PartnerRe Q1 Net Down 13%

Bermuda-based PartnerRe Ltd. reported a dip in first quarter net income of a little more than 13 percent to $169.266 million compared to $193.243 million in the same period last year.

Other highlights from the report included the following:
– First Quarter Net Income per share of $2.76;
– Operating Earnings per share of $2.71
– Annualized Net Income ROE of 19.7 percent;
– Annualized Operating ROE of 19.3 percent
– Book Value of $58.45 per share, up 4 percent for the quarter, and 27 percent year over year.

The report also noted that “operating earnings [which excludes capital gains/losses] for the first quarter of 2007 were $157.9 million, or $2.71 per share on a fully diluted basis. This compares to operating earnings of $133.7 million, or $2.32 per share, for the first quarter of 2006.

President & CEO Patrick Thiele commented: “PartnerRe continues to benefit from a solid, well-balanced book of business that generated a 19 percent annualized operating return on beginning shareholders’ equity, despite the impact of Winterstorm Kyrill, which resulted in losses to PartnerRe of approximately $44 million, net of reinstatement premiums. We continue to grow GAAP book value per share at a healthy pace, as is demonstrated by 4 percent growth in the first quarter and 27 percent growth year over year, to $58.45.”

The full report and access to the earnings conference call, scheduled for today, April 24 at 10:00 a.m. ET, may be obtained on the Company’s web site at www.partnerre.com.