The following is a summary of the Everest Group, Ltd. (EG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Everest Group marked a strong Q1 2024 with a significant rise in operating income, net income, and a total shareholder return exceeding 18%.

• Net operating income reported a 60% surge from the previous year, standing at $709 million.

• The company saw an underwriting profit of $409 million with a group combined ratio improving to 88.8%.

• Gross written premiums of $4.4 billion and investment income of $457 million were both recorded, indicating an improvement of 17.2% in constant dollars and breaking the quarterly record in investment respectively.

• Shareholders' equity ended the quarter at $13.6 billion.

Business Progress:

• Strong growth was recorded in both the reinsurance and insurance sectors, with gross written premiums totaling $3.2 billion (up 20% in constant dollar basis) and $1.2 billion (up 10% in constant dollars) respectively.

• Everest's 3-year strategic plan predicts sustainable growth and increased opportunities.

• Everest envisions attractive risk-adjusted returns given the industry's favorable conditions and intends to capitalize on appealing geographies and lines of business.

• Everest operates with a focus on delivering consistent and leading financial returns.

• Everest anticipates fiscal expansion in the North American property business and ongoing US property cat XOL expansion.

More details: Everest Group IR

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