PartnerRe Reports Second Quarter 2016 Results
Bermuda-based PartnerRe Ltd. reported a net income of $136.7 million for the second quarter of 2016.
This includes net after-tax realized and unrealized gains on investments of $162.2 million. Net loss for the second quarter of 2015 was $103.1 million, including net after-tax realized and unrealized losses on investments of $217.2 million.
The Company reported operating losses of $65.6 million for the second quarter of 2016, which compares to operating earnings of $112.5 million for the second quarter of 2015.
Net income for the first six months of 2016 was $338.2 million. This includes net after-tax realized and unrealized gains on investments of $310.3 million.
Net income for the first six months of 2015 was $128.6 million, including net after-tax realized and unrealized losses on investments of $116.9 million. Operating losses for the first six months of 2016 were $21.4 million, which compares to operating earnings of $263.0 million for the first six months of 2015.
Commenting on results, PartnerRe Chief Executive Officer Emmanuel Clarke said, “Our results for the quarter reflect a high frequency of catastrophe and large losses in the industry which has led us to post our first operating loss since the fourth quarter of 2011.
“Notwithstanding these events, we were able to report a positive net income and grow our book value by 1.9% due to our disciplined underwriting approach and use of retrocessional coverage – both of which have contributed to mitigate our losses – and due to the positive results from our investment portfolio.
“As previously announced, on July 1, 2016 we implemented a new organization of our Business Units. I am extremely confident this important milestone will allow us to deliver more value to our clients and better position PartnerRe in the evolving reinsurance market environment.”
