PartnerRe Operating Profit Falls on Lower Premiums
09 February 2016 - 9:40AM
Dow Jones News
Reinsurer PartnerRe Ltd. on Monday reported a 16% drop in
operating profit in the fourth quarter driven by lower
premiums.
Operating profit is a closely watched performance metric in the
insurance industry that excludes certain items that aren't
considered recurring on a quarterly basis, such as capital gains
and losses from investment portfolios.
The Bermuda-based company is merging with Italian investment
firm Exor SpA in a deal expected to close in the current
quarter.
Reinsurers take on some or all of the risk of policies sold by
primary insurers to individuals and businesses.
Over all, PartnerRe reported a profit of $176.5 million, or
$3.30 a share, compared with $276.9 million, or $5.26 a share, a
year earlier. On an operating basis, profit was $3.74 a share, down
from $4.37 a share.
Revenue fell 17% to $1.38 billion as net premiums written fell
13% to $1.06 billion.
Analysts surveyed by Thomson Reuters had projected a profit of
$2.64 a share on $1.22 billion in net premiums written.
The latest period included net realized and unrealized
investment losses of $22.8 million, while the year-earlier period
included net realized and unrealized investment gains of $82.1
million.
The combined ratio, or losses and expenses as a percentage of
premiums collected, was 86.5%, compared with 82.8% in the previous
quarter and 85.3% in the year-ago period.
Shares, inactive in after-hours trading, closed Monday at
$140.32, up 16% over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
February 08, 2016 17:25 ET (22:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Exor NV (BIT:EXO)
Historical Stock Chart
From Apr 2024 to May 2024
Exor NV (BIT:EXO)
Historical Stock Chart
From May 2023 to May 2024