PartnerRe profit drops in 2024

PartnerRe’s net profit fell 38% to €1.44bn in 2024, down from €2.31bn in 2023, driven by a €600m increase in losses.

The Bermuda-based reinsurer’s non-life combined ratio increased to 90.6% in 2024, up from a CoR of 81.6% in 2023.

Its non-life underwriting result halved to $532 million compared with $1.1 billion the year before. Non-life business was driven by specialty, which contributed $331 million and property/casualty contributing $201 million.

Gross written premiums rose slightly to $9.35 billion compared with $9.10 billion in 2023 but this was offset by an increase in loss and loss expenses to $5.6 billion from $4.99 billion.

Philippe Meyenhofer (pictured), chief executive officer, said PartnerRe “had a strong 2024, with our non-life business achieving an underwriting result of $532 million, despite a challenging year with several catastrophe losses and US casualty reserve strengthening.”

The company increased its non-life reserves on its balance sheet from $13.15 billion to $13.91 billion, most of which were added in the first half of the year.

PartnerRe’s 2023 result was also boosted by a one-off deferred tax asset related to the Bermuda Corporate Income Tax of $327 million. In 2024, PartnerRe recorded a cost of $79 million. 

PartnerRe shone a light on its full-year 2024 life and health underwriting result of $190 million, compared with $159 million in 2023. Life and health premium volume grew by 18.7% compared to 2023, the reinsurer said.

Net investment income rose to $772 million from $645 million but this was offset by a decline in realised and unrealised investment gains to $179 million from $517 million. 

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