HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 26, 2015--
Everest Re Group, Ltd. (NYSE: RE) today reported third quarter 2015
after-tax operating income1 available to common shareholders
of $200.2 million, or $4.53 per diluted common share, compared to
after-tax operating income1 of $280.5 million, or $6.12 per
diluted common share, for the third quarter of 2014. Net income
available to common shareholders was $88.6 million, or $2.00 per diluted
common share, for the third quarter of 2015, compared to net income of
$274.9 million, or $6.00 per diluted common share, for the same period
last year.
For the nine months ended September 30, 2015, after-tax operating income1
available to common shareholders was $754.6 million, or $16.92 per
diluted common share, compared to $812.2 million or $17.46 per diluted
common share, for the first nine months of 2014. Net income available to
common shareholders through nine months of 2015 was $620.6 million, or
$13.92 per diluted common share, compared to $859.0 million, or $18.47
per diluted common share, for the same period in 2014.
Commenting on the Company’s results, President and Chief Executive
Officer, Dominic J. Addesso said, “We are pleased with the results that
Everest has achieved thus far this year considering the challenging
market dynamics – both on the underwriting and investment fronts.
After-tax operating income totaled $755 million through the first nine
months of the year, despite a number of industry events, leading to a
14% annualized operating return on equity and a 4% growth in book value
per share. Premium, on a constant dollar basis, was up 4% for the year,
as we continue to seek out opportunities for profitable growth.”
Operating highlights for the third quarter of 2015 included the
following:
-
Gross written premiums were $1.7 billion, an increase of 3% compared
to the third quarter of 2014. Eliminating the unfavorable effects of
foreign currency fluctuations, total premiums were actually up 6%.
Worldwide reinsurance premiums, including the Mt. Logan Re segment,
were down 2%, on a constant dollar basis, while insurance premiums
were up 34%, quarter over quarter.
-
The combined ratio for the quarter was 89.0% compared to 85.7% in the
third quarter of 2014. During the quarter, the Company had incurred
losses of $40 million for the Chile earthquake and $60 million for the
explosion in the port of Tianjin, China. Excluding these events and
related reinstatement premiums, the current quarter’s normalized
attritional combined ratio was 82.1% compared to 83.7% for the same
period last year.
-
Net investment income for the quarter was $115.5 million, down from
last year largely due to lower limited partnership income.
-
Net after-tax realized and unrealized capital losses amounted to
$111.7 million and $66.5 million, respectively, for the quarter.
-
Cash flow from operations was $304.5 million compared to $335.5
million for the same period in 2014.
-
Through nine months, the annualized after-tax operating income1
return on average adjusted shareholders’ equity2 was 13.8%
compared to 15.6% in 2014.
-
During the quarter, the Company repurchased 1.1 million of its common
shares at an average price of $175.81 and a total cost of $200.0
million. For the year, the Company repurchased 1.8 million of its
common shares for a total cost of $325.0 million. The repurchases were
made pursuant to a share repurchase authorization, provided by the
Company’s Board of Directors, under which there remains 4.5 million
shares available.
-
Shareholders’ equity ended the quarter at $7.5 billion. Book value per
share increased 4% from $166.75 at December 31, 2014 to $173.76 at
September 30, 2015.
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 fluctuations, trends in insured and paid
losses, catastrophes, 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.
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), Limited provides
reinsurance to non-life insurers in Europe. Mt. Logan Re, a segregated
cell company, capitalized by the Company and third party investors, is a
specialty reinsurer of catastrophe risks. Everest National Insurance
Company and Everest Security Insurance Company provide property and
casualty insurance to policyholders in the U.S. Everest Indemnity
Insurance Company offers excess and surplus lines insurance in the U.S.
Everest Insurance Company of Canada provides property and casualty
insurance to policyholders in Canada. Additional information on Everest
Re Group companies can be found at the Group’s web site at www.everestregroup.com.
A conference call discussing the third quarter results will be held at
10:30 a.m. Eastern Time on October 27, 2015. The call will be available
on the Internet through the Company’s web site or at www.streetevents.com.
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.everestregroup.com
in the “Financial Reports” section of the “Investor Center”. The
supplemental financial information may also be obtained by contacting
the Company directly.
