PartnerRe reports Q3 results
PartnerRe Ltd. has reported that in the third quarter of 2010 it made a net profit of $524.9m, equating to $6.76 per share (on a fully diluted basis).
This is down on Q3 2009 when PartnerRe enjoyed profits of $566.7m ($9.44 per share), but does represent more than half the firm’s net income during the first nine months of this year.
Operating earnings were almost flat, declining just $0.2m to $281.9m.
In the first nine months of the year the firm made net income of $795.5m, and $9.68 per share, a fall of around a third from the $1,182.5m ($19.95 per share) the firm made in the corresponding period last year.
Chief Executive Officer Patrick Thiele warmly welcomed the results, describing PartnerRe’s third quarter performance as excellent.
President and Chief Operating Officer Costas Miranthis stated that the firm’s strength and capability afforded it opportunities across its book, particularly in the Life business.
Category: Financials, Insurance News
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