Reinsurance company Everest Re made profits of $357.3 million in the fourth quarter of last year and beat Wall Street analysts’ estimates by a wide margin.

The figure — equal to $8.26 a share — is up on the $340.1 million, or $7.47 per share, for the same period in 2014.

Dominic Addesso, chief executive officer of the Bermuda-based firm, said: “While the market remains challenging, Everest continues to generate superior results with an underwriting combined ratio of 83.4 per cent and an operating return on equity of 15 per cent for the year.

“This is an impressive result considering the volatility in our financial markets.

“We remain focused on increasing value for our shareholders as we continue building out the Everest franchise.”

The figures took the profits for the full year to $977.9 million — $22.10 per share — down on the $1.2 billion, or $25.91 per share, recorded for 2014.

Gross written premiums for the quarter totalled $1.5 billion, up 6 per cent compared to the same period of the previous year.

For the full year, gross written premiums amounted to $5.9 billion, 2 per cent up on 2014.

But the firm said that — allowing for the “unfavourable effects” of foreign currency fluctuations, total premiums were up by 5 per cent.

After-tax operating income for the final quarter of last year was $353.5 million, equal to $8.17 a share — well ahead of the $5.26 per share forecast of analysts tracked by Yahoo Finance — and bettering last year’s $331.5 million or $7.28 per share.

At year end, after-tax operating income was $1.1 billion or $25.04 per share.

After-tax operating income for the full 2014 year was also $1.1 billion, equal to $24.71 per share.