PartnerRe posted net income of $2.1 billion in 2025, up more than 45 per cent from 2024.

The Bermudian-based reinsurer, which is privately owned by Covéa, the French-based global insurance group, said return on equity was 20.8 per cent.

The company reported a fall in underwriting profit and a rise in investment income.

PartnerRe, which is based in offices at Wellesley House South on Pitts Bay Road, announced full-year operating income of $972 million, down from $1.22 billion in 2024, and 2025 operating income return on equity of 9.7 per cent, down from 14 per cent a year earlier.

Gross premiums written fell slightly to $9.16 billion from $9.35 billion in 2024. Non-life gross premiums of $6.7 billion made up the bulk of business, while the life and health segment contributed $2.47 billion.

Philippe Meyenhofer, PartnerRe’s chief executive officer, said: “Our non-life business generated an underwriting profit of $364 million despite notable catastrophe activity and reserve strengthening in US casualty lines, demonstrating the resilience and quality of our portfolio.

“Life and health continued to contribute meaningful and diversified earnings with a net allocated underwriting profit of $184 million. Strong investment income and unrealised gains further enhanced our overall performance and strengthened our long-term earnings power.”

PartnerRe said its property and casualty segment contributed $190 million at a combined ratio of 94.8 per cent, while the specialty segment contributed $174 million at a combined ratio of 90.7 per cent, indicating underwriting profitability in both parts of the business.

The company added that its life and health business produced a net allocated underwriting profit of $184 million. “Strong technical performance and net favourable experience supported the segment’s consistent contribution to overall earnings,” a PartnerRe spokesman added.

Net investment return of $2.105 billion included unrealised gains on fixed maturities and short-term investments of $974 million. Net investment income increased by $107 million year over year to $880 million.