Everest Re Group Ltd, the Bermudian-based global re/insurer, has reported net income of $298 million in the first quarter of the year.

That compares with net income of $342 million in the first quarter of 2021.

Net operating income was $406 million, compared with first quarter 2021 net operating income of $260 million.

Gross written premiums were $3.2 billion, $2.2 billion in the reinsurance segment and $1 billion in the insurance segment.

GAAP combined ratio was 91.6 per cent including 4.1 points of catastrophe losses versus the first quarter 2021 figures of 98.1 per cent including 11.3 points of catastrophe losses.

The company’s Covid-19 pandemic ultimate loss estimate remains at $511 million.

Operating cashflow for the quarter was $846 million versus the first quarter 2021 figure of $904 million.

Everest said it had limited exposure related to the Russian invasion of the Ukraine. Given the ongoing nature of the war and the high degree of uncertainty around both exposure and coverage, no loss provision was being established at this time, the company said.

Juan C Andrade, Everest Re Group president and CEO, said: “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 $406 million in net operating income and a 16.2 per cent annualised 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.”