Bermuda-based PartnerRe Ltd. reported net income of $524.9 million, or $6.76 per share on a fully diluted basis for the third quarter of 2010. The bulletin said the figure “includes net after-tax realized and unrealized gains on investments of $233.0 million, or $3.05 per share.” The reinsurer posted net income for the third quarter of 2009 of $566.7 million, or $9.44 per share, including net after-tax realized gains on investments of $274.4 million, or $4.64 per share.
Operating earnings, which excludes capital gains/losses and currency exchange fluctuations, for the third quarter of 2010 were $281.9 million, or $3.69 per share on a fully diluted basis. This compares to operating earnings of $282.1 million, or $4.77 per share, for the third quarter of 2009.
Net income for the first nine months of 2010 was $795.5 million, or $9.68 per share. This includes net after-tax realized and unrealized gains on investments of $373.3 million, or $4.69 per share. Net income for the first nine months of 2009 was $1.1825 billion, or $19.95 per share, including net after-tax realized and unrealized gains on investments of $479.4 million, or $8.27 per share, as well as a net after-tax gain of $57.0 million, or $0.98 per share, from the purchase of approximately 75 percent of the Company’s outstanding Capital Efficient Notes (CENts) in the first quarter of 2009.
Operating earnings for the first nine months of 2010 were $391.6 million, or $4.93 per share on a fully diluted basis. This compares to operating earnings of $617.1 million, or $10.64 per share, for the first nine months of 2009.
CEO Patrick Thiele commented: “PartnerRe had an excellent third quarter. Our reinsurance results generated a Non-life combined ratio of 80.7 percent, including an estimated $64 million loss from the New Zealand earthquake, while our invested assets continued to perform well generating solid returns both in the third quarter and year-to-date.”
The combined ratio for the first 9 months of 2010 was 95.2 percent, compared to 82.5 percent in the first 9 months of 2009.
Thiele added: “Through September 30, 2010, we have grown GAAP book value per share 10 percent, in line with our long-term goal, to a new high of $93.21. As a result, we continued repurchasing common shares and increased the common share dividend by 10 percent during the quarter, leading to a total increase in the common dividend of 17 percent year over year.”
The complete earnings report and additional information may be obtained on the Company’s web site.
Source: PartnerRe
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