Everest Re Group Ltd. ( RE ) reported first
quarter 2013 operating earnings of $5.88 per share, substantially
beating the Zacks Consensus Estimate of $4.32 per share. Earnings
were also up 31.3% year over year.
Including after tax net realized capital gains and loss, the
company reported net income of $7.50 per share against $5.68 per
share reported in the year-ago quarter.
Total revenue for the quarter came in at $1.37 billion, up 9.5%
year over year.
Premiums earned were up 9.1% year over year to $1.09 billion,
led by higher premium in both its operating segments.
Net investment income decreased 4.4% over the prior-year quarter
to $145.8 million.
Total claims and expenses were down 1% year over year to $897
million, primarily due to lower incurred losses and loss adjustment
The combined ratio was 80.7% compared with 89.0% in the year-ago
The company's Reinsurance segment reported net
premium written of $924.4 million, up 11.0% year over year. The
segment reported underwriting loss of $209.9 million up 88% year
over year. Combined ratio was 76.4%, compared with 86.4% in the
The Insurance segment reported premium written
of $225.2 million, up 23.7% year over year. The segment reported an
underwriting profit of $193.0 million, compared with an
underwriting loss of $2.1 million in the year-ago quarter.
Shareholders' equity as of the end of the reported quarter was
$6.8 billion, up 1.2% from the $6.7 billion at Dec 31,
Book value per share increased to $136.43 as on Mar 31, 2013
from to $120.30 as of Mar 31, 2012.
Share Repurchase Update
During the quarter under review, Everest Re spent $238.6 million
on share repurchase.
Everest Re currently retains a Zacks Rank #2 (Buy). Other
companies in the same industry The Travelers Companies
Inc. ( TRV
), ACE Limited (ACE) also reported first quarter 2013 earnings
ahead of the Zacks Consensus Estimate. However, RLI
Corporation ( RLI ) reported
first-quarter below the Zacks Consensus Estimate.ACE LIMITED (ACE): Free Stock Analysis ReportEVEREST RE LTD (RE): Free Stock Analysis ReportRLI CORP (RLI): Free Stock Analysis ReportTRAVELERS COS (TRV): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment