PartnerRe net income rises to $2.1bn as non-life underwriting margins ease

Bermuda-based reinsurer PartnerRe reported a 46% rise in profit to $2.1 billion in 2025, despite softer underwriting performance and a higher combined ratio.

Net income climbed from $1.44 billion in 2024, despite a fall in non-life underwriting profit to $364 million from $532 million, with the combined ratio rising to 93.4% from 90.6%.

Gross premiums written slipped to $9.16 billion from $9.35 billion, including $6.70 billion in non-life and $2.47 billion in life and health.

Net investment income rose by $107 million to $880 million from $773 million, while total investment return reached $2.1 billion, supported by $974 million in unrealised gains on fixed maturities and short-term investments.

PartnerRe chief executive Philippe Meyenhofer (pictured) said: “PartnerRe delivered solid results in 2025, with a net income of over $2 billion, and an operating income of $972 million. 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. With disciplined execution and a continued focus on underwriting excellence, we enter 2026 well positioned to continue supporting our clients and brokers and delivering value for our shareholders.”

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