Bermuda-based reinsurer PartnerRe has reported net income of $447 million for the first half of 2026, with return on equity of 8.1%, while its non-life combined ratio was 85.1%.
Total revenues for H1 2026 fell 15.5% year over year to $4.10 billion, compared with $4.86 billion in H1 2025.
The decline was primarily driven by investment market fluctuations, as net realised and unrealised investment results swung to a $362.6 million loss from a $597.7 million gain in the prior-year period.
Despite the investment volatility, underwriting performance remained strong, with gross premiums written (GWP) increasing 4% year over year to $5.42 billion, comprising $4.10 billion in non-life GWP and $1.32 billion in Life and Health (L&H) GWP.
Recurring net investment income also delivered a strong performance, rising 15.8% to $491.1 million in H1 2026, while other income declined to $27.1 million from $44 million.
PartnerRe said its non-life business generated an underwriting profit of $396 million during the first half of the year.
Within the segment, Property and Casualty (P&C) contributed $190 million with a combined ratio of 88.9%, while Specialty contributed $206 million with a combined ratio of 78.4%.
Meanwhile, PartnerRe’s L&H business generated a net allocated underwriting profit of $76 million. The firm said the result reflected strong technical performance and the benefits of its diversified portfolio, supporting overall earnings.
Total expenses declined 18% year over year to $3.55 billion in H1 2026, compared with $4.33 billion in the prior-year period.
The reduction was primarily driven by a 19.2% year-over-year decline in losses and loss expenses to $2.59 billion, alongside a favourable foreign exchange movement that swung to a $64.9 million gain from a $183.4 million loss in H1 2025.
PartnerRe Chief Executive Officer Philippe Meyenhofer commented, “PartnerRe delivered strong first-half 2026 results, generating operating income of $689 million and an operating return on equity of 12.6%.
“Our Non-Life business produced a solid underwriting performance with a combined ratio of 85.1%, while our Life and Health business continued to contribute meaningfully to earnings, generating a net allocated underwriting profit of $76 million.
“We also achieved strong growth in net investment income, which reached $491 million. These results demonstrate the strength and resilience of our diversified business model, the quality of our underwriting and investment performance, and our disciplined approach to creating long-term value for clients and brokers and our shareholder.”
