Everest Re Group has seen massive earnings growth in both the second quarter and first half of 2021.
In the three-month span, Everest posted a net income worth US$680 million. In the same period last year, the insurance group’s net income stood at US$190.9 million. Net operating income, meanwhile, surged from Q2 2020’s US$82.9 million to US$587 million this time around.
Half-year results show Everest enjoying US$1.02 billion in net income. The corresponding amount in 2020 was US$207.5 million. As for net operating income in H1, last year’s US$247.3 million jumped to US$847.2 million in the first six months of the current year.
Gross written premium in Q2 grew 34.6%; H1, 23.9%. Additionally, in the second quarter, Everest had an underwriting income to the tune of US$274 million. Q2 net investment income was at US$407 million.
“Everest had an excellent quarter across the board with very strong growth and outstanding underwriting and investment performance,” noted president and chief executive Juan C. Andrade. “These results serve as the foundation for our exceptional net income result of US$1.02 billion through the first half of 2021 and are another important step toward achieving our strategic plan objectives.
“Everest achieved an annualised total shareholder return of 22.5% through the first half of 2021, exceeding our strategic plan target of 13%. Everest capitalised on market opportunities to expand our franchises in both reinsurance and insurance, driven by the relentless execution of our strategies and the valuable risk solutions provided to our customers and broker partners.”
Andrade added that their focus on disciplined underwriting drove strong profitability in both reinsurance and insurance across the company’s global operations. He also highlighted that the “standout performance” in the quarter is a demonstration of the quality of Everest’s diversified earnings.