PartnerRe reports net income of $493m for H1’25 despite non-life underwriting loss

Bermuda-based reinsurer PartnerRe has reported net income of $493 million for the first half of 2025, up on the prior year’s $362 million by 36% despite the non-life segment falling to an underwriting loss as a result of the January California wildfires and reserve strengthening on prior years.

The non-life business recorded an underwriting loss of $333 million for H1’25, driven by a $293 million loss in the P&C segment and $40 million in the Specialty segment, with a combined ratio of 112.7%. However, excluding catastrophe losses, the current accident year combined ratio was 86.6% for H1’25, reflecting a strong underlying performance.

Within Life and Health, the net allocated underwriting result hit $100 million in H1’25, which the firm says reflects a strong technical performance and continued growth in the portfolio.

Group-wide, losses and expenses increased to $3.2 billion in H1’25 from $3 billion in H1’24, as total expenses rose to $4.3 billion from $3.9 billion.

Gross written premiums fell to $5.2 billion in H1’25 from $5.3 billion in H1’24, as net written premiums decreased to $4.4 billion from $4.5 billion, and net premiums earned fell to $3.8 billion from $3.9 billion.

Non-life gross premiums written amounted to $4 billion in H1’25 and Life and Health premiums totalled $1.2 billion.

On the asset side of the balance sheet, PartnerRe has posted a strong performance, with 15.8% year-on-year growth in net investment income to $424 million in H1’25.

“Despite recent headwinds in our Non-life business, primarily driven by catastrophe losses and reserve adjustments in U.S. Casualty, we remain firmly committed to our long-term strategy. Our Life and Health segment continues to perform strongly, and our investment portfolio is delivering solid returns. These results reaffirm the strength of our diversified business model. The Company’s solvency position is strong and total capital has continued to grow in the first half of 2025 to $11.6 billion,” said PartnerRe’s Chief Executive Officer, Philippe Meyenhofer.