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Everest Re Group Reports Fourth Quarter 2022 Results

Fourth Quarter ROE of 20.1%, Operating ROE of 19.4%

Underwriting Discipline Drove Strong Combined Ratio of 87.8% with Margin Improvement in both Segments

Significant Momentum Following Outstanding 1/1 Renewals

Everest Re Group, Ltd. (“Everest” or the “Group”) today reported its fourth quarter 2022 results.

Fourth Quarter 2022 Highlights

  • Net Operating Income of $478 million, and Net Income of $496 million driven by continued underwriting margin improvement. YTD 2022 Net Operating Income of $1.1 billion, Net Income of $597 million
  • $3.6 billion in gross written premium (“GWP”) with year over year growth of 9% in constant dollars for the Group, 21% in constant dollars for Insurance, and 3.7% in constant dollars and excluding reinstatements for Reinsurance
  • Combined ratios of 87.8% for the Group, 86.4% for Reinsurance and 91.4% for Insurance
  • Strong attritional combined ratios of 87.3% for the Group, 86.0% for Reinsurance and 90.8% for Insurance
  • Pre-tax underwriting income of $368 million including $15 million of pre-tax catastrophe losses net of estimated recoveries and reinstatement premiums. The catastrophe losses were from Winter Storm Elliott
  • Net investment income of $210 million, driven by stronger fixed income returns as new money yields continue to improve

“Everest’s fourth quarter results capped a strong year of consistent execution and positive momentum for the company,” said Juan C. Andrade, Everest President and CEO. “We grew both underwriting franchises with improved margins, significantly reduced volatility and generated solid returns despite ongoing market uncertainty and another elevated catastrophe year. This led to over $1 billion in operating income, and a double-digit operating return on equity for both the quarter and the full year. We had a successful January 1 reinsurance renewal executing a precise and well-orchestrated strategy. We leveraged Everest’s global leadership position to capitalize on the robust property market and the flight to quality was evident across virtually all lines and geographies. We drove improved pricing, terms and conditions and deepened relationships with new and existing core clients throughout the world, which significantly improved risk adjusted returns across the entire portfolio. We are well positioned with the talent and the platform to continue this momentum in 2023.”

Summary of Fourth Quarter 2022 Net Income and Other Items

  • Net Income of $496 million, equal to $12.66 per diluted share versus fourth quarter 2021 net income of $431 million, equal to $10.94 per diluted share
  • Net operating income of $478 million, equal to $12.21 per diluted share versus fourth quarter 2021 net operating income of $359 million, equal to $9.12 per diluted share
  • GAAP combined ratio of 87.8% including 0.5 points of catastrophe losses versus the fourth quarter 2021 figures of 91.9% including 4.5 points of catastrophe losses
  • Strong operating cashflow for the quarter of $1.0 billion which is flat versus the fourth quarter 2021

The following table summarizes the Company’s net income and related financial metrics.

Net income and operating income

Q4

Year to Date

Q4

Year to Date

All values in USD millions except for per share amounts and percentages

2022

2022

2021

2021

Everest Re Group

Net income (loss)

496

597

431

1,379

Operating income (loss) (1)

478

1,065

359

1,153

 

Net income (loss) per diluted common share

12.66

15.19

10.94

34.62

Net operating income (loss) per diluted common share

12.21

27.08

9.12

28.97

 

Net income (loss) return on average equity (annualized)

20.1%

6.0%

17.7%

14.6%

After-tax operating income (loss) return on average equity (annualized)

19.4%

10.6%

14.8%

12.2%

 
 

Notes

(1) Refer to the reconciliation of net income to net operating income found on page 6 of this press release

 

Shareholders' Equity and Book Value per Share

Q4

Year to Date

Q4

Year to Date

All values in USD millions except for per share amounts and percentages

2022

2022

2021

2021

Beginning shareholders' equity

7,649

10,139

9,979

9,726

Net income (loss)

496

597

431

1,379

Change - unrealized gains (losses) - Fixed inc. investments

250

(1,948)

(177)

(485)

Dividends to shareholders

(65)

(255)

(61)

(247)

Purchase of treasury shares

-

(61)

(25)

(225)

Other

110

(31)

(7)

(10)

Ending shareholders' equity

8,441

8,441

10,139

10,139

 

