PartnerRe Ltd. reported its financial results for the full year 2024, posting net income attributable to the company of US$1.44 billion and operating income of US$1.22 billion. The company’s operating income return on equity stood at 14%.
Gross premiums written totaled US$9.35 billion. The non-life segment generated an underwriting result of US$532 million, with the specialty segment contributing US$331 million and the property & casualty (P&C) segment accounting for US$201 million. The non-life combined ratio stood at 90.6%.
The life and health business remained a source of diversified earnings, with premium volume increasing 18.7% compared to 2023. The segment reported a net allocated underwriting result of US$190 million.
Net investment income reached US$773 million, reflecting a 19.7% increase from the prior year. The company said that it continues to reinvest operational cash flow at interest rates that are driving an increase in portfolio book yield.
PartnerRe CEO Philippe Meyenhofer said that strong net investment income supported a return on equity of 16.4% for the year.
Previously, the reinsurer reported that gross premiums written at H1 2024 stood US$5.3 billion, while net income attributable to PartnerRe was at US$358 million.
PartnerRe’s results in 2023 also showed a steady growth trend, with the company reporting a net income available to common shareholders of US$2,308 million, achieving a return on equity of 20%.
Operating income in 2023 also reached US$1,447 million, reflecting a 20% return on equity and a 7.5% improvement from 2022’s results.
Besides its financial growth, the Bermuda-based reinsurer also recently announced several appointments and developments.
In February, PartnerRe appointed Ruth Damian as senior client partner for North America Life financial solutions. She joined from SCOR, where she most recently served as assistant vice president of financial solutions.
In the same month, AM Best also affirmed the financial strength rating and the long-term issuer credit ratings of PartnerRe.
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