PartnerRe proclaims dividend on most popular shares

PartnerRe Ltd has introduced that its board of administrators declared a dividend for the interval March 15, 2024, to June 14, 2024, amounting to $0.3046875 per share on the corporate’s 4.875% Fastened Charge Non-Cumulative Redeemable Most well-liked Shares, Collection J.

As per the group’s assertion, the dividend will probably be payable on June 17, 2024, to shareholders of document as of Could 31, 2024.

For the yr ended December 31, 2023, PartnerRe reported whole revenues of $9.1 billion. As of December 31, 2023, the corporate’s whole belongings stood at $30.5 billion, whole capital at $10.3 billion, and whole shareholders’ fairness at $8.4 billion.

Jacques Bonneau, PartnerRe’s president and CEO described the yr’s efficiency as one of many strongest within the firm’s current historical past. He famous that the corporate achieved working revenue of $1,447 million and an working return on fairness of 20.0%.

Bonneau attributed this success to decreased impacts from catastrophic occasions within the P&C sector, progress within the premium base within the specialty and life and well being sectors, and the distinctive efficiency of the funding portfolio, which noticed a 62% improve in web funding revenue in comparison with the earlier yr.

PartnerRe holds sturdy monetary power scores: A+ from A.M. Greatest, A1 from Moody’s, and A+ from Commonplace & Poor’s.

Offsetting Covea’s losses

In April, French insurance coverage group Covea reported a big improve in income for 2023, supported by the efficiency of its lately acquired reinsurer, PartnerRe, which helped offset losses from its UK affiliate’s reserve improvement.

Covea’s CEO, Thierry Derez, said that the group totally carried out its technique in 2023, reaching sturdy leads to France regardless of larger restore prices and claims associated to social unrest and climate-related occasions.

Derez highlighted that PartnerRe’s reinsurance operations bolstered Covea’s monetary and technical robustness. Reinsurance operations for Covea noticed a notable improve, with earned premiums rising 69.3% in 2023 because of the full-year integration of PartnerRe, contributing €8.43 billion to the group.

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