PartnerRe Ltd. reported gross premiums written of US$5.2 billion for the first half of 2025, including US$4.0 billion in non-life and US$1.2 billion in life and health business.
Net income attributable to the company was US$493 million, producing an annualized return on equity of 10.5%. Operating income totaled US$6 million, with an annualized operating income return on equity of 0.1%.
The non-life business posted an underwriting loss of US$333 million and a combined ratio of 112.7%. This included US$293 million in losses from the property and casualty segment and US$40 million from the specialty segment, largely due to California wildfires and reserve strengthening on prior years.
The current accident year combined ratio, excluding catastrophe losses, stood at 86.6% for the period.
For the full year 2024, PartnerRe reported net income of US$1.44 billion, down from US$2.3 billion in 2023, and operating income of US$1.22 billion, with an operating income return on equity of 14%.
The non-life underwriting result for that year was US$532 million with a combined ratio of 90.6%, driven by a US$331 million contribution from the specialty segment and US$201 million from the property and casualty segment.
AM Best has also affirmed PartnerRe’s financial strength rating of A+ (Superior) and long-term issuer credit ratings of aa- (Superior) for its operating subsidiaries, maintaining a stable outlook.
Life and health operations generated a net allocated underwriting result of US$100 million, contributing to the company’s earnings mix. The result reflected growth in the portfolio alongside technical performance gains.
Net investment income reached US$424 million, an increase of 15.8% compared with the first half of 2024. The company said reinvestment yields remained above the average book yield, and a larger asset base helped drive income growth.
Leadership changes also shaped the company’s operational approach, with the appointment of Marek Garwacki as chief underwriting officer for non-life. Garwacki joined the executive team with responsibility for overseeing underwriting strategy and managing portfolio risk across all non-life lines.
Chief executive officer Philippe Meyenhofer (pictured above) said that while recent results in the non-life segment were affected by catastrophe losses and US casualty reserve adjustments, the company remains focused on its long-term strategy.
“Our life and health segment continues to perform strongly, and our investment portfolio is delivering solid returns. These results reaffirm the strength of our diversified business model. The company’s solvency position is strong and total capital has continued to grow in the first half of 2025 to US$11.6 billion,” Meyenhofer said.
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