Everest Re Group has reported first quarter 2017 net income of $291.6 million, a 69 percent increase on its first quarter 2016 net income of $171.7 million.
“We are starting out 2017 with a very strong quarter - providing a 13 percent operating return on equity and a 77 percent increase in net income earnings per share,” said Everest Re president and CEO Dominic Addesso. “We continue to see strong momentum across our underwriting operations, with opportunities in both reinsurance and insurance.
“This growth is not coming at the expense of margin as we hold fast to our underwriting principals, which are focused on sustained profitability regardless of the market cycle. This strategy coupled with the returns we are achieving on our growing investment portfolio are providing for the strong results we saw in the quarter.”
Everest Re said that after-tax operating income for the quarter came to $259.5 million, compared to after-tax operating income of $222.7 million for the same period last year.
Gross written premiums for the quarter were $1.6 billion, an increase of 18 percent compared to the first quarter of 2016. Everest Re said that there had been minimal impact from foreign currency fluctuations.
Worldwide reinsurance premiums were up 19 percent to $1.2 billion, primarily due to the new crop reinsurance transaction and growth in financial lines premium. Direct insurance premiums were up 15 percent to $434 million, quarter over quarter, and the company said that this was consistent with the growth trends noted in 2016.
Everest Re, First quarter 2017 results, Reinsurance, Dominic Addesso, Bermuda