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MarketScreener Homepage  >  Equities  >  Nyse  >  Everest Re Group, Ltd.    RE   BMG3223R1088

EVEREST RE GROUP, LTD.

(RE)
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Third Quarter 2020: Financial Supplement

10/29/2020 | 04:30pm EST

Everest Re Group, Ltd.

Financial Supplement

September 30, 2020

EVEREST RE GROUP, LTD.

Supplemental GAAP Financial Information (Dollars in thousands, except per share amounts) (unaudited)

Year-to-Date

Quarter-to-Date

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

PRODUCTION INFORMATION:

Gross written premiums

$

7,731,813

$

6,697,037

$

9,133,364

$

2,791,604

$

2,369,338

$

2,570,871

$

2,436,327

$

2,403,274

$

2,166,655

$

2,127,108

$

2,278,361

Net written premiums

6,667,637

5,704,238

7,824,424

2,448,680

2,017,478

2,201,479

2,120,186

2,068,557

1,783,983

1,851,698

2,057,071

Net premiums earned

6,285,030

5,455,615

7,403,686

2,205,811

2,042,405

2,036,814

1,948,071

1,905,619

1,817,299

1,732,697

1,850,975

INVESTMENT INCOME:

Pre-tax investment income

$

420,116

$

501,062

$

647,139

$

234,233

$

38,083

$

147,800

$

146,077

$

181,058

$

179,028

$

140,976

$

140,204

Effective tax rate

12.2%

11.6%

11.7%

12.2%

19.3%

10.5%

12.1%

10.8%

9.8%

14.9%

12.1%

After-tax investment income

$

368,674

$

442,853

$

571,323

$

205,645

$

30,749

$

132,280

$

128,470

$

161,420

$

161,436

$

119,997

$

123,220

Net pre-tax yield - amortized cost

2.7%

3.5%

3.3%

4.3%

0.7%

2.9%

2.9%

3.7%

3.7%

3.0%

3.0%

Net after-tax yield - amortized cost

2.3%

3.1%

2.9%

3.8%

0.6%

2.6%

2.6%

3.3%

3.4%

2.6%

2.6%

CATASTROPHE INFORMATION:

Net pre-tax catastrophe losses (1)

$

345,000

$

335,000

$

550,000

$

300,000

$

15,000

$

30,000

$

215,000

$

280,000

$

30,000

$

25,000

$

875,000

After-tax effect of catastrophe losses

on earnings per basic common share (1)

(6.79)

(6.57)

(10.83)

(5.96)

(0.29)

(0.58)

(4.25)

(5.49)

(0.55)

(0.53)

(17.28)

After-tax effect of catastrophe losses

on earnings per diluted common share (1)

(6.78)

(6.55)

(10.79)

(5.95)

(0.29)

(0.57)

(4.24)

(5.49)

(0.55)

(0.53)

(17.28)

EFFECTIVE TAX RATE ON:

Net income (loss)

3.3%

10.0%

8.1%

10.8%

19.5%

-138.1%

0.7%

-12.2%

10.6%

14.5%

-45.4%

Net realized capital gains (losses)

20.4%

18.1%

18.5%

19.3%

18.5%

-18.2%

19.1%

-21.6%

14.1%

19.9%

-16.7%

Foreign exchange income (expense)

-3.6%

-11.1%

3.0%

6.9%

-3.7%

-19.5%

17.2%

-8.4%

-22.9%

469.7%

-27.0%

Operating income

-0.1%

9.0%

5.9%

3.9%

14.2%

-12.3%

-16.3%

-4.8%

10.9%

12.5%

-54.9%

AFTER-TAX EARNINGS:

Net income (loss)

$

450,549

$

791,817

$

1,009,461

$

243,057

$

190,880

$

16,612

$

217,644

$

104,398

$

332,868

$

354,551

$

(385,313)

Per basic common share

11.20

19.44

24.77

6.08

4.78

0.41

5.34

2.56

8.17

8.70

(9.58)

Per diluted common share

11.18

19.38

24.70

6.07

4.77

0.41

5.32

2.56

8.15

8.67

(9.58)

Net realized capital gains (losses)

67,067

89,756

150,808

88,911

150,519

(172,364)

61,052

(10,143)

25,994

73,905

(143,870)

Per basic common share

1.67

2.20

3.70

2.22

3.76

(4.23)

1.50

(0.25)

0.64

1.81

(3.58)

Per diluted common share

1.66

2.20

3.69

2.22

3.76

(4.22)

1.49

(0.25)

0.64

1.81

(3.58)

Foreign exchange income (expense)

39,233

(39,530)

(13,767)

57,157

(42,528)

24,604

25,763

(23,821)

(13,988)

(1,722)

(5,274)

Per basic common share

0.98

(0.97)

(0.34)

1.43

(1.06)

0.60

0.63

(0.58)

(0.34)

(0.04)

(0.13)

