GWP remains flat but profits soar on cut combined ratio
Partner Re reported net income of $1.5bn more than trebling last year’s figure on flat premium income.
It cut its combined ratio from 94.1% to 81.8%.
Financial highlights (2008 in brackets)
- Net Premiums Written $3.9bn ($4bn)
- Net Premiums Earned $4.1bn ($3.9bn)
- Non-life Combined Ratio 81.8% (94.1%)
- Net Income $1.5bn ($46.6m)
- Operating Earnings $932m ($469m)
President and chief executive officer Patrick Thiele said: "Our performance at the January 1, 2010 renewals confirmed an environment of stability for reinsurance market in total, and we expect that environment to continue for the remainder of the year."
"The acquisition of PARIS RE means we are a larger and stronger Company with an attractively priced, balanced portfolio of risks.
“This, together with our strong market position and active capital allocation, will hold us in good stead through 2010. Barring any unusually large loss events in the year, we expect to achieve our financial goals."
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