Business

PartnerRe income hits £226m in Q2

Net premiums written rose by 29% at $1.8bn (£1.3bn) for the quarter, with growth in lines of business that experienced strong rate increases

PartnerRe has reported its net income was $314m (£226m) for the second quarter of 2021, up from the $229m (£165m) reported in the same period of last year. 

Operating income was $151m (£109m) for the same period, compared to an operating loss of $256m (£184m) in Q2 of 2020. This was reportedly due to improvements in current accident year attritional loss ratios, as well as  lower levels of adverse prior year development.

Net premiums written rose by 29% at $1.8bn (£1.3bn) for the quarter, with growth in lines of business that reportedly experienced strong rate increases, compared to the prior year premiums which were impacted by the economic downturn in light of Covid-19

There was also a non-life underwriting result of $150m (£108m), or 32.7 points of improvement on the combined ratio of 88.6% year-over-year, and a Life and Health underwriting profit, including allocated net investment income, of $23m (£17m) for the second quarter.

PartnerRe president and CEO Jacques Bonneau said: “We delivered strong results in the second quarter with an annualized operating ROE of 8.8%, and I am pleased to see the positive impacts of our portfolio actions begin to show through our financial result. 

“Our Non-life combined ratio of 88.6% includes improvements in the current accident year loss ratio from business mix changes and overall favorable pricing conditions across most lines of business, as well as improvements in prior years’ reserve development as older underwriting years run off.”

He added: “Our Life and Health segment also significantly improved its underwriting profit compared to the prior year. Third party capital currently stands at $1.1b of assets under management and provided us the ability to increase underwriting capacity and line sizes. 

“These underwriting results, combined with good investment performance, helped produce solid profitability for the second quarter of 2021.”

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