Earnings SeasonBermuda’s Everest Re Group posted a strong second-quarter profit of $275.6 million, compared to net income of $214.6 million in the same period last year.Total revenue for the quarter was $1.35 billion, up 14.6 percent year over year. The increase was due to higher premium earned which increased 11 percent to $1.15 billion.Net investment income fell 0.4 percent year over year to $148.7 million.Chairman and CEO Joseph V Taranto said, “Through six months, our annualised net income return on shareholders’ equity is 21 percent. We returned $500 million to shareholders through share repurchases and dividends and grew book value per share, adjusted for dividends, by five percent despite falling bond prices and catastrophes. We believe we are well positioned to continue to increase shareholder value.”The re/insurer said after-tax operating income, excluding realised capital gains and losses, was $253.2 million, or $5.10 per diluted common share, for the second quarter of 2013, compared to after-tax operating income of $223.0 million, or $4.25 per diluted common share, for the same period last year.For the full six months ended June 30, profit was $660.0 million, or $13.09 per diluted common share, compared to $519.3 million, or $9.79 per diluted common share, for the first six months of 2012.After-tax operating income, excluding realised capital gains and losses, was $554.2 million, or $10.99 per diluted common share, compared to $462.9 million or $8.72 per diluted common share, for the same period in 2012.Gross written premiums increased 39 percent to $1.26 billion compared to the second quarter of 2012, largely driven by one large Florida quota share reinsurance contract. Excluding the total impact of this contract, gross written premiums were up 11 percent.On this same basis, worldwide reinsurance premiums were up seven percent reflecting new business growth. Insurance premiums were up 24 percent primarily driven by growth on its California workers’ compensation and non-standard automobile business.The combined ratio for the quarter was improved to 87.6 percent compared to 89 percent in the second quarter of 2012. Excluding catastrophe losses, reinstatement premiums, and prior period loss development, the current quarter attritional combined ratio improved 6.6 points to 80.2 percent.Catastrophe losses amounted to $90.0 million in the quarter, arising from tornadoes and hailstorms in the US and flooding in Central Europe and Canada. The net impact of these losses, after reinstatement premiums and taxes, is $73.2 million.Net investment income for the quarter was $148.7 million, including limited partnership income of $19.6 million.Net after-tax realised capital gains totalled $22.5 million. There was $274.4 million of unrealised losses, net of tax, on the fixed income portfolio as rising interest rates reduced the market value of those securities.