1st May 2022

Everest Re "off to a strong start"-Andrade

Highlights are:
-$406m of Net Operating Income and 16.2% annualized Operating ROE and Net Income of $298m
-Year over year gross written premium(GWP) growth of 9% for the Group, 6% for Reinsurance and 15% for Insurance
-Combined ratios of 91.6 for the Group, 91.4 for Reinsurance and 91.9 for Insurance
-Attritional combined ratios of 87.4% for the Group, 86.2% for Reinsurance and 90.9% for Insurance
-Pre-tax underwriting income of $235m including $115m of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of Australian flood losses, European storms, and March 2022 events in the US
-Pre-tax net investment income of $243m, well balanced between fixed income and alternative investments.
Everest Re Group president & ceo Juan C. Andrade comments
“Everest is off to a strong start in 2022 with first quarter results that reflect our relentless focus on profitability and margin expansion. Excellent performance across our underwriting businesses, as well as investments, contributed to $406m in net operating income and a 16.2% annualized operating return on equity. Our discipline, strength and resilience stand out in the increasingly volatile external environment, which is compounded by a web of macroeconomic, geopolitical and societal issues. As underwriters, the protection and stability we provide has never been more important, and we continue to be a source of strength in the face of global uncertainty.”

Everest Re Trends(124 articles)