Q1 2025 Everest Group Ltd Earnings Call Transcript
Key Points
- Everest Group Ltd (EG) reported $276 million of operating income despite significant catastrophe loss activity in the first quarter.
- Total premiums in the reinsurance segment increased, driven by approximately 16% growth in property lines.
- The company successfully executed its one-year renewal strategy in US casualty lines, maintaining strong discipline in underwriting.
- Everest Group Ltd (EG) repurchased $200 million of shares in the quarter, demonstrating a commitment to delivering value to shareholders.
- The international insurance business showed strong growth in key markets at attractive loss ratios, turning a modest profit despite continued investment.
- The combined ratio was elevated at 102.7% due to significant catastrophe losses, including $440 million from the California wildfires.
- Gross written premiums decreased by 2% in constant dollars, excluding reinstatement premiums.
- The attritional loss ratio increased by 330 basis points over the prior year's quarter, driven by aviation losses and conservative loss picks.
- The insurance segment saw a 1.3% decline in written premium from the prior year, primarily due to a 15% decline in the third-party book.
- Casualty pro-rata written premium was down almost 22% in the quarter, reflecting ongoing portfolio actions and abundant capacity in the market.
Good morning and welcome to the Everest Group Limited first quarter of 2025 earnings conference call. (Operator Instructions)
Please note, this event is being recorded. I would now like to turn the conference over to Matthew Rohrmann, Head of Investor Relations. Please go ahead.
Thank you, Jason. Good morning, everyone, and welcome to the Everest Group Limited first quarter of 2025 earnings conference call. The Everest executives leading today's call are Jim Williamson, President, CEO; Mark Kociancic, Executive Vice President and CFO. We're also joined by other members of the Everest management team.
Before we begin, I'll preface the comments by noting that today's call will include forward-looking statements. Actual results may differ materially, and we undertake no obligation to publicly update forward-looking statements. Management comments regarding estimates, projections, and similar are subject to the risks, uncertainties, and assumptions as to SEC filings. Management
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