0001095073-22-000009.txt : 20220427 0001095073-22-000009.hdr.sgml : 20220427 20220427163200 ACCESSION NUMBER: 0001095073-22-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220427 DATE AS OF CHANGE: 20220427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVEREST RE GROUP LTD CENTRAL INDEX KEY: 0001095073 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 980365432 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15731 FILM NUMBER: 22860165 BUSINESS ADDRESS: STREET 1: SEON PLACE, 4TH FLOOR STREET 2: 141 FRONT STREET CITY: HAMILTON STATE: D0 ZIP: HM 19 BUSINESS PHONE: 4412950006 MAIL ADDRESS: STREET 1: C/O REINSURANCE HOLDINGS INC STREET 2: 477 MARTINSVILLE RD PO BOX 830 CITY: LIBERTY CORNER STATE: NJ ZIP: 07938 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST REINSURANCE GROUP LTD DATE OF NAME CHANGE: 19990915 8-K 1 re-20220209.htm EARNINGS RELEASE 1Q22
FALSE0001095073 0001095073 2022-04-27 2022-04-27

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

April 27, 2022

 

 

Everest Re Group, Ltd.

 

(Exact name of registrant as specified in its charter)

Bermuda

1-15731

98-0365432

 

 

 

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

 

 

 

Seon Place – 4th Floor

141 Front Street

PO Box HM 845

HamiltonHM 19, Bermuda

Not Applicable

 

 

 

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code 441-295-0006

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Class

 

Trading Symbol(s)

 

Name of Exchange where registered

Common Shares, $0.01 par value

 

RE

 

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. ☐

 

 

ITEM 2.02

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

On April 27, 2022, the registrant issued a news release announcing its first quarter 2022 results. A copy of that news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

 

The news release furnished herewith contains information regarding the registrant’s operating income (loss). Operating income (loss) differs from net income (loss) attributable to Everest Re Group, the most directly comparable generally accepted accounting principle financial measure, by the exclusion of net gains (losses) on investments and net foreign exchange income (expense). Management believes that presentation of operating income (loss) provides useful information to investors because it more accurately measures and predicts the registrant’s results of operations by removing the variability arising from both the management of the registrant’s investment portfolio and the fluctuations of foreign currency exchange rates. In addition, management, analysts and investors use operating income (loss) to evaluate the financial performance of the registrant and the insurance industry in general.

 

In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.

 



ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

 

(c)

 

Exhibits

 

 

 

 

 

 

 

Exhibit No.

Description

 

 

 

 

 

 

99.1

News Release of the registrant,

 

 

 

dated April 27, 2022

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

EVEREST RE GROUP, LTD.

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/S/ ROBERT J. FREILING

 

 

Robert J. Freiling

 

 

Senior Vice President and

Chief Accounting Officer

 

 

 

 

 

Dated: April 27, 2022

 

 

EXHIBIT INDEX

 

 

 

Exhibit

 

 

 

Number

 

Description of Document

Page No.

 

 

 

 

99.1

 

News Release of registrant,

 

 

 

dated April 27, 2022

5

 

 

 

 

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document

 

 

 

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NEWS RELEASE 

 

EVEREST RE GROUP, LTD.

Seon Place, 141 Front Street, 4th Floor, Hamilton HM 19, Bermuda

 

Contacts

Media: Dawn Lauer                                                                           Investors: Jon Levenson 

Chief Communications Officer                                                          Head of Investor Relations 

Everest Global Services,  Inc.                                                              Everest Global Services, Inc.

908.300.7670                                                                                    908.604.3169

 

                                                                                                                                                              

Everest Re Group Reports First Quarter 2022 Results

$406 Million of Net Operating Income and $298 Million of Net Income

$3.2 Billion in Gross Written Premium and a 91.6% Combined Ratio

 

HAMILTON, Bermuda -- (BUSINESS WIRE) – April 27, 2022 – Everest Re Group, Ltd. (“Everest” or the “Group”) today reported its first quarter 2022 results.

