PartnerRe reported net income of $2.10 billion for the full year 2025, a 46% jump from a year earlier, but the reinsurance group's results masked a weaker underwriting performance that lagged its biggest rivals.
The figures showed gross premiums written of $9.16 billion, down from $9.35 billion in 2024. Operating income fell roughly 20% to $972 million, even as headline earnings surged on the back of a strong investment portfolio that generated $2.105 billion in net returns, including $974 million in unrealized gains on fixed maturities.
PartnerRe's non-life segment posted a combined ratio of 93.4%, up from 90.6% in 2024, after absorbing losses from the California wildfires and reserve strengthening on US casualty lines from prior years. Underwriting profit in the segment dropped to $364 million from $532 million.
The P&C segment delivered $190 million in underwriting profit at a combined ratio of 94.8%, while the Specialty segment contributed $174 million at 90.7%. Excluding catastrophe losses, the current accident year combined ratio stood at 86.3%.
Life and Health posted a $184 million underwriting profit, broadly flat against the $190 million recorded in 2024. The company attributed the results to technical performance and net favorable experience.
RenaissanceRe posted net income of $2.6 billion and a combined ratio of 87.2%, which included a 15.3 percentage point hit from large loss events including the same California wildfires. Accounting standards differ, with Swiss Re and Munich Re reporting under IFRS 17 rather than US GAAP.
Against that backdrop, PartnerRe's 93.4% combined ratio placed it behind all three peers on underwriting efficiency. Its 20.8% return on equity was competitive, but its 9.7% operating return on equity trailed Munich Re's 18.3% and RenaissanceRe's 18.2%.
Net investment income rose 13.8% year over year to $880 million, continuing a trend that saw the figure climb from $773 million in 2024. The $974 million in unrealized gains accounted for much of the distance between operating income and net income.
CEO Philippe Meyenhofer (pictured above) framed the results in a positive light, saying the Non-life underwriting profit demonstrated "the resilience and quality of our portfolio" despite catastrophe activity and reserve strengthening.
He added that Life and Health contributed "meaningful and diversified earnings" with its $184 million result.
"With disciplined execution and a continued focus on underwriting excellence, we enter 2026 well positioned to continue supporting our clients and brokers and delivering value for our shareholder," Meyenhofer said.
PartnerRe noted that operating income and operating income return on equity are non-GAAP financial measures.
