Lower natural catastrophe losses help despite fall in premium
Partner Re reported premium income fell but profits grew in the first quarter of 2009 as its claims ratio benefited from low catastrophe claims.
Highlights (2008 in brackets)
- Net premiums written $1.3bn ($1.4bn)
- Net premiums earned $866m ($910m)
- Non-life combined ratio 87.0% (92.3%)
- Net income $142m ($129m)
- Net income per share $2.32 ($2.16)
- Operating earnings $156m ($110m)
- Operating earnings per share $2.72 ($1.98)
President and chief executive Patrick Thiele said: “Partner Re posted solid results for the first quarter 2009, with a 16.9% operating return on beginning equity and 2.5% growth in GAAP book value per share. The quarter was relatively uneventful in terms of large losses, resulting in a non-life combined ratio of 87.0%. The strengthening of the US dollar impacted written and earned premium and net investment income growth, which would all have been positive if not for the impact of currency changes. In addition, in a difficult capital markets environment, our invested assets posted a positive return of 0.5% in the quarter, in local currencies.”
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