Strong Net Operating Income and ROE
Everest delivered a strong second quarter with net operating income of $734 million and an annualized operating ROE of nearly 20%.
Reinsurance Segment Performance
The Reinsurance segment generated $436 million in underwriting profit, up $133 million from the prior year, with a combined ratio of 85.6%.
Net Investment Income Growth
Net investment income was strong at $532 million, supported by favorable private equity performance.
Share Repurchases
Everest repurchased $200 million worth of shares in the second quarter. Year-to-date, $400 million has been returned to shareholders through buybacks.
International Insurance Growth
The International Insurance business grew by 23% this quarter with improving margins, achieving low 90s combined ratios in the U.K. wholesale and European retail.
Property Catastrophe Rates and Returns
Property Cat rate for the portfolio was essentially flat at 6.1%, and risk-adjusted returns remain attractive.