Would-be merger partners Axis and PartnerRe yesterday both unveiled predicted financial results for the second quarter of the year.

Axis said it expected to announce operating income of between $91 million and $97 million for the three-month period, while PartnerRe is expected to make between $100 million and $120 million.

Axis predicted operating earnings per common share of between 90 cents and 96 cents, while the same figures for PartnerRe are likely to be between $2.10 and $2.50.

The return on equity for Axis is likely to be between 6.8 per cent and 7.3 per cent and for PartnerRe between 6.7 per cent and 7.9 per cent.

Axis said its quarterly results had been impacted by weather-related pre-tax net losses of around $39 million, mostly related to weather loss events in the US and Australia.

And it added there had been “large losses” in its marine insurance business, which contributed around $40 million in pre-tax net losses.

But a statement by Axis said that the marine line of business had delivered a combined ratio of below 80 per cent over the last five years and “is one of our most profitable lines”.

The Axis diluted book value is expected to between $51.76 and $51.86 per common share.

PartnerRe predicted a diluted book value of between $127 and $127.40 per share.

PartnerRe will report its unaudited accounts on Monday, July 27, while the final results for the quarter from Axis will follow a day later.