EVEREST GROUP, LTD. Everest Re Group, Ltd.
Financial Supplement
December 31, 2020
EVEREST RE GROUP, LTD.
Supplemental GAAP Financial Information
(Dollars in thousands, except per share amounts) (unaudited)
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
PRODUCTION INFORMATION: | |||||||||||||||||||||||||||||
Gross written premiums | $ | 10,482,361 | $ | 9,133,364 | $ | 2,750,548 | $ | 2,791,604 | $ | 2,369,338 | $ | 2,570,871 | $ | 2,436,327 | $ | 2,403,274 | $ | 2,166,655 | $ | 2,127,108 | |||||||||
Net written premiums | 9,116,983 | 7,824,424 | 2,449,346 | 2,448,680 | 2,017,478 | 2,201,479 | 2,120,186 | 2,068,557 | 1,783,983 | 1,851,698 | |||||||||||||||||||
Net premiums earned | 8,681,513 | 7,403,686 | 2,396,483 | 2,205,811 | 2,042,405 | 2,036,814 | 1,948,071 | 1,905,619 | 1,817,299 | 1,732,697 | |||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||||||||||
Pre-tax investment income | $ | 642,465 | $ | 647,139 | $ | 222,349 | $ | 234,233 | $ | 38,083 | $ | 147,800 | $ | 146,077 | $ | 181,058 | $ | 179,028 | $ | 140,976 | |||||||||
Effective tax rate | 12.1% | 11.7% | 11.8% | 12.2% | 19.3% | 10.5% | 12.1% | 10.8% | 9.8% | 14.9% | |||||||||||||||||||
After-tax investment income | $ | 564,697 | $ | 571,323 | $ | 196,023 | $ | 205,645 | $ | 30,749 | $ | 132,280 | $ | 128,470 | $ | 161,420 | $ | 161,436 | $ | 119,997 | |||||||||
Net pre-tax yield - amortized cost | 2.9% | 3.3% | 3.8% | 4.3% | 0.7% | 2.9% | 2.9% | 3.7% | 3.7% | 3.0% | |||||||||||||||||||
Net after-tax yield - amortized cost | 2.5% | 2.9% | 3.4% | 3.8% | 0.6% | 2.6% | 2.6% | 3.3% | 3.4% | 2.6% | |||||||||||||||||||
CATASTROPHE INFORMATION: | |||||||||||||||||||||||||||||
Net pre-tax catastrophe losses (1) | $ | 415,000 | $ | 550,000 | $ | 70,000 | $ | 300,000 | $ | 15,000 | $ | 30,000 | $ | 215,000 | $ | 280,000 | $ | 30,000 | $ | 25,000 | |||||||||
After-tax effect of catastrophe losses | |||||||||||||||||||||||||||||
on earnings per basic common share (1) | (8.40) | (10.83) | (1.60) | (5.96) | (0.29) | (0.58) | (4.25) | (5.49) | (0.55) | (0.53) | |||||||||||||||||||
After-tax effect of catastrophe losses | |||||||||||||||||||||||||||||
on earnings per diluted common share (1) | (8.38) | (10.79) | (1.60) | (5.95) | (0.29) | (0.57) | (4.24) | (5.49) | (0.55) | (0.53) | |||||||||||||||||||
EFFECTIVE TAX RATE ON: | |||||||||||||||||||||||||||||
Net income (loss) | 12.1% | 8.1% | 46.7% | 10.8% | 19.5% | -138.1% | 0.7% | -12.2% | 10.6% | 14.5% | |||||||||||||||||||
Net realized capital gains (losses) | 18.9% | 18.5% | 18.2% | 19.3% | 18.5% | -18.2% | 19.1% | -21.6% | 14.1% | 19.9% | |||||||||||||||||||
Foreign exchange income (expense) | -60.0% | 3.0% | -6.7% | 6.9% | -3.7% | -19.5% | 17.2% | -8.4% | -22.9% | 469.7% | |||||||||||||||||||
Operating income | 7.7% | 5.9% | 135.0% | 3.9% | 14.2% | -12.3% | -16.3% | -4.8% | 10.9% | 12.5% | |||||||||||||||||||
AFTER-TAX EARNINGS: | |||||||||||||||||||||||||||||
Net income (loss) | $ | 514,151 | $ | 1,009,461 | $ | 63,601 | $ | 243,057 | $ | 190,880 | $ | 16,612 | $ | 217,644 | $ | 104,398 | $ | 332,868 | $ | 354,551 | |||||||||
Per basic common share | 12.81 | 24.77 | 1.59 | 6.08 | 4.78 | 0.41 | 5.34 | 2.56 | 8.17 | 8.70 | |||||||||||||||||||
Per diluted common share | 12.78 | 24.70 | 1.59 | 6.07 | 4.77 | 0.41 | 5.32 | 2.56 | 8.15 | 8.67 | |||||||||||||||||||
Net realized capital gains (losses) | 217,017 | 150,808 | 149,950 | 88,911 | 150,519 | (172,364) | 61,052 | (10,143) | 25,994 | 73,905 | |||||||||||||||||||
Per basic common share | 5.40 | 3.70 | 3.75 | 2.22 | 3.76 | (4.23) | 1.50 | (0.25) | 0.64 | 1.81 | |||||||||||||||||||
Per diluted common share | 5.39 | 3.69 | 3.74 | 2.22 | 3.76 | (4.22) | 1.49 | (0.25) | 0.64 | 1.81 | |||||||||||||||||||
Foreign exchange income (expense) | (2,932) | (13,767) | (42,165) | 57,157 | (42,528) | 24,604 | 25,763 | (23,821) | (13,988) | (1,722) | |||||||||||||||||||
Per basic common share | (0.07) | (0.34) | (1.05) | 1.43 | (1.06) | 0.60 | 0.63 | (0.58) | (0.34) | (0.04) | |||||||||||||||||||
Per diluted common share | (0.07) | (0.34) | (1.05) | 1.43 | (1.06) | 0.60 | 0.63 | (0.58) | (0.34) | (0.04) | |||||||||||||||||||
Operating income (2) | 300,066 | 872,420 | (44,184) | 96,989 | 82,889 | 164,372 | 130,828 | 138,362 | 320,862 | 282,368 | |||||||||||||||||||
Per basic common share | 7.47 | 21.41 | (1.12) | 2.43 | 2.07 | 4.04 | 3.21 | 3.40 | 7.88 | 6.93 | |||||||||||||||||||
Per diluted common share | 7.46 | 21.34 | (1.12) | 2.42 | 2.07 | 4.03 | 3.20 | 3.39 | 7.85 | 6.91 | |||||||||||||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||||||||||||||
Basic | 39,656 | 40,291 | 39,493 | 39,483 | 39,449 | 40,204 | 40,298 | 40,287 | 40,277 | 40,304 | |||||||||||||||||||
Diluted | 39,734 | 40,420 | 39,566 | 39,557 | 39,519 | 40,296 | 40,418 | 40,411 | 40,404 | 40,445 |
(Some amounts may not reconcile due to rounding.) (NM, Not Meaningful)
Financial Supplement
Page 1 of 12
EVEREST RE GROUP, LTD.
