Everest reports earnings for first quarter

Everest reports earnings for first quarter | Insurance Business Canada

Insurance News

Everest reports earnings for first quarter

GWP for both segments up

Insurance News

By
Terry Gangcuangco

Global underwriter Everest Group has published its earnings report for the first three months of 2024.

Metric

Q1 2024

Q1 2023

Gross written premium (GWP)

US$4.4 billion

US$3.7 billion

Pre-tax underwriting income

US$409 million

US$273 million

Net investment income

US$457 million

US$260 million

Operating income

US$709 million

US$443 million

Net income

US$733 million

US$365 million

GWP for the group’s reinsurance and insurance segments grew by 21.2% and 10.1%, respectively.

Commenting on the numbers, Everest president and chief executive Juan C. Andrade said: “Everest had a strong start to 2024, with first quarter results delivering significant profitability across all key metrics, including a total shareholder return in excess of 18% and an operating return on equity of 20%.

“Group underwriting income increased 50% over the prior year to a quarterly record of $409 million with a combined ratio of 88.8%, driven by both of our underwriting franchises. Our reinsurance business continued to differentiate Everest during another outstanding January 1 renewal as the flight to quality accelerated. We gained market share with targeted clients, positioning the portfolio for attractive levels of profitability.

“In our insurance division, we advanced our disciplined expansion across global markets, while remaining focussed on prudent risk selection and the bottom line. Additionally, our investment portfolio contributed a record $457 million in net investment income.

“With strong momentum across our underwriting businesses, we are executing on our three-year strategic plan, focussed on generating consistent, industry-leading financial returns.”

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