 

First Quarter 2022 Highlights

  • $406 Million of Net Operating Income and 16.2% annualized Operating ROE and Net Income of $298 Million
  • Year over year gross written premium (“GWP”) growth of 9% for the Group, 6% for Reinsurance and 15% for Insurance
  • Combined ratios of 91.6% for the Group, 91.4% for Reinsurance and 91.9% for Insurance
  • Attritional combined ratios of 87.4% for the Group, 86.2% for Reinsurance and 90.9% for Insurance
  • Pre-tax underwriting income of $235 million including $115 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of Australian flood losses, European storms, and March 2022 events in the United States
  • Pre-tax net investment income of $243 million, well balanced between fixed income and alternative investments

 

 

 

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

 

“Everest is off to a strong start in 2022 with first quarter results that reflect our relentless focus on profitability and margin expansion. Excellent performance across our underwriting businesses, as well as investments, contributed to $406 million in net operating income and a 16.2% annualized operating return on equity. Our discipline, strength and resilience stand out in the increasingly volatile external environment, which is compounded by a web of macroeconomic, geopolitical and societal issues. As underwriters, the protection and stability we provide has never been more important, and we continue to be a source of strength in the face of global uncertainty.”

 

Summary of First Quarter 2022 Net Income and Other Items

  • Net income of $298 million, equal to $7.56 per diluted share vs. first quarter 2021 net income of $342 million, equal to $8.52 per diluted share
  • Net operating income of $406 million, equal to $10.31 per diluted share vs. first quarter 2021 net operating income of $260 million, equal to $6.49 per diluted share
  • GAAP combined ratio of 91.6% including 4.1 points of catastrophe losses vs. the first quarter 2021 figures of 98.1% including 11.3 points of catastrophe losses
  • Covid-19 Pandemic (“Pandemic”) ultimate loss estimate remains at $511 million
  • Operating cashflow for the quarter of $846 million vs. the first quarter 2021 figure of $904 million
  • Everest has limited exposure related to the Russian invasion of the Ukraine.  Given the ongoing nature of the war and the high degree of uncertainty around both exposure and coverage, no loss provision is being established at this time.

 

 

 

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

 

 

 

 

 

 

 

Net income and operating income

Q1

Year to Date

 

Q1

Year to Date

All values in USD millions except for per share amounts

2022

2022

 

2021

2021

Everest Re Group

 

 

 

 

 

Net income

297.8

297.8

 

341.9

341.9

Net operating income (loss)

405.8

405.8

 

260.2

260.2

 

 

 

 

 

 

Net income per diluted common share

7.56

7.56

 

8.52

8.52

Net operating income per diluted common share

10.31

10.31

 

6.49

6.49

 

 

 

 

 

 

Net income annualized return on average equity

11.9%

11.9%

 

15.0%

15.0%

Net operating income annualized return on average equity

16.2%

16.2%

 

11.4%

11.4%

 

 

 

 

 

 

Period end equity and book value

 Q1 2022

Year to Date

 

 

 

Shareholders' equity

9,527.6

 

 

 

 

Book value per share

241.52

 

 

 

 

Change in BVPS adjusted for dividends

 

-5.9%

 

 

 

Total Shareholder Return ("TSR") - Annualized

 

8.6%

 

 

 

Notes

 

 

 

 

 

1/ Refer to the reconciliation of net income to net operating income found on page 7 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

Q1

Year to Date

 

Q1

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q1

Year to Date

Gross written premium

3,186.4

3,186.4

 

2,931.4

2,931.4

 

8.7%

8.7%

Net written premium

2,812.0

2,812.0

 

2,553.9

2,553.9

 

10.1%

10.1%

 

 

 

 

 

 

 

 

 

Loss ratio

64.1%

64.1%

 

71.7%

71.7%

 

 (7.6) pts

 (7.6) pts

Commission and brokerage ratio

21.7%

21.7%

 

