Reinsurance News

Everest Re reports £386m net operating income in Q2 2022

28th July 2022 - Author: Pete Carvill

Everest Re is reporting $386m in net operating income for Q2 2022, alongside 15.3% annualised operating ROE, and net income of $123m.

everest insuranceThe firm also revealed in a statement that it had over $3.4bn in gross written premiums over the same period, with year-on-year growth of 8.1% for the Group (10.3% in constant dollars), 19.6% for Insurance (20.5% in constant dollars), and 2.5% for Reinsurance (5.2% in constant dollars).

Juan C. Andrade, group president and CEO of the reinsurer, 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 $386m in net operating income and a $15.3% operating ROE.”

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

The firm said that while it has no direct exposure to losses arising from Russia’s invasion of Ukraine, there was ‘significant uncertainty’ around market and industry losses. This position remains unchanged from when it last released results in April.

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Net income of $123m, equal to $3.11 per diluted share vs. second quarter 2021 net income of $680m, equal to $16.95 per diluted share. Net operating income of $386m, equal to $9.79 per diluted share vs. second quarter 2021 net operating income of $587m, equal to $14.63 per diluted share. GAAP combined ratio of 91.8% including 2.9 points of catastrophe losses vs. the second quarter 2021 figures of 89.3% including 1.8 points of catastrophe losses. Operating cashflow for the quarter of $715m vs. the second quarter 2021 figure of $724m.

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