Strong Q2 results for PartnerRe
PartnerRe Ltd. has reported net income available to common shareholder of $314 million for the second quarter, compared to income of $229 million for the same period of 2020.
Net income available to common shareholders was $248 million for the half year 2021, compared to a loss of $204 million for the same period of 2020.
Operating income was $151 million for the second quarter of 2021, compared to an operating loss of $256 million for the same period of 2020.
Operating income for the half year 2021 was $192 million compared to an operating loss of $226 million for the same period of 2020. Operating income for the second quarter and half year 2021 improved over the same periods of 2020 as a result of improvements in current accident year attritional loss ratios and lower levels of adverse prior year development, and also the effects that COVID-19 reserves had on the second quarter of 2020.
PartnerRe President and chief executive officer Jacques Bonneau commented, “We delivered strong results in the second quarter with an annualised operating ROE of 8.8%, and I am pleased to see the positive impacts of our portfolio actions begin to show through our financial result.
“Our Non-life combined ratio of 88.6% includes improvements in the current accident year loss ratio from business mix changes and overall favourable pricing conditions across most lines of business, as well as improvements in prior years' reserve development as older underwriting years run off.
“Our Life and Health segment also significantly improved its underwriting profit compared to the prior year.
“Third party capital currently stands at $1.1b of assets under management and provided us the ability to increase underwriting capacity and line sizes.
“These underwriting results, combined with good investment performance, helped produce solid profitability for the second quarter of 2021.”