Bermuda-based reinsurer PartnerRe reported a net profit of $2.1 billion in FY25 (FY25), a significant increase from $1.44 billion in FY24, with underwriting profit of $364 million in non-life insurance and net distributed underwriting profit of $184 million in life and health insurance.
The reinsurer’s gross written premiums (GWP) fell slightly to $9.16 billion in FY25 compared with $9.35 billion in FY24. Among them, the non-life insurance segment reported a GWP of US$6.7 billion for FY25, while the life and health insurance segment reported a GWP of US$2.47 billion.
The non-life underwriting profits came despite the impact of the California wildfires and the strengthening of U.S. casualty reserves in previous years.
PartnerRe explained that the property and casualty segment contributed $190 million to underwriting results, for a combined ratio of 94.8%, and the specialty lines segment contributed $174 million, for a combined ratio of 90.7%. The non-life insurance combined ratio for FY25 was 93.4%, demonstrating strong underlying performance.
From the perspective of life and health business, the generation of underwriting profits benefited from strong technical performance, while good net experience supported the continued contribution of this segment to overall profits.
In 2025, PartnerRe’s return on equity will be 20.8%, operating income will be $972 million, and operating income return on equity will be 9.7%.
On the asset side, net investment returns were $2.105 billion, including fixed-term unrealized gains and short-term investments of $974 million, the reinsurer explained. PartnerRe’s net investment income increased by $107 million to $880 million.
The reinsurer explained that reinvestment yields remain above average book yields, which coupled with continued growth in the asset base, will drive growth in net investment income in 2025.
Philippe Meyenhofer, CEO of PartnerRe, commented: “PartnerRe delivered a solid performance in 2025, with net profit exceeding $2 billion and operating income reaching $972 million. Despite significant catastrophe activity and strengthening reserves in the U.S. casualty lines, our non-life business achieved an underwriting profit of $364 million, a testament to the resilience and quality of our portfolio.
“The Life & Health business continued to contribute meaningful and diversified earnings with net distributed underwriting profit of $184 million. Strong investment income and unrealized gains further improved our overall results and strengthened our long-term profitability.
“With disciplined execution and a continued focus on underwriting excellence, we are well-positioned as we enter 2026 to continue to support our clients and brokers and create value for our shareholders.”
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