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.”
Category: Financials, Insurance News
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