PEMBROKE, Bermuda--(BUSINESS WIRE)--PartnerRe Ltd. ("the Company") today reported first half 2024 results.
Highlights
- 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%
- Non-life underwriting result of $58 million and Non-life combined ratio of 97.9%
- Life and Health allocated underwriting result of $108 million
- Net investment income of $366 million
PartnerRe has delivered positive operating results of $366 million in the first half of 2024.
An increased frequency of mid-sized natural catastrophe events and a reserve strengthening in U.S. 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% 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 28.0% 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 cash flow from operations at attractive rates.
PartnerRe Chief Executive Officer Philippe Meyenhofer commented, "Despite an active period marked by several mid-sized catastrophe losses and reserve strengthening in U.S. 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% in the first half of 2024. We remain focused on our disciplined approach to executing our strategic objectives and building our diversified business."
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Contacts
PartnerRe Ltd. (441) 292-0888
Investor Contact: Stephen Boylan
Media Contact: Elizabeth Deacon