20.5%

20.5%

 

 1.2 pts

 1.2 pts

Other underwriting expenses

5.8%

5.8%

 

5.9%

5.9%

 

 (0.1) pts

 (0.1) pts

Combined ratio

91.6%

91.6%

 

98.1%

98.1%

 

 (6.5) pts

 (6.5) pts

Attritional combined ratio

87.4%

87.4%

 

87.3%

87.3%

 

 0.1 pts

 0.1 pts

 

 

 

 

 

 

 

 

 

Pre-tax net catastrophe losses

115.0

115.0

 

260.0

260.0

 

 

 

Pre-tax net covid losses

-

-

 

-

-

 

 

 

Pre-tax net prior year reserve development

(0.9)

(0.9)

 

(1.8)

(1.8)

 

 

 

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

  • Gross written premiums of $2.2 billion for the quarter including a highly successful January 1 renewal where Everest achieved growth in targeted classes notably casualty pro rata and international treaty, while optimizing the property portfolio to reduce catastrophe volatility and maximize returns
  • Improved risk-adjusted profitability of the portfolio driven by targeted underwriting actions, resulting in a 60 basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.9% vs. 59.5%) and an overall combined ratio of 91.4%
  • Continued expense discipline resulting in an operating expense ratio for the quarter of 2.4%

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting information - Reinsurance segment

Q1

Year to Date

 

Q1

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q1

Year to Date

Gross written premium

2,185.6

2,185.6

 

2,059.0

2,059.0

 

6.1%

6.1%

Net written premium

2,081.4

2,081.4

 

1,912.9

1,912.9

 

8.8%

8.8%

 

 

 

 

 

 

 

 

 

Loss ratio

64.1%

64.1%

 

71.6%

71.6%

 

 (7.5) pts

 (7.5) pts

Commission and brokerage ratio

24.9%

24.9%

 

23.0%

23.0%

 

1.9 pts

1.9 pts

Other underwriting expenses

2.4%

2.4%

 

2.9%

2.9%

 

 (0.5) pts

 (0.5) pts

Combined ratio

91.4%

91.4%

 

97.5%

97.5%

 

 (6.1) pts

 (6.1) pts

Attritional combined ratio

86.2%

86.2%

 

85.5%

85.5%

 

 0.7 pts

 0.7 pts

 

 

 

 

 

 

 

 

 

Pre-tax net catastrophe losses

110.0

110.0

 

212.5

212.5

 

 

 

Pre-tax net covid losses

-

-

 

-

-

 

 

 

Pre-tax net prior year reserve development

(1.6)

(1.6)

 

(1.8)

(1.8)

 

 

 

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

 

·         Gross written premiums of $1.0 billion reflecting a 15% increase year over year, driven by balanced and diversified growth across core classes and geographies This growth was offset by intentional underwriting actions to reduce exposure in property CAT and targeted accounts that did not meet our risk adjusted return thresholds. Excluding these actions, growth was 25%

  • Excellent profitability with a 91.9% combined ratio and 90.9% attritional combined ratio (a 1.3 point improvement compared to 1Q 2021)

·         Rate increases remain solid and above loss trend

 

 

 

 

 

 

 

 

 

 

 

Underwriting information - Insurance segment

Q1

Year to Date

 

Q1

Year to Date

 

Year on Year Cgange

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q1

Year to Date

Gross written premium

1,000.7

1,000.7

 

872.4

872.4

 

14.7%

14.7%

Net written premium

730.6

730.6

 

641.0

641.0

 

14.0%

14.0%

 

 

 

 

 

 

 

 

 

Loss ratio

64.1%

64.1%

 

72.0%

72.0%

 

 (7.9) pts

 (7.9) pts

Commission and brokerage ratio

12.5%

12.5%

 

13.2%

13.2%

 

 (0.7) pts

 (0.7) pts

Other underwriting expenses

15.3%

15.3%

 

14.8%

14.8%

 

