PartnerRe reports first-half results of 2024

Created: Jul 31, 2024 10:36 AM (Updated: Aug 04, 2024 03:35 PM)

PartnerRe, which is headquartered on Pitts Bay Road in Pembroke, has announced first half 2024 results (File photograph)

Bermudian-based reinsurance firm PartnerRe has delivered positive operating results of $366 million in the first half of 2024, it has announced.

Chief executive Philippe Meyenhofer said: “Despite an active period marked by several mid-sized catastrophe losses and reserve strengthening in US Casualty, our Non-life business generated a positive underwriting result.

“In combination with the strong performance of our Life and Health business and growth in our net investment income, PartnerRe delivered an operating return on equity of 8.9 per cent in the first half of 2024.

“We remain focused on our disciplined approach to executing our strategic objectives and building our diversified business.”

Highlights of the first half of 2024

• Gross premiums written of $5.3 billion.

• Net income attributable to PartnerRe Ltd of $358 million.

• Operating income of $366 million and operating income return on equity of 8.9 per cent.

• Non-life underwriting result of $58 million and Non-life combined ratio of 97.9 per cent.

• Life and Health allocated underwriting result of $108 million

• Net investment income of $366 million

A spokeswoman added: “An increased frequency of mid-sized natural catastrophe events and a reserve strengthening in US Casualty lines impacted the first half of 2024.

“Despite this, our Non-life business was able to produce an underwriting result of $58 million.

“The contribution from our Life and Health business continues to be a strong source of diversified earnings to PartnerRe as premium volume grew by 19.6 per cent compared to the first half of 2023, with an overall Life and Health allocated underwriting result of $108 million.

“Our investment portfolio also performed well, resulting in a 28 per cent growth in net investment income compared to the first half of 2023.

“We are continuing to see the benefits of shortening duration in prior years enabling us to reinvest and deploy our cashflow from operations at attractive rates.”