PartnerRe Ltd Pfd 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 RequirementsNote 15. TaxationNote 16. Share-Based IncentivesNote 17. Retirement Benefit ArrangementsNote 18. Commitments and ContingenciesNote 19. Credit AgreementsNote 20. Related Party TransactionsNote 21. Segment InformationNote 22. Subsequent Events 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'equity and of cash flows for the years then ended, including the related notes (collectively referred to as the"consolidated financial statements"). 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 inthe United States of America. 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 arerequired to be independent of the Company and to meet our other ethical responsibilities, in accordancewith the relevant ethical requirements relating to our audit. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion. 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 fairpresentation of consolidated financial statements that are free from material misstatement, whether due tofraud or error. 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 tobe issued. 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,misrepresentations, or the override of internal control. Misstatements are considered material if there is asubstantial likelihood that, individually or in the aggregate, they would influence the judgment made by areasonable user based on the consolidated financial statements. 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 th