PartnerRe Ltd. has reported a 2007 Q3 profit of US$262.9 million, compared to a 2006 Q3 profit of US$235.8 million.Commenting on the 2007 Q3 and nine-month results, Patrick Thiele, president and CEO at PartnerRe, said, “PartnerRe’s third-quarter results set new records in several metrics including earned premium, operating earnings, and earnings per share.Thiele noted a continuing low level of incurred losses, combined with a seasonally high level of earned premium, resulted in an annualized operating return on beginning shareholders’ equity of 34%, and 10% growth in GAAP book value per share in the quarter.For the nine months, we achieved a 23% annualized operating return on beginning shareholders’ equity and 16% growth in GAAP book value per share,” Thiele said.The company recorded a non-life 2007 Q3 combined ratio (COR) of 74.1%, down 7.3 points from its 2006 Q3 COR of 81.4%. Net premiums written for PartnerRe in 2007 Q3 amounted to US$873.4 million, compared to US$807,788 in 2006 Q3.PartnerRes global (non-U.S.) property and casualty business, which represents approximately 17% of total net premiums written for the quarter, reported net premiums written of US$151 million for 2007 Q3. Thats down 1% compared to the US$154 million recorded for the same period in 2006. Net premiums earned during 2007 Q3 were US$192 million, down 5% from US$202 million in the same period last year.The 2007 Q3 technical ratio for PartnerRes global (non-U.S.) sub-segment was 94.5%, compared to 95.5% for the same period in 2006.
PartnerRe reports increase in 2007 Q3 profit