SAN FRANCISCO (Thomson Financial) - PartnerRe Ltd. late Monday reported
first-quarter operating earnings of $110.2
million, or $1.98 a share, down from $154.9 million, or $2.66 a share, during
the year earlier quarter.
Operating earnings exclude net after-tax realized investment gains and
losses, and interest in results of equity investments, and are calculated after
payment of preferred dividends.
The Pembroke, Bermuda-based reinsurer posted net income of $129 million, or
$2.16 a share, compared with $169.3 million or $2.76 a share, last year.
The mean estimate of analysts polled by Thomson Financial was for a
first-quarter per-share profit of $2.30.
Net premiums written for the three months ended March 31 rose to $1.41
billion from $1.27 billion a year ago.
Total revenue rose to $1.07 billion from $962.3 million. Analysts were
looking for revenue of $1.01 billion.
"We are experiencing a softening market in most of our lines of business as
clients cut back on the size of their programs, competition increases, and
prices decline," said President and Chief Executive Patrick Thiele in a
statement. "Inevitably, our underwriting profitability will decrease as these
trends continue."
However, Thiele said the company was beginning to see opportunities in the
capital markets.
"Despite these crosscurrents, we believe that PartnerRe is well-positioned
strategically and financially to continue to achieve our long-term targets for
operating return on equity of 13% over the cycle, and average annual book
value per share growth in excess of 10%," he said.
PartnerRe shares closed the regular session down 15 cents at $74.75.
Katherine Hunt
kh
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|