Bermuda-based PartnerRe swung to profit in the fourth quarter, reporting a net income of $111.5 million, handily beating Wall Street estimates.Despite Sandy and US crop losses, the company’s fourth-quarter profit of $1.55 per share far exceeded analysts’ estimates of a loss of 47 cents per share.The quarterly result compares to a net loss of $17.6 million for the same period in 2011.Overall for the year, PartnerRe recorded net income of $1.13 billion for 2012, or $16.87 per share, offsetting the firm’s 2011 net loss of $520.3 million.“We had a good fourth quarter, culminating in an excellent result for 2012,” said Costas Miranthis, PartnerRe president and CEO. “Despite the impact of Superstorm Sandy during the fourth quarter and the US drought earlier in the year, we generated in excess of $660 million of operating income during the year, with a combined ratio of 87.8 percent, reflecting excellent underwriting results.”The company wrote more business in 2012 and in the quarter, recording net premium written of $920 million, up five percent, primarily related to positive prior year premium adjustments and new business in the North America sub-segment. This increase was partially offset by lower premiums reported in the Global (Non-US) Specialty and the Global (Non-US) P&C sub-segments.For the full year, net premiums written were up two percent.PartnerRe’s total capital was $7.7 billion at year-end and shareholders’ equity was at $6.9 billion, up six percent and seven percent, respectively, from 2011.“Our investment portfolio did well, and we recorded significant gains during the year,” said Mr Miranthis. “This, together with our strong operating performance, resulted in book value per share growth of close to 19 percent for 2012.”The company’s book value was $100.84 per share at year-end compared to $84.82 per-share in 2011.Heading into 2013, PartnerRe is looking to broaden their portfolio on a strong start to the year.“As we announced last week, we had a successful January 1 renewal, with growth of 12 percent on a constant FX basis,” said Mr Miranthis. “The primary markets are broadly improving while reinsurance markets remain stable.”