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Everest Re sees premiums rise, earnings slide YOY in Q2

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Everest Re sees premiums rise, earnings slide YOY in Q2

Everest Re Group Ltd. reported second-quarter after-tax operating income of $40.4 million, or 98 cents per share, down sharply from $233.7 million, or $5.66 per share, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.14.

Net income for the quarter was $69.9 million, or $1.70 per share, compared to $245.7 million, or $5.95 per share, in the prior-year quarter.

Premiums earned rose over year, however, climbing to $1.73 billion from $1.37 billion. Net investment income ticked up to $141.3 million from $134.5 million in the second quarter of 2017.

The combined ratio for the quarter rose year over year to 105.1% from 90.5%. Excluding catastrophe losses, reinstatement premiums and favorable prior-period loss development, the combined ratio improved to 83.5% from 86.7% in the second quarter of 2017.

Catastrophe losses, net of reinsurance and reinstatement premiums, were $464.8 million. The company said nearly $400 million of those losses stemmed from 2017 storm events.