PartnerRe net income jumps $54m
PartnerRe Ltd has announced $191 million in profit for the second quarter of the year.
The figure is $54 million up on the $137 million made by the reinsurer in the same quarter of 2016.
Operating earnings hit $97 million for the quarter, compared to an operating loss of $66 million in the same period last year.
Emmanuel Clarke, PartnerRe CEO, said: “We delivered good results in the second quarter with an annualised adjusted net income return on equity of 13 per cent driven by strong non-life underwriting results and investments contribution.”
The company, which was the subject of a bruising takeover battle last year which saw Italian investment giant Exor take control, earlier this year bought US life reinsurer Aurigen in a $286 million deal.
Mr Clarke said: “Having successfully completed the acquisition of Aurigen in the quarter, we will now work on leveraging this platform to expand our footprint in North America, consistent with our strategy to increase our revenues and profitability in the broader life and health segment.”
Total investments held by the firm, including cash, cash equivalents and funds held and directly managed amounted to $16.9 billion at the end of June this year, up by 0.3 per cent compared to the end of 2016.
PartnerRe’s total capital was listed at $8.3 billion at the end of June, up 3.1 per cent compared to the end of December 2016.
The increase was attributed primarily to net income for the first six months of this year.
The report for the quarter added that PartnerRe had paid a dividend of $25 million to Exor in the second quarter.
Gross premiums written for the quarter totalled $1.4 billion, up $79 million on the second quarter of last year.
Cash provided by operating activities in the second quarter was $129 million, $101 million more than the $28 million recorded in the same period in 2016.
Exor won a battle with rival Axis Capital and last March bought out PartnerRe in a $6.9 billion deal.
PartnerRe’s common shares were later delisted from the New York Stock Exchange and the Bermuda Stock Exchange.
Exor is controlled by the billionaire Agnelli family, who are behind luxury sports car maker Ferrari and Fiat Chrysler. The company’s chairman John Elkann became board chairman at PartnerRe last year.
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