PartnerRe reports drop in 2008 Q4 and year-end profit

PartnerRe Ltd. (NYSE: PRE) reported a net income of US$95.3 million for 2008 Q4, compared to US$180.6 million for the same period of 2007.
Non-life combined ratio for 2008 Q4 was 102.2%, marking a dramatic increase from 2007 Q4’s 79.0%.
Net premiums earned quarter-over-quarter decreased slightly to US$984.3 million in 2008 Q4 from US$989.8 million in 2007 Q4.
For the year ended Dec. 31, 2008, net income was US$46.6 million, a drop from 2007’s net income of US$717.8 million.
The non-life combined ratio year-over-year increased from 80.4% in 2007 to 94.1% in 2008.
Net earned premiums increased from year-to-year, growing from US$3.8 billion in 2007 to US$3.9 billion in 2008.
Patrick Thiele, PartnerRe president and CEO, commented in a statement that 2008 was an extraordinary year on two different fronts.
“The year was highlighted by the worst global financial crisis we have experienced in recent history, and it was the third-worst year in recorded history for natural catastrophes,” he said.
“We believe the results we have delivered over the past several years, as well as our continued strong capital position during this most recent period, clearly demonstrate the value and effectiveness of our integrated risk management framework.”