Everest Re Group announces Q1 results

Everest Re Group announces Q1 results | Insurance Business New Zealand

Insurance News

Everest Re Group announces Q1 results

Insurance News

By
Terry Gangcuangco

Results season continues with Everest Re Group among the latest to reveal how it performed in the first three months of 2023.

According to the insurance group’s Q1 earnings report, here’s how Everest fared in the period:

Metric

Q1 2023

Q1 2022

Gross written premium (GWP)

US$3.74 billion

US$3.19 billion

Net income

US$365 million

US$298 million

Net operating income

US$443 million

US$406 million

According to Everest, it also posted its third highest pre-tax underwriting income over the past five years, at US$273 million. Broken down by segment, reinsurance contributed US$2.64 billion in GWP; insurance, US$1.11 billion – both amounts higher compared to the corresponding sums in 2022. Additionally, the insurance segment saw its underwriting profit jump 12% to US$66 million in Q1.

“Everest had a strong start to the year, with first quarter results that delivered significant underwriting profit, a 17.2% operating return on equity, and a total shareholder return in excess of 14%,” said Everest president and chief executive Juan C. Andrade. “We delivered profitable growth across both underwriting franchises, particularly in reinsurance, where we continued to drive expanding margins.

“With our industry-leading position, ongoing flight to quality, and relentless execution, we are well equipped to take advantage of market tailwinds. We also continued to invest in scaling our primary business in a disciplined manner. The insurance division generated an increased year-over-year underwriting profit by capitalising on our diversified portfolio and improved pricing conditions.”

The CEO added that Everest advanced many of its strategic objectives in the first quarter and continued to manage natural catastrophe volatility.

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