PartnerRe Posts Net Income Of $271.8 Million
Bermuda-based PartnerRe Ltd. reported a net income of $271.8 million, or $4.76 per share for the fourth quarter of 2013. This includes net after-tax realized and unrealized gains on investments of $91.8 million, or $1.70 per share.
Net income for the fourth quarter of 2012 was $111.5 million, or $1.56 per share, including net after-tax realized and unrealized losses on investments of $7.4 million, or $0.12 per share.
The Company reported operating earnings of $157.4 million, or $2.91 per share, for the fourth quarter of 2013. This compares to operating earnings of $95.7 million, or $1.55 per share, for the fourth quarter of 2012.
Commenting on results, PartnerRe President & Chief Executive Officer Costas Miranthis said, “We had a strong fourth quarter to finish 2013. We generated an 11.5% operating ROE for the quarter, and close to 19% net income ROE, reflecting a gain in one of our insurance investments.
“For the year, despite significant mark to market losses on our fixed income portfolio resulting from higher risk free rates, we increased our tangible book value per share by 8.4% while maintaining an attractive dividend yield.”
“Last week, we announced the results of our Non-life treaty renewal,” Mr. Miranthis added. “Despite challenging market conditions, the strength of our global franchise allowed us to modestly grow our portfolio while we maintained our usual underwriting discipline.
“We also had good production in our Life & Health operations which continue to grow profitably. I am confident that the strength of our client relationships and our technical skills in evaluating a broad range of risk will continue to differentiate us in the years to come.”
