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PartnerRe Q3 net income declines

PartnerRe has reported a net income of $525m, or $6.76 per share on a fully diluted basis, for the third quarter of 2010, compared to $566.7m or $9.44 per share on a fully diluted basis, for the same quarter of 2009.

Operating earnings for the third quarter of 2010 were $281.8m, compared to $282m for the same corresponding quarter of the previous year.

The total revenues for the third quarter of 2010 were $1.8bn, compared to $1.6bn in the third quarter of 2009.

Net premiums written for the third quarter of 2010 were $987.6m, compared to $891.5m for the same quarter of 2009.

Net income for the first nine months of 2010 was $795.5m, or $9.68 per share, compared to $1.18bn or $19.95 per share for the same period of the last year.

PartnerRe CEO Patrick Thiele said, the reinsurance results generated a non-life combined ratio of 80.7%, including an estimated $64m loss from the New Zealand earthquake, while the invested assets continued to perform well generating solid returns both in the third quarter and year-to-date.