Everest Q3 2022 Earnings Report
Key Takeaways
Everest Re Group reported a challenging third quarter in 2022, marked by a net loss of $319 million and a net operating loss of $205 million. These results were primarily driven by significant catastrophe losses, including Hurricane Ian, and volatile market conditions. Despite these challenges, the company's diversification strategy and underwriting discipline helped in mitigating losses. Both the Insurance and Reinsurance segments delivered sub-90 attritional combined ratios, and the company continued to grow and diversify across geographies, businesses, and product lines.
Net loss of $319 million, or $(8.22) per diluted share, compared to a net loss of $73 million, or $(1.88) per diluted share in Q3 2021.
Net operating loss of $205 million, or $(5.28) per diluted share, versus a net operating loss of $53 million, or $(1.34) per diluted share in Q3 2021.
Gross written premium increased by 6.3% in constant dollars, driven by double-digit growth in the Insurance segment.
The attritional combined ratio was strong at 87.6% for the Group, with a record 89.8% for the Insurance segment.
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. The Company undertakes no obligation to publicly update or revise any forward-looking statements.