PartnerRe returns to profitability in Q2
PartnerRe Ltd. has reported that in the second quarter of 2011 it made a net income of $124.2m, equating to $1.69 per share (on a fully diluted basis).
This is around a third lower than the net income of the corresponding period last year ($190.9m) but does signify a return to profitability after Q1 net losses of $807m.
Quarterly operating earnings came to $67.2m ($0.98 per share on a fully diluted basis), approximately half the $141.8m ($1.80 per share) the firm made during the same period in 2010.
In the first six months of the year PartnerRe incurred a net loss of $682.8m ($10.32 per share on a fully diluted basis), largely due to the poor first quarter which was hit hard by a high frequency of catastrophes.
President and Chief Executive Officer Costas Miranthis explained that although the second quarter saw a number of catastrophes, particularly in the US during April and May, the firm’s portfolio generally performed well.
Category: Financials, Insurance News
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