Supplemental GAAP Financial Information (cont.) (Dollars in thousands, except per share amounts) (unaudited)
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
COMBINED RATIO: | |||||||||||||||||||||||||||||
Loss ratio | 75.5% | 66.5% | 82.5% | 78.7% | 68.9% | 70.3% | 72.3% | 72.0% | 60.2% | 60.5% | |||||||||||||||||||
Commission and brokerage ratio | 21.6% | 23.0% | 21.4% | 20.2% | 22.8% | 22.0% | 23.1% | 23.3% | 23.2% | 22.5% | |||||||||||||||||||
Other underwriting expense ratio | 5.8% | 6.0% | 5.2% | 6.3% | 5.8% | 6.3% | 6.1% | 6.1% | 5.8% | 5.7% | |||||||||||||||||||
Combined ratio | 102.9% | 95.5% | 109.1% | 105.2% | 97.5% | 98.6% | 101.5% | 101.4% | 89.2% | 88.7% | |||||||||||||||||||
CASH FLOW INFORMATION: | |||||||||||||||||||||||||||||
Cash flow provided by operations | $ | 2,873,579 | $ | 1,852,002 | $ | 682,971 | $ | 1,086,022 | $ | 598,597 | $ | 505,989 | $ | 365,139 | $ | 633,352 | $ | 393,709 | $ | 459,802 | |||||||||
Paid losses, net | 4,127,076 | 4,503,071 | 1,068,826 | 907,859 | 1,074,073 | 1,076,318 | 1,545,594 | 984,810 | 1,051,973 | 920,694 | |||||||||||||||||||
Paid cats, net | 661,482 | 868,824 | 155,566 | 150,280 | 136,298 | 219,338 | 190,859 | 192,664 | 236,081 | 249,220 | |||||||||||||||||||
Paid (recovered) asbestos and | |||||||||||||||||||||||||||||
environmental losses, net | 29,674 | 32,756 | 8,296 | 6,212 | 7,880 | 7,286 | 12,885 | 6,951 | 3,097 | 9,823 | |||||||||||||||||||
Taxes paid (recovered) | (169,748) | (148,585) | (599) | (180,044) | 5,975 | 4,920 | (68,041) | 3,451 | 6,851 | (90,846) | |||||||||||||||||||
RETURN ON EQUITY: | |||||||||||||||||||||||||||||
Beginning of period shareholders' equity | $ | 9,132,925 | $ | 7,860,797 | $ | 9,591,292 | $ | 9,286,299 | $ | 8,580,944 | $ | 9,132,925 | $ | 8,983,258 | $ | 8,836,817 | $ | 8,389,273 | $ | 7,860,797 | |||||||||
Net unrealized depreciation (appreciation) | |||||||||||||||||||||||||||||
of investments | (304,425) | 179,392 | (652,949) | (600,921) | (56,425) | (304,425) | (340,977) | (247,740) | (51,851) | 179,392 | |||||||||||||||||||
Adjusted beginning of period | |||||||||||||||||||||||||||||
shareholders' equity | $ | 8,828,500 | $ | 8,040,189 | $ | 8,938,343 | $ | 8,685,378 | $ | 8,524,519 | $ | 8,828,500 | $ | 8,642,281 | $ | 8,589,077 | $ | 8,337,422 | $ | 8,040,189 | |||||||||
End of period shareholders' equity | $ | 9,726,176 | $ | 9,132,925 | $ | 9,726,176 | $ | 9,591,292 | $ | 9,286,299 | $ | 8,580,944 | $ | 9,132,925 | $ | 8,983,258 | $ | 8,836,817 | $ | 8,389,273 | |||||||||
Net unrealized depreciation (appreciation) | |||||||||||||||||||||||||||||
of investments | (724,159) | (304,425) | (724,159) | (652,949) | (600,921) | (56,425) | (304,425) | (340,977) | (247,740) | (51,851) | |||||||||||||||||||
Adjusted end of period shareholders' equity | $ | 9,002,017 | $ | 8,828,500 | $ | 9,002,017 | $ | 8,938,343 | $ | 8,685,378 | $ | 8,524,519 | $ | 8,828,500 | $ | 8,642,281 | $ | 8,589,077 | $ | 8,337,422 | |||||||||
Average adjusted shareholders' equity | $ | 8,915,259 | $ | 8,434,345 | $ | 8,970,180 | $ | 8,811,861 | $ | 8,604,949 | $ | 8,676,510 | $ | 8,753,667 | $ | 8,615,679 | $ | 8,463,250 | $ | 8,188,806 | |||||||||
After-tax operating income (2) | $ | 300,066 | $ | 872,420 | $ | (44,184) | $ | 96,989 | $ | 82,889 | $ | 164,372 | $ | 130,828 | $ | 138,362 | $ | 320,862 | $ | 282,368 | |||||||||
After-tax net realized capital gains (losses) | 217,017 | 150,808 | 149,950 | 88,911 | 150,519 | (172,364) | 61,052 | (10,143) | 25,994 | 73,905 | |||||||||||||||||||
After-tax foreign exchange income (expense) | (2,932) | (13,767) | (42,165) | 57,157 | (42,528) | 24,604 | 25,763 | (23,821) | (13,988) | (1,722) | |||||||||||||||||||
Net income (loss) | $ | 514,151 | $ | 1,009,461 | $ | 63,601 | $ | 243,057 | $ | 190,880 | $ | 16,612 | $ | 217,643 | $ | 104,398 | $ | 332,868 | $ | 354,551 | |||||||||
Return on equity (annualized) | |||||||||||||||||||||||||||||
After-tax operating income (2) | 3.4% | 10.3% | -2.0% | 4.4% | 3.9% | 7.6% | 6.0% | 6.4% | 15.2% | 13.8% | |||||||||||||||||||
After-tax net realized capital gains (losses) | 2.4% | 1.9% | 6.7% | 4.0% | 7.0% | -7.9% | 2.8% | -0.5% | 1.2% | 3.6% | |||||||||||||||||||
After-tax foreign exchange income (expense) | 0.0% | -0.2% | -1.9% | 2.6% | -2.0% | 1.1% | 1.2% | -1.1% | -0.7% | -0.1% | |||||||||||||||||||
Net income (loss) | 5.8% | 12.0% | 2.8% | 11.0% | 8.9% | 0.8% | 10.0% | 4.8% | 15.7% | 17.3% | |||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
__________________________________________
- Catastrophe losses are net of specific reinsurance and reinstatement premiums.
- The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net realized capital gains (losses) and after-tax net foreign exchange income (expense). Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company's insurance operations, the determination of net realized capital gains (losses) and net foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company's success or failure in its basic business, and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company's performance.
