Everest Re Group Reports Fourth Quarter and Full Year 2021 Results

25% Growth in Gross Written Premium and a 91.9% Combined Ratio for the Quarter

$431 Million of Net Income for the Quarter and a 14.7% Total Shareholder Return for the Year

Everest Re Group, Ltd. (“Everest” or the “Group”) today reported its fourth quarter and full year 2021 results.

Fourth Quarter 2021 Highlights

  • Year over year gross written premium (“GWP”) growth of 25% for the Group, 26% for Reinsurance and 21% for Insurance
  • Combined ratio of 91.9% for the Group, 91.5% for Reinsurance and 92.8% for Insurance
  • Attritional combined ratios of 87.4% for the Group, 86.4% for the Reinsurance segment and 90.4% for Insurance
  • Pre-tax underwriting income of $228 million including pre-tax catastrophe losses net of reinsurance and reinstatement premiums of $125 million
  • Pre-tax net investment income of $205 million, well balanced between fixed income and limited partnership returns
  • $1.0 billion in 31-year, 3.125% coupon senior notes issued on October 4, 2021

Full Year 2021 Highlights

  • Net income of $1.380 billion representing a total shareholder return of 14.7%
  • Pre-tax net investment income of $1.165 billion, well balanced between fixed income and limited partnership returns
  • Pre-tax underwriting income of $224 million inclusive of pre-tax catastrophe losses net of reinsurance and reinstatement premiums of $1.065 billion
  • $13.0 billion in total 2021 GWP. $9 billion reinsurance and $4 billion insurance
  • Year over year gross written premium (“GWP”) growth of 25% for the Group, 25% for Reinsurance, and 24% for Insurance
  • Attritional combined ratios of 87.6% for the Group, 86.3% for the Reinsurance segment and 91.2% for Insurance.
  • Operating cash flow of $3.8 billion
  • Common share repurchases of $25 million during the quarter and $225 million for the full year 2021

Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:

“2021 was a pivotal year of continued profitable growth and momentum for Everest. We finished the year with a strong quarter and achieved record growth in both our underwriting businesses, drove expanding margins, solid underwriting profitability in an elevated natural catastrophe year, and generated exceptional investment income. These results led to $1.4 billion in net income for the year, and a milestone 14.7% total shareholder return. 2021 demonstrated the strong earnings power of our diversified franchises to create value for our shareholders. With a more profitable book of business coming out of a well-executed January 1 reinsurance renewal season, an expanding global value proposition, a strong balance sheet, and exceptional talent, we enter 2022 well-positioned to deliver on our long-term strategic objectives.”

Summary of Fourth Quarter 2021 Net Income and Other Items

  • Net income of $431 million, equal to $10.94 per diluted share vs. net income of $64 million, equal to $1.59 per diluted share in the fourth quarter 2020
  • Net operating income $359 million, equal to $9.12 per diluted share vs. net operating income (loss) of $(44) million, equal to $(1.12) per share in the fourth quarter 2020
  • Underwriting gain of $228 million including $125 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of Canadian drought losses of $80 million and quad-state tornado losses of $45 million.
  • GAAP combined ratio of 91.9% which includes 4.5 points of catastrophe losses vs. 2.9 points of catastrophe losses in the same period during 2020
  • No change to Covid-19 Pandemic (“Pandemic”) ultimate loss provision of $511 million
  • Operating cashflow for the quarter of $1.04 billion vs $683 million in the same period during 2020.

The following table summarizes the Company’s net income and related financial metrics.

