Back to top

Analyst Blog

Everest Re Group Ltd. (RE - Analyst Report) reported first quarter 2013 operating earnings of $5.88 per share, substantially beating the Zacks Consensus Estimate of $4.32 per share. Earnings were also up 31.3% year over year. 
Including after tax net realized capital gains and loss, the company reported net income of $7.50 per share against $5.68 per share reported in the year-ago quarter.
Operational Update
Total revenue for the quarter came in at $1.37 billion, up 9.5% year over year. 
Premiums earned were up 9.1% year over year to $1.09 billion, led by higher premium in both its operating segments. 
Net investment income decreased 4.4% over the prior-year quarter to $145.8 million.
Total claims and expenses were down 1% year over year to $897 million, primarily due to lower incurred losses and loss adjustment expenses.
The combined ratio was 80.7% compared with 89.0% in the year-ago period. 
Segment Results
The company’s Reinsurance segment reported net premium written of $924.4 million, up 11.0% year over year. The segment reported underwriting loss of $209.9 million up 88% year over year. Combined ratio was 76.4%, compared with 86.4% in the year-ago quarter.
The Insurance segment reported premium written of $225.2 million, up 23.7% year over year. The segment reported an underwriting profit of $193.0 million, compared with an underwriting loss of $2.1 million in the year-ago quarter.
Financial update
Shareholders’ equity as of the end of the reported quarter was $6.8 billion, up 1.2% from the $6.7 billion at Dec 31, 2012. 
Book value per share increased to $136.43 as on Mar 31, 2013 from to $120.30 as of Mar 31, 2012. 
Share Repurchase Update
During the quarter under review, Everest Re spent $238.6 million on share repurchase.
Everest Re currently retains a Zacks Rank #2 (Buy).  Other companies in the same industry The Travelers Companies Inc. (TRV - Analyst Report), ACE Limited (ACE - Analyst Report)also reported first quarter 2013 earnings ahead of the Zacks Consensus Estimate. However, RLI Corporation (RLI - Analyst Report) reported first-quarter below the Zacks Consensus Estimate.

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
CENTURY ALU… CENX 22.53 +4.50%
ERBA DIAGNO… ERB 2.91 +4.30%
PLANAR SYST… PLNR 4.31 +3.86%
MALLINCKROD… MNK 72.17 +3.83%
GTT COMMUNI… GTT 12.06 +3.52%