___________________________
1The 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 realized capital gains (losses) as the following
reconciliation displays:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
(Dollars in thousands, except per share amounts)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Per Diluted
|
|
|
|
Per Diluted
|
|
|
|
Per Diluted
|
|
|
|
Per Diluted
|
|
|
|
|
|
Common
|
|
|
|
Common
|
|
|
|
Common
|
|
|
|
Common
|
|
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)*
|
|
$
|
88,553
|
|
|
$
|
2.00
|
|
|
$
|
274,916
|
|
|
$
|
6.00
|
|
|
$
|
620,588
|
|
|
$
|
13.92
|
|
|
$
|
859,033
|
|
$
|
18.47
|
|
After-tax net realized capital gains (losses)
|
|
|
(111,680
|
)
|
|
|
(2.53
|
)
|
|
|
(5,563
|
)
|
|
|
(0.12
|
)
|
|
|
(134,024
|
)
|
|
|
(3.01
|
)
|
|
|
46,814
|
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax operating income (loss)*
|
|
$
|
200,233
|
|
|
$
|
4.53
|
|
|
$
|
280,479
|
|
|
$
|
6.12
|
|
|
$
|
754,612
|
|
|
$
|
16.92
|
|
|
$
|
812,219
|
|
$
|
17.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Some amounts may not reconcile due to rounding.)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Although net realized capital gains (losses) are an integral part of the
Company’s insurance operations, the determination of net realized
capital gains (losses) is independent of the insurance underwriting
process. The Company believes that the level of net realized capital
gains (losses) 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.
2Adjusted shareholders’ equity excludes net after-tax
unrealized (appreciation) depreciation of investments
--Financial Details Follow--
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|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
AND COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
(Dollars in thousands, except per share amounts)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
Premiums earned
|
|
$
|
1,413,640
|
|
|
$
|
1,389,998
|
|
|
$
|
4,053,115
|
|
|
$
|
3,806,805
|
|
|
Net investment income
|
|
|
115,511
|
|
|
|
142,143
|
|
|
|
363,140
|
|
|
|
396,524
|
|
|
Net realized capital gains (losses):
|
|
|
|
|
|
|
|
|
|
Other-than-temporary impairments on fixed maturity securities
|
|
|
(20,445
|
)
|
|
|
(106
|
)
|
|
|
(62,701
|
)
|
|
|
(495
|
)
|
|
Other-than-temporary impairments on fixed maturity securities
|
|
|
|
|
|
|
|
|
|
transferred to other comprehensive income (loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other net realized capital gains (losses)
|
|
|
(139,526
|
)
|
|
|
(9,342
|
)
|
|
|
(131,953
|
)
|
|
|
71,189
|
|
|
Total net realized capital gains (losses)
|
|
|
(159,971
|
)
|
|
|
(9,448
|
)
|
|
|
(194,654
|
)
|
|
|
70,694
|
|
|
Net derivative gain (loss)
|
|
|
(11,428
|
)
|
|
|
1,855
|
|
|
|
(5,225
|
)
|
|
|
3,968
|
|
|
Other income (expense)
|
|
|
17,413
|
|
|
|
11,332
|
|
|
|
59,561
|
|
|
|
(5,835
|
)
|
|
Total revenues
|
|
|
1,375,165
|
|
|
|
1,535,880
|
|
|
|
4,275,937
|
|
|
|
4,272,156
|
|
|
|
|
|
|
|
|
|
|
|
|
CLAIMS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
Incurred losses and loss adjustment expenses
|
|
|
888,097
|
|
|
|
837,757
|
|
|
|
2,401,223
|
|
|
|
2,192,863
|
|
|
Commission, brokerage, taxes and fees
|
|
|
300,048
|
|
|
|
290,519
|
|
|
|
882,132
|
|
|
|
820,208
|
|
|
Other underwriting expenses
|
|
|
70,667
|
|
|
|
63,113
|
|
|
|
195,282
|
|
|
|
172,165
|
|
|
Corporate expenses
|
|
|
5,924
|
|
|
|
9,958
|
|
|
|
17,312
|
|
|
|
18,802
|
|
|
Interest, fees and bond issue cost amortization expense
|
|
|
8,990
|
|
|
|
12,424
|
|
|
|
27,006
|
|
|
|
28,970
|
|
|
Total claims and expenses
|
|
|
1,273,726
|
|
|
|
1,213,771
|
|
|
|
3,522,955
|
|
|
|
3,233,008
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE TAXES
|
|
|
101,439
|
|
|
|
322,109
|
|
|
|
752,982
|
|
|
|
1,039,148
|
|
|
Income tax expense (benefit)
|
|
|
(6,133
|
)
|
|
|
20,856
|
|
|
|
70,868
|
|
|
|
137,948
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$
|
107,572
|
|
|
$
|
301,253
|
|
|
$
|
682,114
|
|
|
$
|
901,200
|
|
|
Net (income) loss attributable to noncontrolling interests
|
|
|
(19,019
|
)
|
|
|
(26,337
|
)
|
|
|
(61,526
|