Net income and operating income

Q4

Year to Date

Q4

Year to Date

All values in USD millions except for per share amounts and percentages

2021

2021

2020

2020

Everest Re Group
Net income

430.7

 

1,379.1

 

63.6

 

514.1

 

Net operating income (loss)

359.2

 

1,153.9

 

(44.2

)

300.1

 

 
Net income per diluted common share

10.94

 

34.62

 

1.59

 

12.78

 

Net operating income per diluted common share

9.12

 

28.97

 

(1.12

)

7.46

 

 
Net income annualized return on average equity

17.7

%

14.6

%

2.8

%

5.8

%

Net operating income annualized return on average equity

14.8

%

12.2

%

-2.0

%

3.4

%

 
Period end equity and book value

Q4 2021

Year to Date

Shareholders' equity

10,139.2

 

Book value per share

258.21

 

Change in BVPS adjusted for dividends

8.7

%

Total Shareholder Return ("TSR") - Annualized

14.7

%

 

Notes

1/ Refer to the reconciliation of net income to net operating income found on page 8 of this press release

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Re Group

Q4

Year to Date

Q4

Year to Date

Year on Year Change

All values in USD millions except for percentages

2021

2021

2020

2020

Q4

Year to Date

Gross written premium

3,430.6

 

13,049.8

 

2,750.5

 

10,482.4

 

24.7%

24.5%

Net written premium

3,056.4

 

11,445.5

 

2,449.3

 

9,117.0

 

24.8%

25.5%

 
Loss ratio

64.9

%

71.0

%

82.5

%

75.5

%

(17.6) pts (4.5) pts
Commission and brokerage ratio

21.3

%

21.2

%

21.4

%

21.6

%

(0.1) pts (0.4) pts
Other underwriting expenses

5.7

%

5.6

%

5.2

%

5.8

%

0.5 pts (0.2) pts
Combined ratio

91.9

%

97.8

%

109.1

%

102.9

%

(17.2) pts (5.1) pts
Attritional combined ratio

87.4

%

87.6

%

86.3

%

87.5

%

1.1 pts 0.1 pts
 
Pre-tax net catastrophe losses

125.0

 

1,065.0

 

70.0

 

415.0

 

Pre-tax net covid losses

-

 

-

 

76.1

 

511.1

 

Pre-tax net prior year reserve development

(3.0

)

(9.1

)

400.0

 

401.4

 

 

Notes

1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums

2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Reinsurance Segment – Quarterly Highlights

  • Reinsurance achieved excellent growth in the quarter, up 26% year over year to $2.4 billion. The growth was driven by continued partnership with our core clients and Everest’s position as a preferred reinsurer, accelerated by strong underlying rate movement. Our international operations, notably Europe, lead the growth this quarter as we saw increased demand for casualty and multi-line quota share treaties in those territories.
  • The attritional combined ratio for the quarter of 86.4% reflects the continued strong performance of our portfolio, the successful execution of our strategy to participate in growth and margin improvement in the casualty market, and our continued expense discipline
  • Canada suffered a widespread drought causing one of the largest P&C losses in Canadian history, nearly $6B USD, resulting in an $80 million net catastrophe impact to our reinsurance segment results. Everest is a leading reinsurer in Canada, and we have profitably underwritten the Canadian crop market for years. We view this as an attractive long-term business.
Underwriting information - Reinsurance segment

Q4

Year to Date

Q4

Year to Date

Year on Year Change

All values in USD millions except for percentages

2021

2021

2020

2020

Q4

Year to Date

Gross written premium

2,371.7

 

9,067.3

 

1,878.6

 

7,281.7

 

26.2%

24.5%

Net written premium

2,269.8

 

8,535.6

 

1,793.5

 

6,767.6

 

26.6%

26.1%

 
Loss ratio

64.8

%

71.6

%

86.9

%

76.3

%

(22.1) pts (4.7) pts
Commission and brokerage ratio

24.1

%

23.9

%

23.3

%

24.0

%

0.8 pts (0.1) pts
Other underwriting expenses

2.6

%

2.6

%

2.2

%

2.7

%

0.4 pts (0.1) pts
Combined ratio

91.5

%

98.1

%

112.4

%

103.0

%

(20.9) pts (4.9) pts
Attritional combined ratio

86.4

%

86.3

%

83.9

%

85.2

%

2.5 pts 1.1 pts
 
Pre-tax net catastrophe losses

110.0

 

912.5

 

60.0

 

347.0

 

