Bermudian-based Everest Re Group Ltd has reported second quarter net income of $342.9 million, compared to $69.9 million for the same period last year.

After-tax operating income was $320.9 million, compared to $40.4 million, year-on-year.

The company made a half-year profit of $691.8 million, up from $280.2 million for the same six months in 2018.

After-tax operating income was $603.2 million.

Gross written premiums for the quarter were $2.2 billion, an increase of 5 per cent compared to the second quarter last year.

Dominic Addesso, president and chief executive officer, said: “Everest delivered outstanding results for the quarter, with a 16.1 per cent annualised net income return on equity, driven by both solid underwriting and investment performance.”

He added: “With nearly $9 billion in common equity and strong franchises in both reinsurance and insurance, our ability to adjust the mix of business to optimise our portfolio was again evident this quarter, as Everest added top line in insurance and casualty reinsurance along with a strong property cat renewal to take advantage of the improved market conditions.”

Direct insurance premiums were up 17 per cent, year-on-year, to $757.1 million. Worldwide reinsurance premiums were essentially flat at $1.4 billion.

The combined ratio was 89.2 per cent for the quarter, compared to 105.1 per cent in the second quarter of 2018.

Net investment income increased 27 per cent to $179 million, while net after-tax realised capital gains amounted to $26 million compared to $10.5 million during the second quarter of 2018.

Shareholders’ equity ended the quarter at $8.9 billion, up $1 billion from the end of 2018. Book value per share was up from $194.43 at December 31, to $218.07 at the end of June.