PartnerRe Ltd has reported its financial results for the first half of 2024, showing significant activity across its segments.
The company recorded gross premiums written of $5.3 billion and a net income attributable to the company of $358 million. Operating income stood at $366 million, translating to an operating income return on equity of 8.9%.
The non-life underwriting result was reported at $58 million, with a combined ratio of 97.9%. Meanwhile, the life and health segment achieved an allocated underwriting result of $108 million. The investment portfolio contributed net investment income of $366 million, a 28% increase compared to the same period in 2023.
The company's performance in the first half was influenced by a higher frequency of mid-sized natural catastrophe events and reserve strengthening in US casualty lines. Nonetheless, the non-life business managed a positive underwriting result.
The life and health business continued to provide a diversified earnings stream, with premium volume growing by 19.6% year-over-year.
CEO Philippe Meyenhofer (pictured above) said that despite challenges such as mid-sized catastrophe losses and reserve adjustments in the US.
"Despite an active period marked by several mid-sized catastrophe losses and reserve strengthening in US 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,” Meyenhofer said.
Earlier this month, the global reinsurer entered a strategic partnership with Banyan Risk, a specialty managing general agent, to write excess casualty insurance, subject to approval by the Bermuda Monetary Authority.
Under the collaboration, PartnerRe will provide capacity and shareholder support for the launch of a new subsidiary called Banyan Excess Liability Ltd. (BELL). It will be based in Bermuda and sit under the Banyan Risk Ltd operation with a sole focus on excess casualty insurance.
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