$PREJF
PARTNERRE LTD
CIK:0000911421|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Cash flows from operating activities | |||||
| Net income (loss) | $ 2,318,119 | $ (939,752) | $ 764,188 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Amortization of net premium on investments | 2,878 | 78,162 | 57,900 | ||
| Amortization of intangible assets | 7,906 | 8,912 | 8,861 | ||
| Market risk benefit gains | (7,079) | (121,211) | (19,873) | ||
| Net realized and unrealized investment (gains) losses | (517,426) | 1,969,014 | (37,797) | ||
| Changes in: | |||||
| Reinsurance balances, net | (8,986) | (381,838) | 19,366 | ||
| Reinsurance recoverable on paid and unpaid losses, net of ceded premiums payable | 39,753 | (297,170) | (640,614) | ||
| Funds held by reinsured companies | (69,753) | 53,335 | 113,626 | ||
| Deferred acquisition costs | 568 | (134,704) | (118,069) | ||
| Net tax assets and liabilities | (381,549) | (61,891) | 5,004 | ||
| Non-life and life and health reserves | 658,698 | 959,669 | 873,085 | ||
| Unearned premiums, net of prepaid reinsurance premiums | 10,152 | 287,078 | 177,496 | ||
| Other net changes in operating assets and liabilities | 182,400 | 48,805 | 29,417 | ||
| Net cash provided by operating activities | 2,235,681 | 1,468,409 | 1,232,590 | ||
| Cash flows from investing activities | |||||
| Sales of fixed maturities | 723,372 | 623,929 | 3,693,365 | ||
| Redemptions of fixed maturities | 1,662,939 | 1,216,920 | 2,381,821 | ||
| Purchases of fixed maturities | (4,038,399) | (2,940,597) | (8,141,246) | ||
| Sales of short-term investments | 219,073 | 308,622 | 252,527 | ||
| Redemptions of short-term investments | 845,215 | 227,118 | 321,609 | ||
| Purchases of short-term investments | (1,513,449) | (867,605) | (372,901) | ||
| Sales of equities | 236,303 | 915,583 | 161,501 | ||
| Purchases of equities | (54,507) | (78,425) | (144,537) | ||
| Sales and redemptions of other invested assets | 728,857 | 545,411 | 1,106,211 | ||
| Purchases of other invested assets | (902,693) | (627,460) | (1,555,569) | ||
| Other, net | (79,717) | 11,679 | (31,903) | ||
| Net cash used in investing activities | (2,173,006) | (664,825) | (2,329,122) | ||
| Cash flows from financing activities | |||||
| Dividends paid to common and preferred shareholders | (227,665) | (187,644) | (129,360) | ||
| Redemption of Class B common shares | [1] | 0 | (6,346) | (581) | |
| Issuance of preferred shares | 0 | 0 | 193,887 | ||
| Redemption of preferred shares | 0 | 0 | (637,241) | ||
| Redemption of debt | 0 | (560) | 0 | ||
| Net cash used in financing activities | (227,665) | (194,550) | (573,295) | ||
| Effect of foreign exchange rate changes on cash | 10,817 | (18,335) | (20,109) | ||
| (Decrease) increase in cash and cash equivalents | (154,173) | 590,699 | (1,689,936) | ||
| Cash and cash equivalents—beginning of year | 1,251,596 | 660,897 | 2,350,833 | ||
| Cash and cash equivalents—end of year | 1,097,423 | 1,251,596 | 660,897 | ||
| Supplemental cash flow information: | |||||
| Taxes paid | 221,368 | 216,467 | 100,222 | ||
| Interest paid | $ 57,227 | $ 54,867 | $ 56,177 | ||
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Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
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|---|---|---|---|---|
| Assets | ||||
| Fixed maturities, at fair value (amortized cost: 2023, $16,604,693; 2022 $14,925,319) | $ 15,090,056 | $ 13,021,914 | ||
| Short-term investments, at fair value (amortized cost: 2023, $1,032,895; 2022, $536,139) | 1,020,257 | 523,510 | ||
| Equities, at fair value (cost: 2023, $532,484; 2022, $586,107) | 917,170 | 929,886 | ||
| Investments in real estate | 56,188 | 57,984 | ||
| Other invested assets | 3,464,839 | 3,355,106 | ||
| Total investments | 20,548,510 | 17,888,400 | ||
| Cash and cash equivalents (restricted: 2023, $97,620; 2022: $137,782) | 1,097,423 | 1,251,596 | ||
| Accrued investment income | 122,107 | 103,752 | ||
| Reinsurance balances receivable (1) | [1] | 3,377,324 | 3,342,612 | |
| Reinsurance recoverable on paid and unpaid losses | 1,921,231 | 1,947,786 | ||
| Prepaid reinsurance premiums | 215,611 | 247,276 | ||
| Funds held by reinsured companies | 450,454 | 471,570 | ||
| Deferred acquisition costs | 1,020,704 | 1,012,067 | ||
| Market risk benefit assets, at fair value | 144,636 | 131,186 | ||
| Deposit assets | 164,189 | 81,053 | ||
| Net tax assets | 563,368 | 160,634 | ||
| Goodwill | 456,380 | 456,380 | ||
| Intangible assets | 81,913 | 89,769 | ||
| Other assets | 324,639 | 203,119 | ||
| Total assets | 30,488,489 | 27,387,200 | ||
| Liabilities | ||||
| Non-life reserves (1) | [1] | 13,151,309 | 12,725,631 | |
| Life and health reserves (1) | [1] | 2,859,257 | 2,497,519 | |
| Market risk benefit liabilities, at fair value | 5,062 | 9,170 | ||
| Unearned premiums (1) | [1] | 2,741,755 | 2,745,371 | |
| Other reinsurance balances payable (1) | [1] | 655,240 | 632,336 | |
| Debt | 1,883,585 | 1,848,003 | ||
| Deposit liabilities | 6,009 | 4,681 | ||
| Net tax liabilities | 57,584 | 38,576 | ||
| Accounts payable, accrued expenses and other | 704,267 | 488,594 | ||
| Total liabilities | 22,064,068 | 20,989,881 | ||
| Shareholders’ Equity | ||||
| Common shares (par value $0.00000001; issued and outstanding: 100,000,000 shares) | 0 | 0 | ||
| Preferred shares (par value $1.00; issued and outstanding: 8,000,000 shares; aggregate liquidation value: $200,000) | 8,000 | 8,000 | ||
| Additional paid-in capital | 1,929,934 | 1,929,934 | ||
| Accumulated other comprehensive income | 7,527 | 70,879 | ||
| Retained earnings | 6,478,960 | 4,388,506 | ||
| Total shareholders’ equity | 8,424,421 | 6,397,319 | ||
| Total liabilities and shareholders’ equity | $ 30,488,489 | $ 27,387,200 | ||
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