Everest Re Third Quarter Net Income: $295.4M
Bermuda-based Everest Re Group, Ltd. reported third quarter 2016 net income of $295.4 million, or $7.06 per diluted common share, compared to net income of $88.6 million, or $2.00 per diluted common share, for the third quarter of 2015.
After-tax operating income1, excluding realized capital gains and losses, was $273.2 million, or $6.53 per diluted common share, for the third quarter of 2016, compared to after-tax operating income1 of $200.2 million, or $4.53 per diluted common share, for the same period last year.
For the nine months ended September 30, 2016, net income was $622.8 million, or $14.70 per diluted common share, compared to $620.6 million, or $13.92 per diluted common share, for the first nine months of 2015.
After-tax operating income, excluding realized capital gains and losses, was $630.1 million, or $14.87 per diluted common share, compared to $754.6 million or $16.92 per diluted common share, for the same period in 2015.
Commenting on the Company’s results, President and Chief Executive Officer, Dominic J. Addesso said, “We are very pleased with this quarter’s results.
“These earnings reflect strong underwriting margins, with a combined ratio of 85.6%, and a well-balanced investment portfolio that is providing solid investment income returns.
“Continued momentum in our insurance operations coupled with the stability of our reinsurance book is fostering these strong results and providing shareholders double digit returns, with an 11% annualized operating return on equity for the first nine months of the year.”
