Partner Re’s profit down slightly in 2007

PartnerRe Ltd. has reported a net income of US$180.6 million for 2007 Q4, down from US$242.7 million in 2006 Q4.
Over the entire year of 2007, the company reported a profit of US $717.8 million, which is down slightly from the 2006 net profit of US$749.3 million.
Net premiums written for 2007 Q4 were US$714.4 million, compared to US$721.3 for 2006 Q4.
“Following our strong performance in 2007, we were able to maintain priced profitability on 2008 business at good levels, above our long-term operating return on equity goal of 13% over the cycle, during the January 1 renewals,” PartnerRe Ltd. president and CEO Patrick Thiele said in a press release. “We held our production flat on a year-over-year basis despite increased competition, declining prices in most major markets and most lines of business, and continued retention of premium by cedants.”
The company’s non-life segment reported net premiums written of US$569 million for 2007 Q4 as compared to US$582 million for 2006 Q4.
The combined ratio was 79.0% in 2007 Q4, compared to 79.8% for the same period in 2006.
The global (non-U.S.) property and casualty business, representing approximately 20% of total net premiums written for the year, reported net premiums written of US$127 million in 2007 Q4, compared to US$116 million for the same period in 2006.
The combined ratio in 2007 Q4 for this sub-segment was 89.7%, compared to 91.5% for the same period in 2006.
For the full year 2007, net premiums written were US$738 million compared to US$760 million for the same period in 2006. The full year technical ratio was 94.2% compared to 92.2% in 2006.