PartnerRe Ltd. 2025年度报告

PartnerRe Ltd. Table of contents Independent Auditor's Report Consolidated Financial StatementsConsolidated Balance SheetsConsolidated Statements of Operations and Comprehensive IncomeConsolidated Statements of Shareholders' EquityConsolidated Statements of Cash FlowsNotes to Consolidated Financial StatementsNote 1. OrganizationNote 2. Significant Accounting PoliciesNote 3. Fair ValueNote 4. InvestmentsNote 5. DerivativesNote 6. Goodwill and Intangible AssetsNote 7. Deferred Acquisition CostsNote 8. Non-life ReservesNote 9. Life and Health ReservesNote 10. Market Risk BenefitsNote 11. ReinsuranceNote 12. DebtNote 13. Shareholders' EquityNote 14. Dividend Restrictions and Statutory Requirements Report of Independent Auditors To the Board of Directors and Shareholders of PartnerRe Ltd. Opinion We have audited the accompanying consolidated financial statements of PartnerRe Ltd. and itssubsidiaries (the "Company"), which comprise the consolidated balance sheets as of December 31, 2025 and2024, and the related consolidated statements of operations and comprehensive income, of shareholders' In our opinion, the accompanying consolidated financial statements present fairly, in all material respects,the financial position of the Company as of December 31, 2025 and 2024, and the results of its operationsand its cash flows for the years then ended in accordance with accounting principles generally accepted in Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica (US GAAS). Our responsibilities under those standards are further described in the Auditors'Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are Responsibilities of Management for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financialstatements in accordance with accounting principles generally accepted in the United States of America, andfor the design, implementation, and maintenance of internal control relevant to the preparation and fair In preparing the consolidated financial statements, management is required to evaluate whether there areconditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability tocontinue as a going concern for one year after the date the consolidated financial statements are available to Auditors' Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue an auditors' reportthat includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assuranceand therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect amaterial misstatement when it exists. The risk of not detecting a material misstatement resulting from fraudis higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, In performing an audit in accordance with US GAAS, we: •Exercise professional judgment and maintain professional skepticism throughout the audit.•Identify and assess the risks of material misstatement of the consolidated financial statements,whether due to fraud or error, and design and perform audit procedures responsive to those risks.Such procedures include examining, on a test basis, evidence regarding the amounts and disclosuresin the consolidated financial statements.•Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit, significant audit findings, and certain internal control-related mattersthat we identified during the audit. Required Supplemental Information Accounting principles generally accepted in the United States of America require that the requiredsupplemental information pertaining to Short-Duration Contracts disclosures labelled as “Unaudited” withinNote 8 on pages 35 to 38 be presented to supplement the basic consolidated financial statements. Suchinformation is the responsibility of management and, although not a part of the basic consolidated financialstatements, is required by the Financial Accounting Standards Board who considers it to be an essential partof financial reporting for placing the basic consolidated financial statements in an appropriate operational, Chartered Professional AccountantsMarch 20, 2026 PartnerRe Ltd.Notes to Consolidated Financial Statements 1. Organizatio