PartnerRe profit rises to $216m
PartnerRe Ltd made a profit of $216 million in the third quarter, compared to a loss of $106 million for the same period last year.
The Bermudian-based reinsurer reported net realised and unrealised investments gains of $41 million on fixed maturities and short-term investments, primarily due to decreases in worldwide risk-free rates, and $39 million net foreign exchange gains.
Its gross premiums written increased from $1.5 billion to $1.7 billion, year-on-year, with total revenues at $1.9 billion. Total expenses were almost $100 million higher at $1.6 billion.
The company saw its combined ratios improve. The property and casualty segment ratio was 99.4 per cents, while the total non-life segment was 96.4 per cent, and the specialty segment was 91.7 per cent.
Emmanuel Clarke, president and chief executive officer, said: “Our third-quarter results were highlighted by improved year-on-year profitability in the non-life and life&health segments, increased investments contribution from both net investment income and realised gains and a lower expense ratio.
“We achieved double digit growth in net premium written in both the non-life and life&health segments, benefiting from an improved pricing and underwriting environment in non-life and from the continued execution of our life&health growth strategy.”
He added: “We are very focused on delivering further underwriting margin improvement in 2020, helped by a non-life pricing environment we expect to continue to firm. With our capital and book value up 9.9 per cent and 14.2 per cent respectively for the year, we are well positioned to capitalise on selective growth opportunities with improved margins and attractive returns, while reducing our exposure to underperforming segments.”
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