Pre-tax net covid losses

-

 

-

 

56.1

 

407.1

 

Pre-tax net prior year reserve development

(3.0

)

(7.9

)

400.0

 

396.9

 

 

Notes

1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums

2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Insurance Segment – Quarterly Highlights

  • Everest Insurance delivered strong growth during the fourth quarter of 2021, with the third consecutive quarter of gross written premium above $1.0 billion. This growth was driven primarily by strong new business generation, notably in casualty and professional liability lines. Exposure growth from the economic recovery and continued double digit rate increases also contributed meaningfully to growth in the quarter.
  • Underwriting margins improved year over year with a combined ratio of 92.8% and an attritional combined ratio of 90.4% (the lowest achieved to date). The loss ratio, commission ratio and expense ratio all improved year over year, reflecting disciplined execution and intentional portfolio management
  • Insurance segment catastrophe losses totaled $15 million net of recoveries and reinstatement premiums for the quarter, all from the quad-state tornados.
Underwriting information - Insurance segment

Q4

Year to Date

Q4

Year to Date

Year on Year Change

All values in USD millions except for percentages

2021

2021

2020

2020

Q4

Year to Date

Gross written premium

1,058.9

 

3,982.5

 

871.9

 

3,200.6

 

21.4%

24.4%

Net written premium

786.6

 

2,909.9

 

655.8

 

2,349.4

 

19.9%

23.9%

 
Loss ratio

65.1

%

69.3

%

68.9

%

73.0

%

(3.8) pts (3.7) pts
Commission and brokerage ratio

13.4

%

13.4

%

15.6

%

14.5

%

(2.2) pts (1.1) pts
Other underwriting expenses

14.4

%

14.5

%

14.5

%

15.1

%

(0.1) pts (0.6) pts
Combined ratio

92.8

%

97.1

%

99.0

%

102.6

%

(6.1) pts (5.4) pts
Attritional combined ratio

90.4

%

91.2

%

93.8

%

94.2

%

(3.4) pts (3.0) pts
 
Pre-tax net catastrophe losses

15.0

 

152.5

 

10.0

 

68.0

 

Pre-tax net covid losses

-

 

-

 

20.0

 

104.0

 

Pre-tax net prior year reserve development

-

 

(1.2

)

-

 

4.6

 

 

Notes

1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts catastrophe losses, and reinstatement premiums

2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Investments and Shareholders’ Equity

  • Total invested assets and cash of $29.7 billion at December 31, 2021 reflecting 16.5% growth versus the year end 2020 value of $25.5 billion
  • Shareholders’ equity of $10.1 billion at December 31, 2021 vs. $9.7 billion at year end 2020
  • Book value per diluted share of $258.21 at December 31, 2021 vs. $243.25 at year end 2020
  • Book value per diluted share excluding unrealized gains (losses) on fixed income investments of $252.12 at December 31, 2021 vs. $225.15 at year end 2020
  • Common share dividends declared and paid in the quarter of $1.55 per share equal to $61 million, and $6.20 for the year equal to $247 million
  • Common share repurchases of $25 million during the quarter, representing 96,702 shares at an average price of $259.28 per share. For the full year 2021, common share repurchases of $225 million representing 887,622 shares at an average price of $253.64.
Equity and Book Value per Share

Q4

Year to Date

Q4

Year to Date

All values in USD millions except for per share amounts and percentages

2021

2021

2020

2020

Beginning shareholders' equity

9,978.6

 

9,726.2

 

9,591.3

 

9,132.9

 

Net income

430.7

 

1,379.1

 

63.6

 

514.2

 

Change- unrealized gains (losses) - Fixed inc. investments

(176.8

)

(484.8

)

71.2

 

419.7

 

Dividends to shareholders

(61.0

)

(246.7

)

(61.9

)

(249.1

)

Purchase of treasury shares

(25.1

)

(225.1

)

-

 

(200.0

)

Other

(7.2

)

(9.5

)

62.0

 

108.5

 

Ending shareholders' equity

10,139.2

 

10,139.2

 

9,726.2

 

9,726.2

 

 
Common shares outstanding

39.27

 

39.98

 

Book value per common share outstanding

258.21

 

243.25

 

Less: Unrealized on fixed inc. investments ("URAD")

6.09

 

18.10

 

Book value excl. URAD per common share outstanding

252.12

 

225.15

 

Common share dividends paid - last 12 months

6.20

 

6.20

 

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest Re Group, Ltd.

Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

A conference call discussing the fourth quarter results will be held at 8:00 a.m. Eastern Time on February 10, 2022. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

_______________________________________________

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) as the following reconciliation displays:

Three Months Ended December 31,

Twelve Months Ended December 31,

 
(Dollars in thousands, except per share amounts)

2021

2020

2021

2020

 

(unaudited)

(unaudited)

 

Per Diluted

Per Diluted

Amount

Share

Amount

Share

Amount

Share

Amount

Share

 
Net income (loss)

$

430,707

 

$

10.94

 

$

63,601

 

$

1.59

 

$

1,379,083

$

34.62

$

514,151

 

$

12.78

 

After-tax net realized capital gains (losses)

$

90,306

 

$

2.29

 

$

149,950

 

$

3.74

 

$

201,503

$

5.06

$

217,017

 

$

5.39

 

After-tax net foreign exchange income (expense)

$

(18,819

)

$

(0.48

)

$

(42,165

)

$

(1.05

)

$

23,707

$

0.60

$

(2,932

)

$

(0.07

)

 
After-tax operating income (loss)

$

359,220

 

$

9.12

 

$

(44,184

)

$

(1.12

)

$

1,153,873

$

28.97

$

300,066

 

$

7.46

 

 
(Some amounts may not reconcile due to rounding.)

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 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 Details Follow--

 
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
 
 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(Dollars in thousands, except per share amounts)

2021

2020

2021

2020

(unaudited)

(unaudited)

REVENUES:
Premiums earned

$

2,803,801

 

$

2,396,483

 

$

10,406,441

 

$

8,681,513

 

Net investment income

 

204,625

 

 

222,349

 

 

1,164,892

 

 

642,465

 

Net realized capital gains (losses):
Credit allowances on fixed maturity securities

 

2,242

 

 

17,896

 

 

(27,992

)

 

(1,745

)

Other net realized capital gains (losses)

 

116,912

 

 

165,490

 

 

285,935

 

 

269,394

 

Total net realized capital gains (losses)

 

119,154

 

 

183,386

 

 

257,943

 

 

267,649

 

Other income (expense)

 

(7,203

)

 

(40,819

)

 

36,987

 

 

6,487

 

Total revenues

 

3,120,377

 

 

2,761,399

 

 

11,866,263

 

 

9,598,114

 

 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses

 

1,819,392

 

 

1,976,771

 

 

7,391,253

 

 

6,550,837

 

Commission, brokerage, taxes and fees

 

597,671

 

 

513,080

 

 

2,208,766

 

 

1,873,250

 

Other underwriting expenses

 

158,422

 

 

125,372

 

 

582,647

 

 

511,237

 

Corporate expenses

 

21,464

 

 

11,934

 

 

67,827

 

 

41,118

 

Interest, fees and bond issue cost amortization expense

 

23,364

 

 

14,847

 

 

70,149

 

 

36,323

 

Total claims and expenses

 

2,620,313

 

 

2,642,004

 

 

10,320,642

 

 

9,012,765

 

 
INCOME (LOSS) BEFORE TAXES

 

500,064

 

 

119,395

 

 

1,545,621

 

 

585,349

 

Income tax expense (benefit)

 

69,357

 

 

55,794

 

 

166,538

 

 

71,198

 

 
NET INCOME (LOSS)

$

430,707

 

$

63,601

 

$

1,379,083

 

$

514,151

 

 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

(183,914

)

 

87,375

 

 

(488,378

)

 

423,210

 

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

7,080

 

