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Everest Re reports 36% increase in Q2 2013 net income EPS

Bermuda-based reinsurer Everest Re Group has posted a net income of $275.6m for the second quarter ended 30 June 2013, compared to $214.6m for the same period last year.

Revenues were $1.35bn for the second quarter of 2013, compared to $1.18bn for the same period last year.

After-tax operating income, excluding realized capital gains and losses, was $253.2m for the second quarter of 2013, compared to $223m for the same period last year.

During the quarter, the company’s gross written premiums grew 39% to $1.26bn, mainly driven by one large Florida quota share reinsurance contract.

For the six months ended on 30 June 2013, the company posted net income of $660m, compared to $519.3m for the same period last year.

Everest Re Group chairman and CEO Joseph Taranto said that through six months, the company’s annualised net income return on shareholders’ equity is 21%.

"We returned $500m to shareholders through share repurchases and dividends and grew book value per share, adjusted for dividends, by 5% despite falling bond prices and catastrophes," Taranto added.