Everest Q2 2020 Earnings Report
Key Takeaways
Everest Re Group reported a net income of $190.9 million for the second quarter of 2020, with gross written premiums increasing by 9.4%. The combined ratio was 97.5%, including significant losses from the Covid-19 Pandemic and civil unrest. The company's balance sheet remains strong, with record shareholder's equity of $9.3 billion.
Shareholders’ equity increased to a record $9.3 billion, with book value per share of $232.32, up 3.8% compared to $223.85 at year-end 2019.
Gross written premium of $2.4 billion, reflecting growth of 9.4% (10.7% excluding the impact of foreign exchange).
Strong renewal rate change in Everest Insurance, up 18% excluding workers’ compensation and up over 12% including workers’ compensation.
Combined ratio of 97.5% and $50.9 million of underwriting income, inclusive of $160 million of Covid-19 Pandemic (“Pandemic”) losses and $15 million of catastrophe losses.
Everest
Everest
Forward Guidance
This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company.