Addesso: “Exceptional Quarter” For Everest
Bermuda-based Everest Re Group reported fourth quarter 2017 net income of $571.0 million, or $13.85 per diluted common share, compared to net income of $373.6 million, or $9.08 per diluted common share, for the fourth quarter of 2016.
After-tax operating income1, excluding realized capital gains and losses and the tax charge related to the enactment of the Tax Cuts and Jobs Act of 2017 [TCJA], was $556.0 million, or $13.48 per diluted common share, for the fourth quarter of 2017, compared to after-tax operating income of $363.4 million, or $8.83 per diluted common share, for the same period last year.
Commenting on the Company’s results, President and Chief Executive Officer, Dominic J. Addesso said, “Everest experienced an exceptional quarter with $556 million of net operating income, giving rise to a respectable year of earnings, despite 2017 being one of the most costly catastrophe loss years on record.
“The underlying results were quite strong with an attritional combined ratio for the year of 85.0%. More importantly is that all segments contributed to these positive results. For the full year, Everest generated a 6% ROE and reached a new milestone with premium of $7.2 billion.”
