PartnerRe Ltd. (PRE), a provider of reinsurence solutions Monday announced its second-quarter financial results, reporting a swing to profit from a loss in the same quarter a year ago, primarily helped by one time gains on investments as well as an increase in revenues. Excluding the one-time gain, operating earnings available for common shareholders declined from the same quarter last year.
PartnerRe's quarterly net income was $474.269 million or $8.10 per share, compared to a loss of $26.024 million or $0.64 per share in the same quarter a year ago.
Second quarter results included net after-tax realized and unrealized gains on investments of $279.6 million, or $4.86 per share, while the prior year quarter included losses on investments of $219.1 million, or $4.04 per share.
Excluding the one time gain, operating earnings for the second quarter declined to $179.3 million or $3.12 per share from $183.8 million or $3.39 per share in the same quarter a year ago.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $2.33 per share. Analysts estimate typically excludes special items such as one-time charges or gains.
Revenues for the second quarter increased to $1.271 billion from $809.369 million in the same quarter a year ago above the Street's view of $1.09 billion.
Gross premiums written for the second quarter, however, decreased to $846.149 million from $968.163 million in the same quarter a year ago, while net premiums written for the second quarter dropped to $844.659 million from $956.269 million in the same quarter a year ago. Net investment income for the second quarter also declined to $135.6 million from $145.494 million in the same quarter a year ago.
For the period of six months, net income increased to $15.461 million or $0.86 per share from $12.140 million or $0.68 per share in the same period last year.
Total revenues for the period increased to $2.294 billion from $1.882 billion in the corresponding period a year ago.
PRE closed Monday's trading at $67.32, up $0.75 or 1.13%, on a volume of 0.470 million shares on the NYSE.
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