Per diluted common share

0.97

(0.97)

(0.34)

1.43

(1.06)

0.60

0.63

(0.58)

(0.34)

(0.04)

(0.13)

Income (loss) on TCJA Reform Act

-

-

-

-

-

-

-

-

-

-

703

Per basic common share

-

-

-

-

-

-

-

-

-

-

0.02

Per diluted common share

-

-

-

-

-

-

-

-

-

-

0.02

Operating income (2)

344,249

741,592

872,420

96,989

82,889

164,372

130,828

138,362

320,862

282,368

(236,872)

Per basic common share

8.56

18.21

21.41

2.43

2.07

4.04

3.21

3.40

7.88

6.93

(5.89)

Per diluted common share

8.54

18.15

21.34

2.42

2.07

4.03

3.20

3.39

7.85

6.91

(5.89)

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

Basic

39,711

40,289

40,291

39,483

39,449

40,204

40,298

40,287

40,277

40,304

40,233

Diluted

39,790

40,421

40,420

39,557

39,519

40,296

40,418

40,411

40,404

40,445

40,408

(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

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

COMBINED RATIO:

Loss ratio

72.8%

64.4%

66.5%

78.7%

68.9%

70.3%

72.3%

72.0%

60.2%

60.5%

108.1%

Commission and brokerage ratio

21.7%

23.0%

23.0%

20.2%

22.8%

22.0%

23.1%

23.3%

23.2%

22.5%

21.4%

Other underwriting expense ratio

6.1%

5.9%

6.0%

6.3%

5.8%

6.3%

6.1%

6.1%

5.8%

5.7%

4.6%

Combined ratio

100.6%

93.3%

95.5%

105.2%

97.5%

98.6%

101.5%

101.4%

89.2%

88.7%

134.1%

CASH FLOW INFORMATION:

Cash flow provided by operations

$

2,190,608

$

1,486,863

$

1,852,002

$

1,086,022

$

598,597

$

505,989

$

365,139

$

633,352

$

393,709

$

459,802

$

66,440

Paid losses, net

3,058,250

2,957,477

4,503,071

907,859

1,074,073

1,076,318

1,545,594

984,810

1,051,973

920,694

1,257,134

Paid cats, net

505,916

677,965

868,824

150,280

136,298

219,338

190,859

192,664

236,081

249,220

371,448

Paid (recovered) asbestos and

environmental losses, net

21,378

19,871

32,756

6,212

7,880

7,286

12,885

6,951

3,097

9,823

8,670

Taxes paid (recovered)

(169,149)

(80,544)

(148,585)

(180,044)

5,975

4,920

(68,041)

3,451

6,851

(90,846)

2,877

RETURN ON EQUITY:

Beginning of period shareholders' equity

$

9,132,925

$

7,860,797

$

7,860,797

$

9,286,299

$

8,580,944

$

9,132,925

$

8,983,258

$

8,836,817

$

8,389,273

$

7,860,797

$

8,289,045

Net unrealized depreciation (appreciation)

of investments

(304,425)

179,392

179,392

(600,921)

(56,425)

(304,425)

(340,977)

(247,740)

(51,851)

179,392

213,020

Adjusted beginning of period

shareholders' equity

$

8,828,500

$

8,040,189

$

8,040,189

$

8,685,378

$

8,524,519

$

8,828,500

$

8,642,281

$

8,589,077

$

8,337,422

$

8,040,189

$

8,502,065

End of period shareholders' equity

$

9,591,292

$

8,983,258

$

9,132,925

$

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

(652,949)

(340,977)

(304,425)

(652,949)

(600,921)

(56,425)

(304,425)

(340,977)

(247,740)

(51,851)

179,392

Adjusted end of period shareholders' equity

$

8,938,343

$

8,642,281

$

8,828,500

$

8,938,343

$

8,685,378

$

8,524,519

$

8,828,500

$

8,642,281

$

8,589,077

$

8,337,422

$

8,040,189

Average adjusted shareholders' equity

$

8,883,422

$

8,341,235

$

8,434,345

$

8,811,861

$

8,604,949

$

8,676,510

$

8,753,667

$

8,615,679

$

8,463,250

$

8,188,806

$

8,271,127

After-tax operating income (2)

$

344,249

$

741,592

$

872,420

$

96,989

$

82,889

$

164,372

$

130,828

$

138,362

$

320,862

$

282,368

$

(236,872)

After-tax net realized capital gains (losses)

67,067

89,756

150,808

88,911

150,519

(172,364)

61,052

(10,143)

25,994

73,905

(143,870)

After-tax foreign exchange income (expense)

39,233

(39,530)

(13,767)

57,157

(42,528)

24,604

25,763

(23,821)

(13,988)

(1,722)

(5,274)

After-tax TCJA Reform Act income (loss)

-

-

-

-

-

-

-

-

-

-

703

Net income (loss)

