Bermudian-based Everest Re Group Ltd, the global re/insurer, has reported net income of $1.38 billion for fiscal year 2021, representing a total shareholder return of 14.7 per cent.

That compares with net income of $514 million for the prior fiscal year.

Everest Re Group president and CEO Juan C. Andrade said: “2021 was a pivotal year of continued profitable growth and momentum for Everest.

“We finished the year with a strong quarter and achieved record growth in both our underwriting businesses, drove expanding margins, solid underwriting profitability in an elevated natural catastrophe year, and generated exceptional investment income.

“These results led to $1.4 billion in net income for the year, and a milestone 14.7 per cent total shareholder return.

“2021 demonstrated the strong earnings power of our diversified franchises to create value for our shareholders.

“With a more profitable book of business coming out of a well-executed January 1 reinsurance renewal season, an expanding global value proposition, a strong balance sheet and exceptional talent, we enter 2022 well positioned to deliver on our long-term strategic objectives.”

The company reported net income of $431 million in the fourth quarter, compared with net income of $64 million in the fourth quarter of 2020.

Full-year highlights included:

• Pretax net investment income of $1.165 billion, well balanced between fixed income and limited partnership returns

• Pretax underwriting income of $224 million inclusive of pretax catastrophe losses net of reinsurance and reinstatement premiums of $1.065 billion

• $13 billion in total 2021 gross written premiums, $9 billion reinsurance and $4 billion insurance

• Year-over-year gross written premium growth of 25 per cent for the group, 25 per cent for reinsurance and 24 per cent for insurance

• Attritional combined ratios of 87.6 per cent for the group, 86.3 per cent for the reinsurance segment and 91.2 per cent for insurance

• Operating cash flow of $3.8 billion

• Common share repurchases of $25 million during the quarter and $225 million for the full-year 2021

Fourth-quarter highlights included:

• Year-over-year gross written premium growth of 25 per cent for the group, 26 per cent for reinsurance and 21 per cent for insurance

• Combined ratio of 91.9 per cent for the group, 91.5 per cent for reinsurance and 92.8 per cent for insurance

• Attritional combined ratios of 87.4 per cent for the group, 86.4 per cent for the reinsurance segment and 90.4 per cent for insurance

• Pretax underwriting income of $228 million including pretax catastrophe losses net of reinsurance and reinstatement premiums of $125 million

• Pretax net investment income of $205 million, well balanced between fixed income and limited partnership returns

• $1 billion in 31-year, 3.125 per cent coupon senior notes issued on October 4, 2021

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Everest Re Group Reports Results.pdf