Everest Group has reported a sharp increase in first-quarter profits, as improved underwriting performance and lower catastrophe losses drove stronger returns.

The Bermudian-based global re/insurer posted net income of $653 million for the three months to March 31, up from $210 million a year earlier, with an annualised return on equity of 16.8 per cent.

Everest also reported $316 million in pre-tax underwriting income, with its combined ratio improving to 91.2 per cent from 102.7 per cent a year ago.

Jim Williamson, president and chief executive, said the results show the impact of the company’s strategic shift.

“Everest delivered a strong start to the year as the strategy we implemented to improve our return profile and capital efficiency is becoming evident in our results,” he said.

He added that underwriting discipline and portfolio management remain central to the group’s approach.

“Our global wholesale and speciality team continues to tactically improve the quality of the portfolio and expand in markets where we have durable competitive advantages, which we believe positions the business for increased profitability.”

Gross written premiums fell 18.5 per cent to $3.6 billion, reflecting a pullback in less attractive business and an ongoing reshaping of the company’s portfolio.

The reinsurance treaty segment led performance, posting a combined ratio of 87.2 per cent, while the global wholesale and speciality unit reported a combined ratio of 96.8 per cent.

Catastrophe losses were much lower at $130 million, compared with $472 million in the prior-year quarter, which had been impacted by major events including California wildfires.

Investment income also supported results, rising to $567 million on the back of strong alternative investment returns.

Everest returned capital to shareholders during the quarter, repurchasing $331 million of shares and paying $80 million in dividends.

Looking ahead, Mr Williamson said the company would continue to focus on execution and shareholder returns.

“As we look forward through 2026, we are focused on executing against our strategy, centred around underwriting discipline and accelerating capital return,” he said.