PartnerRe Net Down For Second Quarter

NU Online News Service, July 28, 11:22 a.m. EDT?Bermuda-based PartnerRe Ltd. today reported second-quarter net income decreased 1.4 percent compared to the second quarter of 2003.[@@]

PartnerRe President & Chief Executive Officer Patrick Thiele, during a conference call announcing the results, called it "a successful quarter and a record-setting first half for the company."

PartnerRe said net income for the second quarter was $119.8 million, or $2.12 per share, compared with $121.9 million, or $2 per share, for the period in 2003.

Mr. Thiele pointed to the first six months of 2004, noting net income and net premiums written were all record results. During the first two quarters, net income was $265.5 million, or $4.71 per share, a 14 percent increase over the previous year. This compares to the first six months of 2003, when net income was $246.3 million, or $4.22 per share.

Also during the six-month period, net premiums written were $2.4 billion, a 14 percent increase over the same period in 2003. Positive results were also recorded for the quarter itself.

Net premiums written for the second quarter were $840.7 million, a marginal increase over the comparable period in 2003. Total revenues for the quarter increased 10 percent over the second quarter in 2003 to $1 billion, including $954.8 million of net premiums earned.

At the end of the quarter, total assets for PartnerRe Ltd. as a company were $11.8 billion, total capitalization was $3.3 billion, and total shareholders' equity was $2.7 billion.

By comparison, the company ended last year with total assets of $10.9 billion, total capitalization of $3.2 billion, and total shareholders' equity of $2.6 billion.

Mr. Thiele said for the third and fourth quarters he expects that, barring any unusually large loss events, PartnerRe will exceed their stated plan of a minimum of $6.90 in operating earnings per share and an operating return on equity of at least 17 percent.

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PartnerRe Net Down For Second Quarter

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