Everest Group, Ltd. reported its financial results for the three and nine months ended September 30, 2024, showing significant growth in total assets, revenues, and net income compared to the previous fiscal period. Total assets increased to $55,864 million, up 13.1% from $49,399 million at the end of 2023. Total investments and cash also rose by 13.3% to $42,090 million.
For the three months ended September 30, 2024, premiums earned reached $3,918 million, an 11.5% increase from $3,513 million in the same period of 2023. Total revenues for the quarter were $4,285 million, reflecting a 7.4% increase from $3,991 million year-over-year. However, net income for the quarter decreased by 24.9% to $509 million, down from $678 million in Q3 2023. This decline was attributed to increased incurred losses and loss adjustment expenses (LAE), which rose 15.0% to $2,584 million, driven by higher catastrophe losses.
For the nine months ended September 30, 2024, net income increased to $1,966 million, up 14.7% from $1,713 million in the same period of 2023. Comprehensive income for the nine months also saw a significant rise to $2,556 million, compared to $1,538 million in the prior year. The company reported earnings per share of $45.40 for the nine-month period, up from $41.49.
The reinsurance segment showed strong performance, with gross written premiums for Q3 2024 at $3,265 million, a 2.1% increase from $3,198 million in Q3 2023. The underwriting gain for the reinsurance segment increased to $245 million, up from $232 million. Conversely, the insurance segment experienced a slight decline in gross written premiums for Q3 2024, totaling $1,160 million, down 2.8% from $1,193 million in Q3 2023.
The company’s total shareholders' equity rose to $15,335 million, a 16.2% increase from $13,202 million at the end of 2023. The book value per share also increased to $356.77, up 17.2% from $304.29.
In terms of strategic developments, Everest Group completed the sale of certain assets of EverSports & Entertainment Insurance, Inc. to Ryan Specialty in October 2024. The company also repurchased 536,469 common shares at a cost of $200 million during the nine months ended September 30, 2024, and declared a quarterly dividend of $2.00 per share.
Overall, while Everest Group demonstrated growth in several key financial metrics, the decline in net income for the latest quarter highlights challenges related to increased losses from catastrophe events.
About EVEREST GROUP, LTD.
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