$

450,549

$

791,817

$

1,009,461

$

243,057

$

190,880

$

16,612

$

217,643

$

104,398

$

332,868

$

354,551

$

(385,313)

Return on equity (annualized)

After-tax operating income (2)

5.2%

11.9%

10.3%

4.4%

3.9%

7.6%

6.0%

6.4%

15.2%

13.8%

-11.5%

After-tax net realized capital gains (losses)

1.0%

1.4%

1.9%

4.0%

7.0%

-7.9%

2.8%

-0.5%

1.2%

3.6%

-6.9%

After-tax foreign exchange income (expense)

0.6%

-0.6%

-0.2%

2.6%

-2.0%

1.1%

1.2%

-1.1%

-0.7%

-0.1%

-0.3%

After-tax TCJA Reform Act income (loss)

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Net income (loss)

6.8%

12.7%

12.0%

11.0%

8.9%

0.8%

10.0%

4.8%

15.7%

17.3%

-18.6%

(Some amounts may not reconcile due to rounding.)

__________________________________________

  1. Catastrophe losses are net of specific reinsurance and reinstatement premiums.
  2. 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), after-tax net foreign exchange income (expense) and the loss due to the enactment of the Tax Cuts and Jobs Act ("TCJA") of 2017. 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)

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2019

2019

2019

2019

2018

BALANCE SHEET HIGHLIGHTS:

Total investments and cash

$

23,104,678

$

21,601,676

$

20,336,582

$

20,748,500

$

20,364,593

$

19,793,852

$

19,223,944

$

18,433,066

Total assets

30,153,027

28,584,793

27,222,638

27,324,051

27,023,741

26,340,448

25,593,151

24,750,992

Reserve for losses and loss adjustment expenses ("LAE") (gross)

15,233,125

14,276,641

13,820,504

13,611,313

13,637,639

13,249,488

13,247,102

13,119,090

Future policy benefit reserve

40,374

40,659

41,677

42,592

44,276

45,130

46,881

46,778

Senior notes due 6/1/2044

397,164

397,134

397,104

397,074

397,044

397,014

396,984

396,954

Long term notes due 5/1/2067

223,649

223,625

235,083

236,758

236,733

236,709

236,684

236,659

Shareholders' equity

9,591,292

9,286,299

8,580,944

9,132,925

8,983,258

8,836,817

8,389,273

7,860,797

Common shares outstanding

39,967

39,972

39,987

40,799

40,780

40,741

40,771

40,651

Book value per common share outstanding

$

239.98

$

232.32

$

214.59

$

223.85

$

220.28

$

216.90

$

205.77

$

193.37

TOTAL LOSS RESERVES:

Gross reserve for losses and LAE

$

15,233,125

$

14,276,641

$

13,820,504

$

13,611,313

$

13,637,639

$

13,249,488

$

13,247,102

$

13,119,090

Reinsurance receivables on unpaid losses

(1,774,732)

(1,692,947)

(1,651,946)

(1,640,712)

(1,632,687)

(1,636,918)

(1,621,292)

(1,619,641)

Net reserve for losses and LAE

$

13,458,393

$

12,583,694

$

12,168,558

$

11,970,601

$

12,004,952

$

11,612,570

$

11,625,810

$

11,499,449

ASBESTOS AND ENVIRONMENTAL LOSS RESERVES:

Net loss and LAE reserves

$

207,323

$

213,534

$

221,415

$

228,701

$

241,586

$

248,537

$

251,633

$

261,456

Net asbestos 3 year survival ratio

5.3

5.3

5.6

5.7

5.6

5.5

5.2

5.7

END OF PERIOD INVESTMENT PORTFOLIO INFORMATION:

Pre-tax book yield to maturity

3.1%

3.4%

3.4%

3.4%

3.4%

3.4%

3.5%

3.4%

After-tax book yield to maturity

2.7%

2.9%

3.0%

3.0%

3.0%

3.0%

3.1%

3.0%

Modified duration of fixed income portfolio (in years)

3.5

3.7

3.6

3.5

3.2

3.1

3.1

3.0

Average credit quality

Aa3

A1

Aa3

A1

A1

Aa3

Aa3

Aa3

OPERATING LEVERAGE:

Ratio of net written premiums to shareholders' equity

(12 month rolling)

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

0.94 TO 1

Ratio of net loss and LAE reserves to shareholders' equity

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

1.46 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

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Gross written premiums

$

7,731,813

$

6,697,037

$

9,133,364

$

2,791,604

$

2,369,338

$

2,570,871

$

2,436,327

$

2,403,274

$

2,166,655

$

2,127,108

$

2,278,361

Net written premiums

6,667,637

5,704,238

7,824,424

2,448,680

2,017,478

2,201,479

2,120,186

2,068,557

1,783,983

1,851,698

2,057,071

Premiums earned

$

6,285,030

$

5,455,615

$

7,403,686

$

2,205,811

$

2,042,405

$

2,036,814

$

1,948,071

$

1,905,619

$

1,817,299

$

1,732,697

$

1,850,975

Incurred losses and LAE

Attritional - current year

4,217,640

3,239,004

4,440,955

1,427,509

1,386,689

1,403,441

1,201,951

1,128,669

1,085,219

1,025,116

1,112,209

Attritional - prior year

1,426

(74,400)

