Everest Re profit up 17.1% in third quarter

Everest Re Group Ltd. reported third-quarter net income of $274.9 million, an increase of 17.1% over the same period last year, as net written premiums grew and the company’s combined ratio improved.

Revenue for the three months ended Sept. 30 increased 9.6% to $1.54 billion for the Hamilton, Bermuda-based reinsurer.

Third-quarter net written premiums grew 9.2% to $1.52 billion as net investment income rose 11.2% to $142.1 million.

The company’s third quarter combined ratio improved to 85.7% from 88.0% in the year-ago period.

“We enjoyed another strong quarter with double-digit growth in premium and a 16% annualized operating return on equity,” Dominic J. Addesso, president and CEO, said in the company’s earnings statement.

For the nine months ended Sept. 30, net income slipped 3.9% to $859.0 million as expenses outpaced revenue growth and investment income fell.

Nine-month revenue rose 3.6% to $4.27 billion, while total claims and expenses increased 7.0% to $3.23 billion.

Net written premiums for the nine months rose 5.6% to $3.96 billion while net investment income slipped 6.1% to $396.5 million.

The company’s nine-month combined ratio improved to 83.7% from 85.6% in the year-ago period.