2010 Q4 Form 10-Q Financial Statement

#000119312510252268 Filed on November 08, 2010

View on sec.gov

Income Statement

Concept 2010 Q4 2010 Q3 2009 Q3
Revenue $1.287B $1.774B $1.575B
YoY Change -16.93% 12.68%
Cost Of Revenue $817.8M $748.9M $574.2M
YoY Change 10.02% 30.42%
Gross Profit $469.5M $303.0M $1.001B
YoY Change -41.77% -69.72%
Gross Profit Margin 36.47% 17.08% 63.54%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $246.6M $261.6M $232.5M
YoY Change -9.04% 12.52%
% of Gross Profit 52.52% 86.34% 23.24%
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $12.20M $12.30M $6.200M
YoY Change 84.85% 98.39%
% of Operating Profit
Other Income/Expense, Net $133.2M $118.2M $102.2M
YoY Change -9.08% 15.66%
Pretax Income $60.40M $596.2M $658.6M
YoY Change -84.6% -9.47%
Income Tax $10.90M $72.60M $93.40M
% Of Pretax Income 18.05% 12.18% 14.18%
Net Earnings $57.00M $524.9M $566.7M
YoY Change -83.92% -7.38%
Net Earnings / Revenue 4.43% 29.58% 35.99%
Basic Earnings Per Share $0.66 $6.86 $9.60
Diluted Earnings Per Share $0.65 $6.76 $9.44
COMMON SHARES
Basic Shares Outstanding 74.50M shares 75.24M shares 58.12M shares
Diluted Shares Outstanding 76.43M shares 59.13M shares

Balance Sheet

Concept 2010 Q4 2010 Q3 2009 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.111B $1.438B $772.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $455.5M $455.5M
YoY Change 0.0%
Intangibles $178.7M $191.3M
YoY Change -27.72%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $23.36B $24.27B
YoY Change -1.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $16.16B $16.69B
YoY Change 0.44%
SHAREHOLDERS EQUITY
Retained Earnings $4.761B $4.753B
YoY Change 16.1%
Common Stock $84.03M $83.54M
YoY Change 1.75%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.083B $682.8M
YoY Change 291032.26%
Treasury Stock Shares 14.05M shares 8.957M shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $23.36B $24.27B
YoY Change -1.55%