(93,558)

(1,299)

5,327

(2,601)

(19,158)

(52,245)

(20,589)

(1,566)

(74,153)

Catastrophes

355,000

350,500

575,501

310,000

15,000

30,000

225,001

295,500

30,000

25,000

962,998

Total incurred losses and LAE

4,574,066

3,515,104

4,922,898

1,736,210

1,407,016

1,430,840

1,407,794

1,371,924

1,094,630

1,048,550

2,001,054

Commission and brokerage

1,360,170

1,253,500

1,703,726

445,332

466,316

448,522

450,226

443,076

420,950

389,474

396,588

Other underwriting expenses

385,865

321,976

440,899

138,875

118,130

128,860

118,923

118,158

104,833

98,985

84,216

Underwriting gain (loss)

$

(35,071)

$

365,035

$

336,163

$

(114,606)

$

50,943

$

28,592

$

(28,872)

$

(27,539)

$

196,886

$

195,688

$

(630,883)

Loss ratio

Attritional - current year

67.1%

59.4%

60.0%

64.8%

67.9%

68.9%

61.7%

59.2%

59.6%

59.2%

60.0%

Attritional - prior year

0.1%

-1.4%

-1.3%

-0.1%

0.3%

-0.1%

-1.0%

-2.7%

-1.1%

-0.1%

-4.0%

Catastrophes

5.6%

6.4%

7.8%

14.0%

0.7%

1.5%

11.5%

15.5%

1.7%

1.4%

52.1%

Total loss ratio

72.8%

64.4%

66.5%

78.7%

68.9%

70.3%

72.3%

72.0%

60.2%

60.5%

108.1%

Commission and brokerage ratio

21.7%

23.0%

23.0%

20.2%

22.8%

22.0%

23.1%

23.3%

23.2%

22.5%

21.4%

Other underwriting expenses

6.1%

5.9%

6.0%

6.3%

5.8%

6.3%

6.1%

6.1%

5.8%

5.7%

4.6%

Combined ratio

100.6%

93.3%

95.5%

105.2%

97.5%

98.6%

101.5%

101.4%

89.2%

88.7%

134.1%

Ratios excluding reinstatement premium impact

Attritional loss ratio - current year

67.2%

59.5%

60.2%

65.0%

67.9%

68.9%

62.0%

59.7%

59.6%

59.2%

63.1%

Attritional combined ratio

95.0%

87.7%

88.4%

91.6%

96.5%

97.3%

90.3%

87.1%

88.6%

87.4%

90.4%

(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

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Gross written premiums

$

5,403,080

$

4,678,310

$

6,355,889

$

2,086,961

$

1,538,348

$

1,777,771

$

1,677,579

$

1,736,672

$

1,409,587

$

1,532,051

$

1,695,990

Net written premiums

4,974,034

4,212,952

5,732,272

1,936,851

1,424,089

1,613,094

1,519,320

1,583,713

1,234,686

1,394,553

1,590,365

Premiums earned

$

4,656,733

$

4,072,078

$

5,491,296

$

1,669,257

$

1,502,256

$

1,485,221

$

1,419,218

$

1,420,799

$

1,343,760

$

1,307,519

$

1,432,855

Incurred losses and LAE

Attritional - current year

3,067,495

2,330,472

3,177,518

1,063,847

1,004,886

998,762

847,046

808,007

773,701

748,764

836,345

Attritional - prior year

(3,128)

(74,428)

(77,153)

(1,299)

791

(2,620)

(2,725)

(52,243)

(20,619)

(1,566)

(22,969)

Catastrophes

297,000

349,857

574,813

272,500

-

24,500

224,956

294,857

30,000

25,000

947,152

Total incurred losses and LAE

3,361,367

2,605,901

3,675,178

1,335,048

1,005,677

1,020,642

1,069,277

1,050,621

783,082

772,198

1,760,528

Commission and brokerage

1,130,946

1,039,113

1,400,247

373,251

387,339

370,356

361,134

371,098

345,378

322,637

324,929

Other underwriting expenses

135,170

117,031

160,834

51,333

39,698

44,139

43,803

43,832

37,430

35,769

31,503

Underwriting gain (loss)

$

29,250

$

310,033

$

255,037

$

(90,375)

$

69,542

$

50,084

$

(54,996)

$

(44,752)

$

177,870

$

176,915

$

(684,105)

