Third-quarter results for Bermuda-based PartnerRe Ltd handily beat analysts’ estimates of operating earnings per share of $3.66, coming in at $4.47. Net income per share was $3.60.

PartnerRe reported total profits of $182.2 million for the third quarter of 2014, including net after-tax realised and unrealised losses on investments of $35.4 million, or 70 cents per share. This compares to net income for the 2013 third quarter of $319.2 million, or $5.84 per share, including net after-tax realised and unrealised losses on investments of $1.3 million, or $0.03 per share.

PartnerRe chief executive officer Costas Miranthis said: “While the absence of major catastrophe losses and the continued favourable reserve development were important factors in our operating performance, the foundation of these results is our seasoned diversified portfolio. Our strong operating results allowed us to absorb some volatility in investment markets and continue on our path of compounding book value per share.

“There has been no change in our view of the current competitive environment. We continue to see current conditions as challenging, but we are confident in our ability to identify opportunities to create value for our shareholders over the long-term.”

The reinsurer reported operating earnings of $226.7 million, or $4.47 per share, for the third quarter of 2014. This compares to operating earnings of $311.2 million, or $5.70 per share, for the third quarter of 2013.

And net income for the first nine months of 2014 was $735.5 million, or $14.26 per share. PartnerRe stated: “This includes net after-tax realised and unrealised gains on investments of $204.1 million, or $3.95 per share.

“Net income for the first nine months of 2013 was $339.4 million, or $5.93 per share, including net after-tax realised and unrealised losses on investments of $219.0 million, or $3.83 per share. Operating earnings for the first nine months of 2014 were $537.1 million, or $10.42 per share.”

This compares to operating earnings of $564.3 million, or $9.86 per share, for the first nine months of 2013.

PartnerRe also reported third quarter annualised operating returns on equity (ROE) of 16.4 percent and annualised net income ROE of 13.2 percent. Nine month operating earnings per share were $10.42; net income per share was $14.26, their nine month annualised operating ROE was 12.7 percent, and an annualised net income ROE of 17.4 percent.

Book value for the company was $121.95 per share, which is up 2.5 percent for the quarter and up 11.6 percent year-to-date. Tangible book value came in at $110.75 per share, up 2.7 percent for the quarter and up 12.4 percent year-to-date