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Everest Re Group Reports Third-Quarter 2009 Earnings

Source: BestWire Services


Posted on 29 Oct 2009

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Everest Re Group, Ltd. reported third quarter 2009 net income of $228.6 million, or $3.75 per diluted common share, compared to a net loss of $233.1 million, or $3.79 per common share, for the third quarter of 2008.

After-tax operating income1, excluding realized capital gains and losses, was $209.4 million, or $3.43 per diluted common share, for the third quarter 2009, compared to after-tax operating income1 of $12.6 million, or $0.20 per common share, for the same period last year.

For the nine months ended September 30, 2009, net income was $609.8 million, or $9.94 per diluted common share, compared to a loss of $2.2 million or $0.04 per common share, for the first nine months of 2008. After-tax operating income, excluding realized capital gains and losses and the gain on the first quarter's debt repurchase, was $571.8 million for the first nine months of 2009, or $9.32 per diluted common share, compared to $383.2 million, or $6.18 per common share, for the same period in 2008.

Commenting on the Company`s results, Chairman and Chief Executive Officer, Joseph V. Taranto said, "We have achieved yet another milestone in Everest's history with shareholders' equity topping more than $6 billion at quarter end.

Book value per share has increased 25%, since the beginning of the year, benefiting from strong earnings and the financial market recovery to date. These results are a testament to the discipline and strength of the organization."


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