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Mar 31, 2020
Everest Q1 2020 Earnings Report
Everest Re Group reported results for Q1 2020, showing a decrease in net income compared to the same period last year, but gross written premiums increased.
Key Takeaways
Everest Re Group reported a net income of $16.6 million for the first quarter of 2020, a significant decrease compared to $354.6 million in the first quarter of 2019. The company's after-tax operating income was $164.4 million, compared to $282.4 million for the same period in 2019. The combined ratio for the quarter was 98.6%, which includes $150 million in net pre-tax IBNR losses related to the Covid-19 pandemic. Gross written premiums increased by 21% to nearly $2.6 billion.
Net income was $16.6 million, or $0.41 per diluted common share.
After-tax operating income was $164.4 million, or $4.03 per diluted common share.
Gross written premiums increased by 21% to nearly $2.6 billion.
Combined ratio was 98.6%, including $150 million in net pre-tax IBNR losses related to the Covid-19 pandemic.
Forward Guidance
No specific forward guidance was provided in the press release.
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