PartnerRe Reports First Half 2023 Results
PartnerRe Ltd. reported net income attributable to common shareholder of $783 million, an improvement of $1,786 million, for an annualized return on equity of 23.9%.
PartnerRe President and Chief Executive Officer Jacques Bonneau commented, “Favorable market conditions persist half way through 2023, and we remain focused on our disciplined approach to capitalizing on these opportunities and making a meaningful contribution to the Covéa group. Our operating income of $636 million for the first half of 2023 continued its growth trend, up 24% compared to the first half of 2022. The fundamentals across operating segments are strong.
“For the non-life business we saw an improvement in current underwriting year performance for both the P&C and Specialty segments as compared to the first half of 2022, though the non-life combined ratio increased marginally by 1.6 points, as the first half of 2022 benefited from favorable prior year reserve development.
“The contribution from the Life and Health business continues to be a positive source of earnings to the group as premium volume grows. Our investment portfolio also performed well, demonstrated by 57% growth in net investment income compared to the first half of 2022, and we expect this trend to continue as we deploy our increasing cash flows from operations at attractive reinvestment rates.”
