Bermuda-based PartnerRe Ltd. reported a net income of $333.4 million, or $5.84 per share for the third quarter of 2013, which “includes net after-tax realized and unrealized losses on investments of $1.3 million, or $0.03 per share,” said the announcement.
“Net income for the third quarter of 2012 was $486.7 million, or $7.53 per share, including net after-tax realized and unrealized gains on investments of $221.8 million, or $3.55 per share. The Company reported operating earnings of $311.2 million, or a quarterly record for PartnerRe of $5.70 per share, for the third quarter of 2013. This compares to operating earnings of $244.4 million, or $3.90 per share, for the third quarter of 2012.”
For the first 9 months of 2013 PartnerRe reported net income of $392.2 million, or $5.93 per share, which it said, “includes net after-tax realized and unrealized losses on investments of $219.0 million, or $3.83 per share.”
Net income for the first nine months of 2012 was $1.023 billion, or $15.19 per share, including net after-tax realized and unrealized gains on investments of $399.4 million, or $6.21 per share.
Operating earnings for the first nine months of 2013 were $564.3 million, or $9.86 per share. This compares to operating earnings of $568.1 million, or $8.84 per share, for the first nine months of 2012.
President and CEO Costas Miranthis commented: “We had very strong third quarter results reflecting a low level of large loss activity and strong core performance for most of our businesses, culminating in a 74.9 percent combined ratio and a 22.6 percent operating Net Income return on equity. For the year to date, we have recorded a 13 percent operating return on equity and an increase of 4.7 percent in book value per share. I would like to thank our teams for their exceptional focus and determination over the last few years, without which we would not be enjoying such excellent results.”
“We are encouraged by these strong results in the current economic reinsurance pricing environment,” he added. “Against a backdrop of improved underlying primary pricing, reinsurance remains a competitive market. The market dynamics are similar to what we experienced in prior quarters but our teams have demonstrated that we can leverage the strength of our worldwide franchise to identify attractive business opportunities in all lines, and particularly in diversifying lines, where we have had the most success.”
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