Financial Supplement
Page 2 of 12
EVEREST RE GROUP, LTD.
Supplemental GAAP Balance Sheet Information (Dollars in thousands, except per share amounts) (unaudited)
December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||
BALANCE SHEET HIGHLIGHTS: | |||||||||||||||||||||||
Total investments and cash | $ | 25,461,591 | $ | 23,104,678 | $ | 21,601,676 | $ | 20,336,582 | $ | 20,748,500 | $ | 20,364,593 | $ | 19,793,852 | $ | 19,223,944 | |||||||
Total assets | 32,788,357 | 30,153,027 | 28,584,793 | 27,222,638 | 27,324,051 | 27,023,741 | 26,340,448 | 25,593,151 | |||||||||||||||
Reserve for losses and loss adjustment expenses ("LAE") (gross) | 16,398,997 | 15,233,125 | 14,276,641 | 13,820,504 | 13,611,313 | 13,637,639 | 13,249,488 | 13,247,102 | |||||||||||||||
Future policy benefit reserve | 37,723 | 40,374 | 40,659 | 41,677 | 42,592 | 44,276 | 45,130 | 46,881 | |||||||||||||||
Senior notes due 6/1/2044 | 397,194 | 397,164 | 397,134 | 397,104 | 397,074 | 397,044 | 397,014 | 396,984 | |||||||||||||||
Senior notes due 10/15/2050 | 979,524 | - | - | - | - | - | - | - | |||||||||||||||
Long term notes due 5/1/2067 | 223,674 | 223,649 | 223,625 | 235,083 | 236,758 | 236,733 | 236,709 | 236,684 | |||||||||||||||
Shareholders' equity | 9,726,176 | 9,591,292 | 9,286,299 | 8,580,944 | 9,132,925 | 8,983,258 | 8,836,817 | 8,389,273 | |||||||||||||||
Common shares outstanding | 39,983 | 39,967 | 39,972 | 39,987 | 40,799 | 40,780 | 40,741 | 40,771 | |||||||||||||||
Book value per common share outstanding | $ | 243.25 | $ | 239.98 | $ | 232.32 | $ | 214.59 | $ | 223.85 | $ | 220.28 | $ | 216.90 | $ | 205.77 | |||||||
TOTAL LOSS RESERVES: | |||||||||||||||||||||||
Gross reserve for losses and LAE | $ | 16,398,997 | $ | 15,233,125 | $ | 14,276,641 | $ | 13,820,504 | $ | 13,611,313 | $ | 13,637,639 | $ | 13,249,488 | $ | 13,247,102 | |||||||
Reinsurance receivables on unpaid losses | (1,843,691) | (1,774,732) | (1,692,947) | (1,651,946) | (1,640,712) | (1,632,687) | (1,636,918) | (1,621,292) | |||||||||||||||
Net reserve for losses and LAE | $ | 14,555,306 | $ | 13,458,393 | $ | 12,583,694 | $ | 12,168,558 | $ | 11,970,601 | $ | 12,004,952 | $ | 11,612,570 | $ | 11,625,810 | |||||||
ASBESTOS AND ENVIRONMENTAL LOSS RESERVES: | |||||||||||||||||||||||
Net loss and LAE reserves | $ | 198,255 | $ | 207,323 | $ | 213,534 | $ | 221,415 | $ | 228,701 | $ | 241,586 | $ | 248,537 | $ | 251,633 | |||||||
Net asbestos 3 year survival ratio | 5.2 | 5.3 | 5.3 | 5.6 | 5.7 | 5.6 | 5.5 | 5.2 | |||||||||||||||
END OF PERIOD INVESTMENT PORTFOLIO INFORMATION: | |||||||||||||||||||||||
Pre-tax book yield to maturity | 3.0% | 3.1% | 3.4% | 3.4% | 3.4% | 3.4% | 3.4% | 3.5% | |||||||||||||||
After-tax book yield to maturity | 2.6% | 2.7% | 2.9% | 3.0% | 3.0% | 3.0% | 3.0% | 3.1% | |||||||||||||||
Modified duration of fixed income portfolio (in years) | 3.6 | 3.5 | 3.7 | 3.6 | 3.5 | 3.2 | 3.1 | 3.1 | |||||||||||||||
Average credit quality | Aa3 | Aa3 | A1 | Aa3 | A1 | A1 | Aa3 | Aa3 | |||||||||||||||
OPERATING LEVERAGE: | |||||||||||||||||||||||
Ratio of net written premiums to shareholders' equity | |||||||||||||||||||||||
(12 month rolling) | 0.94 TO 1 | 0.92 TO 1 | 0.91 TO 1 | 0.95 TO 1 | 0.86 TO 1 | 0.86 TO 1 | 0.86 TO 1 | 0.91 TO 1 | |||||||||||||||
Ratio of net loss and LAE reserves to shareholders' equity | 1.50 TO 1 | 1.40 TO 1 | 1.36 TO 1 | 1.42 TO 1 | 1.31 TO 1 | 1.34 TO 1 | 1.31 TO 1 | 1.39 TO 1 |
Financial Supplement
Page 3 of 12
EVEREST RE GROUP, LTD. Segment Results (Dollars in thousands) (unaudited)
TOTAL SEGMENTS
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
Gross written premiums | $ | 10,482,361 | $ | 9,133,364 | $ | 2,750,548 | $ | 2,791,604 | $ | 2,369,338 | $ | 2,570,871 | $ | 2,436,327 | $ | 2,403,274 | $ | 2,166,655 | $ | 2,127,108 | |||||||||
Net written premiums | 9,116,983 | 7,824,424 | 2,449,346 | 2,448,680 | 2,017,478 | 2,201,479 | 2,120,186 | 2,068,557 | 1,783,983 | 1,851,698 | |||||||||||||||||||
Premiums earned | $ | 8,681,513 | $ | 7,403,686 | $ | 2,396,483 | $ | 2,205,811 | $ | 2,042,405 | $ | 2,036,814 | $ | 1,948,071 | $ | 1,905,619 | $ | 1,817,299 | $ | 1,732,697 | |||||||||
Incurred losses and LAE | |||||||||||||||||||||||||||||
Attritional - current year | 5,724,410 | 4,440,955 | 1,506,770 | 1,427,509 | 1,386,689 | 1,403,441 | 1,201,951 | 1,128,669 | 1,085,219 | 1,025,116 | |||||||||||||||||||
Attritional - prior year | 401,427 | (93,558) | 400,001 | (1,299) | 5,327 | (2,601) | (19,158) | (52,245) | (20,589) | (1,566) | |||||||||||||||||||
