PARTNERRE LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PARTNERRE LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Revenue	6,477	5,431	5,422	5,675	5,590	7,876	7,365	7,400	5,727	9,123
Gross profit	932	895	535	64	83	147	-154	714	994	1,366
Interest expense	49	49	48.6	42.5	43.2	40.2	39.2	55.6	55.2	57.5
Pre-tax income	1,292	180	496	274	-94.9	989	241	804	-898	1,990
Income tax	240	79.7	25.9	10.4	-8.93	52.5	-13.1	40	41.9	-328
Net income to minority interests	13.1	2.77	0	0
Net income	1,055	104	447	264	-86	937	254	764	-940	2,318
EPS, basic	19.96	1.00
EPS, diluted	19.51	0.97
Shares, basic (weighted)	50	47.8
Shares, diluted (weighted)	51.2	48.9
Dividend per share	2.68	2.80

Balance sheet

	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Cash and equivalents	1,313	1,577	1,773	1,772	878	1,484	2,351	661	1,252	1,097
Short-term investments	25.7	46.7	21.7	4.4	494	1,003	416	205	524	1,020
Lease right-of-use assets						75.8	64.7	75	71.2	68.4
Goodwill	456	456	456	456	456	456	456	456	456	456
Intangible assets	160	133	107	160	129	118	108	98.8	89.8	81.9
Total assets	22,270	21,406	21,939	22,981	22,819	25,062	26,899	28,030	27,387	30,488
Total liabilities	15,166	14,503	15,251	16,236	16,303	17,792	19,572	20,486	20,990	22,064
Total debt						1,398	1,975	1,897	1,848	1,884
Paid-in capital	3,950	3,982	2,397	2,397	2,397	2,397	2,335	1,930	1,930	1,930
Retained earnings	6,271	6,147	4,338	4,411	4,230	4,921	5,063	5,636	4,389	6,479
Treasury stock	-3,259	-3,267	0
Other comprehensive income	-34.1	-83.3	-74.6	-90.3	-139	-75.9	-96	-29.7	70.9	7.53
Shareholders' equity	7,049	6,901	6,688	6,745	6,517	7,270	7,327	7,357	6,397	8,424
Minority interests	55.5	2.45	0
Total equity	7,104	6,903	6,688	6,745	6,517	7,270	7,327	7,357	6,397	8,424
Total liabilities and equity	22,270	21,406	21,939	22,981	22,819	25,062	26,899	28,030	27,387	30,488
Shares outstanding						100	100	100	100	100

Cash flow statement

	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Net income	1,068	107	447	264	-86	937	254	764	-940	2,318
Stock-based compensation	34	42	36	2	4	10	11
Deferred income tax	2.77	-104	9.94	-53.2	-37.1	-21.6	35.4	-9.34	-74.6	-382
Cash from operations	853	319	445	243	447	999	1,125	1,233	1,468	2,236
Acquisitions	0		0	-233	0	0
Purchases of investments	-106	-201	-124	-144	-733	-3,143	-5,006	-373	-868	-1,513
Cash from investing	-250	295	-34.1	98.8	-1,261	-118	-633	-2,329	-665	-2,173
Debt issued	0	0	824	0	0	496	494	0	0
Stock issued	14.7	9.8	1.2
Share buybacks	-547	-71.4	0	0
Dividends paid	-191	-190	-491	-191	-94.3	-246	-96	-129	-188	-228
Cash from financing	-736	-310	-154	-387	-94.3	-268	328	-573	-195	-228
Exchange rate effect	-50	-40.9	-61.5	44.2	13.6	-6.45	45.9	-20.1	-18.3	10.8
Net change in cash	-183	264	196	-1.32	-894	607	866	-1,690	591	-154
Interest paid	49.3	49.3	46.4	41	41.6	38.7	33.2	56.2	54.9	57.2
Income taxes paid	285	220	189	66.2	140	85	64.3	100	216	221

Key metrics

Worked out from the statements above. Latest values use fiscal 2023. Valuation uses the share price of $15.51 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.0%	Gross profit / revenue.
Pre-tax margin	21.8%	Pre-tax income / revenue.
Net margin	25.4%	Net income / revenue.
Operating cash flow margin	24.5%	Cash from operations / revenue.
Effective tax rate	-16.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	31.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	59.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	37.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y	75.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	108.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	52.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	38.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	31.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.2%	Total debt / total assets.
Liabilities / assets	72.4%	Total liabilities / total assets.
Net debt	-$234.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.89B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
Book value per share	$84.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$78.86	Tangible book value / shares outstanding.
Cash per share	$21.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	9.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.55B	Share price x shares outstanding.
Enterprise value	$1.32B	Market cap + total debt - cash - short-term investments.
P/E	0.67x	Market cap / net income. Only when net income is positive.
P/S	0.17x	Market cap / revenue.
P/B	0.18x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.20x	Market cap / tangible book value, when positive.
P/OCF	0.69x	Market cap / cash from operations, when positive.
EV/Sales	0.14x	Enterprise value / revenue.
Earnings yield	149.5%	Net income / market cap (the inverse of P/E).
Dividend yield	14.7%	Dividends paid over the period / market cap.
Shareholder yield	14.7%	(Dividends paid + share buybacks) / market cap.

What was PARTNERRE LTD's revenue in fiscal 2023?

PARTNERRE LTD reported revenue of $9.12B for fiscal 2023, 59.3% higher than the year before.

Was PARTNERRE LTD profitable in fiscal 2023?

Yes. Net income was $2.32B, a net margin of 25.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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