Everest Re Improves Results With Premium Hikes and Investment Income

February 12, 2020

Everest Re Group reported a successful 2019 fourth quarter and year, driven largely by gains in insurance premiums and investment income.

The Bermuda-based insurer and reinsurer reported $217.6 million in net income during the quarter, or $5.32 per share, versus a net loss of $385.3 million, or negative $9.58 per common share, in the 2018 fourth quarter. Everest Re Group booked $1 billion in net income for all of 2019 compared with $89 million in 2018.

Everest Re President and CEO Juan Andrade said that Everest’s 2019 income was its best result since 2014.

That said, the company’s combined ratio for Q4 was 101.5, though it is an improvement compared to the 134.1 generated over the same period in 2019. For the year, Everest’s combined ratio reached 95.5 versus 108.8 the previous year.

“These numbers speak to the strength of our business and the strength of our underwriting and investment operations,” Andrade said in prepared remarks.

Everest Re’s result highlights:

Source: Everest Re