Sharp deterioration in PartnerRe 2015 results

The Bermudian reinsurer Partner Re published a 95% drop in its net result in 2015. The latter dwindled from 998.2 million USD in 2014 to 47.6 million USD at the end of 2015.

This deterioration would mainly be due to the repayment penalty of nearly 315 million USD paid to Axis Capital following the failure of the planned merger between the two reinsurers.

During the year in review, the group overall turnover also declined. It dropped by 6% to settle at 5.58 billion USD.

The non life entity ended the year with a premium volume of 4.31 billion USD, falling by 6% compared to 2014.

Regarding the life business, it totaled 1.27 billion USD in underwritings, down by 1%.

The combined ratio amounted to 86.5% against 86.2% in 2014. The return on equity (ROE) went down from 13.5% to 10.7% in 2015.