Loss ratio

Attritional - current year

65.9%

57.2%

57.9%

63.8%

66.9%

67.2%

59.7%

56.9%

57.6%

57.3%

58.4%

Attritional - prior year

-0.1%

-1.8%

-1.4%

-0.1%

0.1%

-0.2%

-0.2%

-3.7%

-1.5%

-0.1%

-1.6%

Catastrophes

6.4%

8.6%

10.5%

16.3%

0.0%

1.7%

15.9%

20.7%

2.2%

1.9%

66.1%

Total loss ratio

72.2%

64.0%

67.0%

80.0%

67.0%

68.7%

75.4%

73.9%

58.3%

59.1%

122.9%

Commission and brokerage ratio

24.3%

25.5%

25.5%

22.3%

25.8%

24.9%

25.4%

26.1%

25.7%

24.7%

22.7%

Other underwriting expense ratio

2.9%

2.9%

2.9%

3.1%

2.6%

3.0%

3.1%

3.1%

2.8%

2.7%

2.1%

Combined ratio

99.4%

92.4%

95.4%

105.4%

95.4%

96.6%

103.9%

103.1%

86.8%

86.5%

147.7%

Ratios excluding reinstatement premium impact

Attritional loss ratio - current year

66.0%

57.5%

58.2%

64.1%

66.9%

67.2%

60.1%

57.6%

57.6%

57.3%

62.2%

Attritional combined ratio

93.3%

84.9%

85.5%

89.7%

95.3%

95.2%

87.4%

84.0%

86.1%

84.7%

88.7%

(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

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Gross Written Premium by Line of Business

Property Pro Rata

$

1,761,097

$

1,431,659

$

1,974,212

$

671,906

$

524,306

$

564,885

$

542,553

$

529,361

$

403,925

$

498,373

$

500,757

Property Non-Catastrophe XOL

363,107

377,387

491,740

154,332

93,206

115,569

114,353

143,099

107,720

126,568

95,542

Property Catastrophe XOL

991,248

878,557

1,137,879

428,791

206,773

355,684

259,322

358,287

220,387

299,883

363,808

Casualty Pro Rata

1,118,138

1,031,037

1,443,324

363,152

360,708

394,278

412,287

375,858

355,057

300,122

398,720

Casualty XOL

720,125

536,434

730,291

289,650

212,458

218,017

193,857

199,447

159,473

177,514

160,379

Financial lines

449,365

423,236

578,443

179,130

140,897

129,338

155,207

130,620

163,025

129,591

176,784

$

5,403,080

4,678,310

$

6,355,889

$

2,086,961

$

1,538,348

$

1,777,771

$

1,677,579

$

1,736,672

$

1,409,587

$

1,532,051

$

1,695,990

Percentage of Gross Written Premium by Line of Business

Property Pro Rata

32.6%

30.6%

31.1%

32.2%

34.1%

31.8%

32.3%

30.5%

28.7%

32.5%

29.5%

Property Non-Catastrophe XOL

6.7%

8.1%

7.7%

7.4%

6.1%

6.5%

6.7%

8.2%

7.6%

8.2%

5.6%

Property Catastrophe XOL

18.4%

18.8%

17.9%

20.5%

13.4%

20.0%

15.5%

20.6%

15.6%

19.6%

21.5%

Casualty Pro Rata

20.7%

22.0%

22.7%

17.4%

23.4%

22.2%

24.6%

21.6%

25.2%

19.6%

23.5%

Casualty XOL

13.3%

11.5%

11.5%

13.9%

13.8%

12.3%

11.6%

11.5%

11.3%

11.6%

9.5%

Financial lines

8.3%

9.0%

9.1%

8.6%

9.2%

7.3%

9.3%

7.5%

11.6%

8.5%

10.4%

100.0%

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

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Gross written premiums

$

2,328,733

$

2,018,727

$

2,777,475

$

704,643

$

830,990

$

793,100

$

758,748

$

666,602

$

757,068

$

595,057

$

582,371

Net written premiums

1,693,603

1,491,286

2,092,152

511,829

593,389

588,385

600,866

484,844

549,297

457,145

466,706

Premiums earned

$

1,628,297

$

1,383,537

$

1,912,390

$

536,554

$

540,149

$

551,593

$

528,853

$

484,820

$

473,539

$

425,178

$

418,120

Incurred losses and LAE

Attritional - current year

1,150,145

908,532

1,263,437

363,662

381,803

404,679

354,905

320,662

311,518

276,352

275,864

Attritional - prior year

4,554

28

(16,405)

-

4,536

19

(16,433)

(2)

30

-

(51,184)

Catastrophes

58,000

643

688

37,500

15,000

5,500

45

643

-

-

15,846

Total incurred losses and LAE

1,212,699

909,203

1,247,720

401,162

401,339

410,198

338,517

321,303

311,548

276,352

240,526

Commission and brokerage

229,224

214,387

303,479

72,081

78,977

78,166

89,092

71,978

75,572

66,837

71,659

Other underwriting expenses

250,695

204,945

280,065

87,542

78,432

84,721

75,120

74,326

67,403

63,216

52,713

Underwriting gain (loss)

