Financial results have come in from Bermuda, the base of global insurers Everest Re Group and Arch Capital Group.
Here’s how the two firms stack up in terms of earnings in the second quarter and first half:
|
Metric |
Arch Capital Group |
Everest Re Group |
|
Q2 2022 net income |
US$394.2 million |
US$123 million |
|
Q2 2021 net income |
US$663.8 million |
US$680 million |
|
H1 2022 net income |
US$579.8 million |
US$420 million |
|
H1 2021 net income |
US$1.1 billion |
US$1 billion |
|
Q2 2022 operating income |
US$506.5 million |
US$386 million |
|
Q2 2021 operating income |
US$407.2 million |
US$587 million |
|
H1 2022 operating income |
US$928.5 million |
US$792 million |
|
H1 2021 operating income |
US$647 million |
US$847 million |
In the three-month span ended June 30, Arch’s insurance segment enjoyed a 98% increase in underwriting income, while the reinsurance operations posted a 45% rise. Consolidated underwriting income for the company stood at US$535.4 million.
Meanwhile Everest president and chief executive Juan C. Andrade commented: “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 US$386 million in net operating income and a 15.3% operating ROE (return on equity).
“We expanded margins across our insurance and reinsurance businesses with disciplined growth, continued to scale our insurance platform, and in reinsurance capitalised on strategic market opportunities that improved the diversity and economics of our book, while reducing volatility.”
