PartnerRe sees annual profits soar

by Richard Kilner

Story link: PartnerRe sees annual profits soar

PartnerRe Ltd. has reported its financial results for Q4 and 2009.

For the quarter, the firm achieved net profits of $354.4m, equating to $4.25 per share, on a fully diluted basis.

This is almost fourfold the $95.3m net income achieved in Q4 2008, although it does mark a decline from Q3 2009, when net income hit $567m.

Operating earnings rose from $53.9m in Q4 2008 to $315m in the last quarter.

For 2009 as a whole, net income totalled $1.5bn, or $23.51 per share, enormously improved on the $46.6m profits ($0.22 per share) recorded in 2008.

President and Chief Executive Officer Patrick Thiele has described 2009 as an exceptional year for PartnerRe.

Thiele also welcomed the 6% rise in the annual common dividend per share, the 17th such rise in a row since its inception.