Catastrophes | 425,000 | 575,501 | 70,000 | 310,000 | 15,000 | 30,000 | 225,001 | 295,500 | 30,000 | 25,000 | |||||||||||||||||||
Total incurred losses and LAE | 6,550,837 | 4,922,898 | 1,976,771 | 1,736,210 | 1,407,016 | 1,430,840 | 1,407,794 | 1,371,924 | 1,094,630 | 1,048,550 | |||||||||||||||||||
Commission and brokerage | 1,873,250 | 1,703,726 | 513,080 | 445,332 | 466,316 | 448,522 | 450,226 | 443,076 | 420,950 | 389,474 | |||||||||||||||||||
Other underwriting expenses | 511,237 | 440,899 | 125,372 | 138,875 | 118,130 | 128,860 | 118,923 | 118,158 | 104,833 | 98,985 | |||||||||||||||||||
Underwriting gain (loss) | $ | (253,811) | $ | 336,163 | $ | (218,740) | $ | (114,606) | $ | 50,943 | $ | 28,592 | $ | (28,872) | $ | (27,539) | $ | 196,886 | $ | 195,688 | |||||||||
Loss ratio | |||||||||||||||||||||||||||||
Attritional - current year | 66.0% | 60.0% | 62.9% | 64.8% | 67.9% | 68.9% | 61.7% | 59.2% | 59.6% | 59.2% | |||||||||||||||||||
Attritional - prior year | 4.7% | -1.3% | 16.7% | -0.1% | 0.3% | -0.1% | -1.0% | -2.7% | -1.1% | -0.1% | |||||||||||||||||||
Catastrophes | 4.9% | 7.8% | 2.9% | 14.0% | 0.7% | 1.5% | 11.5% | 15.5% | 1.7% | 1.4% | |||||||||||||||||||
Total loss ratio | 75.5% | 66.5% | 82.5% | 78.7% | 68.9% | 70.3% | 72.3% | 72.0% | 60.2% | 60.5% | |||||||||||||||||||
Commission and brokerage ratio | 21.6% | 23.0% | 21.4% | 20.2% | 22.8% | 22.0% | 23.1% | 23.3% | 23.2% | 22.5% | |||||||||||||||||||
Other underwriting expenses | 5.8% | 6.0% | 5.2% | 6.3% | 5.8% | 6.3% | 6.1% | 6.1% | 5.8% | 5.7% | |||||||||||||||||||
Combined ratio | 102.9% | 95.5% | 109.1% | 105.2% | 97.5% | 98.6% | 101.5% | 101.4% | 89.2% | 88.7% | |||||||||||||||||||
Ratios excluding reinstatement premium impact | |||||||||||||||||||||||||||||
Attritional loss ratio - current year | 66.0% | 60.2% | 62.9% | 65.0% | 67.9% | 68.9% | 62.0% | 59.7% | 59.6% | 59.2% | |||||||||||||||||||
Attritional combined ratio | 93.5% | 88.4% | 89.5% | 91.6% | 96.5% | 97.3% | 90.3% | 87.1% | 88.6% | 87.4% | |||||||||||||||||||
Ratios also excluding COVID-19 pandemic impacts | |||||||||||||||||||||||||||||
Attritional loss ratio - current year | 60.1% | 60.2% | 59.7% | 59.3% | 60.0% | 61.4% | 62.0% | 59.7% | 59.6% | 59.2% | |||||||||||||||||||
Attritional combined ratio | 87.5% | 88.4% | 86.3% | 85.8% | 88.5% | 89.8% | 90.3% | 87.1% | 88.6% | 87.4% | |||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
Financial Supplement
Page 4 of 12
EVEREST RE GROUP, LTD. Segment Results (cont.) (Dollars in thousands) (unaudited)
TOTAL REINSURANCE
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
Gross written premiums | $ | 7,281,716 | $ | 6,355,889 | $ | 1,878,636 | $ | 2,086,961 | $ | 1,538,348 | $ | 1,777,771 | $ | 1,677,579 | $ | 1,736,672 | $ | 1,409,587 | $ | 1,532,051 | |||||||||
Net written premiums | 6,767,579 | 5,732,272 | 1,793,545 | 1,936,851 | 1,424,089 | 1,613,094 | 1,519,320 | 1,583,713 | 1,234,686 | 1,394,553 | |||||||||||||||||||
Premiums earned | $ | 6,466,106 | $ | 5,491,296 | $ | 1,809,373 | $ | 1,669,257 | $ | 1,502,256 | $ | 1,485,221 | $ | 1,419,218 | $ | 1,420,799 | $ | 1,343,760 | $ | 1,307,519 | |||||||||
Incurred losses and LAE | |||||||||||||||||||||||||||||
Attritional - current year | 4,179,538 | 3,177,518 | 1,112,043 | 1,063,847 | 1,004,886 | 998,762 | 847,046 | 808,007 | 773,701 | 748,764 | |||||||||||||||||||
Attritional - prior year | 396,873 | (77,153) | 400,001 | (1,299) | 791 | (2,620) | (2,725) | (52,243) | (20,619) | (1,566) | |||||||||||||||||||
Catastrophes | 357,000 | 574,813 | 60,000 | 272,500 | - | 24,500 | 224,956 | 294,857 | 30,000 | 25,000 | |||||||||||||||||||
Total incurred losses and LAE | 4,933,411 | 3,675,178 | 1,572,044 | 1,335,048 | 1,005,677 | 1,020,642 | 1,069,277 | 1,050,621 | 783,082 | 772,198 | |||||||||||||||||||
Commission and brokerage | 1,552,371 | 1,400,247 | 421,425 | 373,251 | 387,339 | 370,356 | 361,134 | 371,098 | 345,378 | 322,637 | |||||||||||||||||||
Other underwriting expenses | 175,734 | 160,834 | 40,564 | 51,333 | 39,698 | 44,139 | 43,803 | 43,832 | 37,430 | 35,769 | |||||||||||||||||||
Underwriting gain (loss) | $ | (195,410) | $ | 255,037 | $ | (224,660) | $ | (90,375) | $ | 69,542 | $ | 50,084 | $ | (54,996) | $ | (44,752) | $ | 177,870 | $ | 176,915 | |||||||||
Loss ratio | |||||||||||||||||||||||||||||
Attritional - current year | 64.6% | 57.9% | 61.5% | 63.8% | 66.9% | 67.2% | 59.7% | 56.9% | 57.6% | 57.3% | |||||||||||||||||||
Attritional - prior year | 6.1% | -1.4% | 22.1% | -0.1% | 0.1% | -0.2% | -0.2% | -3.7% | -1.5% | -0.1% | |||||||||||||||||||
