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PartnerRe Releases Q2, First Half Results

Reported net income of $474.3 million

PartnerRe, a Bermuda-based reinsurer, has reported net income of $474.3 million, or $8.10 per share on a fully diluted basis, for the second quarter of 2009. This net income includes net after-tax realised and unrealised gains on investments of $279.6 million, or $4.86 per share.

Net loss for the second quarter of 2008 was $26 million, or $0.64 per share, including net after-tax realised and unrealised losses on investments of $219.1 million, or $4.04 per share.

The company’s operating earnings for the second quarter of 2009 were $179.3 million, or $3.12 per share on a fully diluted basis. This compares to operating earnings of $183.8 million or $3.39 per share, for the second quarter of 2008.

Net income of PartnerRe for the first six months of 2009, was $615.8 million, or $10.43 per share. This includes net after-tax realised and unrealised gains on investments of $205.1 million, as well as a net after tax gain of $57 million from the purchase of 75% of its outstanding Capital Efficient Notes (CENts).