Everest Re (RE) Tops Q4 EPS by 4c

Everest Re (NYSE: RE) reported Q4 EPS of ($1.12), $0.04 better than the analyst estimate of ($1.16).

Everest Re Group President & CEO Juan C. Andrade commented: “We are relentlessly executing our strategies from a position of strength in this robust market as evidenced by 2020 growth in gross written premiums of 15% and net written premiums of 17% and improvement in underlying underwriting profitability. Our attritional combined ratio improved approximately one point to 87.5% versus the prior year, with our Insurance segment improving 2.3 points to 94.2%. Despite the $511 million Pandemic loss provision and a $400 million prior accident year reserve strengthening, we delivered $300 million in operating income and $514 million in net income providing a return on equity of 5.8%. Everest’s investment income remained resilient at $642 million despite the Pandemic’s impact on financial markets and the sharp decline in interest rates. Our total shareholders’ equity grew to a record $9.7 billion from $9.1 billion during the year, representing net book value per share growth of 11.4% including dividends. Everest has a strong capital position bolstered by the $1.0 billion senior notes offering and a leading global franchise with great momentum entering 2021.”

For earnings history and earnings-related data on Everest Re (RE) click here.

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