Everest Re Group Reports Q3 2013 Earnings
Bermuda-based Everest Re Group reported third quarter 2013 net income available to common shareholders of $234.8 million, or $4.81 per diluted common share, compared to net income of $250.9 million, or $4.82 per diluted common share, for the third quarter of 2012.
After-tax operating income available to common shareholders, excluding realized capital gains and losses, was $205.0 million, or $4.20 per diluted common share, for the third quarter of 2013, compared to after-tax operating income1 of $210.6 million, or $4.05 per diluted common share, for the same period last year.
A significant item impacting the quarter’s earnings was an increase in the annualized effective tax rate, reducing operating income by $24.3 million, or $0.50 per diluted common share. This change in the annualized effective tax rate was driven by lower than planned catastrophe losses in the quarter.
For the nine months ended September 30, 2013, net income available to common shareholders was $894.7 million, or $17.94 per diluted common share, compared to $770.2 million, or $14.61 per diluted common share, for the first nine months of 2012. After-tax operating income1 available to common shareholders, excluding realized capital gains and losses, was $759.2 million, or $15.22 per diluted common share, compared to $673.5 million or $12.78 per diluted common share, for the same period in 2012.
Commenting on the Company’s results, CEO Joseph V. Taranto said, “Through the first nine months we had $895 million of net income for a 19% return on equity and grew premium by 24%. Over the last several years we have strategically focused on expanding our global footprint and improving our risk adjusted returns. I want to thank our staff, which I believe is the best in the business, for their terrific work that helped us achieve these goals.”
