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PartnerRe reports drop in Q4 net income

PartnerRe has reported a net income of $95.3 million

PartnerRe has reported a net income of $95.3 million, or $1.53 per diluted share, for the fourth quarter of 2008, compared to $180.60 million, or $3.04 per diluted share, for the fourth quarter of 2007.

Operating earnings for the fourth quarter of 2008 were $53.9 million, or $0.95 per diluted share, compared to $257.4 million, or $4.55 per diluted share, for the fourth quarter of 2007. Total revenues for the fourth quarter of 2008 were $1.2 billion, compared to $1.1 billion in the fourth quarter of 2007.

For the year ended December 31, 2008, net income was $46.6 million, or $0.22 per diluted share, compared to $717.8 million, or $11.87 per diluted share, for the year ended December 31, 2007.

Operating earnings for the year were $469.3 million, or $8.43 per diluted share, as against $822.4 million, or $14.29 per diluted share, for the full year 2007. Total revenues for the full year of 2008 were $3.98 billion, as compared to $4.2 billion for the year 2007.

At December 31, 2008, total assets were $16.3 billion, as compared to $16.1 billion at December 31, 2007. At December 31, 2008, total capital was $4.9 billion, and total shareholders’ equity was $4.2 billion, compared to $5.2 billion, and $4.3 billion, respectively, at December 31, 2007.