Everest reports financials for first quarter

Everest reports financials for first quarter

Everest reports financials for first quarter | Insurance Business Australia

Insurance News

Everest reports financials for first quarter

Gross written premium 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.

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“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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