Bermuda-based PartnerRe Ltd. post a strong profit in the quarter ended on June 30.

For the three months ended June 30, the company's unaudited net income was $60.3 million, or $1.09 per share, compared to $62.2 million, or $1.11 per share, in second quarter 1995, a three percent decline.

Second quarter premiums written were $51.7 million compared to $66.6 million, a decline of 22 percent.

"Despite the decline in written premiums, PartnerRe continued to produce strong earnings growing second quarter operating income by 5.8 percent,'' PartnerRe president and CEO Herbert Haag said. "Premium writings for the second quarter of 1996 reflect our determination to continue focusing on the profitability of our book business in a very competitive pricing environment.'' Operating earnings, excluding net realised investment gains, were $62.3 million, or $1.13 per share, compared to $58.9 million, or $1.05 per share, a decline of six percent.

Mr. Haag also said that a decline of about 20 percent in the value of the yen reduced the US dollar amount of PartnerRe's Japanese business.

On the quarter's loss activity Mr. Haag said that: "Catastrophe events during the three month period included tornadoes and flooding in the midwestern United States and sever flooding in China.

"The impact on PartnerRe is expected to be minimal and our loss provision for the quarter was $3.7 million.'' Looking ahead to third quarter, Mr. Haag echoed other catastrophe insurance company heads, saying competitive market conditions in many parts of the world prevail.

"In this environment, PartnerRe will continue on its chosen path of focused underwriting, disciplined pricing and careful management of exposures relative to capital,'' he said.

Second quarter revenue was $71.6 million which included the $51.9 million net premium earned, $21.7 million net investment income and net realised investment losses of $2 million.

Comparable 1995 figures were $79.8 million, comprising $57.2 million net premium earned, $19.3 million net investment income and net realised investment gains of $3.3 million.

Expenses were $11.3 million compared to $17.5 million.

Unpaid losses and loss expenses were $54.3 million compared to $68.4 million.

Despite the small second quarter profit decline, half-year profit is ahead of last year's results.

For the six months to June 30, PartnerRe is reporting profit of $128.3 million, or $2.28 per share, compared to $110 million, or $1.96 per share, an increase of 17 percent.

Six-month operating earnings were $125.2 million, or $2.22 per share, compared to $108.5 million, or $1.93 per share.

Six-month net realised investment gains were $3.1 million compared to $1.5 million.

The company announced a regular quarterly dividend of 15 cents per common share payable September 3 to shareholders of record August 15 and that 2.6 million shares and 1.9 million class A warrants had been repurchased.

At June 30, assets were $1.47 billion while shareholders' equity was $1.3 billion.

Combined ratio for the six months ended June 30 was 22.9 percent compared to 39.7 percent for the year ended December 31.