PartnerRe announces Q1 profits up 10%

by David Masters

Story link: PartnerRe announces Q1 profits up 10%

PartnerRe this week reported an increase in first quarter profits despite falling premiums.

The Bermuda-based reinsurer posted net income of $142 million, or $2.32 per share, an increase of 10% compared to the $129 million, or $2.16 per share, posted in the first quarter of 2008.

New premiums written dropped 7% from $1.4 billion to $1.3 billion.

Total revenues fell to $1.02 billion, down from $1.07 billion in the year-ago period.

Patrick Thiele, CEO, said it was a ’solid result’ in a ‘relatively uneventful’ quarter.

He added: “In a difficult capital markets environment, our invested assets posted a positive return of 0.5% in the quarter.”