$

(64,321)

$

55,002

$

81,126

$

(24,231)

$

(18,599)

$

(21,492)

$

26,124

$

17,213

$

19,016

$

18,773

$

53,222

Loss ratio

Attritional - current year

70.7%

65.7%

66.1%

67.8%

70.7%

73.4%

67.1%

66.1%

65.8%

65.0%

65.9%

Attritional - prior year

0.3%

0.0%

-0.9%

0.0%

0.8%

0.0%

-3.1%

0.0%

0.0%

0.0%

-12.2%

Catastrophes

3.6%

0.1%

0.0%

7.0%

2.8%

1.0%

0.0%

0.1%

0.0%

0.0%

3.8%

Total loss ratio

74.6%

65.8%

65.2%

74.8%

74.3%

74.4%

64.0%

66.2%

65.8%

65.0%

57.5%

Commission and brokerage ratio

14.0%

15.5%

15.9%

13.4%

14.6%

14.2%

16.8%

14.8%

16.0%

15.7%

17.1%

Other underwriting expense ratio

15.4%

14.7%

14.7%

16.3%

14.5%

15.3%

14.3%

15.4%

14.2%

14.9%

12.7%

Combined ratio

104.0%

96.0%

95.8%

104.5%

103.4%

103.9%

95.1%

96.4%

96.0%

95.6%

87.3%

Ratios excluding reinstatement premium impact

Attritional loss ratio - current year

70.6%

65.6%

66.0%

67.8%

70.7%

73.4%

67.1%

65.9%

65.8%

65.0%

65.9%

Attritional combined ratio

100.0%

95.9%

96.5%

97.6%

99.8%

102.9%

98.1%

96.0%

96.0%

95.6%

95.7%

(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

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Gross Written Premium by Line of Business

Accident and Health

$

284,217

$

251,472

$

336,806

$

88,597

$

87,166

$

108,454

$

85,334

$

86,118

$

81,877

$

83,477

$

66,524

Specialty Casualty

721,664

566,654

789,630

235,525

251,237

234,902

235,066

188,560

195,455

170,550

167,132

Other Specialty

118,536

113,278

151,049

36,872

36,289

45,375

33,767

42,497

41,515

33,269

26,326

Professional Liability

366,081

267,829

400,605

113,860

138,514

113,707

124,691

94,533

108,729

72,652

88,011

Property/Short Tail

452,033

395,737

530,585

124,750

203,330

123,953

134,847

127,573

175,625

92,540

91,668

Workers' Compensation

386,202

423,757

568,800

105,039

114,454

166,709

145,043

127,321

153,867

142,569

142,710

$

2,328,733

$

2,018,727

$

2,777,475

$

704,643

$

830,990

$

793,100

$

758,748

$

666,602

$

757,068

$

595,057

$

582,371

Percentage of Gross Written Premium by Line of Business

Accident and Health

12.2%

12.5%

12.1%

12.6%

10.5%

13.7%

11.2%

12.9%

10.8%

14.0%

11.4%

Specialty Casualty

31.0%

28.0%

28.4%

33.4%

30.2%

29.6%

31.0%

28.3%

25.8%

28.7%

28.7%

Other Specialty

5.1%

5.6%

5.4%

5.2%

4.4%

5.7%

4.5%

6.4%

5.5%

5.6%

4.5%

Professional Liability

15.7%

13.3%

14.5%

16.2%

16.7%

14.4%

16.4%

14.2%

14.4%

12.2%

15.1%

Property/Short Tail

19.4%

19.6%

19.1%

17.7%

24.4%

15.6%

17.8%

19.1%

23.2%

15.6%

15.8%

Workers' Compensation

16.6%

21.0%

20.5%

14.9%

13.8%

21.0%

19.1%

19.1%

20.3%

23.9%

24.5%

100.0%

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 September 30, 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

$

17,856,377

$

17,111,773

$

744,604

$

16,824,944

$

16,473,491

$

351,453

Fixed maturities-available for sale, at fair value

3,748

3,748

-

5,826

5,826

-

Equity securities, at fair value

1,173,162

1,173,162

-

931,457

931,457

-

Other invested assets

1,911,757

1,911,757

-

1,763,531

1,763,531

-

Short-term investments

1,220,753

1,221,198

(445)

414,706

414,639

67

Cash

938,881

938,881

-

808,036

808,036

-

Total

$

23,104,678

$

22,360,519

$

744,159

$

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

$

17,856,377

89.2%

$

16,824,944

93.2%

Fixed maturities-available for sale, at fair value

3,748

0.0%

5,826

0.0%

Short-term investments

1,220,753

6.1%

414,706

2.3%

Cash

938,881

4.7%

808,036

4.5%

Total

$

20,019,759

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

$

1,452,003

7.3%

$

64,521

$

1,515,803

8.4%

$

26,143

Agency

5,001

0.0%

(1)

