Everest Re rises despite EPS miss on 2023 shareholder returns target

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Reinsurer Everest Re Group (RE) rose ~8% despite reporting a miss in its Q3 GAAP EPS on 2023 shareholder returns target.

Total annualized shareholder return for Q3 came in at -1.0%, but the company targets a 2023 shareholder return of more than 13%.

The 2021 returns stood at 14.7%, while 2020 returns were 6.9%.

Q3 GAAP EPS of -$8.22 (vs. -$1.88 Y/Y) misses by $1.64.

Gross written premiums stood at $3.68M, up from the year-ago $3.50M.

The reinsurance segment reported gross written premiums of $2.6B, compared to $2.5B a year ago. The growth was driven by casualty lines and continued international expansion.

In the insurance segment, gross written premiums stood at $1.1B, 13.1% up Y/Y. The growth was driven by balanced and strong diversified growth across most lines of business and geographies.

Net investment income stood at $151,000, down from $293,000 a year ago.

Pretax net catastrophe losses increased to $730M from $635M.