 0.5 pts

 0.5 pts

Combined ratio

91.9%

91.9%

 

99.9%

99.9%

 

 (8.0) pts

 (8.0) pts

Attritional combined ratio

90.9%

90.9%

 

92.2%

92.2%

 

 (1.3) pts

 (1.3) pts

 

 

 

 

 

 

 

 

 

Pre-tax net catastrophe losses

5.0

5.0

 

47.5

47.5

 

 

 

Pre-tax net covid losses

-

-

 

-

-

 

 

 

Pre-tax net prior year reserve development

0.7

0.7

 

-

-

 

 

 

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 at March 31, 2022

·         Total invested assets and cash of $29.3 billion versus the year end 2021 value of $29.7 billion

·         Shareholders’ equity of $9.5 billion vs. $10.1 billion at year end 2021, largely driven by $811 million of unrealized net losses on fixed income investments

·         Book value per diluted share of $241.52 vs. $258.21 at year end 2021

·         Book value per diluted share excluding unrealized gains (losses) on fixed income investments of $256.01 vs. $252.12 at year end 2021

·         Common share dividends declared and paid in the quarter of $1.55 per share equal to $61 million

 

 

5

·         Common share repurchases of $1.3 million during the quarter, representing 5,000 shares at an average price of $264.42 per share

 

 

 

 

 

 

 

Equity and Book Value per Share

Q1

Year to Date

 

Q1

Year to Date

All values in USD millions except for per share amounts

2022

2022

 

2021

2021

Beginning shareholders' equity

10,139.2

10,139.2

 

9,726.2

9,726.2

Net income

297.8

297.8

 

341.9

341.9

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

(811.0)

(811.0)

 

(292.3)

(292.3)

Dividends to shareholders

(61.1)

(61.1)

 

(62.2)

(62.2)

Purchase of treasury shares

(1.3)

(1.3)

 

(23.5)

(23.5)

Other

(35.9)

(35.9)

 

(7.2)

(7.2)

Ending shareholders' equity

9,527.6

9,527.6

 

9,682.9

9,682.9

 

 

 

 

 

 

Common shares outstanding

 

39.45

 

 

40.08

Book value per common share outstanding

 

241.52

 

 

241.57

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

 

(14.49)

 

 

10.77

Book value excl. URAD per common share outstanding

 

256.01

 

 

230.80

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 the ongoing war in Ukraine, 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.

 

 

6

 

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 results will be held at 8:00 a.m. Eastern Time on April 28, 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 gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Three Months Ended March 31,

(Dollars in thousands, except per share amounts)

2022

 

2021

 

2022

 

2021

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Diluted

 

 

 

Per Diluted

 

 

 

Per Diluted

 

 

 

Per Diluted

 

Amount

 

Share

 

Amount

 

Share

 

Amount

 

Share

 

Amount

 

Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$297,751

 

$7.56

 

$341,862

 

$8.52

 

$297,751

 

$7.56

 

$341,862

 

$8.52

After-tax net gains (losses) on investments

($123,369)

 

($3.14)

 

$30,035

 

$0.75

 

($123,369)

 

($3.14)

 

$30,035

 

$0.75

After-tax net foreign exchange income (expense)

$15,338

 

$0.39

 

$51,618

 

$1.29

 

$15,338

 

$0.39

 

$51,618

 

$1.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

After-tax operating income (loss)

$405,782

 

$10.31

 

$260,209

 

$6.49

 

$405,782

 

$10.31

 

$260,209

 

$6.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process.  The Company believes that the level of net gains (losses) on investments 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

 

 

7

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

 

March 31,

(Dollars in thousands, except per share amounts)

2022

 

2021

 

(unaudited)

REVENUES:

 

 

 

Premiums earned

$2,791,765

 

$2,387,865

Net investment income

242,830

 

260,413

Net gains (losses) on investments:

 

 

 

Credit allowances on fixed maturity securities

(11,853)

 

(6,977)

