Bermuda-based reinsurer PartnerRe has reported net income of $2.10 billion for the full year of 2025 (FY’25), a distinct hike from $1.44 billion in FY’24, as the non-life segment reported an underwriting profit of $364 million, while life and health’s net allocated underwriting profit was $184 million.
The reinsurer’s overall gross written premiums (GWP) decreased slightly to $9.16 billion for FY’25, compared to $9.35 billion in FY’24. Of this, the non-life segment reported GWP of $6.7 billion for FY’25, while life and health reported $2.47 billion.
The aforementioned underwriting profit attributed to the non-life business came despite the impact of the California Wildfires, and U.S. casualty reserve strengthening in prior years.
PartnerRe explains that the P&C segment contributed $190 million to the underwriting result at a combined ratio of 94.8%, and the Specialty segment contributed $174 million at a combined ratio of 90.7%. The non-life combined ratio for FY’25 was 93.4%, demonstrating strong underlying performance.
Taking a look at the life and health business, the underwriting profit produced was attributed to strong technical performance, while net favourable experience supported the segment’s consistent contribution to overall earnings.
For 2025, PartnerRe’s return on equity was 20.8%, with an operating income of $972 million and an operating income return on equity of 9.7%.
On the asset side, a net investment return of $2.105 billion included unrealised gains on fixed maturities and short-term investments of $974 million, explained the reinsurer. PartnerRe’s net investment income increased by $107 million to $880 million.
The reinsurer explained that reinvestment yields remained above the average book yield, and together with continued growth in the asset base, drove higher net investment income in 2025.
Philippe Meyenhofer, Chief Executive Officer, PartnerRe, commented, “PartnerRe delivered solid results in 2025, with a net income of over $2 billion, and an operating income of $972 million. Our Non-life business generated an underwriting profit of $364 million despite notable catastrophe activity and reserve strengthening in U.S. casualty lines, demonstrating the resilience and quality of our portfolio.
“Life and Health continued to contribute meaningful and diversified earnings with a net allocated underwriting profit of $184 million. Strong investment income and unrealised gains further enhanced our overall performance and strengthened our long-term earnings power.
“With disciplined execution and a continued focus on underwriting excellence, we enter 2026 well-positioned to continue supporting our clients and brokers and delivering value for our shareholder.”
