Bermuda-based insurer Everest Re Group has reported a net income of $214.6m, or $4.08 diluted earnings per share, for the second quarter of 2012, compared to $131.3m, or $2.41 diluted earnings per share, for the same period in 2011.
For the second quarter of 2012, the company posted total revenues of $1.18bn, compared to $1.17bn in the year ago quarter.
After-tax operating income was $223m, or $4.25 per diluted common share, for the quarter, compared to $134m, or $2.46 per diluted common share, for the same period last year.
Net investment income for the quarter declined 6% to $149.3m compared to $158.6m for the same period prior year.
Gross written premiums decreased 8% to $909m in the quarter due to non-renewal of a large Florida quota share reinsurance contract.
Everest Re chairman and CEO Joseph Taranto said, "Strong market dynamics coupled with the strategic positioning of our underwriting portfolio has provided significant margin expansion as evidenced by our underwriting results, with a combined ratio of 89%."
