Bermudian-based global reinsurer PartnerRe Ltd has reported net income available to common shareholders of $285 million for the second quarter of 2019.

The figure includes net realised and unrealised investments gains of $164 million on fixed maturities and short-term investments, primarily due to decreases in world-wide risk-free rates and credit spreads, and $21 million net foreign exchange losses.

This compares to net income available to common shareholders of $125 million for the second quarter of 2018, which included net realised and unrealised investment losses on fixed maturities and short-term investments of $101 million, and $84 million net foreign exchange gains.

Net income available to common shareholders was $782 million for the half year 2019, which includes net realised and unrealised investment gains on fixed maturities and short-term investments of $443 million, and net foreign exchange losses of $47 million, the company said.

This compared to net income available to common shareholders of $5 million for the half year 2018, which included net realised and unrealised investment losses on fixed maturities and short-term investments of $334 million, and $70 million net foreign exchange gains.

The non-life combined ratio was 92.8 per cent during the second quarter, compared with 94.7 per cent in the prior year. Non-life net premiums written increased 15 per cent to $1.45 billion and non-life underwriting income was $95 million, up $33 million compared to the prior year.

Life and health profitability, including underwriting result and allocated net investment income, was $14 million for the second quarter, a $9 million decline compared to the prior year. Life and health net premiums written increased 28 per cent to $392 million.

Emmanuel Clarke, president and chief executive officer of PartnerRe, said: “I am encouraged by the better market conditions we are seeing in large portions of our non-life business. PartnerRe is well-positioned to benefit from this improved margin environment, as demonstrated by our 15 per cent non-life premium growth over 2018.

“At the same time, we are pursuing our strategy to grow our life and health business, with 28 per cent growth in premium over the past year.”