Everest Re Group income surges to $1bn in 2019
Re/insurer Everest Re Group has reported a sharp rise in net income for 2019. Gross written premiums also rose, a key driver being the increase in insurance premiums. The company’s combined ratio for 2019 also improved significantly compared to 2018.
For the full year ended December 31, 2019, net income was $1 billion, compared to net income of $89 million in 2018. Gross written premiums for the year were $9.1 billion, an increase of 8 percent compared to 2018. Reinsurance premiums were up 2 percent to $6.4 billion with growth in treaty casualty more than offsetting reductions to treaty property premium and reinstatement premiums. Insurance premiums were up 23 percent to $2.8 billion, with balanced growth being generated across all major business lines.
The combined ratio was 95.5 percent for the year, compared to 108.8 percent for 2018.
Commenting on the company’s results, president and chief executive officer Juan Andrade said: “For the full year 2019, Everest produced net income of over $1 billion, the best result since 2014. On an ROE basis, this equates to a 12 percent return on average equity. These numbers speak to the strength and diversification of our business, and the strength of our underwriting and investment operations. Everest has a great franchise, a well-diversified platform and top talent. We are well positioned for the future.”
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