PartnerRe reports non-life CoR of 90.6% for 2024 as GPW rises to $9.35bn

Bermuda-domiciled reinsurer PartnerRe has reported a non-life combined ratio of 90.6% for the full year 2024 (FY’24), as the underwriting result reached $532 million, driven by the specialty segment contributing $331 million and the property and casualty (P&C) segment contributing $201 million.

Group-wide, PartnerRe’s gross premiums written (GPW) for FY’24 were $9.35 billion, an increase over 2023’s $9.1 billion, while net premiums written remained stable year on year at $7.9 billion, and net premiums earned increased to $8.1 billion from $7.9 billion.

As well as the solid non-life underwriting performance, PartnerRe’s Life and Health (L&H) business contributed by adding strongly diversified earnings, as premium volume grew by 18.7% compared to 2023.

The overall L&H net allocated underwriting result for FY’24 totalled $190 million.

In terms of expenses, losses and loss expenses increased to $5.6 billion from $4.99 billion, as total expenses rose to $7.6 billion from $7.1 billion in 2023.

All in all, PartnerRe generated net income available to common shareholders of $1.44 billion for 2024, a decrease from the $2.32 billion reported in 2023.

The firm’s operating income for 2024 stands at $1.22 billion and operating income return on equity is 14%, while net investment income for the year amounts to $773 million.

The firm’s investment portfolio performed well, resulting in a 19.7% growth in net investment income compared to 2023.

PartnerRe explained, “We are continuing to reinvest our cash flow from operations at attractive interest rates which continues to increase our portfolio’s book yield.”

Philippe Meyenhofer, Chief Executive Officer, PartnerRe, commented, “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 U.S. Casualty reserve strengthening.

“Life and Health also saw solid growth, contributing $190 million in allocated underwriting result. Strong net investment income helped drive a return on equity of 16.4% for the year.”

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