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Jun 30, 2020
Everest Q2 2020 Earnings Report
Everest Re Group reported solid results for Q2 2020 despite challenging conditions, leveraging its capital position and global platform to achieve growth in gross written premiums and maintain a strong balance sheet.
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.
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.
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