Catastrophes | 5.5% | 10.5% | 3.3% | 16.3% | 0.0% | 1.7% | 15.9% | 20.7% | 2.2% | 1.9% | |||||||||||||||||||
Total loss ratio | 76.3% | 67.0% | 86.9% | 80.0% | 67.0% | 68.7% | 75.4% | 73.9% | 58.3% | 59.1% | |||||||||||||||||||
Commission and brokerage ratio | 24.0% | 25.5% | 23.3% | 22.3% | 25.8% | 24.9% | 25.4% | 26.1% | 25.7% | 24.7% | |||||||||||||||||||
Other underwriting expense ratio | 2.7% | 2.9% | 2.2% | 3.1% | 2.6% | 3.0% | 3.1% | 3.1% | 2.8% | 2.7% | |||||||||||||||||||
Combined ratio | 103.0% | 95.4% | 112.4% | 105.4% | 95.4% | 96.6% | 103.9% | 103.1% | 86.8% | 86.5% | |||||||||||||||||||
Ratios excluding reinstatement premium impact | |||||||||||||||||||||||||||||
Attritional loss ratio - current year | 64.7% | 58.2% | 61.5% | 64.1% | 66.9% | 67.2% | 60.1% | 57.6% | 57.6% | 57.3% | |||||||||||||||||||
Attritional combined ratio | 91.5% | 85.5% | 87.0% | 89.7% | 95.3% | 95.2% | 87.4% | 84.0% | 86.1% | 84.7% | |||||||||||||||||||
Ratios also excluding COVID-19 pandemic impacts | |||||||||||||||||||||||||||||
Attritional loss ratio - current year | 58.4% | 58.2% | 58.4% | 57.5% | 58.2% | 59.8% | 60.1% | 57.6% | 57.6% | 57.3% | |||||||||||||||||||
Attritional combined ratio | 85.2% | 85.5% | 83.9% | 83.0% | 86.7% | 87.8% | 87.4% | 84.0% | 86.1% | 84.7% | |||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
Financial Supplement
Page 5 of 12
EVEREST RE GROUP, LTD. Segment Results (cont.) (Dollars in thousands) (unaudited)
TOTAL REINSURANCE
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
Gross Written Premium by Line of Business | |||||||||||||||||||||||||||||
Property Pro Rata | $ | 2,397,302 | $ | 1,974,212 | $ | 580,087 | $ | 698,347 | $ | 546,650 | $ | 572,217 | $ | 542,553 | $ | 529,361 | $ | 403,925 | $ | 498,373 | |||||||||
Property Non-Catastrophe XOL | 507,860 | 442,740 | 144,753 | 154,332 | 93,206 | 115,569 | 114,353 | 130,596 | 102,217 | 95,574 | |||||||||||||||||||
Property Catastrophe XOL | 1,277,089 | 1,186,879 | 285,841 | 428,791 | 206,773 | 355,684 | 259,322 | 370,789 | 225,890 | 330,878 | |||||||||||||||||||
Casualty Pro Rata | 1,526,537 | 1,443,324 | 464,517 | 336,711 | 338,364 | 386,945 | 412,287 | 375,858 | 355,057 | 300,122 | |||||||||||||||||||
Casualty XOL | 947,655 | 730,291 | 227,530 | 289,650 | 212,458 | 218,017 | 193,857 | 199,447 | 159,473 | 177,514 | |||||||||||||||||||
Financial lines | 625,273 | 578,443 | 175,908 | 179,130 | 140,897 | 129,338 | 155,207 | 130,620 | 163,025 | 129,591 | |||||||||||||||||||
$ | 7,281,716 | $ | 6,355,889 | $ | 1,878,636 | $ | 2,086,961 | $ | 1,538,348 | $ | 1,777,770 | $ | 1,677,579 | $ | 1,736,672 | $ | 1,409,587 | $ | 1,532,051 | ||||||||||
Percentage of Gross Written Premium by Line of Business | |||||||||||||||||||||||||||||
Property Pro Rata | 32.9% | 31.1% | 30.9% | 33.5% | 35.5% | 32.2% | 32.3% | 30.5% | 28.7% | 32.5% | |||||||||||||||||||
Property Non-Catastrophe XOL | 7.0% | 7.0% | 7.7% | 7.4% | 6.1% | 6.5% | 6.7% | 7.5% | 7.2% | 6.2% | |||||||||||||||||||
Property Catastrophe XOL | 17.5% | 18.6% | 15.2% | 20.5% | 13.4% | 20.0% | 15.5% | 21.4% | 16.0% | 21.6% | |||||||||||||||||||
Casualty Pro Rata | 21.0% | 22.7% | 24.7% | 16.1% | 22.0% | 21.7% | 24.6% | 21.6% | 25.2% | 19.6% | |||||||||||||||||||
Casualty XOL | 13.0% | 11.5% | 12.1% | 13.9% | 13.8% | 12.3% | 11.6% | 11.5% | 11.3% | 11.6% | |||||||||||||||||||
Financial lines | 8.6% | 9.1% | 9.4% | 8.6% | 9.2% | 7.3% | 9.3% | 7.5% | 11.6% | 8.5% | |||||||||||||||||||
100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
Financial Supplement
Page 6 of 12
EVEREST RE GROUP, LTD. Segment Results (cont.) (Dollars in thousands) (unaudited)
TOTAL INSURANCE
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
Gross written premiums | $ | 3,200,645 | $ | 2,777,475 | $ | 871,912 | $ | 704,643 | $ | 830,990 | $ | 793,100 | $ | 758,748 | $ | 666,602 | $ | 757,068 | $ | 595,057 | |||||||||
Net written premiums | 2,349,404 | 2,092,152 | 655,801 | 511,829 | 593,389 | 588,385 | 600,866 | 484,844 | 549,297 | 457,145 | |||||||||||||||||||
Premiums earned | $ | 2,215,407 | $ | 1,912,390 | $ | 587,110 | $ | 536,554 | $ | 540,149 | $ | 551,593 | $ | 528,853 | $ | 484,820 | $ | 473,539 | $ | 425,178 | |||||||||
Incurred losses and LAE | |||||||||||||||||||||||||||||
Attritional - current year | 1,544,872 | 1,263,437 | 394,727 | 363,662 | 381,803 | 404,679 | 354,905 | 320,662 | 311,518 | 276,352 | |||||||||||||||||||
Attritional - prior year | 4,554 | (16,405) | - | - | 4,536 | 19 | (16,433) | (2) | 30 | - | |||||||||||||||||||
Catastrophes | 68,000 | 688 | 10,000 | 37,500 | 15,000 | 5,500 | 45 | 643 | - | - | |||||||||||||||||||
