Disciplined approach: Philippe Meyenhofer, CEO of PartnerRe (File photograph)PartnerRe generated net income of $447 million in the first half of 2026 as strong underwriting performance across its non-life business and higher investment income offset unrealised losses on its investment portfolio. Net income was $447 million, down from $493 million in the first half of 2025, while annualised return on equity declined to 8.1 per cent from 10.5 per cent. Investment income also continued to improve as higher interest rates boosted returns on reinvested assets. Net investment income rose $67 million year over year to $491 million as reinvestment yields remained above the average book yield and the company's asset base expanded. The investment portfolio generated a net investment return of $141 million after including $185 million of unrealised losses on fixed maturities and short-term investments.