PEMBROKE, Bermuda–(BUSINESS WIRE)– PartnerRe Ltd. (NYSE:PRE) today reported net income of $231.7 million, or $4.76 per share for the first quarter of 2015. This includes net after-tax realized and unrealized gains on investments of $100.3 million, or $2.06 per share. Net income for the first quarter of 2014 was $295.7 million, or $5.61 per share, including net after-tax realized and unrealized gains on investments of $115.8 million, or $2.20 per share. The Company reported operating earnings of $150.5 million, or $3.09 per share, for the first quarter of 2015. This compares to operating earnings of $176.9 million, or $3.36 per share, for the first quarter of 2014.
Operating earnings or loss excludes certain net after-tax realized and unrealized investment gains and losses, net after-tax foreign exchange gains and losses, certain net after-tax interest in results of equity method investments, the loss on redemption of preferred shares and certain net after-tax withholding tax on inter-company dividends (included in other expenses), and is calculated after the payment of preferred dividends. All references to per share amounts in the text of this press release are on a fully diluted basis.
Commenting on results, PartnerRe Interim Chief Executive Officer David Zwiener said, “We had a solid start to 2015. Despite continued pressure across all reinsurance lines, our operating performance in the first quarter was characterized by very good underlying technical results and included an absence of major catastrophes and continued favorable reserve development, resulting in a 9.8% operating ROE. This, combined with strong results in our investment portfolio, generated tangible book value per share growth of 3.2%. These results clearly demonstrate our excellent execution capabilities and the strength of the PartnerRe franchise.”