Selected earnings highlights from PartnerRe for the first quarter of 2012 are as follows:
Q1 2012 Q1 2011
Gross premiums written ———— $1.567 bn $1.557 bn
Net premiums written ————— $1.473 bn $1.470 bn
Net premiums earned ———– $989.83 mn $1.0645 bn
Net income (loss) —————— $360.14 mn ($152.80 mn)
Net Operating income (loss) ——- $181.69 mn ($735.57 mn)
Net realized/unrealized gain/loss — $192.73 mn ($112.2 mn)
Q1 combined ratio (non-life) – 84.7 percent (193.7 percent in Q1 2011)
President & CEO Costas Miranthis commented: “We had a good first quarter with consistently strong underwriting results in all our segments, resulting in a 13 percent operating return on beginning equity. We also had significant gains in our investment portfolio and this enabled us to grow our book value per share approximately 6 percent during the quarter. These results give us a good start to the year.”
“While the broad economic environment remains challenging, and low investment yields are likely to persist for some time, we continue to be cautiously optimistic about improving rate adequacy trends in our reinsurance markets. The trends that we observed in the January renewals have persisted through the April renewals. In this environment, our reinsurance portfolio, with its broad diversification by line and geography, as well as our strong balance sheet, provide a solid foundation to pursue our strategic goals.”
The complete report and information on accessing the earnings conference call may be obtained on the company’s website.
Source: PartnerRe
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