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Everest Re scales back profits, looks to full year

Everest Re Group second-quarter 2022 results include net income of $123 million ($680 million in 2021).

Gross written premium was up 8.1 per cent over the comparative period to $3.4 billion.

Combined ratios were 91.8 per cent for the group, including 91.8 per cent for reinsurance and 91.5 per cent for insurance

Net investment income of $226 million was balanced between fixed income and a strong alternative investments performance.

Everest has limited direct exposure to the Russia-Ukraine war, posting a $45 million estimate for the conflict and noting that significant uncertainty regarding market and industry losses remain.

Pretax underwriting income was $240 million including $85 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised South Africa flood losses, Canadian and European storms, and 2Q events in the United States.

Everest Re Group president and CEO Juan C. Andrade said: “Everest’s solid second-quarter results reflect the successful execution of our strategy with strong momentum across our key performance objectives.

“Our focus on underwriting profitability and operational efficiency supported by our investment portfolio delivered $386 million in net operating income and a $15.3 per cent operating ROE.

“We expanded margins across our insurance and reinsurance businesses with disciplined growth, continued to scale our insurance platform and in reinsurance capitalised on strategic market opportunities that improved the diversity and economics of our book while reducing volatility.

“Everest’s breadth of global talent, disciplined underwriting and market leadership provide strength and stability to our customers in the increasingly complex environment.

“Entering the second half of the year, we are well positioned to continue executing our strategy and providing attractive shareholder returns.”

Juan C. Andrade, President and Chief Executive Officer of Everest Re Group, Ltd(Photograph supplied)

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Published July 29, 2022 at 8:18 am (Updated July 31, 2022 at 6:43 pm)

Everest Re scales back profits, looks to full year

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