Total incurred losses and LAE | 1,617,426 | 1,247,720 | 404,727 | 401,162 | 401,339 | 410,198 | 338,517 | 321,303 | 311,548 | 276,352 | |||||||||||||||||||
Commission and brokerage | 320,879 | 303,479 | 91,655 | 72,081 | 78,977 | 78,166 | 89,092 | 71,978 | 75,572 | 66,837 | |||||||||||||||||||
Other underwriting expenses | 335,503 | 280,065 | 84,808 | 87,542 | 78,432 | 84,721 | 75,120 | 74,326 | 67,403 | 63,216 | |||||||||||||||||||
Underwriting gain (loss) | $ | (58,401) | $ | 81,126 | $ | 5,920 | $ | (24,231) | $ | (18,599) | $ | (21,492) | $ | 26,124 | $ | 17,213 | $ | 19,016 | $ | 18,773 | |||||||||
Loss ratio | |||||||||||||||||||||||||||||
Attritional - current year | 69.7% | 66.1% | 67.2% | 67.8% | 70.7% | 73.4% | 67.1% | 66.1% | 65.8% | 65.0% | |||||||||||||||||||
Attritional - prior year | 0.2% | -0.9% | 0.0% | 0.0% | 0.8% | 0.0% | -3.1% | 0.0% | 0.0% | 0.0% | |||||||||||||||||||
Catastrophes | 3.1% | 0.0% | 1.7% | 7.0% | 2.8% | 1.0% | 0.0% | 0.1% | 0.0% | 0.0% | |||||||||||||||||||
Total loss ratio | 73.0% | 65.2% | 68.9% | 74.8% | 74.3% | 74.4% | 64.0% | 66.2% | 65.8% | 65.0% | |||||||||||||||||||
Commission and brokerage ratio | 14.5% | 15.9% | 15.6% | 13.4% | 14.6% | 14.2% | 16.8% | 14.8% | 16.0% | 15.7% | |||||||||||||||||||
Other underwriting expense ratio | 15.1% | 14.7% | 14.5% | 16.3% | 14.5% | 15.3% | 14.3% | 15.4% | 14.2% | 14.9% | |||||||||||||||||||
Combined ratio | 102.6% | 95.8% | 99.0% | 104.5% | 103.4% | 103.9% | 95.1% | 96.4% | 96.0% | 95.6% | |||||||||||||||||||
Ratios excluding reinstatement premium impact | |||||||||||||||||||||||||||||
Attritional loss ratio - current year | 69.7% | 66.0% | 67.2% | 67.8% | 70.7% | 73.4% | 67.1% | 65.9% | 65.8% | 65.0% | |||||||||||||||||||
Attritional combined ratio | 99.4% | 96.5% | 97.3% | 97.6% | 99.8% | 102.9% | 98.1% | 96.0% | 96.0% | 95.6% | |||||||||||||||||||
Ratios also excluding COVID-19 pandemic impacts | |||||||||||||||||||||||||||||
Attritional loss ratio - current year | 64.8% | 66.0% | 63.9% | 64.8% | 65.1% | 65.7% | 67.1% | 65.9% | 65.8% | 65.0% | |||||||||||||||||||
Attritional combined ratio | 94.2% | 96.5% | 93.8% | 94.2% | 93.7% | 94.9% | 98.1% | 96.0% | 96.0% | 95.6% | |||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
Financial Supplement
Page 7 of 12
EVEREST RE GROUP, LTD. Segment Results (cont.) (Dollars in thousands) (unaudited)
TOTAL INSURANCE
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||
Gross Written Premium by Line of Business | |||||||||||||||||||||||||||||
Accident and Health | $ | 369,967 | $ | 336,806 | $ | 85,750 | $ | 88,597 | $ | 87,166 | $ | 108,454 | $ | 85,334 | $ | 86,118 | $ | 81,877 | $ | 83,477 | |||||||||
Specialty Casualty | 1,004,452 | 789,630 | 282,788 | 235,525 | 251,237 | 234,902 | 235,066 | 188,560 | 195,455 | 170,550 | |||||||||||||||||||
Other Specialty | 187,772 | 151,049 | 69,236 | 36,872 | 36,289 | 45,375 | 33,767 | 42,497 | 41,515 | 33,269 | |||||||||||||||||||
Professional Liability | 523,409 | 400,605 | 157,328 | 113,860 | 138,514 | 113,707 | 124,691 | 94,533 | 108,729 | 72,652 | |||||||||||||||||||
Property/Short Tail | 604,954 | 530,585 | 152,921 | 124,750 | 203,330 | 123,953 | 134,847 | 127,573 | 175,625 | 92,540 | |||||||||||||||||||
Workers' Compensation | 510,091 | 568,800 | 123,889 | 105,039 | 114,454 | 166,709 | 145,043 | 127,321 | 153,867 | 142,569 | |||||||||||||||||||
$ | 3,200,645 | $ | 2,777,475 | $ | 871,912 | $ | 704,643 | $ | 830,990 | $ | 793,100 | $ | 758,748 | $ | 666,602 | $ | 757,068 | $ | 595,057 | ||||||||||
Percentage of Gross Written Premium by Line of Business | |||||||||||||||||||||||||||||
Accident and Health | 11.6% | 12.1% | 9.9% | 12.6% | 10.5% | 13.7% | 11.2% | 12.9% | 10.8% | 14.0% | |||||||||||||||||||
Specialty Casualty | 31.4% | 28.4% | 32.4% | 33.4% | 30.2% | 29.6% | 31.0% | 28.3% | 25.8% | 28.7% | |||||||||||||||||||
Other Specialty | 5.8% | 5.4% | 8.0% | 5.2% | 4.4% | 5.7% | 4.5% | 6.4% | 5.5% | 5.6% | |||||||||||||||||||
Professional Liability | 16.4% | 14.5% | 18.0% | 16.2% | 16.7% | 14.4% | 16.4% | 14.2% | 14.4% | 12.2% | |||||||||||||||||||
Property/Short Tail | 18.9% | 19.1% | 17.5% | 17.7% | 24.4% | 15.6% | 17.8% | 19.1% | 23.2% | 15.6% | |||||||||||||||||||
Workers' Compensation | 15.9% | 20.5% | 14.2% | 14.9% | 13.8% | 21.0% | 19.1% | 19.1% | 20.3% | 23.9% | |||||||||||||||||||
100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||||||||||||||||
(Some amounts may not reconcile due to rounding.)
Financial Supplement
Page 8 of 12
EVEREST RE GROUP, LTD.
