PartnerRe Ltd. Reports First Half 2024 Results
30 Julio 2024 - 3:00PM
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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release.
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PartnerRe Ltd. (441) 292-0888 Investor
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