460

0.0%

(1)

Corporate

6,800,348

34.0%

296,697

6,374,486

35.2%

147,286

Mortgage-backed securities

Agency

2,118,653

10.6%

73,816

2,198,581

12.2%

25,482

Non-agency residential

2,520

0.0%

(39)

5,703

0.0%

(20)

Commercial

969,320

4.8%

76,321

844,557

4.7%

29,987

Asset-backed securities

1,338,202

6.7%

11,284

897,333

5.0%

4,960

Municipal

543,283

2.7%

28,496

536,915

3.0%

29,562

Non-US

4,630,795

23.1%

193,509

4,456,932

24.7%

88,054

Cash & short-term investments

2,159,634

10.8%

(445)

1,222,742

6.8%

67

Total

$

20,019,759

100.0%

$

744,159

$

18,053,512

100.0%

$

351,520

Credit Quality:

Market Value

% of Total

Market Value

% of Total

AAA

$

8,644,036

43.2%

$

7,702,103

42.7%

AA

2,612,526

13.0%

2,564,038

14.2%

A

4,588,439

22.9%

3,986,809

22.1%

BBB

2,823,770

14.1%

2,457,850

13.6%

BB

743,214

3.7%

722,406

4.0%

B

230,372

1.2%

265,441

1.4%

Rated Below B

41,046

0.2%

17,708

0.1%

Other

336,356

1.7%

337,157

1.9%

Total

$

20,019,759

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.)

September 30, 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)

Apple Inc.

$

128,251

$

4,537

Apple Inc.

$

126,376

$

1,179

Toyota Motor Credit Corporation

106,553

5,376

Wells Fargo & Company

105,306

1,268

Wells Fargo & Company

102,007

2,772

Toyota Motor Credit Corporation

104,202

3,476

Citigroup Inc.

100,466

3,827

Citigroup Inc.

84,783

2,261

Daimler AG

97,148

4,544

Bank of America Corporation

84,555

2,847

Goldman Sachs Group Inc.

94,107

(164)

Daimler AG

83,806

2,617

Bank of America Corporation

93,434

5,834

BMW Group

79,707

1,358

Caterpillar Financial Services Corporation

83,074

6,831

Lloyds Banking Group plc

79,510

2,243

BMW Group

80,848

2,696

International Business Machines Corporation

71,373

965

JPMorgan Chase & Co.

73,050

6,780

Portfolio Advisors, L.L.C.

70,649

-

International Business Machines Corporation

73,020

2,478

Caterpillar Financial Services Corporation

69,986

4,987

Portfolio Advisors, L.L.C.

70,649

-

The Bank of New York Mellon

69,347

3,658

European Investment Bank

69,544

3,872

The Royal Bank of Canada

69,141

81

The Bank of New York Mellon

69,343

6,959

Truist Financial Corporation

68,957

2,028

Massachusetts Mutual Life Insurance Company

69,179

4,749

JPMorgan Chase & Co.

67,266

4,204

The Walt Disney Company

69,016

3,875

Goldman Sachs Group Inc.

66,904

546

The Royal Bank of Canada

68,594

1,180

Massachusetts Mutual Life Insurance Company

66,640

2,057

CPPIB Capital Inc

66,316

6,219

Deere & Company

65,809

918

Deere & Company

66,173

3,174

Sumitomo Mitsui Financial Group, Inc.

64,538

1,051

The Coca-Cola Company

66,158

4,278

The Toronto-Dominion Bank

64,201

1,860

Total

$

1,646,930

$

79,817

Total

$

1,563,056

$

39,604

Financial Supplement

Page 10 of 12

EVEREST RE GROUP, LTD.

Supplemental Investment Portfolio Analysis (cont.) (Dollars in thousands)

(unaudited)

EQUITIES AT FAIR VALUE

September 30, 2020

December 31, 2019

Top 20 Largest Individual Equity Positions:

Fair Value

Top 20 Largest Individual Equity Positions:

Fair Value

Houston International Insurance Group

$

22,083

The Westaim Corporation

$

12,581

Meituan Dianping

13,531

Accenture plc

10,695

Microsoft Corporation

12,387

Microsoft Corporation

8,041

The Westaim Corporation

10,648

Gilead Sciences, Inc.

7,900

Adobe Inc.

10,626

Merck & Company, Inc.

7,883

Square, Inc.

9,475

Philip Morris International, Inc.

7,575

Reckitt Benckiser Group plc

9,288

Thermo Fisher Scientific Inc.

7,176

Idexx Laboratories, Inc.

9,277

Reckitt Benckiser Group plc

7,171

Thermo Fisher Scientific Inc.

8,931

Abbott Laboratories

6,395

Abbott Laboratories

8,509

Mastercard Incorporated

6,298

Danaher Corporation

8,259

Danaher Corporation

6,077

Accenture plc

8,154

PepsiCo, Inc.

