Everest Re Report Q2 Net Income Of $190.9M
Everest Re Group reported that for the three months ended June 30, 2020, net income was $190.9 million, or $4.77 per diluted common share, compared to net income of $332.9 million, or $8.15 per diluted common share, for the three months ended June 30, 2019.
After-tax operating income for the quarter was $82.9 million, or $2.07 per diluted common share, compared to after-tax operating income¹ of $320.9 million, or $7.85 per diluted common share, for the same period in 2019.
Everest Re Group President & CEO Juan C. Andrade commented: “Despite the current challenging and uncertain public health, economic, and social environment, Everest reported another solid quarter and first half of 2020 results.
“Our ability to successfully leverage our capital position, our global platform, and our success in executing against our objectives – even under adverse conditions – drive our results. Our people continue to demonstrate the passion and resilience to differentiate Everest and deliver value to our customers. We have strong forward momentum across our Reinsurance and Insurance Segments.
“Other operating highlights for the second quarter of 2020 included the following:
- “Net written premium of $2.0 billion reflecting growth of 13.1%
- “Cash flow from operations was $598.6 million for the quarter compared to $393.7 million for 2019.
- “Net investment income of $38.1 million for the quarter including limited partnership losses of [$88.3] million. Note that net investment income from limited partnerships is generally subject to a quarterly reporting lag, which indicates that limited partnership losses in the first quarter of 2020 are reflected in our net investment income for the second quarter of 2020.
- “Net after-tax realized gains amounted to $150.5 million for the quarter, while net after-tax unrealized gains were $544.5 million for the quarter.
- “Shareholders’ equity at quarter end was $9.3 billion vs. $9.1 billion at year end 2019.
- “The Company has paid $61.9 million in common share dividends during the quarter and $125.2 million thus far in 2020.”
