PartnerRe has revealed that its operating income for H1 of 2024 was $366 million, down from $636 million in H1 of 2023, driven by an increased frequency of mid-sized natural catastrophe events and a reserve strengthening in its U.S. Casualty lines.
At the same time, PartnerRe’s net income in H1 of 2024 was $358 million, down from $787 million in Q2 of 2023, while gross premiums written fell slightly to $5.3 billion.
Despite the headwinds mentioned above, PartnerRe’s non-life business was reportedly able to produce an underwriting result of $58 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 19.6% compared to H1 of 2023, with an overall Life and Health allocated underwriting result of $108 million,” the firm added.
Partner Re’s investment portfolio also performed well in H1 of 2024, resulting in a 28% growth in net investment income compared to the same period of 2023.
“We are continuing to see the benefits of shortening duration in prior years enabling us to reinvest and deploy our cash flow from operations at attractive rates,” the firm said.
PartnerRe Chief Executive Officer, Philippe Meyenhofer, commented, “Despite an active period marked by several mid-sized catastrophe losses and reserve strengthening in U.S. Casualty, our Non-life business generated a positive underwriting result.
“In combination with the strong performance of our Life and Health business and growth in our net investment income, PartnerRe delivered an operating return on equity of 8.9% in the first half of 2024.
“We remain focused on our disciplined approach to executing our strategic objectives and building our diversified business.”
