Everest Group posts profit on strong underwriting, reinsurance growth

Everest

25/10/2023 22:12

Oct 25 (Reuters) - Everest Group  EG.N  reported a
third-quarter profit on Wednesday, helped by strong growth in
its reinsurance segment and overall gross written premiums. 
    Everest Group said gross written premium rose 23.4% to $4.4
billion in the quarter, while reinsurance posted record growth
of 32.7% on a constant dollar basis. 
    "We continue to expand our global reinsurance portfolio at
significantly improved risk adjusted returns," said CEO Juan
Andrade in a statement.
    The demand environment for the insurance sector remains
strong against a weakening economy, with analysts expecting the
companies, usually considered recession-proof, to stay
resilient.
    Policies are often guaranteed by employers as benefits are
mandated as per Federal laws, ensuring continued sales even
during times of corporate expense cutbacks.  
    Operating income came in at $613 million, or $14.14 per
share, for the three months ended Sept. 30, compared with a net
operating loss of $205 million, or $5.28 per share, a year
earlier. 

 (Reporting by Manya Saini in Bengaluru; Editing by Anil
D'Silva)
 ((Manya.Saini@thomsonreuters.com;))