Everest Re Group reported record earnings last night easily beating analysts’ expectations.The Bermuda reinsurer reported net income of $384.3 million or $7.50 per share in the first quarter of 2013 compared to $304.7 million, or $5.68 per diluted common share, for the first quarter of 2012.After-tax operating income for the quarter was $301.1 million, or $5.88 per diluted common share, easily beating the $4.39 expectation of ten analysts polled by Yahoo Finance. Operating income in the same time period last year was $239.9 million.“This was a record quarter for Everest with 13 percent growth in premium, 25 percent growth in operating earnings, and an annualised net income return on equity of 25 percent,” said Everest Re chairman and CEO, Joseph V. Taranto.“Clearly the industry benefited from a quarter without catastrophe losses but Everest’s performance is also the result of a targeted growth strategy aimed at broadening its book and improving the risk-adjusted returns. We continue to see opportunities and are very excited about the future prospects for Everest.”The company wrote more business, with gross written premiums up 13 percent to $1.18 billion year over year. Insurance premiums were up 19 percent for the period with growth coming from the company’s California workers’ compensation, crop, and non-standard automobile books of business. Reinsurance premiums were up 11 percent quarter over quarter, driven by strong January renewals, primarily for property catastrophe exposed business.Underwriting profitability was strong with the combined ratio — a reflection of the proportion of premium dollars spent on claims and expenses — improving to 80.7 percent from 89.0 percent in the same period of 2012.Net investment income for the quarter was $145.8 million, down 4.3 percent from $152.4 million a year ago, primarily driven by declining reinvestment rates.Shareholders’ equity ended the quarter at $6.8 billion, up from $6.7 billion at year end, 2012.Book value per share increased 4 percent from $130.96 at December 31, 2012 to $136.43 at March 31, 2013.During the quarter, Everest repurchased 2.0 million of its common shares at an average price of $122.34 and a total cost of $238.6 million.