Everest Re earnings up 78%
Everest Re’s second quarter earnings climbed 78% as equity markets improved, revenues increased, and claims costs fell.
The Bermuda-based reinsurance group posted net income of $272.6 million, or $4.42 per share for the three months ending 30 June.
This is compared to $153 million, or $2.46 per share, in the year ago period.
Revenues increased to $1.171 billion, up from $1.078 billion the previous year.
Gross written premiums rose 8% to $974 million, up from $905 million in the second quarter of 2008.
Combined ratio improved to 87.9% from 94.4%.
After-tax operating income increased to $4.16 per share, compared to $2.89 per share a year earlier.
“We are pleased with the results that have been achieved for the first half of the year and believe we are well positioned to continue to produce quality earnings,” said Joseph V. Taranto, chairman and chief executive.
“We remain committed to delivering value to our shareholders through efficient and effective capital management.
“Since the beginning of the year, we have returned more than $108m of capital, both in the form of dividends and share repurchases and opportunistically repurchased outstanding debt at a significant discount.”
Category: Financials, Insurance News
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