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PartnerRe Ltd. swung to a loss of $103.1 million for the 2015 second quarter compared with profit of $257.6 million in the year-ago period as investment losses hit the company's bottom line hard.
Revenue dropped 28.1% to $1.19 billion in the quarter, PartnerRe reported Monday.
The Pembroke, Bermuda-based reinsurer suffered net realized and unrealized investment losses of $255.7 million compared with a gain of $165.7 million in the same period last year.
“These losses were driven by an increase in interest rates,” Bill Babcock, executive vice president and chief financial officer, said on a conference call with investors and analysts Tuesday.
Second-quarter net premiums written were off 6.8% to $1.32 billion.
The company's combined ratio for the second quarter improved to 90.3% from 91.5% in the year-ago period.
“We continue to see intense competition and pressure,” said David Zwiener, interim CEO, on the Tuesday call.
Mr. Zwiener added, however, that the company's life and health segment “continues to record strong results and presents growth opportunities.”
As for midyear renewals, Mr. Zwiener said the company has seen some signs of price improvement, but “this remains very limited” as capacity remains abundant. There has been some firming of coverage terms in the U.S., he added.
For the six months ended June 30, net income fell 76.7% to $128.6 million, mostly due to investment losses.
Six-month net premiums written declined 5.8% to $2.97 billion as revenue dropped 16.4% to $2.65 billion.
The company's combined ratio for the first half improved to 86.7% from 87.8% in the year-ago period.
Amid uncertainty created by competing acquisition offers, Pembroke, Bermuda-based PartnerRe Ltd. reported first-quarter net income of $231.7 million, a 21.6% decline from the same period one year ago.