Global underwriter Everest Group has published its financial results for the second quarter of 2023.
Here’s how Everest performed in the period:
Metric |
Q2 2023 |
Q2 2022 |
---|---|---|
Net income |
US$670 million |
US$123 million |
Operating income |
US$627 million |
US$386 million |
Pre-tax underwriting income |
US$401 million |
US$240 million |
Gross written premium (GWP) |
US$4.18 billion |
US$3.45 billion |
Net investment income |
US$357 million |
US$226 million |
Of the group’s GWP, US$2.8 billion came from reinsurance while the insurance segment contributed US$1.4 billion. Both segments saw increases in their GWP.
Everest president and chief executive Juan C. Andrade said: “Everest’s second quarter performance was outstanding as we leaned into the hard reinsurance market. We continued to grow premiums, while expanding margins, resulting in strong increases in quarterly underwriting profits, net income, and record operating income.
“We delivered an operating ROE (return on equity) of 21.8% and a record annualized total shareholder return in excess of 25%. Our lead market position in reinsurance, combined with best-in-class execution and dynamic capital deployment, enabled us to take advantage of favourable market conditions and drive significantly higher risk adjusted returns.
“We also continued to advance our diversified and disciplined global primary insurance franchise, which is benefitting from firming rates. In addition to the excellent underwriting profit in the quarter, we generated nearly US$360 million in net investment income with our well positioned portfolio.”
The CEO went on to cite the company’s “exceptional talent, diversified platform, and underwriting discipline,” which he claimed give Everest “significant firepower” to continue delivering on its objectives while capitalizing on abundant market opportunities.
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