Everest Re (RE) Q4 Earnings Beat Estimates, Improve Y/Y
Zacks Investment Research | Feb 10, 2020 10:46PM ET
Everest Re Group, Ltd. (NYSE:RE) delivered fourth-quarter 2019 operating net income per share of $3.20, beating the Zacks Consensus Estimate by 35%. The bottom line came in against the year-ago loss of $5.89 per share.
Both its reinsurance and insurance businesses witnessed growth in the reported quarter.
Operational Update
Everest Re’s total operating revenues of $2.1 billion increased 8.3% year over year. Also, the top line beat the Zacks Consensus Estimate by 0.4%.
Gross written premiums improved 7% year over year to $2.4 billion. The company’s worldwide reinsurance premiums increased 4% year over year. Direct insurance premiums surged 30% to $758.7 million.
Net investment income came in at $146.1 million in the quarter under review, up 4.2% year over year.
Total claims and expenses declined 20.1% to $1.9 billion, mainly on the back of lower incurred losses and loss adjustment expenses, and interest, fees and bond issue cost amortization expense.
Combined ratio contracted 3260 basis points to 101.5%.
Everest Re Group, Ltd. Price, Consensus and EPS Surprise
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