Cashflow Statement

Concept 2010 Q4 2010 Q3 2009 Q3
OPERATING ACTIVITIES
Net Income $57.00M $524.9M $566.7M
YoY Change -83.92% -7.38%
Depreciation, Depletion And Amortization $246.6M $261.6M $232.5M
YoY Change -9.04% 12.52%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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20.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
19.95
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57085619 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57978485 shares
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.41
us-gaap Net Income Loss
NetIncomeLoss
795518000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
769624000 USD
CY2010Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
8631000 USD
CY2009Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
8631000 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
25894000 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
25894000 USD
CY2009Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5444554000 USD
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-59766000 USD
pre Reinsurance Balances Net
ReinsuranceBalancesNet
-165012000 USD
pre Reinsurance Recoverable On Paid And Unpaid Losses Net Of Ceded Premiums Payable
ReinsuranceRecoverableOnPaidAndUnpaidLossesNetOfCededPremiumsPayable
-2061000 USD
pre Funds Held By Reinsured Companies And Funds Held Directly Managed
FundsHeldByReinsuredCompaniesAndFundsHeldDirectlyManaged
178945000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
31300000 USD
pre Net Tax Assets And Liabilities
NetTaxAssetsAndLiabilities
-50269000 USD
pre Unpaid Losses And Loss Expenses Including Life Policy Benefits
UnpaidLossesAndLossExpensesIncludingLifePolicyBenefits
172974000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
312687000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-56269000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
865473000 USD
pre Sales Of Fixed Maturities
SalesOfFixedMaturities
5609630000 USD
pre Redemptions Of Fixed Maturities
RedemptionsOfFixedMaturities
962540000 USD
pre Purchases Of Fixed Maturities
PurchasesOfFixedMaturities
5910648000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
175733000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
86252000 USD
pre Sales Of Equities
SalesOfEquities
268625000 USD
pre Purchases Of Equities
PurchasesOfEquities
485455000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
160862000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
373311000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
142972000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
500000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
-682476000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
17487000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2638000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
200000000 USD
us-gaap Early Repayment Of Subordinated Debt
EarlyRepaymentOfSubordinatedDebt
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-510599000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-28772000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
699413000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
182335000 USD
us-gaap Interest Paid
InterestPaid
18365000 USD
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-14938000 USD
pre Reinsurance Balances Net
ReinsuranceBalancesNet
-186388000 USD
pre Reinsurance Recoverable On Paid And Unpaid Losses Net Of Ceded Premiums Payable
ReinsuranceRecoverableOnPaidAndUnpaidLossesNetOfCededPremiumsPayable
7791000 USD
pre Funds Held By Reinsured Companies And Funds Held Directly Managed
FundsHeldByReinsuredCompaniesAndFundsHeldDirectlyManaged
-19362000 USD
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
IncreaseDecreaseInDeferredPolicyAcquisitionCosts
6685000 USD
pre Net Tax Assets And Liabilities
NetTaxAssetsAndLiabilities
196895000 USD
pre Unpaid Losses And Loss Expenses Including Life Policy Benefits
UnpaidLossesAndLossExpensesIncludingLifePolicyBenefits
-59461000 USD
us-gaap Increase Decrease In Unearned Premiums
IncreaseDecreaseInUnearnedPremiums
260994000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-38404000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
774550000 USD
pre Sales Of Fixed Maturities
SalesOfFixedMaturities
4736803000 USD
pre Redemptions Of Fixed Maturities
RedemptionsOfFixedMaturities
799958000 USD
pre Purchases Of Fixed Maturities
PurchasesOfFixedMaturities
6029175000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
168001000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
96588000 USD
pre Sales Of Equities
SalesOfEquities
592508000 USD
pre Purchases Of Equities
PurchasesOfEquities
602834000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
27963000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-459290000 USD
us-gaap Payments Of Ordinary Dividends
PaymentsOfOrdinaryDividends
105712000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
11777000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3779000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
200000000 USD
us-gaap Early Repayment Of Subordinated Debt
EarlyRepaymentOfSubordinatedDebt
94241000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-391955000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
10665000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-66030000 USD
CY2008Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
838280000 USD
CY2009Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
772250000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
74183000 USD
us-gaap Interest Paid
InterestPaid
19209000 USD
us-gaap Nature Of Operations
NatureOfOperations
<p style='margin-top:13.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">1. Organization </font></p><p style='margin-top:4.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">PartnerRe Ltd. (the Company) provides reinsurance on a worldwide basis through its principal wholly-owned subsidiaries, including Partner Reinsurance Company Ltd., Partner Reinsurance Europe Limited, Partner Reinsurance Company of the </font><font style="font-family:Times New Roman;font-size:10pt;">U.S.</font><font style="font-family:Times New Roman;font-size:10pt;">, PARIS RE SA and PARIS RE Switzerland AG. Risks reinsured include, but are not limited to, property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, multiline and other lines, life/annuity and health and alternative risk products. The Company's alternative risk products include weather and credit protection to financial, industrial and service </font><font style="font-family:Times New Roman;font-size:10pt;">companies on a worldwide basis.</font></p>
pre Debt
Debt
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">5. Debt </font></p><p style='margin-top:4.5pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">On </font><font style="font-family:Times New Roman;font-size:10pt;">July 12</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> 2010, </font><font style="font-family:Times New Roman;font-size:10pt;">the Company repaid the $200 million remaining half of the original $400 million loan agreement with Citibank N.A. that was classified as current portion of long-term d</font><font style="font-family:Times New Roman;font-size:10pt;">ebt in the Company's Unaudited C</font><font style="font-family:Times New Roman;font-size:10pt;">ondensed Consolidated Balance Sheet at December 31, 200</font><font style="font-family:Times New Roman;font-size:10pt;">9 (see Note 15 to Consolidated F</font><font style="font-family:Times New Roman;font-size:10pt;">inancial Statements included in </font><font style="font-family:Times New Roman;font-size:10pt;">the Company's Annual Report on F</font><font style="font-family:Times New Roman;font-size:10pt;">orm 10-K for the year ended December 31, 2009).</font></p><p style='margin-top:0pt; margin-bottom:10pt'>&#160;</p>

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