PartnerRe reports quarterly and annual losses
by Richard Kilner
Story link: PartnerRe reports quarterly and annual losses
PartnerRe Ltd. has reported its financial results for the full-year and fourth quarter of 2011, including a quarterly net loss of $17.6m, equating to $0.49 per share.
This compares to a net profit of $57m, ($0.65 per share), in the corresponding period last year and the $180.1m it made in Q3 2011.
The firm also reported a quarterly operating loss of $137.7m, or $2.06 per share, compared to $98.8m ($1.33 per share) in the same period last year.
PartnerRe reported an annual net loss of $520.3m, $8.40 per share, over a billion dollars worse than the net income of $852.6m, $10.46 per share, the firm achieved in 2010.
For 2011 as a whole the firm made an operating loss of $641.6m ($9.50 per share), down from the $491.8m operating earnings of the previous year.
President and Chief Executive Officer Costas Miranthis described 2011 as a challenging year, with significant catastrophe losses.
However, Miranthis did say that the firm’s robust capital position had enabled it to withstand the losses.