Everest Re Report 2018 Net Income: $103.6M
Bermuda-based Everest Re Group reported fourth quarter 2018 net loss of $382.3 million, or $9.50 per common share, compared to net income of $571.0 million, or $13.85 per diluted common share for the fourth quarter of 2017.
After-tax operating loss was $236.9 million, or $5.89 per common share, for the fourth quarter of 2018, compared to after-tax operating income of $535.5 million, or $12.98 per diluted common share, for the same period last year.
For the year ended December 31, 2018, net income was $103.6 million, or $2.53 per diluted common share, compared to net income of $469.0 million, or $11.36 per diluted common share, for the year ended December 31, 2017.
After-tax operating income was $190.7 million, or $4.65 per diluted common share, compared to after-tax operating income of $412.6 million or $10.00 per diluted common share, for the same period in 2017.
Commenting on the Company’s results, President and Chief Executive Officer, Dominic J. Addesso said, “During 2018 there were nearly $90 billion of insured industry losses, the fourth highest on record.
“Despite these events, Everest had both positive net income and operating income for the year. This result is testament to the diversification of our business across geographies, classes of business, and sources of capital. Everest’s long term returns remain impressive, with 5 and 10 year average returns on equity still in excess of 10%.”