Common shares outstanding

39.2

39.3

Book value per common share outstanding

215.54

258.21

Less: Unrealized appreciation/depreciation of fixed maturity investments ("URAD")

(43.64)

6.09

Adjusted book value per common share outstanding excluding URAD

259.18

252.12

 

Total Shareholder Return ("TSR") - Annualized

5.4%

14.7%

Common share dividends paid - last 12 months

6.50

6.20

 

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Re Group

Q4

Year to Date

Q4

Year to Date

Year on Year Change

All values in USD millions except for percentages

2022

2022

2021

2021

Q4

Year to Date

Gross written premium

3,639

13,952

3,431

13,050

6.1%

6.9%

Net written premium

3,188

12,344

3,056

11,446

4.3%

7.9%

 

Loss ratio

60.1%

68.7%

64.9%

71.0%

(4.8) pts

(2.3) pts

Commission and brokerage ratio

21.6%

21.4%

21.3%

21.2%

0.3 pts

0.2 pts

Other underwriting expenses

6.0%

5.8%

5.7%

5.6%

0.3 pts

0.2 pts

Combined ratio

87.8%

96.0%

91.9%

97.8%

(4.1) pts

(1.8) pts

Attritional combined ratio (1)

87.3%

87.4%

87.4%

87.6%

(0.1) pts

(0.2) pts

 

Pre-tax net catastrophe losses (2)

15

945

125

1,065

Pre-tax net Russia/Ukraine losses

-

45

-

-

Pre-tax net prior year reserve development

-

(1)

(3)

(9)

 

Notes

(1) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses, CECL and losses from the Russia/Ukraine war

(2) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

 

Reinsurance Segment – Quarterly Highlights

  • Gross written premiums of $2.38 billion for the quarter versus $2.37 billion a year ago. On a constant dollar basis, growth was 3.7% in the quarter. Casualty and Financial Lines grew by 3.9%, driven by growth with our core casualty clients and taking advantage of increased mortgage opportunities. This growth was largely offset by a combination of targeted reductions in our property portfolio and foreign exchange movements
  • Pre-tax catastrophe losses of $10 million net of estimated recoveries and reinstatement premiums, compared with $110 million a year ago
  • Improved profitability of the portfolio driven by targeted underwriting actions, resulting in a 150-basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.2% vs. 59.7%) and an attritional combined ratio of 86.0% vs 86.4% a year ago
  • Continued expense discipline with a 2.8% expense ratio
  • Execution for the January 1 renewals was precise and well-orchestrated achieving an excellent outcome

Underwriting information - Reinsurance segment

Q4

Year to Date

Q4

Year to Date

Year on Year Change

All values in USD millions except for percentages

2022

2022

2021

2021

Q4

Year to Date

Gross written premium

2,378

9,316

2,372

9,067

0.3%

2.7%

Net written premium

2,320

8,983

2,270

8,536

2.2%

5.2%

 

Loss ratio

58.7%

69.2%

64.8%

71.6%

(6.1) pts

(2.4) pts

Commission and brokerage ratio

25.0%

24.6%

24.1%

23.9%

0.9 pts

0.7 pts

Other underwriting expenses

2.8%

2.5%

2.6%

2.6%

0.2 pts

(0.1) pts

Combined ratio

86.4%

96.4%

91.5%

98.1%

(5.1) pts

(1.7) pts

Attritional combined ratio (1)

86.0%

86.2%

86.4%

86.3%

(0.4) pts

(0.1) pts

 

Pre-tax net catastrophe losses (2)

10

820

110

913

Pre-tax net Russia/Ukraine losses

-

45

-

-

Pre-tax net prior year reserve development

-

(2)

(3)

(8)

 

Notes

(1) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses, CECL and losses from the Russia/Ukraine war

(2) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

 

Insurance Segment – Quarterly Highlights

  • Gross written premiums of $1.3 billion, a 21% increase year over year in constant dollars (19% increase as reported), driven by balanced and diversified growth across most lines of business and geographies
  • Strong profitability with combined ratio of 91.4% and an attritional combined ratio of 90.8%
  • Continued robust expense management with a total expense ratio of 27.4% versus 27.8% a year ago
  • Rate and exposure trends remain favorable

