Executives at PartnerRe said today a 47 percent drop in fourth-quarter 2008 net income was due to actions they took to account for potential losses in credit and surety lines and to revisions in Hurricane Ike estimates.
A company statement last night also noted that part of the drop–to a net income figure of $95.3 million, or $1.53 per share–reflects an accounting change from 2007, when fourth-quarter income was reported at $180.6 million, or $3.04 per share.
Adoption of new accounting on Jan. 1, 2008 meant that net income in 2008 included net after-tax realized and unrealized gains on investments, while 2007 net income included only realized gains, PartnerRe explained.
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