PartnerRe reported net income of $295.7 million, or $5.61 per share, for the first quarter of 2014, markedly up on its 2013 results.
Gross written premiums for the quarter were at $1.87 billion, up from $1.75 billion this time last year.
Its non-life combined ratio was 83.9 percent, benefitting from favourable prior year development of 16.6 points (or $164 million). All sub-segments experienced net favourable development on prior accident years during the first quarter of 2014.
The company reported operating earnings of $176.9 million, or $3.36 per share, for the first quarter of 2014. This compares to operating earnings of $202.1 million, or $3.39 per share, for the first quarter of 2013.
This figure includes net after-tax realised and unrealised gains on investments of $115.8 million, or $2.20 per share. This figure is up from the $210.5 million, or $3.53 per share, achieved during the first quarter of 2013.
Commenting on results, PartnerRe president & CEO Costas Miranthis says, “I am pleased to report a strong start to 2014, with first quarter results reflecting solid underwriting performance and improved financial markets. On a dividend adjusted basis, we grew tangible book value per share by 5.4 percent.”
Miranthis continues, “We are beginning to see the effect of our efforts to profitably diversify our portfolio into new lines such as health and mortgage business. I am confident that our ability to find new, attractive businesses coupled with our excellent franchise, strong client relationships and superior balance sheet position us to compete effectively in an otherwise challenging operating environment.”
Partner Re, Q1. results