PartnerRe Ltd. ("the Company") today reported first half 2025 results

Highlights

• Gross premiums written of $5.2 billion
  • Non-life gross written premiums of $4.0 billion
  • Life and Health gross written premiums of $1.2 billion
• Net income attributable to PartnerRe Ltd. of $493 million and annualized return on equity of 10.5%
• Operating income of $6 million and annualized operating income return on equity of 0.1%
• Non-life underwriting loss of $333 million and combined ratio of 112.7%
• Life and Health net allocated underwriting result of $100 million
• Net investment income of $424 million

The Non-life business underwriting loss of $333 million included $293 million from the P&C segment and $40 million from the Specialty segment, primarily driven by the California wildfires and reserve strengthening on prior years. Our Non-life business continues to demonstrate strong underlying performance, with a current accident year combined ratio excluding catastrophe losses of 86.6% for the first half of 2025.

Our Life and Health business remains a growing contributor to PartnerRe's diversified earnings, delivering a net allocated underwriting result of $100 million for the first half of 2025. This reflects not only strong technical performance but also continued growth in our Life and Health portfolio.

Our investment portfolio performed well, resulting in a 15.8% growth in net investment income compared to the first half of 2024. Reinvestment yields, which remained above the average book yield, combined with growth in our asset base, continue to drive higher net investment income and enhance the long-term earnings power of our portfolio.

PartnerRe Chief Executive Officer Philippe Meyenhofer commented,

"Despite recent headwinds in our Non-life business, primarily driven by catastrophe losses and reserve adjustments in U.S. Casualty, we remain firmly committed to our long-term strategy. Our Life and Health segment continues to perform strongly, and our investment portfolio is delivering solid returns. These results reaffirm the strength of our diversified business model. The Company's solvency position is strong and total capital has continued to grow in the first half of 2025 to $11.6 billion.”

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