Everest Re group reports $340.1 Million q4 net earnings; $1.2 Billion for year

Bermuda-primarily based Everest Re institution Ltd. said fourth zone 2014 net profits available to not unusual shareholders of $340.1 million, or $7.forty seven in keeping with diluted common percentage, as compared to net earnings of $364.6 million, or $7.54 consistent with diluted not unusual share, for the fourth sector of 2013. After-tax operating profits available to commonplace shareholders, except realized capital profits and losses, become $331.5 million, or $7.28 in step with diluted common share, for the fourth region of 2014, compared to $303.4 million, or $6.28 in line with diluted not unusual percentage, for the equal duration in 2013.

For the yr ended December 31, 2014, internet income to be had to common shareholders became $1.2 billion, or $25.91 per diluted commonplace share, as compared to internet profits of $1.3 billion, or $25.forty four in step with diluted common share, for 2013. After-tax operating earnings available to commonplace shareholders, except for realized capital profits and losses, turned into $1.1 billion, or $24.71 in step with diluted not unusual percentage, for the overall 12 months 2013, compared to $1.1 billion or $21.47 in step with diluted common share, for 2013.

Commenting on the business enterprise’s results, President and chief government Officer Dominic J. Addesso said, “Everest has had every other stellar 12 months with 10 percentage increase in premium, 15 percentage boom in running income in step with percentage, and 16 percent boom in e book fee in keeping with percentage, adjusted for dividends. while it's far a challenging marketplace, Everest continues to locate and create possibilities for worthwhile increase because of our extensively various platform. submit January renewals, we remain assured in our capacity to keep to generate strong returns for our shareholders.”

working highlights for the fourth area and full year of 2014 covered the subsequent:

•           Gross written rates for the area were $1.4 billion, an boom of seven percent in comparison to the fourth sector of 2013. For the overall yr, gross written charges grew 10 percentage to $five.7 billion with international reinsurance premiums, which include the Mt. Logan Re section, up 15 percentage. Direct insurance rates had been down four percent for the yr.

•           The combined ratio became 80.5 percent for the area and 82.eight percent for the year, compared to eighty one.five percentage and eighty four.five percent, respectively, for the identical intervals in 2013. The sector protected $15.zero million of disaster losses for the Brisbane, Australia hail hurricane that befell in November, offset via reserve take downs on earlier yr disaster loss occasions. For the overall 12 months, catastrophe losses, net of reinstatement charges totaled $56.zero million. except catastrophe losses, reinstatement premiums and favorable earlier 12 months loss improvement, the calendar yr attritional blended ratio become eighty two.0 percent as compared to eighty one.zero percent for 2013.

•           net investment earnings amounted to $134.0 million for the sector and $530.6 million for the entire yr 2014. This covered restricted partnership profits of $15.2 million and $40.9 million in every duration, respectively.

•           net after-tax found out capital profits totaled $8.7 million for the sector and $55.five million for the whole 12 months. Unrealized capital gains, net of tax, amounted to $22.1 million for the total year, largely driven by using changes in hobby costs.

•           cash flow from operations changed into $387.nine million for the quarter and $1.3 billion for the whole year 2014. This in comparison to $273.3 million and $1.1 billion for the equal durations, respectively, in 2013.

•           For the yr, the after-tax running income1return on common adjusted shareholders’ equity2 become sixteen.three percent and net earnings return on fairness become 17.1 percent.

•           at some point of the quarter, the company repurchased 590,791 of its not unusual shares at an average charge of $169.38 and a complete price of $100.1 million. For the yr, the organization repurchased three.2 million of its commonplace stocks for a complete cost of $500.zero million. throughout January, the enterprise repurchased an extra 213,754 stocks for a total price of $36.0 million, with the intention to be reflected in first region 2015 reporting. The repurchases had been made pursuant to a proportion repurchase authorization, provided through the enterprise’s board of directors, under which there remains 6.1 million stocks to be had.

•           Shareholders’ equity ended the yr at $7.five billion, up 7 percent from the $7.zero billion at December 31, 2013. book fee in step with share improved 14 percent from $146.57 at 12 months-give up 2013 to $166.75 at December 31, 2014.