Everest Group Announces Robust Q3 2024 Results

Everest Group, Ltd. ( (EG) ) has released its Q3 earnings. Here is a breakdown of the information Everest Group, Ltd. presented to its investors.

Everest Group, Ltd., a component of the S&P 500 index, is a global leader in underwriting, providing property, casualty, and specialty reinsurance and insurance solutions. Known for its disciplined underwriting and risk management, the company operates through its global affiliates to serve customers worldwide.

In its third-quarter 2024 earnings report, Everest Group, Ltd. posted a net income of $509 million and net operating income of $630 million, reflecting strong underwriting results and investment income. The company achieved a total shareholder return of 19.4% and reported annualized year-to-date returns of 17.8% for net income ROE and 18.7% for net operating income ROE.

Key highlights from the report include gross written premiums of $4.4 billion, with modest year-over-year growth, and combined ratios showing healthy underwriting performance across segments. Notably, the company experienced higher pre-tax catastrophe losses this quarter, amounting to $279 million compared to $170 million in Q3 2023. Investment income improved significantly to $496 million, boosted by a larger asset base and favorable fixed income returns.

The reinsurance segment showed a 1.7% growth in gross written premiums, driven by substantial growth in property lines, while the insurance segment saw a strategic decline in premiums as Everest rebalances its portfolio. Despite these adjustments, the company maintained a strong cash flow and increased its shareholder equity to $15.3 billion.

Looking forward, Everest Group remains focused on executing its strategy, leveraging favorable market conditions to grow in high-return business lines while managing risk prudently. The company continues to shape its global portfolio to optimize returns and navigate industry challenges effectively.