PartnerRe announces smaller profits
PartnerRe Ltd. has reported its financial results for the first quarter of the year, including net income of $79.7m, equating to $0.85 per share on a fully diluted basis.
This is slightly over half the $141.5m net profit earnt in the corresponding quarter in 2009, with $2.32 per share almost three times the more recent figure.
It is also substantially less than the $354.4m net profit ($4.25 per share) that PartnerRe made in Q4 2009.
PartnerRe made an operating loss of $41.8m, or $0.5 per share on a fully diluted basis, down substantially from the operating profits of $155.7m, or $2.72 per share, in the same period last year.
President and Chief Executive Officer Patrick Thiele has said that the firm occasionally shows volatility in its results, and attributed the firm’s operating loss to $334m worth of catastrophes.
Category: Financials, Insurance News
Visited 1620 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.