Gains (losses) from fair value adjustments

(136,860)

 

29,056

Net realized gains (losses) from dispositions

(4,914)

 

16,823

Total net gains (losses) on investments

(153,627)

 

38,902

Other income (expense)

15,363

 

56,593

Total revenues

2,896,331

 

2,743,773

 

 

 

 

CLAIMS AND EXPENSES:

 

 

 

Incurred losses and loss adjustment expenses

1,789,863

 

1,711,419

Commission, brokerage, taxes and fees

605,230

 

489,011

Other underwriting expenses 

161,293

 

142,231

Corporate expenses

14,020

 

12,378

Interest, fees and bond issue cost amortization expense

24,078

 

15,639

Total claims and expenses

2,594,484

 

2,370,678

 

 

 

 

INCOME (LOSS) BEFORE TAXES

301,847

 

373,095

Income tax expense (benefit)

4,096

 

31,233

 

 

 

 

NET INCOME (LOSS)

$297,751

 

$341,862

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

(815,177)

 

(288,615)

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

4,178

 

(3,666)

Total URA(D) on securities arising during the period

(810,999)

 

(292,281)

 

 

 

 

Foreign currency translation adjustments

(34,102)

 

(9,582)

 

 

 

 

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

758

 

2,043

Total benefit plan net gain (loss) for the period

758

 

2,043

Total other comprehensive income (loss), net of tax

(844,343)

 

(299,820)

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

$(546,592)

 

$42,042

 

 

 

 

EARNINGS PER COMMON SHARE:

 

 

 

Basic

$7.57

 

$8.53

Diluted

7.56

 

8.52

 

EVEREST RE GROUP, LTD.

 

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

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

2022

 

2021

 

(unaudited)

 

 

ASSETS:

 

 

 

Fixed maturities - available for sale

$21,998,415

 

$22,308,272

(amortized cost: 2022, $22,693,029; 2021, $22,063,592, credit allowances: 2022, ($41,591); 2021, ($29,738))

 

 

 

Equity securities, at fair value

1,780,526

 

1,825,908

Short-term investments (cost: 2022, $823,889; 2021, $1,178,386)

823,875

 

1,178,337

Other invested assets

2,917,039

 

2,919,965

Cash

1,778,218

 

1,440,861

Total investments and cash

29,298,073

 

29,673,343

Accrued investment income

156,997

 

149,105

Premiums receivable

3,264,023

 

3,293,598

Reinsurance recoverables

2,101,641

 

2,053,354

Funds held by reinsureds

920,054

 

868,601

Deferred acquisition costs

842,739

 

872,289

Prepaid reinsurance premiums

496,632

 

515,445

Income taxes

117,609

 

2,381

Other assets

789,014

 

757,167

TOTAL ASSETS

$37,986,782

 

$38,185,283

 

 

 

 

LIABILITIES:

 

 

 

Reserve for losses and loss adjustment expenses

19,495,637

 

19,009,486

Future policy benefit reserve

34,523

 

35,669

Unearned premium reserve

4,571,705

 

4,609,634

Funds held under reinsurance treaties

4,732

 

18,391

Other net payable to reinsurers

464,000

 

449,723

Losses in course of payment

133,888

 

260,684

Senior notes

2,346,147

 

2,345,800

Long term notes

223,799

 

223,774

Borrowings from FHLB

519,000

 

519,000

Accrued interest on debt and borrowings

38,843

 

17,348

Unsettled securities payable

67,698

 

16,698

Other liabilities

559,181

 

539,896

Total liabilities

28,459,153

 

28,046,103

 

 

 

 

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; (2022) 69,977

 

 

 

and (2021) 69,790 outstanding before treasury shares

700

 

698

Additional paid-in capital

2,271,890

 

2,274,431

Accumulated other comprehensive income (loss), net of deferred income tax expense

 

 

 

(benefit) of ($89,926) at 2022 and $26,781 at 2021

(832,820)

 

11,523

Treasury shares, at cost; 30,529 (2022) and 30,524 shares (2021)

(3,848,630)

 

(3,847,308)

Retained earnings

11,936,489

 

11,699,836

Total shareholders' equity

9,527,629

 

10,139,180

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$37,986,782

 

$38,185,283

EVEREST RE GROUP, LTD.

