Bermuda reinsurer PartnerRe reported net income of $493 million and annualised return on equity of 10.5 per cent for the first six months, after California wildfires earlier this year led to their non-life underwriting business suffering a combined ratio of 112.7 per cent, and a loss of $333 million.

The company had gross premiums written in the first half of the year of $5.2 billion, and non-life gross written premiums of $4 billion, its latest financial results show.

PartnerRe chief executive Philippe Meyenhofer said despite the recent headwinds, the company remains firmly committed to its long-term strategy.

“Our non-life business continues to demonstrate strong underlying performance, with a current accident year combined ratio excluding catastrophe losses of 86.6 per cent for the first half of 2025,” he said.

Mr Meyenhofer said the life and health segment continued to perform strongly, with a net allocated underwriting result of $100 million. The CEO said the sector remained a growing contributor to PartnerRe's diversified earnings.

He felt the company’s investment portfolio was also delivering solid returns, resulting in 15.8 per cent growth in net investment income compared to the first half of 2024.

“Reinvestment yields, which remained above the average book yield, combined with growth in our asset base, continue to drive higher net investment income and enhance the long-term earnings power of our portfolio,” Mr Meyenhofer said.

He said these results reaffirmed the strength of PartnerRe’s diversified business model.

“The company’s solvency position is strong and total capital has continued to grow in the first half of 2025 to $11.6 billion,” he said.

During the first six months of the year the firm had an operating income of $6 million and annualised operating income return on equity of 0.1 per cent. Its net investment income was $424 million.