PartnerRe has reported net income of $1.44 billion for 2024, compared with $2.3 billion for the previous year.

In its latest financial statements for the full year, the firm also revealed positive operating results of $1.22 billion, and operating income return on equity of 14 per cent.

PartnerRe chief executive Philippe Meyenhofer said: “PartnerRe had a strong 2024, with our non-life business achieving an underwriting result of $532 million despite a challenging year with several catastrophe losses and United States casualty reserve strengthening.”

The firm had a non-life combined ratio of 90.6 per cent.

The CEO said life and health also saw solid growth, bringing $190 million in allocated underwriting result.

“Strong net investment income helped drive a return on equity of 16.4 per cent for the year,” he said.

Mr Meyenhofer said the non-life business produced an underwriting result of $532 million, driven by the speciality segment, which contributed $331 million, and the property and casualty segment providing $201 million.

Meanwhile, the contribution from its life and health business continued to be a strong source of diversified earnings for PartnerRe as premium volume grew by 18.7 per cent compared with 2023, with an overall life and health net allocated underwriting result of $190 million.

“Our investment portfolio performed well, resulting in a 19.7 per cent growth in net investment income compared to 2023,” Mr Meyenhofer said. “We are continuing to reinvest our cashflow from operations at attractive interest rates, which continues to increase our portfolio’s book yield.”