Everest Group publishes Q3 2023 earnings

Everest Group publishes Q3 2023 earnings | Insurance Business America

Insurance News

Everest Group publishes Q3 2023 earnings

President and chief executive cites “excellent” performance

Insurance News

By
Terry Gangcuangco

Everest Group has had an “excellent” third quarter in terms of financial results, according to president and chief executive Juan C. Andrade.

The underwriting group reported the following numbers for the three months and nine months ended September 30, 2023:

Metric

Q3 2023

Q3 2022

9M 2023

9M 2022

Gross written premium

$4.39 billion

$3.68 billion

$12.31 billion

$10.31 billion

Net income / (loss)

$678 million

$(319 million)

$1.71 billion

$101 million

Operating income / (loss)

$613 million

$(205 million)

$1.68 billion

$587 million

The company’s operating income in Q3 was attributed to continued underwriting margin improvement and strong net investment income generation. Pre-tax underwriting income in the period amounted to $301 million – a major turnaround from 2022’s $367 million in pre-tax underwriting loss.

Commenting on the results, Andrade said in a release: “Everest’s third quarter performance was excellent. We delivered outstanding returns including a near 20% operating return on equity and an annualized 25% total shareholder return. We are leaning into the hard reinsurance market, where favorable conditions and the global flight to quality persist.

“As a lead market and preferred partner, we are well-positioned for the upcoming January renewals. We continue to expand our global reinsurance portfolio at significantly improved risk adjusted returns. In addition, our primary insurance business continues to generate strong and consistent underwriting income, with a significant year-over-year improvement.”

The CEO also pointed to the insurer’s quarterly net investment income worth over $400 million; year-to-date, more than $1 billion.

He added: “We have significant momentum heading into the final quarter of the year, with strong tailwinds and exceptional talent powering our disciplined execution and industry-leading shareholder returns.”

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