Underwriting information - Insurance segment

Q4

Year to Date

Q4

Year to Date

Year on Year Change

All values in USD millions except for percentages

2022

2022

2021

2021

Q4

Year to Date

Gross written premium

1,260

4,636

1,059

3,982

19.0%

16.4%

Net written premium

869

3,361

787

2,910

10.5%

15.5%

 

Loss ratio

64.0%

67.3%

65.1%

69.3%

(1.1) pts

(2.0) pts

Commission and brokerage ratio

12.4%

12.6%

13.4%

13.4%

(1.0) pts

(0.8) pts

Other underwriting expenses

15.0%

14.8%

14.4%

14.5%

0.6 pts

0.3 pts

Combined ratio

91.4%

94.8%

92.8%

97.1%

(1.4) pts

(2.3) pts

Attritional combined ratio (1)

90.8%

90.4%

90.4%

91.2%

0.4 pts

(0.8) pts

 

Pre-tax net catastrophe losses (2)

5

125

15

153

Pre-tax net Russia/Ukraine losses

-

-

-

-

Pre-tax net prior year reserve development

-

1

-

(1)

 

Notes

(1) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses, CECL and losses from the Russia/Ukraine war

(2) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

 

Investments and Shareholders’ Equity as of December 31, 2022

  • Total invested assets and cash of $29.9 billion versus the year end 2021 value of $29.7 billion
  • Shareholders’ equity of $8.4 billion vs. $10.1 billion at year end 2021, largely driven by $1.7 billion of unrealized net losses on fixed maturity investments
  • Shareholders’ equity excluding unrealized gains (losses) on fixed maturity investments of $10.1 billion vs. $9.9 billion at year end 2021
  • Book value per diluted share of $215.54 vs. $258.21 at year end 2021
  • Book value per diluted share excluding unrealized gains (losses) on fixed maturity investments of $259.18 vs. $252.12 at year end 2021
  • Common share dividends declared and paid in the quarter of $1.65 per share equal to $65 million

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest

Everest is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on February 9, 2023. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

_______________________________________________

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:

Three Months Ended December 31,

Twelve Months Ended December 31,

 

(Dollars in millions, except per share amounts)

2022

2021

2022

2021

 

(unaudited)

(unaudited)

 

Per Diluted

Per Diluted

Per Diluted

Per Diluted

 

Amount

Share

Amount

Share

Amount

Share

Amount

Share

 

After-tax operating income (loss)

$

478

 

$

12.21

 

$

359

 

$

9.12

 

$

1,065

 

$

27.08

 

$

1,153

$

28.97

After-tax net gains (losses) on investments

$

49

 

$

1.25

 

$

90

 

$

2.29

 

$

(366

)

$

(9.30

)

$

202

$

5.06

After-tax net foreign exchange income (expense)

$

(31

)

$

(0.80

)

$

(19

)

$

(0.48

)

$

(102

)

$

(2.60

)

$

24

$

0.60

 

Net income (loss)

$

496

 

$

12.66

 

$

431

 

$

10.94

 

$

597

 

$

15.19

 

$

1,379

$

34.62

 

(Some amounts may not reconcile due to rounding.)

 

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

--Financial Details Follow--

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

 
 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(Dollars in millions, except per share amounts)

2022

2021

2022

2021

(unaudited)

(unaudited)

REVENUES:
Premiums earned

$

3,012

 

$

2,804

 

$

11,787

 

$

10,406

 

Net investment income

 

210

 

 

205

 

 

830

 

 

1,165

 

Net gains (losses) on investments:
Credit allowances on fixed maturity securities

 

(15

)

 

2

 

 

(33

)

 

(28

)

Gains (losses) from fair value adjustments

 

2

 

 

108

 

 

(460

)

 

236

 

Net realized gains (losses) from dispositions

 

77

 

 

9

 

 

38

 

 

50

 

Total net gains (losses) on investments

 

64

 

 

119

 

 

(455

)

 

258

 

Other income (expense)

 

(30

)

 

(7

)

 

(102

)

 

37

 

Total revenues

 

3,256

 

 

3,121

 

 

12,060

 

 

11,866

 

 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses

 

1,811

 

 

1,819

 

 

8,100

 

 

7,391

 

Commission, brokerage, taxes and fees

 

651

 

 

598

 

 

2,528

 

