PartnerRe Ltd. ("the Company") today reported Full Year 2024 Results
Highlights
- Gross premiums written of $9.35 billion
- Net income attributable to PartnerRe Ltd. of $1.44 billion
- Operating income of $1.22 billion and operating income return on equity of 14.0%
- Non-life underwriting result of $532 million and Non-life combined ratio of 90.6%
- Life and Health net allocated underwriting result of $190 million
- Net investment income of $773 million
PartnerRe has delivered positive operating results of $1.22 billion in the full year 2024.
The Non-life business produced an underwriting result of $532 million, driven by the Specialty segment which contributed $331 million and the P&C segment contributing $201 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 18.7% compared to 2023, with an overall Life and Health net allocated underwriting result of $190 million.
Our investment portfolio performed well, resulting in a 19.7% growth in net investment income compared to 2023. We are continuing to reinvest our cash flow from operations at attractive interest rates which continues to increase our portfolio’s book yield.
PartnerRe Chief Executive Officer Philippe Meyenhofer commented,
"PartnerRe had a strong 2024, with our Non-life business achieving an underwriting result of $532 million despite a challenging year with several catastrophe losses and U.S. Casualty reserve strengthening. Life and Health also saw solid growth, contributing $190 million in allocated underwriting result. Strong net investment income helped drive a return on equity of 16.4% for the year.”
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Contacts
PartnerRe Ltd. (441) 292-0888
Investor Contact: Stephen Boylan
Media Contact: Jaime Masters
