Everest Re Group Ltd.
) reported second-quarter 2014 operating earnings of $5.41 per
share, missing the Zacks Consensus Estimate of $5.75. Earnings
were, however, up 6.1% year over year.
Everest Re's total revenue of $1.45 billion came in above the Zacks
Consensus Estimate of $1.42 billion. On a year-over-year basis
revenues grew 7.2%. Revenue growth was brought about by higher
premium earned and higher net realized capital gains, partly offset
by lower net investment income.
Gross written premiums were $1.4 billion, reflecting an increase of
12% year over year driven by higher premiums written at the
Everest Re's net investment income including limited partnership
income came in at $131.2 million in the quarter, down 11.8% year
Total claims and expenses increased 5.7% year over year to $1.1
billion. The increase was owing to higher incurred losses and loss
adjustment expenses and higher commission, brokerage, taxes and
On the other hand, combined ratio improved 290 basis points year
over year to 84.7% during the quarter.
Cash balance as of the end of second quarter was $341.5 million,
down 22% year over year.
Everest Re exited the quarter with total assets of $21.2 billion,
up 6.9% from the 2013-end level.
Everest Re's shareholders' equity as of the end of the reported
quarter was $7.3 billion, 5.1% more than the 2013-end level.
Book value per share was $160.27 as of Jun 30, 2014, improving 9.3%
from $146.57 at Dec 31, 2013.
Everest Re's cash flow from operations was approximately $223.3
billion, up 24% from the year-ago quarter.
Share Repurchase and Dividend Update
During the second quarter, Everest Re spent $75 million on share
The company also paid approximately $34 million in dividend in the
Everest Re presently carries a Zacks Rank #2 (Buy).
Other insurers like
) reported second-quarter earnings ahead of the respective Zacks
Consensus Estimate. Another player,
) second-quarter earnings were in line with the Zacks Consensus
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