Bermudian-based global reinsurer PartnerRe Ltd has reported net income of $497 million for the first quarter of 2019, a vast improvement over the $120 million net loss incurred in the first quarter a year ago.

The company, which is owned by Italian investment company Exor, reported a total investment return of $600 million, or 3.6 per cent, driven by $163 million in net realised and unrealised gains on equities and $280 million net realised and unrealised gains on fixed maturities and short-term investments.

Book value grew 7.9 per cent, or 9.3 per cent adjusted for dividends, compared to the end of the previous quarter on December 31, the company said.

Non-life net premiums written for the quarter were up 24 per cent compared to the first quarter of 2018, driven by a 30 per cent increase in the P&C segment, and a 13 per cent increase in the specialty segment.

The non-life underwriting result was a profit of $24 million for the quarter compared to $44 million for the first quarter of 2018. The non-life combined ratio was 97.7 per cent, the company said.

Life and health net premiums written were up 18 per cent in the quarter compared to the first quarter of 2018, primarily driven by organic growth in the life business.

Dividends declared and paid to common shareholders for the quarter were $80 million compared to $48 million for the first quarter of 2018, the company said.

Emmanuel Clarke, PartnerRe’s chief executive officer, said: “In the first quarter of 2019, we delivered strong results in our P&C and life and health segments, and in our investments portfolio, while reporting an underwriting loss in our specialty segment, driven by a combination of mid-sized losses and negative reserve development, and where we are undertaking portfolio actions to improve future underwriting performance.

“Positive momentum continued in our April 1 non-life renewals with business production up double-digits on the back of continued improvements in the overall pricing environment, further solidifying the company’s improved underwriting performance outlook for the remainder of the year.”