 

(16,165

)

 

3,616

 

 

(3,476

)

Total URA(D) on securities arising during the period

 

(176,834

)

 

71,210

 

 

(484,762

)

 

419,734

 

 
Foreign currency translation adjustments

 

(33,204

)

 

55,937

 

 

(62,091

)

 

86,327

 

 
Benefit plan actuarial net gain (loss) for the period

 

6,250

 

 

(5,615

)

 

6,250

 

 

(5,615

)

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

11,579

 

 

1,768

 

 

17,228

 

 

6,300

 

Total benefit plan net gain (loss) for the period

 

17,829

 

 

(3,847

)

 

23,478

 

 

685

 

Total other comprehensive income (loss), net of tax

 

(192,209

)

 

123,300

 

 

(523,375

)

 

506,746

 

 
COMPREHENSIVE INCOME (LOSS)

$

238,498

 

$

186,901

 

$

855,708

 

$

1,020,897

 

 
EARNINGS PER COMMON SHARE:
Basic

$

10.95

 

$

1.59

 

$

34.66

 

$

12.81

 

Diluted

 

10.94

 

 

1.59

 

 

34.62

 

 

12.78

 

 
EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
 
 

December 31,

(Dollars and share amounts in thousands, except par value per share)

2021

2020

(unaudited)

ASSETS:
Fixed maturities - available for sale, at market value

$

22,308,272

 

$

20,040,173

 

(amortized cost: 2021, $22,063,592; 2020, $19,225,067, credit allowances: 2021, ($29,738); 2020, ($1,745))
Equity securities, at fair value

 

1,825,908

 

 

1,472,236

 

Short-term investments (cost: 2021, $1,178,386; 2020, $1,135,088)

 

1,178,337

 

 

1,134,950

 

Other invested assets

 

2,919,965

 

 

2,012,581

 

Cash

 

1,440,861

 

 

801,651

 

Total investments and cash

 

29,673,343

 

 

25,461,591

 

Accrued investment income

 

149,105

 

 

141,304

 

Premiums receivable

 

3,293,598

 

 

2,680,562

 

Reinsurance recoverables

 

2,053,354

 

 

1,994,555

 

Funds held by reinsureds

 

868,601

 

 

716,655

 

Deferred acquisition costs

 

872,289

 

 

622,053

 

Prepaid reinsurance premiums

 

515,445

 

 

412,015

 

Income taxes

 

2,381

 

 

17,253

 

Other assets

 

757,167

 

 

665,515

 

TOTAL ASSETS

$

38,185,283

 

$

32,711,503

 

 
LIABILITIES:
Reserve for losses and loss adjustment expenses

 

19,009,486

 

 

16,322,143

 

Future policy benefit reserve

 

35,669

 

 

37,723

 

Unearned premium reserve

 

4,609,634

 

 

3,501,359

 

Funds held under reinsurance treaties

 

18,391

 

 

15,807

 

Other net payable to reinsurers

 

449,723

 

 

294,347

 

Losses in course of payment

 

260,684

 

 

127,971

 

Senior notes

 

2,345,800

 

 

1,376,718

 

Long term notes

 

223,774

 

 

223,674

 

Borrowings from FHLB

 

519,000

 

 

310,000

 

Accrued interest on debt and borrowings

 

17,348

 

 

10,460

 

Unsettled securities payable

 

16,698

 

 

206,693

 

Other liabilities

 

539,896

 

 

558,432

 

Total liabilities

 

28,046,103

 

 

22,985,327

 

 
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50,000 shares authorized;
no shares issued and outstanding

 

-

 

 

-

 

Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,790
and (2020) 69,620 outstanding before treasury shares

 

698

 

 

696

 

Additional paid-in capital

 

2,274,431

 

 

2,245,301

 

Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of $26,781 at 2021 and $80,451 at 2020

 

11,523

 

 

534,899

 

Treasury shares, at cost; 30,524 shares (2021) and 29,636 shares (2020)

 

(3,847,308

)

 

