Everest Re Reports $214.6M Net Income
Bermuda-based Everest Re Group, Ltd. reported second quarter 2012 net income of $214.6 million, or $4.08 per diluted common share, compared to net income of $131.3 million, or $2.41 per diluted common share, for the second quarter of 2011.
After-tax operating income1, excluding realized capital gains and losses, was $223.0 million, or $4.25 per diluted common share, for the second quarter of 2012, compared to after-tax operating income1 of $134.0 million, or $2.46 per diluted common share, for the same period last year.
For the six months ended June 30, 2012, net income was $519.3 million, or $9.79 per diluted common share, compared to a net loss of $184.6 million, or $3.40 per common share, for the first six months of 2011. After-tax operating income, excluding realized capital gains and losses, was $462.9 million, or $8.72 per diluted common share, compared to an after-tax operating loss of $189.6 million or $3.49 per common share, for the same period in 2011.
Commenting on the Company’s results, Chairman and Chief Executive Officer, Joseph V. Taranto said, “This has been an exceptional year with 10% growth in book value per share, adjusted for dividends, through the first six months of the year.
“Strong market dynamics coupled with the strategic positioning of our underwriting portfolio has provided significant margin expansion as evidenced by our underwriting results, with a combined ratio of 89%. Add to this the investment earnings generated off of our sizable portfolio and we produced an annualized operating return on equity of 16%. These are all strong metrics and point to the strength of our franchise and our operating strategy.”
Hopefully their MP employee won’t cry poverty.