Supplemental Investment Portfolio Analysis (Dollars in thousands)
(unaudited)
INVESTMENTS AND CASH | |||||||||||||||||
At December 31, 2020 | At December 31, 2019 | ||||||||||||||||
Cost/ | |||||||||||||||||
Amortized Cost | Pre-tax | Pre-tax | |||||||||||||||
Less Allowances | Unrealized | Cost/ | Unrealized | ||||||||||||||
Investments and cash: | Market Value | for Credit losses | Gains/(Losses) | Market Value | Amortized Cost | Gains/(Losses) | |||||||||||
Fixed maturities-available for sale, at market value | $ | 20,040,173 | $ | 19,223,322 | $ | 816,851 | $ | 16,824,944 | $ | 16,473,491 | $ | 351,453 | |||||
Fixed maturities-available for sale, at fair value | - | - | - | 5,826 | 5,826 | - | |||||||||||
Equity securities, at fair value | 1,472,236 | 1,472,236 | - | 931,457 | 931,457 | - | |||||||||||
Other invested assets | 2,012,581 | 2,012,581 | - | 1,763,531 | 1,763,531 | - | |||||||||||
Short-term investments | 1,134,950 | 1,135,088 | (138) | 414,706 | 414,639 | 67 | |||||||||||
Cash | 801,651 | 801,651 | - | 808,036 | 808,036 | - | |||||||||||
Total | $ | 25,461,591 | $ | 24,644,878 | $ | 816,713 | $ | 20,748,500 | $ | 20,396,980 | $ | 351,520 | |||||
FIXED INCOME AND CASH | |||||||||||||||||
Fixed income investments and cash: | Market Value | % of Total | Market Value | % of Total | |||||||||||||
Fixed maturities-available for sale, at market value | $ | 20,040,173 | 91.2% | $ | 16,824,944 | 93.2% | |||||||||||
Fixed maturities-available for sale, at fair value | - | 0.0% | 5,826 | 0.0% | |||||||||||||
Short-term investments | 1,134,950 | 5.2% | 414,706 | 2.3% | |||||||||||||
Cash | 801,651 | 3.6% | 808,036 | 4.5% | |||||||||||||
Total | $ | 21,976,774 | 100.0% | $ | 18,053,512 | 100.0% | |||||||||||
Pre-tax | Pre-tax | ||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Investment Sectors: | Market Value | % of Total | Gains/(Losses) | Market Value | % of Total | Gains/(Losses) | |||||||||||
Treasury | $ | 1,367,106 | 6.2% | $ | 41,950 | $ | 1,515,803 | 8.4% | $ | 26,143 | |||||||
Agency | 16,286 | 0.1% | 41 | 460 | 0.0% | (1) | |||||||||||
Corporate | 7,132,740 | 32.5% | 325,405 | 6,374,486 | 35.2% | 147,286 | |||||||||||
Mortgage-backed securities | |||||||||||||||||
Agency | 2,267,739 | 10.3% | 61,600 | 2,198,581 | 12.2% | 25,482 | |||||||||||
Non-agency residential | 5,194 | 0.0% | 7 | 5,703 | 0.0% | (20) | |||||||||||
Commercial | 990,303 | 4.5% | 74,380 | 844,557 | 4.7% | 29,987 | |||||||||||
Asset-backed securities | 2,565,802 | 11.7% | 24,993 | 897,333 | 5.0% | 4,960 | |||||||||||
Municipal | 577,295 | 2.6% | 33,400 | 536,915 | 3.0% | 29,562 | |||||||||||
Non-US | 5,117,708 | 23.3% | 255,075 | 4,456,932 | 24.7% | 88,054 | |||||||||||
Cash & short-term investments | 1,936,601 | 8.8% | (138) | 1,222,742 | 6.8% | 67 | |||||||||||
Total | $ | 21,976,774 | 100.0% | $ | 816,713 | $ | 18,053,512 | 100.0% | $ | 351,520 | |||||||
Credit Quality: | Market Value | % of Total | Market Value | % of Total | |||||||||||||
AAA | $ | 8,977,069 | 40.7% | $ | 7,702,103 | 42.7% | |||||||||||
AA | 3,022,445 | 13.8% | 2,564,038 | 14.2% | |||||||||||||
A | 5,223,637 | 23.8% | 3,986,809 | 22.1% | |||||||||||||
BBB | 3,339,732 | 15.2% | 2,457,850 | 13.6% | |||||||||||||
BB | 881,890 | 4.0% | 722,406 | 4.0% | |||||||||||||
B | 257,662 | 1.2% | 265,441 | 1.4% | |||||||||||||
Rated Below B | 38,750 | 0.2% | 17,708 | 0.1% | |||||||||||||
Other | 235,589 | 1.1% | 337,157 | 1.9% | |||||||||||||
Total | $ | 21,976,774 | 100.0% | $ | 18,053,512 | 100.0% |
Financial Supplement
Page 9 of 12
EVEREST RE GROUP, LTD.
Supplemental Investment Portfolio Analysis (cont.) (Dollars in thousands)
(unaudited)
FIXED INCOME AND CASH (cont.) | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Unrealized | Unrealized | ||||||||||
Top 20 Largest Corporate Fixed Income Positions: | Market Value | Gain / (Loss) | Top 20 Largest Corporate Fixed Income Positions: | Market Value | Gain / (Loss) | ||||||
Toyota Motor Credit Corporation | $ | 122,747 | $ | 3,918 | Apple Inc. | $ | 126,376 | $ | 1,179 | ||
Apple Inc. | 117,161 | 2,724 | Wells Fargo & Company | 105,306 | 1,268 | ||||||
Goldman Sachs Group Inc. | 103,181 | (1,862) | Toyota Motor Credit Corporation | 104,202 | 3,476 | ||||||
Bank of America Corporation | 95,332 | 6,985 | Citigroup Inc. | 84,783 | 2,261 | ||||||
Citigroup Inc. | 95,030 | 2,357 | Bank of America Corporation | 84,555 | 2,847 | ||||||
Daimler AG | 94,952 | 5,237 | Daimler AG | 83,806 | 2,617 | ||||||
Wells Fargo & Company | 90,629 | 2,456 | BMW Group | 79,707 | 1,358 | ||||||
CPPIB Capital Inc | 85,085 | 5,047 | Lloyds Banking Group plc | 79,510 | 2,243 | ||||||
Caterpillar Financial Services Corporation | 84,638 | 4,638 | International Business Machines Corporation | 71,373 | 965 | ||||||
JPMorgan Chase & Co. | 81,552 | 6,114 | Portfolio Advisors, L.L.C. | 70,649 | - | ||||||
BMW Group | 81,115 | 3,195 | Caterpillar Financial Services Corporation | 69,986 | 4,987 | ||||||
Massachusetts Mutual Life Insurance Company | 77,258 | 5,016 | The Bank of New York Mellon | 69,347 | 3,658 | ||||||
The Royal Bank of Canada | 74,553 | 349 | The Royal Bank of Canada | 69,141 | 81 | ||||||
International Business Machines Corporation | 73,428 | 1,501 | Truist Financial Corporation | 68,957 | 2,028 | ||||||
KfW Group | 72,836 | 1,783 | JPMorgan Chase & Co. | 67,266 | 4,204 | ||||||
European Investment Bank | 72,074 | 4,408 | Goldman Sachs Group Inc. | 66,904 | 546 | ||||||
The Walt Disney Company | 70,803 | 2,480 | Massachusetts Mutual Life Insurance Company | 66,640 | 2,057 | ||||||
Portfolio Advisors, L.L.C. | 70,649 | - | Deere & Company | 65,809 | 918 | ||||||
Deere & Company | 69,810 | 2,479 | Sumitomo Mitsui Financial Group, Inc. | 64,538 | 1,051 | ||||||
The Bank of New York Mellon | 69,107 | 5,192 | The Toronto-Dominion Bank | 64,201 | 1,860 | ||||||
Total | $ | 1,701,940 | $ | 64,017 | Total | $ | 1,563,056 | $ | 39,604 | ||
Financial Supplement
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EVEREST RE GROUP, LTD.
