The Bermuda-based reinsurer PartnerRe has released a results statement for 6M2023, revealing a return to profit amid the hard market for reinsurance, with operating income of $636 mn.
Gross premium written, before retrocession or other risk transfer, amounted to just under $5.34 bn.
Net premiums earned of $4.54 bn grew by 10% reflecting 6% growth in P&C, 7% growth in Specialty and 21% growth in Life and Health.
Its non-life underwriting result was $466 mn, with a combined ratio of 83.5%.
Favourable market conditions persist half way through 2023, and we remain focused on our disciplined approach to capitalizing on these opportunities and making a meaningful contribution to the Covéa groupJacques Bonneau, PartnerRe President and CEO
For the non-life business reinsurer saw an improvement in current underwriting year performance for both the P&C and specialty segments as compared to the first half of 2022, though the non-life combined ratio increased marginally by 1.6 points, as the first half of 2022 benefited from favourable prior year reserve development.
The reinsurer bounced back to a $787 mn net income in the first half of this year, after a net loss of 999m in the same period of 2022.
PartnerRe showed net income attributable to common shareholder of $783 mn, for an annualised return on equity of 23.9%. Life and health added a further $78 mn of underwriting profit.
A net investment return of $481 mn included unrealised gains on fixed maturities and short-term investment of $107 mn and an improvement in net investment income of 57%.
The contribution from the Life and Health business continues to be a positive source of earnings to the group as premium volume grows.
The investment portfolio also performed well, demonstrated by 57% growth in net investment income compared to the first half of 2022, and we expect this trend to continue as we deploy our increasing cash flows from operations at attractive reinvestment rates.
by Yana Keller