PartnerRe Reports Strong Financial Outcomes for 2024
Bermuda-based reinsurer PartnerRe has announced a noteworthy achievement in its financial performance for the full year 2024. The company reported a non-life combined ratio of 90.6%, underpinned by an underwriting result of $532 million. This success was significantly bolstered by the specialty segment, which contributed $331 million, alongside the property and casualty (P&C) segment’s contribution of $201 million.
The reinsurer’s group-wide gross premiums written (GPW) for 2024 reached $9.35 billion, marking an increase from the previous year’s $9.1 billion. Meanwhile, net premiums written held steady year-over-year at $7.9 billion, and net premiums earned saw a rise to $8.1 billion from $7.9 billion.
In addition to the impressive non-life underwriting results, PartnerRe’s Life and Health (L&H) segment made significant contributions, showing a robust increase in earnings. The premium volume in this segment grew by 18.7% compared to 2023, leading to an overall L&H net allocated underwriting result of $190 million.
Examining expenses, the firm faced increased losses and loss expenses, rising to $5.6 billion from $4.99 billion. Consequently, total expenses climbed to $7.6 billion, up from $7.1 billion in the prior year.
Despite these challenges, PartnerRe generated a net income available to common shareholders amounting to $1.44 billion for 2024, though this figure represents a decrease from the $2.32 billion reported in 2023. The company’s operating income for the year stands at $1.22 billion, with an operating income return on equity of 14%. Additionally, net investment income for the year reached $773 million.
The investment portfolio of PartnerRe demonstrated strong performance, achieving a 19.7% growth in net investment income compared to 2023. The company noted, “We are continuously reinvesting our cash flow from operations at attractive interest rates, which enhances our portfolio’s book yield.“
Philippe Meyenhofer, Chief Executive Officer of PartnerRe, remarked, “PartnerRe enjoyed a robust 2024, with our Non-life business delivering an underwriting result of $532 million, despite facing several catastrophe losses and U.S. Casualty reserve strengthening. Our Life and Health division also experienced solid growth, contributing $190 million in allocated underwriting results. The strong net investment income played a pivotal role, driving a return on equity of 16.4% for the year.“
