PartnerRe has reported a strong financial performance for 2025, with net income rising to $2.1 billion, up significantly from $1.44 billion the previous year, driven by solid underwriting results and investment gains.
The reinsurer delivered underwriting profits across both its core segments, with non-life generating $364 million despite the impact of California wildfires and reserve strengthening in U.S. casualty lines. Life and health operations also contributed positively, posting $184 million in underwriting profit, supported by consistent technical performance.
While gross written premiums dipped slightly to $9.16 billion, underlying profitability remained robust. The non-life business achieved a combined ratio of 93.4%, with particularly strong results in specialty lines and property and casualty segments, highlighting disciplined risk selection and pricing.
Investment performance played a key role in overall earnings, with total investment returns reaching $2.1 billion. This included strong net investment income and unrealised gains, supported by higher reinvestment yields and growth in the asset base.
The company reported a return on equity of 20.8%, underlining its ability to generate value despite market volatility and catastrophe events. Operating income stood at $972 million, reflecting continued earnings strength across the portfolio.
Looking ahead, CEO Philippe Meyenhofer said the reinsurer enters 2026 with strong momentum, supported by underwriting discipline, diversified earnings streams, and a resilient balance sheet.