(3,622,172

)

Retained earnings

 

11,699,836

 

 

10,567,452

 

Total shareholders' equity

 

10,139,180

 

 

9,726,176

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

38,185,283

 

$

32,711,503

 

 
EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 

Twelve Months Ended

December 31,

(Dollars in thousands)

2021

2020

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)

$

1,379,083

 

$

514,151

 

Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable

 

(648,735

)

 

(387,123

)

Decrease (increase) in funds held by reinsureds, net

 

(151,028

)

 

(219,321

)

Decrease (increase) in reinsurance recoverables

 

(124,796

)

 

(150,753

)

Decrease (increase) in income taxes

 

68,148

 

 

239,883

 

Decrease (increase) in prepaid reinsurance premiums

 

(127,792

)

 

55,334

 

Increase (decrease) in reserve for losses and loss adjustment expenses

 

2,805,064

 

 

2,631,016

 

Increase (decrease) in future policy benefit reserve

 

(2,054

)

 

(4,869

)

Increase (decrease) in unearned premiums

 

1,145,512

 

 

404,049

 

Increase (decrease) in other net payable to reinsurers

 

185,764

 

 

(24,163

)

Increase (decrease) in losses in course of payment

 

133,700

 

 

74,759

 

Change in equity adjustments in limited partnerships

 

(612,569

)

 

(103,772

)

Distribution of limited partnership income

 

211,367

 

 

122,326

 

Change in other assets and liabilities, net

 

(289,562

)

 

(99,171

)

Non-cash compensation expense

 

43,406

 

 

39,209

 

Amortization of bond premium (accrual of bond discount)

 

75,777

 

 

49,673

 

Net realized capital (gains) losses

 

(257,943

)

 

(267,649

)

Net cash provided by (used in) operating activities

 

3,833,342

 

 

2,873,579

 

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value

 

3,892,918

 

 

2,586,405

 

Proceeds from fixed maturities sold - available for sale, at market value

 

1,915,916

 

 

1,945,867

 

Proceeds from fixed maturities sold - available for sale, at fair value

 

-

 

 

4,907

 

Proceeds from equity securities sold, at fair value

 

990,376

 

 

376,347

 

Distributions from other invested assets

 

257,233

 

 

309,912

 

Cost of fixed maturities acquired - available for sale, at market value

 

(8,825,315

)

 

(7,189,301

)

Cost of equity securities acquired, at fair value

 

(1,097,886

)

 

(637,082

)

Cost of other invested assets acquired

 

(756,560

)

 

(557,473

)

Net change in short-term investments

 

(42,630

)

 

(717,527

)

Net change in unsettled securities transactions

 

(203,016

)

 

194,574

 

Net cash provided by (used in) investing activities

 

(3,868,964

)

 

(3,683,371

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period for share-based compensation, net of expense

 

(14,275

)

 

(13,566

)

Purchase of treasury shares

 

(225,136

)

 

(200,020

)

Dividends paid to shareholders

 

(246,699

)

 

(249,056

)

Proceeds from issuance of senior notes

 

968,357

 

 

979,417

 

Cost of debt repurchase

 

-

 

 

(10,647

)

Net FHLB borrowings (repayments)

 

209,000

 

 

310,000

 

Cost of shares withheld on settlements of share-based compensation awards

 

(17,054

)

 

(15,908

)

Net cash provided by (used in) financing activities

 

674,193

 

 

800,220

 

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

639

 

 

3,187

 

 
Net increase (decrease) in cash

 

639,210

 

 

(6,385

)

Cash, beginning of period

 

801,651

 

 

808,036

 

Cash, end of period

$

1,440,861

 

$

801,651

 

 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)

$

98,030

 

$

(169,748

)

Interest paid

 

62,369

 

 

33,570

 

 

Contacts

Media: Dawn Lauer

Chief Communications Officer

Everest Global Services, Inc.

908.300.7670

Investors: Jon Levenson

Head of Investor Relations

Everest Global Services, Inc.

908.604.3169

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