Everest Re Group Ltd.
) reported second quarter 2013 operating earnings of $5.10 per
share, substantially beating the Zacks Consensus Estimate of
$4.26 per share. Earnings were also up 20% year over
Including after tax net realized capital gains and loss, the
company reported net income of $7.56 per share against $4.08 per
share reported in the year-ago quarter.
Total revenue for the quarter came in at $1.35 billion, up
14.6% year over year. The increase was due to higher premium
earned which increased 11% year over year to $1.15 billion.
Net investment income decreased 0.4% year over year to $148.7
Total claims and expenses were up 9.5% year over year to $1.03
billion, primarily due to higher incurred losses and loss
adjustment expenses, higher underwriting and interest
The combined ratio improved to 87.6% from 89.0% in the
During the quarter, the company suffered cat loss of $90.0
million because of tornadoes and hailstorms in the U.S. and
flooding in Central Europe and Canada.
segment reported net premium written of $935.8 million, up
43.0% year over year. The segment reported underwriting gain of
$134.4 million up 26% year over year. Combined ratio was 85.1%,
compared with 87.0% in the year-ago quarter.
segment reported premium written of $276.8 million, up 36% year
over year. The segment reported an underwriting profit of $8.5
million, up 14% year over year.
Shareholders' equity as of the end of the reported quarter was
$6.6 billion, compared with $6.7 billion at Dec 31,
Book value per share increased to $136.31 as on Jun 30, 2013
from $130.960 as of Dec 31, 2012.
Share Repurchase Update
During the quarter under review, Everest Re spent $211.3
million on share repurchase.
Everest Re currently retains a Zacks Rank #3 (Hold).
Other companies in the same industry
The Travelers Companies Inc.
) also reported second quarter 2013 earnings ahead of the Zacks
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