Q2 2024 Everest Group Ltd Earnings Call Transcript
Key Points
- Everest Group Ltd (EG) reported a strong second quarter with an annualized total shareholder return and operating return on equity of 20%.
- The company achieved a 13% growth in gross written premiums in constant dollars, excluding reinstatement premiums.
- The reinsurance business delivered excellent results with underwriting profits exceeding $300 million and a 17% growth in business on a constant dollar basis.
- The investment portfolio performed well, generating over $0.5 billion in net investment income for the quarter.
- The international insurance business is gaining traction with strong growth and attractive loss ratios, contributing positively to the overall portfolio mix.
- The insurance division's target combined ratio of 90% to 92% has been pushed to 2025, indicating slower-than-expected progress.
- The company faced $135 million in pre-tax catastrophe losses, impacting the combined ratio.
- Casualty premiums were slightly down due to cautious underwriting in lines not meeting standards.
- The expense ratio in the insurance segment increased due to investments in global expansion and regulatory delays.
- The company shed over $300 million in casualty renewal premiums due to unfavorable market conditions.
Good day and welcome to Everest Group Limited's second quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Matthew Rohrmann, Senior Vice President and Head of Investor Relations. Please go ahead, sir.
Good morning, everyone, and welcome to Everest Group Limited second quarter of 2024 earnings conference call. The Everest executives leading today's call are Juan Andrade, President and CEO; and Mark Kociancic, Executive Vice President and CFO. We are also joined by other members of the Everest management team.
Before we begin, I'll preface the comments by noting that today's call will include forward-looking statements. Actual results may differ materially. Management comments regarding estimates, projections and similar are subject to the risks, uncertainties and assumptions as noted in Everest's SEC filings. Management may also refer to certain non-GAAP financial measures. These
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