 

2,209

 

Other underwriting expenses

 

182

 

 

158

 

 

682

 

 

583

 

Corporate expenses

 

16

 

 

21

 

 

61

 

 

68

 

Interest, fees and bond issue cost amortization expense

 

27

 

 

23

 

 

101

 

 

70

 

Total claims and expenses

 

2,687

 

 

2,620

 

 

11,472

 

 

10,321

 

 
INCOME (LOSS) BEFORE TAXES

 

568

 

 

500

 

 

588

 

 

1,546

 

Income tax expense (benefit)

 

72

 

 

69

 

 

(9

)

 

167

 

 
NET INCOME (LOSS)

$

496

 

$

431

 

$

597

 

$

1,379

 

 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

223

 

 

(184

)

 

(2,037

)

 

(488

)

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

28

 

 

7

 

 

89

 

 

4

 

Total URA(D) on securities arising during the period

 

251

 

 

(177

)

 

(1,948

)

 

(485

)

 
Foreign currency translation adjustments

 

86

 

 

(33

)

 

(77

)

 

(62

)

 
Benefit plan actuarial net gain (loss) for the period

 

15

 

 

17

 

 

15

 

 

17

 

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

-

 

 

1

 

 

2

 

 

6

 

Total benefit plan net gain (loss) for the period

 

15

 

 

18

 

 

17

 

 

23

 

Total other comprehensive income (loss), net of tax

 

352

 

 

(192

)

 

(2,008

)

 

(523

)

 
COMPREHENSIVE INCOME (LOSS)

$

848

 

$

238

 

$

(1,411

)

$

856

 

 
EARNINGS PER COMMON SHARE:
Basic

$

12.66

 

$

10.95

 

$

15.19

 

$

34.66

 

Diluted

 

12.66

 

 

10.94

 

 

15.19

 

 

34.62

 

 

EVEREST RE GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

 
 

December 31,

(Dollars and share amounts in millions, except par value per share)

2022

2021

(unaudited)

ASSETS:
Fixed maturities - available for sale, at fair value

$

22,236

 

$

22,308

 

(amortized cost: 2022, $24,191; 2021, $22,064, credit allowances: 2022, ($54); 2021, ($30))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2022, $821, credit allowances: 2022, ($9))

 

839

 

 

-

 

Equity securities, at fair value

 

281

 

 

1,826

 

Other invested assets

 

4,085

 

 

2,920

 

Short-term investments (cost: 2022, $1,032; 2021, $1,178)

 

1,032

 

 

1,178

 

Cash

 

1,398

 

 

1,441

 

Total investments and cash

 

29,872

 

 

29,673

 

Accrued investment income

 

217

 

 

149

 

Premiums receivable (credit allowances: 2022, ($29); 2021, ($26))

 

3,619

 

 

3,294

 

Reinsurance paid loss recoverables (credit allowances: 2022, ($23); 2021, ($17))

 

136

 

 

107

 

Reinsurance unpaid loss recoverables

 

2,105

 

 

1,946

 

Funds held by reinsureds

 

1,056

 

 

869

 

Deferred acquisition costs

 

962

 

 

872

 

Prepaid reinsurance premiums

 

610

 

 

515

 

Income tax asset, net

 

459

 

 

2

 

Other assets (credit allowances: 2022, ($5); 2021, ($4))

 

930

 

 

757

 

TOTAL ASSETS

$

39,966

 

$

38,185

 

 
LIABILITIES:
Reserve for losses and loss adjustment expenses

 

22,065

 

 

19,009

 

Future policy benefit reserve

 

29

 

 

36

 

Unearned premium reserve

 

5,147

 

 

4,610

 

Funds held under reinsurance treaties

 

13

 

 

18

 

Other net payable to reinsurers

 

567

 

 

450

 

Losses in course of payment

 

74

 

 

261

 

Senior notes

 

2,347

 

 

2,346

 

Long term notes

 

218

 

 

224

 

Borrowings from FHLB

 

519

 

 

519

 

Accrued interest on debt and borrowings

 

19

 

 

17

 

Unsettled securities payable

 

1

 

 

17

 

Other liabilities

 

526

 

 

540

 

Total liabilities

 

31,525

 

 

28,046

 

 
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50.0 shares authorized;
no shares issued and outstanding