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

2021

 

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income (loss)

$297,751

 

$341,862

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Decrease (increase) in premiums receivable

(14,203)

 

(105,460)

Decrease (increase) in funds held by reinsureds, net

(67,033)

 

(25,584)

Decrease (increase) in reinsurance recoverables

(125,881)

 

(14,518)

Decrease (increase) in income taxes

1,251

 

24,908

Decrease (increase) in prepaid reinsurance premiums

(7,167)

 

(27,071)

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

632,398

 

655,070

Increase (decrease) in future policy benefit reserve

(1,146)

 

(162)

Increase (decrease) in unearned premiums

4,045

 

196,631

Increase (decrease) in other net payable to reinsurers

46,310

 

105,390

Increase (decrease) in losses in course of payment

(125,074)

 

11,980

Change in equity adjustments in limited partnerships

(97,831)

 

(116,767)

Distribution of limited partnership income

71,174

 

18,125

Change in other assets and liabilities, net

47,052

 

(149,480)

Non-cash compensation expense

11,912

 

11,021

Amortization of bond premium (accrual of bond discount)

19,254

 

17,323

Net (gains) losses on investments

153,627

 

(38,902)

Net cash provided by (used in) operating activities

846,439

 

904,366

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Proceeds from fixed maturities matured/called - available for sale

849,019

 

818,352

Proceeds from fixed maturities sold - available for sale

418,988

 

228,278

Proceeds from equity securities sold, at fair value

90,101

 

281,313

Proceeds from distributions and sales of other invested assets

162,719

 

52,211

Cost of fixed maturities acquired - available for sale

(2,010,859)

 

(1,776,730)

Cost of equity securities acquired, at fair value

(195,026)

 

(174,981)

Cost of other invested assets acquired

(137,430)

 

(98,939)

Net change in short-term investments

354,761

 

308,585

Net change in unsettled securities transactions

46,399

 

(93,610)

Net cash provided by (used in) investing activities

(421,328)

 

(455,521)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Common shares issued during the period for share-based compensation, net of expense

(14,450)

 

(10,583)

Purchase of treasury shares

(1,322)

 

(23,545)

Dividends paid to shareholders

(61,097)

 

(62,229)

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

(16,692)

 

(12,507)

Net cash provided by (used in) financing activities

(93,561)

 

(108,864)

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH

5,807

 

(8,972)

 

 

 

 

Net increase (decrease) in cash

337,357

 

331,009

Cash, beginning of period

1,440,861

 

801,651

Cash, end of period

$1,778,218

 

$1,132,660

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

Income taxes paid (recovered)

$2,681

 

$6,417

Interest paid

$2,210

 

$1,880

 

 

11

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Document And Entity Information
Apr. 27, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 27, 2022
Entity File Number 1-15731
Entity Registrant Name Everest Re Group, Ltd.
Entity Central Index Key 0001095073
Entity Incorporation State Country Code D0
Entity Tax Identification Number 98-0365432
Entity Address Address Line 1 Seon Place – 4th Floor
Entity Address Address Line 2 141 Front Street
Entity Address Address Line 3 PO Box HM 845
Entity Address City Or Town Hamilton
Entity Address Postal Zip Code HM 19
Entity Address Country BM
City Area Code 441
Local Phone Number 295-0006
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Security 12b Title Common Shares, $0.01 par value
Trading Symbol RE
Security Exchange Name NYSE
XML 9 re-20220209_htm.xml IDEA: XBRL DOCUMENT 0001095073 2022-04-27 2022-04-27 false 0001095073 8-K 2022-04-27 Everest Re Group, Ltd. 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