Earnings stock to watch: Everest Re Group Ltd (NYSE: RE)

Free $100 Forex No-Deposit Bonus

Everest Re Group Ltd (NYSE: RE) stock rose over 0.14% on 11th Feb, 2020 (as of 10:19 am GMT-5 ; Source: Google finance)  after the company posted better than expected results for the fourth quarter of FY 19. The company has reported fourth-quarter net income of $217.6 million, up from a loss of $385.3 million, for the year earlier. Gross written premiums were up 7% in the fourth quarter to $2.4 billion. Reinsurance premiums, excluding the impact of reinstatement premiums, grew 4%, mainly on the back of the growth in treaty casualty. Insurance premiums had risen 30% to $758.7 million, with balanced growth being generated across all major business lines. Catastrophe losses, after of reinsurance and reinstatement premiums, had totaled $215 million, and were mainly related to losses from Japanese Typhoon Hagibis in the amount of $190 million and Tornadoes in Dallas, Texas in the amount of $25 million. The company has generated cash flow from operations of $1.9 billion for the full year 2019, compared to $610.1 million for 2018. Excluding catastrophe losses, reinstatement premiums and the favorable prior period loss development, the attritional combined ratio was 90.3% for the fourth quarter 2019, compared to 90.4% for the fourth quarter of 2018. For the full year 2019, Everest has posted net income of over $1 billion. On ROE basis, this equates to a 12% return on average equity.

Moreover, the company has reported Net investment income of $146.1 million for the quarter including limited partnership income in the amount of $5.5 million. The company’s net after-tax realized gains amounted to $61.1 million for the quarter, while net after-tax unrealized capital losses were $36.6 million.

RE in the fourth quarter of FY 19 has reported the adjusted earnings per share of $3.20, beating the analysts’ estimates for the adjusted earnings per share of $2.64, according to analysts polled by FactSet. The company had reported the adjusted revenue of $2.21 billion in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $2 billion. The company has posted the after-tax operating income of $130.8 million, for the fourth quarter of 2019, compared to an after-tax operating loss of $236.9 million, or ($5.89) per common share, for the same period last year.

Additionally, during 2019, the Company had repurchased 114,633 shares at a total cost of $24.6 million. The repurchases were made according to a share repurchase authorization, provided by the Company’s Board of Directors, under which there remains 1.3 million shares available.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.