 

-

 

 

-

 

Common shares, par value: $0.01; 200.0 shares authorized; (2022) 69.9
and (2021) 69.8 outstanding before treasury shares

 

1

 

 

1

 

Additional paid-in capital

 

2,302

 

 

2,274

 

Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of ($250) at 2022 and $27 at 2021

 

(1,996

)

 

12

 

Treasury shares, at cost; 30.8 (2022) and 30.5 shares (2021)

 

(3,908

)

 

(3,847

)

Retained earnings

 

12,042

 

 

11,700

 

Total shareholders' equity

 

8,441

 

 

10,139

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

39,966

 

$

38,185

 

 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
 

Twelve Months Ended

December 31,

(Dollars in millions)

2022

2021

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)

$

597

 

$

1,379

 

Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable

 

(435

)

 

(649

)

Decrease (increase) in funds held by reinsureds, net

 

(197

)

 

(151

)

Decrease (increase) in reinsurance recoverables

 

(413

)

 

(125

)

Decrease (increase) in income taxes

 

(181

)

 

68

 

Decrease (increase) in prepaid reinsurance premiums

 

(166

)

 

(128

)

Increase (decrease) in reserve for losses and loss adjustment expenses

 

3,477

 

 

2,805

 

Increase (decrease) in future policy benefit reserve

 

(7

)

 

(2

)

Increase (decrease) in unearned premiums

 

655

 

 

1,146

 

Increase (decrease) in other net payable to reinsurers

 

201

 

 

186

 

Increase (decrease) in losses in course of payment

 

(186

)

 

134

 

Change in equity adjustments in limited partnerships

 

(94

)

 

(613

)

Distribution of limited partnership income

 

180

 

 

211

 

Change in other assets and liabilities, net

 

(291

)

 

(290

)

Non-cash compensation expense

 

45

 

 

43

 

Amortization of bond premium (accrual of bond discount)

 

55

 

 

76

 

Net (gains) losses on investments

 

455

 

 

(258

)

Net cash provided by (used in) operating activities

 

3,695

 

 

3,833

 

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale

 

2,626

 

 

3,893

 

Proceeds from fixed maturities sold - available for sale

 

1,403

 

 

1,916

 

Proceeds from fixed maturities matured/called/repaid - held to maturity

 

39

 

 

-

 

Proceeds from equity securities sold

 

2,217

 

 

990

 

Distributions from other invested assets

 

266

 

 

257

 

Cost of fixed maturities acquired - available for sale

 

(7,344

)

 

(8,825

)

Cost of fixed maturities acquired - held to maturity

 

(153

)

 

-

 

Cost of equity securities acquired

 

(1,003

)

 

(1,098

)

Cost of other invested assets acquired

 

(1,547

)

 

(757

)

Net change in short-term investments

 

149

 

 

(43

)

Net change in unsettled securities transactions

 

(71

)

 

(203

)

Net cash provided by (used in) investing activities

 

(3,418

)

 

(3,869

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense

 

(17

)

 

(14

)

Purchase of treasury shares

 

(61

)

 

(225

)

Dividends paid to shareholders

 

(255

)

 

(247

)

Proceeds from issuance of senior notes

 

-

 

 

968

 

Cost of debt repurchase

 

(6

)

 

-

 

Net FHLB borrowings (repayments)

 

-

 

 

209

 

Cost of shares withheld on settlements of share-based compensation awards

 

(20

)

 

(17

)

Net cash provided by (used in) financing activities

 

(359

)

 

674

 

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

39

 

 

1

 

 
Net increase (decrease) in cash

 

(42

)

 

639

 

Cash, beginning of period

 

1,441

 

 

802

 

Cash, end of period

$

1,398

 

$

1,441

 

 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)

$

171

 

$

98

 

Interest paid

 

98

 

 

62

 

 
NON-CASH TRANSACTIONS:
Reclassification of specific investments from fixed maturity securities, available for sale
at fair value to fixed maturity securities, held to maturity at amortized cost net of credit allowances

$

722

 

$

-

 

 

Contacts

Media: Dawn Lauer

Chief Communications Officer

Everest Global Services, Inc.

908.300.7670

Investors: Matt Rohrmann

Head of Investor Relations

Everest Global Services, Inc.

908.604.7343

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