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On Feb. 2, 2009, reinsurer
reported that its Q4 FY08 earnings fell 47.2%, hurt by a $114.00 million rise in its estimate of claims from Hurricane Ike. Net income declined to $95.29 million or $1.53 per share from $180.60 million or $3.04 per share in Q4 FY07. The latest quarterly results include net after-tax realized and unrealized losses on investments of $37.60 million or $0.67 per share. Excluding one-time items, the company's operating income shrunk 79.0% to $53.93 million or $0.95 per share, which missed the most recent consensus estimate of $1.80 per share.
Total revenue for Q4 FY08 grew 9.5% to $1.20 billion from $1.10 billion a year ago, hurt by higher realized and unrealized investment losses. Gross premiums written inched up 4.1% to $752.17 million, while net premiums written rose 5.3% to $752.41 million. Net premiums earned declined marginally to $984.27 million from $989.76 million in Q4 FY07. Net investment income was up 4.8% to $144.32 million from $137.77 million. Net realized and unrealized investment gain was at $63.97 million compared to a net realized and unrealized investment loss of $16.51 million in the year-ago quarter.
The non-life segment's net premium written was $844.00 million, up from $838.00 million in Q4 FY07. The life segment's net premiums written slipped 9.9% to $136.00 million from $151.00 million a year ago. Moreover, the company's combined ratio deteriorated to 102.2% from 79.0%, with loss ratio advancing 2,250 basis points to 71.30% from 48.80% in Q4 FY07.
Recently, the company raised its annual dividend by 2.0% to $1.88 per share, while it declared a regular quarterly dividend of $0.01 per share, payable on March 2, 2009.
For FY08, PartnerRe's net income plunged 93.5% to $46.57 million or $0.22 per share from $717.81 million or $11.87 per share, while total revenue fell 5.5% to $3.98 billion from $4.21 billion in FY07.
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