and common share equivalents outstanding to measure
performance, as these measures focus on the underlying fundamentals of
our operations without the impact of after-tax net realized and
unrealized gains/losses on investments (except where the Company has
made a strategic investment in an insurance or reinsurance related
investee), after-tax net foreign exchange gains/losses, the after-tax
interest in earnings/losses of equity method investments (except where
the Company has made a strategic investment in an insurance or
reinsurance related investee and where the Company does not control the
investees activities) and the impact of after-tax withholding tax on
certain inter-company dividends (included in other expenses).
The Company calculates Tangible Book Value using common shareholders’
equity attributable to PartnerRe less goodwill and intangible assets,
net of tax. The Company calculates Diluted Tangible Book Value per
Common Share using Tangible Book Value divided by the number of
PartnerRe common shares and common share equivalents outstanding. The
Company uses these measures as the basis for its prime measure of
long-term financial performance (annualized growth in Diluted Tangible
Book Value per Common Share plus dividends).
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PartnerRe Ltd. is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company, through its wholly
owned subsidiaries, also offers capital markets products that include
weather and credit protection to financial, industrial and service
companies. Risks reinsured include property, casualty, motor,
agriculture, aviation/space, catastrophe, credit/surety, engineering,
energy, marine, specialty property, specialty casualty, multi-line and
other lines in its Non-life operations, mortality, longevity and
accident and health in its Life and Health operations, and alternative
risk products. For the year ended December 31, 2013, total revenues were
$5.5 billion. At September 30, 2014, total assets were $23.2 billion,
total capital was $7.8 billion and total shareholders’ equity
attributable to PartnerRe was $7.0 billion.
PartnerRe on the Internet:www.partnerre.com
Forward-looking statements contained in this press release are based
on the Company’s assumptions and expectations concerning future events
and financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
statements are subject to significant business, economic and competitive
risks and uncertainties that could cause actual results to differ
materially from those reflected in the forward-looking statements.
PartnerRe’s forward-looking statements could be affected by numerous
foreseeable and unforeseeable events and developments such as exposure
to catastrophe, or other large property and casualty losses, credit,
interest, currency and other risks associated with the Company’s
investment portfolio, adequacy of reserves, levels and pricing of new
and renewal business achieved, changes in accounting policies, risks
associated with implementing business strategies, and other factors
identified in the Company’s filings with the Securities and Exchange
Commission. In light of the significant uncertainties inherent in the
forward-looking information contained herein, readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made. The Company disclaims any
obligation to publicly update or revise any forward-looking information
or statements.
Contacts:
PartnerRe Ltd.
Investor: Robin Sidders
Media: Celia
Powell
441-292-0888
or
Sard Verbinnen & Co
Drew
Brown/Daniel Goldstein
212-687-8080
Source: PartnerRe Ltd.
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