Sterne Agee Comments On PRE 4Q10 EPS

Operating EPS PartnerRe Ltd. PRE was $1.52 ($1.63 ex FX) for the quarter, Sterne Agee reports. “This was below our estimate of $1.70, but better than Street consensus at $1.43,” Sterne Agee writes. “The difference vs. our estimate was driven by higher P&C underwriting income (about $0.30 better) offset partly by lower life underwriting income ($0.07), lower NII ($0.01), higher other expenses ($0.15), higher average share count ($0.03), higher tax rate ($0.08) and FX impact ($0.11). “Higher amortization expense vs. our forecast was essentially offset by increased earnings from equity investments.” PartnerRe Ltd. currently trades at $82.35.