(RTTNews) - Monday, PartnerRe Ltd. (PRE: News ), a property and casualty insurance company, reported a profit for the third quarter, attributed to an increase in operating income and significantly higher revenues, with both its reinsurance and capital market activities performing well.

The Pembroke, Bermuda-headquartered company's third quarter net income was $566.7 million or $9.44 per share, compared with a net loss of $151.7 million or a loss of $3.01 per share during the year-ago period.

Net income for the quarter included after-tax net realized and unrealized gains on investments of $274.4 million, or $4.64 per share, while net loss for the third quarter of 2008 included after-tax net realized and unrealized losses on investments of $281.1 million or $5.27 per share.

Operating earnings for the third quarter of 2009 were $282.1 million or $4.77 per share, compared with operating earnings of $121.3 million or $2.27 per share in the third quarter of 2008.

On average, thirteen analysts polled by Thomson Reuters estimated earnings of $3.20 per share for the quarter. Analysts' estimates typically exclude special items.

PartnerRe's total revenues for the quarter increased to $1.57 billion from $896.57 billion year-ago. Four analysts had revenue estimates of $838.08 million for the quarter.
Net premiums written for the third quarter was $891.54 million, compared with $869.19 million in the similar quarter last year. Net premiums earned for the quarter increased slightly to $1.1 billion from $1.07 billion in the year-ago period. The company's net investment income declined to $145.35 million from $146.13 million during the comparable period year-ago.

Business segment-wise, the non-life segment reported net premiums written of $733 million for the third quarter of 2009, compared with $723 million year-ago. The combined ratio was 78.1% for the current year's third quarter, compared with 95.5% for the same period a year-ago.

The U.S. business, which represented 32% of total net premiums written for the third quarter, reported net premiums written of $279 million, compared to $264 million in the third quarter last year. Net premiums earned were $312 million in the third quarter of 2009, compared to $276 million for the same period in 2008.

The global P&C business, which represents 14% of total net premiums written for the quarter, reported net premiums written of $124 million, compared with $137 million in 2008. Net premiums earned during the quarter were $160 million, compared with $195 million a year-ago.

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