Supplemental Investment Portfolio Analysis (cont.) (Dollars in thousands)
(unaudited)
EQUITIES AT FAIR VALUE | |||||
December 31, 2020 | December 31, 2019 | ||||
Top 20 Largest Individual Equity Positions: | Fair Value | Top 20 Largest Individual Equity Positions: | Fair Value | ||
Houston International Insurance Group | $ | 22,109 | The Westaim Corporation | $ | 12,581 |
Meituan Dianping | 15,800 | Accenture plc | 10,695 | ||
Federal Home Loan Bank | 15,018 | Microsoft Corporation | 8,041 | ||
Microsoft Corporation | 13,149 | Gilead Sciences, Inc. | 7,900 | ||
The Westaim Corporation | 12,033 | Merck & Company, Inc. | 7,883 | ||
Square, Inc. | 11,598 | Philip Morris International, Inc. | 7,575 | ||
Adobe Inc. | 10,836 | Thermo Fisher Scientific Inc. | 7,176 | ||
Idexx Laboratories, Inc. | 10,197 | Reckitt Benckiser Group plc | 7,171 | ||
PayPal Holdings, Inc. | 9,040 | Abbott Laboratories | 6,395 | ||
Accenture plc | 8,982 | Mastercard Incorporated | 6,298 | ||
Reckitt Benckiser Group plc | 8,855 | Danaher Corporation | 6,077 | ||
Thermo Fisher Scientific Inc. | 8,837 | PepsiCo, Inc. | 5,758 | ||
Philip Morris International, Inc. | 8,680 | Adobe Inc. | 5,711 | ||
Mastercard Incorporated | 8,599 | Cigna Corporation | 5,479 | ||
Danaher Corporation | 8,332 | Idexx Laboratories, Inc. | 5,458 | ||
Alphabet Inc. | 8,062 | SAP SE | 5,408 | ||
Abbott Laboratories | 7,883 | Nike, Inc. | 5,356 | ||
Uber Technologies, Inc. | 7,395 | Alphabet Inc. | 5,309 | ||
SVB Financial Group | 7,299 | Visa Inc. | 5,186 | ||
Alexion Pharmaceuticals, Inc. | 7,277 | Marriott International, Inc. | 5,168 | ||
Total | $ | 209,981 | Total | $ | 136,625 |
Financial Supplement
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EVEREST RE GROUP, LTD.
Supplemental Investment Income and Realized Capital Gains (Losses)
(Dollars in thousands)
(unaudited)
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
NET INVESTMENT INCOME | 2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||
Fixed maturities | $ | 542,363 | $ | 520,291 | $ | 134,417 | $ | 136,104 | $ | 133,918 | $ | 137,924 | $ | 136,851 | $ | 130,139 | $ | 126,593 | $ | 126,708 | |||||||||
Equity securities | 18,776 | 19,505 | 7,191 | 4,402 | 3,662 | 3,521 | 7,255 | 4,147 | 4,596 | 3,507 | |||||||||||||||||||
Short-term investments and cash | 5,012 | 17,619 | 656 | 494 | 1,687 | 2,175 | 4,122 | 3,899 | 5,393 | 4,205 | |||||||||||||||||||
Other invested assets | |||||||||||||||||||||||||||||
Limited partnerships | 112,853 | 105,815 | 90,761 | 88,778 | (88,254) | 21,568 | 5,517 | 43,758 | 48,243 | 8,297 | |||||||||||||||||||
Other | 1,699 | 14,117 | 2,990 | 14,742 | (2,962) | (13,071) | 552 | 7,286 | 3,299 | 2,980 | |||||||||||||||||||
Gross investment income before adjustments | 680,703 | 677,347 | 236,015 | 244,520 | 48,051 | 152,117 | 154,297 | 189,229 | 188,124 | 145,697 | |||||||||||||||||||
Funds held interest income (expense) | 12,754 | 13,271 | 1,833 | 684 | 2,021 | 8,216 | 3,556 | 2,325 | 1,422 | 5,968 | |||||||||||||||||||
Future policy benefit reserve income (expense) | (1,237) | (1,380) | (432) | (291) | (303) | (211) | (415) | (372) | (359) | (234) | |||||||||||||||||||
Gross investment income | 692,220 | 689,238 | 237,416 | 244,913 | 49,769 | 160,122 | 157,438 | 191,182 | 189,187 | 151,431 | |||||||||||||||||||
Investment Expenses | 49,755 | 42,099 | 15,067 | 10,680 | 11,686 | 12,322 | 11,361 | 10,124 | 10,159 | 10,455 | |||||||||||||||||||
Net investment income | $ | 642,465 | $ | 647,139 | $ | 222,349 | $ | 234,233 | $ | 38,083 | $ | 147,800 | $ | 146,077 | $ | 181,058 | $ | 179,028 | $ | 140,976 | |||||||||
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
Allocation of net investment income | 2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||
Reinsurance | $ | 458,354 | $ | 458,492 | $ | 164,119 | $ | 163,903 | $ | 26,297 | $ | 104,034 | $ | 97,505 | $ | 130,442 | |||||||||||||
Insurance | 184,111 | 188,647 | 58,230 | 70,330 | 11,786 | 43,766 | 48,572 | 50,616 | |||||||||||||||||||||
Year-to-Date | Quarter-to-Date | ||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||
NET REALIZED CAPITAL GAINS (LOSSES) | 2020 | 2019 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | |||||||||||||||||||
Fixed maturities | $ | (4,878) | $ | 9,289 | $ | 13,847 | $ | 12,963 | $ | 5,284 | $ | (36,972) | $ | 7,664 | $ | (2,023) | $ | 1,295 | $ | 2,353 | |||||||||
Equity securities | 269,498 | 169,348 | 167,776 | 95,356 | 177,968 | (171,602) | 64,012 | (13,200) | 29,047 | 89,489 | |||||||||||||||||||
Other Invested Assets | 1,705 | 6,003 | 1,654 | 1,085 | 1,293 | (2,327) | 3,662 | 2,097 | (152) | 396 | |||||||||||||||||||
Short-term investments | 1,324 | 364 | 109 | 799 | 103 | 313 | 105 | 183 | 82 | (6) | |||||||||||||||||||
Total net realized capital gains (losses) | $ | 267,649 | $ | 185,004 | $ | 183,386 | $ | 110,203 | $ | 184,648 | $ | (210,588) | $ | 75,443 | $ | (12,943) | $ | 30,272 | $ | 92,232 | |||||||||
Financial Supplement
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Everest Re Group Ltd. published this content on 08 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2021 09:52:00 UTC.
