Everest Re back in profit

Everest Re turned in Q3 profit of $228.6m from a loss of $233.1m the previous year, beating analysts’ predictions..

Financial highlights (2008 in brackets) – 000’s

• Premiums earned $975,380 ($931,859)
• Total revenues $1,156,508 ($809,672)
• Total claims and expenses $882,817 ($1,091,843)
• Income/loss before taxes $273,691 (-$282,171)
• Net income/loss $228,618 (-$233,127)
• After-tax operating income $209,364 ($12,607)
• Combined ratio 88.7% (115.0%)

Chairman and chief executive officer, Joseph Taranto said: “We have achieved yet another milestone in Everest’s history with shareholders’ equity topping more than $6bn at quarter end.

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