Everest Re (RE) Tops Q4 EPS by 4c

February 8, 2021 4:25 PM EST

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

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.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Earnings, Management Comments

Related Entities