A strong finish puts Everest on a high

Everest Re’s results for the fourth quarter of 2021 show gross written premiums up by a quarter and net income for the full year reaching $1.38 billion, $431 million from Q4. The figures for same periods in 2020 were $514.1 million and $63.6m, respectively.

GWP grew strongly in the final quarter and the year across for both insurance (up 24% for 2021) and reinsurance (25%), to reach $13.0bn in total for the year. The company’s combined ratio was 91.9% for the quarter, and 97.8% for the year, against 109.1% and 102.9% for Q4 and the full year, respectively, in 2020. The fourth quarter figure included 4.5 points of catastrophe losses against 2.9 points in the same period during 2020.

Everest Re Group president & CEO Juan C Andrade said that 2021 had been a “pivotal year of continued profitable growth and momentum”.

“We finished the year with a strong quarter and achieved record growth in both our underwriting businesses, drove expanding margins, solid underwriting profitability in an elevated natural catastrophe year, and generated exceptional investment income,” he said.

“These results led to $1.4 billion in net income for the year and a milestone 14.7% total shareholder return. 2021 demonstrated the strong earnings power of our diversified franchises to create value for our shareholders. With a more profitable book of business coming out of a well-executed January 1 reinsurance renewal season, an expanding global value proposition, a strong balance sheet, and exceptional talent, we enter 2022 well-positioned to deliver on our long-term strategic objectives.”