5,758

Mastercard Incorporated

8,147

Adobe Inc.

5,711

PayPal Holdings, Inc.

8,078

Cigna Corporation

5,479

Philip Morris International, Inc.

7,821

Idexx Laboratories, Inc.

5,458

The Procter and Gamble Company

7,615

SAP SE

5,408

NVIDIA Corporation

7,279

Nike, Inc.

5,356

Teladoc Health, Inc.

7,016

Alphabet Inc.

5,309

Alphabet Inc.

6,742

Visa Inc.

5,186

Nike, Inc.

5,789

Marriott International, Inc.

5,168

Total

$

189,655

Total

$

136,625

Financial Supplement

Page 11 of 12

EVEREST RE GROUP, LTD.

Supplemental Investment Income and Realized Capital Gains (Losses)

(Dollars in thousands)

(unaudited)

Year-to-Date

Quarter-to-Date

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

NET INVESTMENT INCOME

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Fixed maturities

$

407,946

$

383,440

$

520,291

$

136,104

$

133,918

$

137,924

$

136,851

$

130,139

$

126,593

$

126,708

$

122,774

Equity securities

11,585

12,250

19,505

4,402

3,662

3,521

7,255

4,147

4,596

3,507

6,448

Short-term investments and cash

4,356

13,497

17,619

494

1,687

2,175

4,122

3,899

5,393

4,205

5,566

Other invested assets

Limited partnerships

22,092

100,298

105,815

88,778

(88,254)

21,568

5,517

43,758

48,243

8,297

9,608

Other

(1,291)

13,565

14,117

14,742

(2,962)

(13,071)

552

7,286

3,299

2,980

6,996

Gross investment income before adjustments

444,688

523,050

677,347

244,520

48,051

152,117

154,297

189,229

188,124

145,697

151,392

Funds held interest income (expense)

10,921

9,715

13,271

684

2,021

8,216

3,556

2,325

1,422

5,968

(272)

Future policy benefit reserve income (expense)

(805)

(965)

(1,380)

(291)

(303)

(211)

(415)

(372)

(359)

(234)

(420)

Gross investment income

454,804

531,800

689,238

244,913

49,769

160,122

157,438

191,182

189,187

151,431

150,700

Investment Expenses

34,688

30,738

42,099

10,680

11,686

12,322

11,361

10,124

10,159

10,455

10,496

Net investment income

$

420,116

$

501,062

$

647,139

$

234,233

$

38,083

$

147,800

$

146,077

$

181,058

$

179,028

$

140,976

$

140,204

Year-to-Date

Quarter-to-Date

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

Allocation of net investment income

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Reinsurance

$

294,234

$

360,987

$

458,492

$

163,903

$

26,297

$

104,034

$

97,505

$

130,442

Insurance

125,882

140,075

188,647

70,330

11,786

43,766

48,572

50,616

Year-to-Date

Quarter-to-Date

September 30,

September 30,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

NET REALIZED CAPITAL GAINS (LOSSES)

2020

2019

2019

2020

2020

2020

2019

2019

2019

2019

2018

Fixed maturities

$

(18,725)

$

1,625

$

9,289

$

12,963

$

5,284

$

(36,972)

$

7,664

$

(2,023)

$

1,295

$

2,353

$

(36,169)

Equity securities

101,722

105,336

169,348

95,356

177,968

(171,602)

64,012

(13,200)

29,047

89,489

(136,957)

Other Invested Assets

51

2,341

6,003

1,085

1,293

(2,327)

3,662

2,097

(152)

396

318

Short-term investments

1,215

259

364

799

103

313

105

183

82

(6)

(7)

Total net realized capital gains (losses)

$

84,263

$

109,561

$

185,004

$

110,203

$

184,648

$

(210,588)

$

75,443

$

(12,943)

$

30,272

$

92,232

$

(172,815)

Financial Supplement

Page 12 of 12

Disclaimer

Everest Re Group Ltd. published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 21:29:05 UTC


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Financials (USD)
Sales 2020 - - -
Net income 2020 647 M - -
Net Debt 2020 - - -
P/E ratio 2020 14,7x
Yield 2020 2,63%
Capitalization 9 455 M 9 455 M -
Capi. / Sales 2020 -
Capi. / Sales 2021 -
Nbr of Employees 1 603
Free-Float 56,4%
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Technical analysis trends EVEREST RE GROUP, LTD.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 264,78 $
Last Close Price 236,58 $
Spread / Highest target 30,2%
Spread / Average Target 11,9%
Spread / Lowest Target -0,67%
EPS Revisions
Managers and Directors
NameTitle
Juan C. Andrade President, Chief Executive Officer & Director
Joseph V. Taranto Chairman
Jim Williamson Chief Operating Officer & Executive Vice President
Mark Kociancic Chief Financial Officer & Executive Vice President
Ralph H. Groce Chief Information Officer & Senior Vice President
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