Reports Q3 revenue $3.51B, consensus $3.83B. “Everest’s third quarter performance was excellent. We delivered outstanding returns including a near 20% operating return on equity and an annualized 25% total shareholder return,” said Everest President & CEO Juan C. Andrade. “We are leaning into the hard reinsurance market, where favorable conditions and the global flight to quality persist. As a lead market and preferred partner, we are well-positioned for the upcoming January renewals. We continue to expand our global reinsurance portfolio at significantly improved risk adjusted returns. In addition, our primary insurance business continues to generate strong and consistent underwriting income, with a significant year-over-year improvement. Supporting the strong underwriting performance of our two businesses, our high-quality investment portfolio continues to deliver outstanding returns, generating over $400 million in net investment income in the quarter, and over $1 billion year-to-date. We have significant momentum heading into the final quarter of the year, with strong tailwinds and exceptional talent powering our disciplined execution and industry-leading shareholder returns.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on EG:
- Chubb, Metlife among picks for insurance stock rally, Barron’s says
- Everest Group price target raised to $449 from $429 at Jefferies
- Everest Group added to Q4 2023 Tactical Ideas List at Wells Fargo
- Everest Group raises quarterly dividend to $1.75 from $1.65 per share
- 3 Best Stocks to Buy Now, 9/8/2023, According to Top Analysts