First Quarter 2021 Highlights
- Net income of
$342 million equal to$8.52 per share - Net operating income of
$260 million , equal to$6.49 per share - Gross written premium growth of 14% and net written premium growth of 16%
- Attritional combined ratio of 87.3%, a 2.5-point improvement year over year
- Underwriting income of
$45 million inclusive of pre-tax net catastrophe losses of$270 million ($260 million net of reinstatement premiums) - No change to the Covid-19 Pandemic (“Pandemic”) loss provision
- Combined ratio of 98.1%
- Operating cashflow of
$904 million for the quarter
The following table summarizes the Company’s net income and related financial metrics.
| Net income and operating income |
Q1 |
Year to Date |
Q1 |
Year to Date |
||||||
| All values in USD millions except for per share amounts and percentages |
2021 |
2021 |
2020 |
2020 |
||||||
| Net income |
341.9 |
341.9 |
16.6 |
16.6 |
||||||
| Net operating income (loss) |
260.2 |
260.2 |
164.4 |
164.4 |
||||||
| Net income per diluted common share |
8.52 |
8.52 |
0.41 |
0.41 |
||||||
| Net operating income per diluted common share |
6.49 |
6.49 |
4.03 |
4.03 |
||||||
| Net income annualized return on average equity |
15.0% |
15.0% |
0.8% |
0.8% |
||||||
| Net operating income annualized return on average equity |
11.4% |
11.4% |
7.6% |
7.6% |
“Firstly, our thoughts are with those impacted by the
Everest had a strong start to 2021 with robust growth, strong overall profitability, continued improvement in attritional underwriting margins, and excellent investment performance. Our first quarter results further illustrate the earnings power of Everest and our success in implementing our strategy to build a broadly diversified company with a relentless focus on strong operational performance and disciplined underwriting.”
