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PartnerRe Q4 Revenues Up 29% To $1.5bn

PartnerRe has reported total revenues of $1.55bn for the fourth quarter of 2009, an increase of 29% compared to $1.2bn for the same period last year.

For the quarter ended December 31, 2009, Net premiums written grew by 20.4% to $904.4m for the fourth quarter of 2009, compared to $752.4m in the same period last year.

The company posted a net income of $354.4m or or $4.25 a share, an increase compared to $95.3m, or $1.53 a share, in the same period last year.

For full year 2009, the company reported revenues of $5.42bn, compared to $3.98bn for the same period last year. The net premiums written were $3.95bn, compared to $3.99bn in 2008. Net income rose to $1.54bn from $46.56m in 2008.

Patrick Thiele, president and CEO of PartnerRe, said: “We had an exceptional year in 2009, achieving an operating return on beginning equity of 22% and GAAP book value per share growth of 32%. The company also recently announced a 6% increase in the annual common dividend per share, marking the 17th consecutive year the company has increased its dividend since inception.

“These results form part of PartnerRe’s long track record of success, which has seen the company grow its GAAP book value per share plus dividends at a compounded rate of 13% over the last 5 years.”