Everest Group Ltd has posted its third-quarter financial results, noting decreased net income with projections of hurricane losses for the remaining q
uarter.
The group anticipates Hurricane Milton will result in pre-tax catastrophe costs between $300 million and $400 million.
During Q3, Everest’s net income fell to $509 million, compared to the previous year’s $678 million.
The group had mixed results in key operating metrics in the quarter. Net investment income grew to $496 million from Q3 2023’s $406 million. Meanwhile, net written premiums stood at $2.98 billion compared to $2.99 billion a year ago. However, the combined ratio deteriorated to 93.1 from 91.4 a year ago, and catastrophe losses increased to $279 million from $170 million last year.
The latest financial results announcement follows Everest's second-quarter performance which indicated healthy growth in property and specialty lines while maintaining a cautious approach to certain casualty lines. The company continues to be affected by social inflation on casualty loss costs and is making strategic adjustments in certain lines and jurisdictions.
”Everest delivered another successful quarter with strong operating income driven by solid underwriting results and healthy investment income," Juan C. Andrade (pictured), president and chief executive officer of Everest, said in a statement.
Andrade added that the results reflect Everest’s underwriting discipline and prudent risk management which position the company to generate returns despite another above-average catastrophe year for the industry.
Everest Group Ltd.’s underwriting entities maintain Best's Financial Strength Ratings of A+ (Superior).
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