Everest Re Group Ltd.
) reported fourth quarter 2012 operating earnings of 80 cents per
share, substantially beating the Zacks Consensus Estimate of 50
cents. The company reported an operating loss of 94 cents per
share in the year-ago quarter.
Including after tax net realized capital gains and loss, the
company reported net income of $1.13 per share against 76 cents
per share reported in the year-ago quarter.
For the full year 2012 operating earnings was $13.62 per share,
compared to an operating loss of $1.73 per share in the year ago
Total revenue for the quarter came in at $1.27 billion, down 1%
year over year.
Gross written premiums were up 4% year over year to $1.15
billion, attributable largely to the acquisition of Heartland.
Net investment income increased 16% over the prior-year quarter
to $146.4 million.
Total claims and expenses were down 7% year over year to $1.23
billion, primarily due to lower incurred losses and loss
The combined ratio was 108.4% compared with 130.3% in the
three-year ago period.
segment reported net premium written of $271.6 million, up 20.5%
year over year. The segment reported underwriting loss of $45.6
million, lower than an underwriting loss of $72.2 million in the
year-ago quarter. Combined ratio was 118.9%, compared with 140.3%
in the year-ago quarter.
segment reported premium written of $874.2 million, up 5.8% year
over year. However, the segment reported an underwriting loss of
$48.0 million, lower than an underwriting loss of $232.8 million
in the year-ago quarter. Combined ratio improved to 105.5% from
128.2% in the comparable quarter last year.
Shareholders' equity as of the end of the reported quarter was
$6.7 billion, up 11% from the $6.1 billion at Dec 31, 2011.
Book value per share increased 16% from $112.99 as on Dec 31,
2011 to $130.96 as of Dec 31, 2012.
Share Repurchase Update
During the quarter under review, Everest Re spent $40 million to
buyback 370,939 shares.
Everest Re currently retains a Zacks Rank #3 (Hold). Other
players from the same industry such as
The Travelers Companies, Inc.
) both carrying Zacks Rank #1 (Buy) and
The Allstate Corp.
) with Zacks Rank #2 (Buy), have all reported earnings ahead of
the Zacks Consensus Estimate.
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EVEREST RE LTD (RE): Free Stock Analysis
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