Everest Re Group Reports Second Quarter 2017 Results; 17% Growth in Premium; 13% Annualized Return on Equity

By a News Reporter-Staff News Editor at Investment Weekly News -- Everest Re Group, Ltd. (NYSE:RE) reported second quarter 2017 net income of $245.7 million, or $5.95 per diluted common share, compared to net income of $155.7 million, or $3.67 per diluted common share, for the second quarter of 2016. After-tax operating income1, excluding realized capital gains and losses, was $227.5 million, or $5.51 per diluted common share, for the second quarter of 2017, compared to after-tax operating income1 of $134.2 million, or $3.17 per diluted common share, for the same period last year.

For the six months ended June 30, 2017, net income was $537.3 million, or $13.02 per diluted common share, compared to $327.4 million, or $7.68 per diluted common share, for the first six months of 2016. After-tax operating income1, excluding realized capital gains and losses, was $487.0 million, or $11.80 per diluted common share, compared to $356.9 million or $8.37 per diluted common share, for the same period in 2016.

Commenting on the Company's results, President and Chief Executive Officer, Dominic J. Addesso said, "Everest continues to generate double digit ROE's, while steadily growing its capital base. Strong underwriting results, with an attritional combined ratio of 86.7% for the quarter, coupled with stable investment income are providing for solid growth in book value per share. We seek out opportunities for profitable growth in both our reinsurance and insurance books and have been successful as borne out by these excellent results."

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