)
|
|
|
(42,167
|
)
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO EVEREST RE GROUP
|
|
$
|
88,553
|
|
|
$
|
274,916
|
|
|
$
|
620,588
|
|
|
$
|
859,033
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation (depreciation) ("URA(D)") on securities
arising during the period
|
|
|
(91,059
|
)
|
|
|
(74,074
|
)
|
|
|
(144,335
|
)
|
|
|
65,318
|
|
|
Reclassification adjustment for realized losses (gains) included in
net income (loss)
|
|
|
24,596
|
|
|
|
(5,684
|
)
|
|
|
59,526
|
|
|
|
(1,641
|
)
|
|
Total URA(D) on securities arising during the period
|
|
|
(66,463
|
)
|
|
|
(79,758
|
)
|
|
|
(84,809
|
)
|
|
|
63,677
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(32,505
|
)
|
|
|
(34,974
|
)
|
|
|
(80,508
|
)
|
|
|
(38,374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Benefit plan actuarial net gain (loss) for the period
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Reclassification adjustment for amortization of net (gain) loss
included in net income (loss)
|
|
|
1,556
|
|
|
|
825
|
|
|
|
4,769
|
|
|
|
2,366
|
|
|
Total benefit plan net gain (loss) for the period
|
|
|
1,556
|
|
|
|
825
|
|
|
|
4,769
|
|
|
|
2,366
|
|
|
Total other comprehensive income (loss), net of tax
|
|
|
(97,412
|
)
|
|
|
(113,907
|
)
|
|
|
(160,548
|
)
|
|
|
27,669
|
|
|
Other comprehensive (income) loss attributable to noncontrolling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total other comprehensive income (loss), net of tax attributable to
Everest Re Group
|
|
|
(97,412
|
)
|
|
|
(113,907
|
)
|
|
|
(160,548
|
)
|
|
|
27,669
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
(8,859
|
)
|
|
$
|
161,009
|
|
|
$
|
460,040
|
|
|
$
|
886,702
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE GROUP:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
2.02
|
|
|
$
|
6.05
|
|
|
$
|
14.04
|
|
|
$
|
18.64
|
|
|
Diluted
|
|
|
2.00
|
|
|
|
6.00
|
|
|
|
13.92
|
|
|
|
18.47
|
|
|
Dividends declared
|
|
|
0.95
|
|
|
|
0.75
|
|
|
|
2.85
|
|
|
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
(Dollars and share amounts in thousands, except par value per share)
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
|
|
ASSETS:
|
|
|
|
|
|
Fixed maturities - available for sale, at market value
|
|
$
|
13,490,960
|
|
|
$
|
13,101,067
|
|
|
(amortized cost: 2015, $13,301,713; 2014, $12,831,159)
|
|
|
|
|
|
Fixed maturities - available for sale, at fair value
|
|
|
-
|
|
|
|
1,509
|
|
|
Equity securities - available for sale, at market value (cost: 2015,
$127,411; 2014, $148,326)
|
|
|
112,999
|
|
|
|
140,210
|
|
|
Equity securities - available for sale, at fair value
|
|
|
1,357,311
|
|
|
|
1,447,820
|
|
|
Short-term investments
|
|
|
1,615,045
|
|
|
|
1,705,932
|
|
|
Other invested assets (cost: 2015, $669,686; 2014, $601,925)
|
|
|
669,686
|
|
|
|
601,925
|
|
|
Cash
|
|
|
401,226
|
|
|
|
437,474
|
|
|
Total investments and cash
|
|
|
17,647,227
|
|
|
|
17,435,937
|
|
|
Accrued investment income
|
|
|
107,199
|
|
|
|
111,075
|
|
|
Premiums receivable
|
|
|
1,663,425
|
|
|
|
1,397,983
|
|
|
Reinsurance receivables
|
|
|
831,635
|
|
|
|
670,854
|
|
|
Funds held by reinsureds
|
|
|
272,775
|
|
|
|
228,192
|
|
|
Deferred acquisition costs
|
|
|
364,947
|
|
|
|
398,408
|
|
|
Prepaid reinsurance premiums
|
|
|
193,122
|
|
|
|
154,177
|
|
|
Income taxes
|
|
|
270,607
|
|
|
|
184,762
|
|
|
Other assets
|
|
|
331,374
|
|
|
|
236,436
|
|
|
TOTAL ASSETS
|
|
$
|
21,682,311
|
|
|
$
|
20,817,824
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Reserve for losses and loss adjustment expenses
|
|
$
|
9,965,963
|
|
|
$
|
9,720,813
|
|
|
Future policy benefit reserve
|
|
|
59,580
|
|
|
|
59,820
|
|
|
Unearned premium reserve
|
|
|
1,717,422
|
|
|
|
1,728,745
|
|
|
Funds held under reinsurance treaties
|
|
|
83,137
|
|
|
|
3,932
|
|
|
Commission reserves
|
|
|
79,904
|
|
|
|
87,990
|
|
|
Other net payable to reinsurers
|
|
|
199,528
|
|
|
|
139,841
|
|
|
Losses in course of payment
|
|
|
298,577
|
|
|
|
157,527
|
|
|
4.868% Senior notes due 6/1/2044
|
|
|
400,000
|
|
|
|
400,000
|
|
|
6.6% Long term notes due 5/1/2067
|
|
|
238,367
|
|
|
|
238,364
|
|
|
Accrued interest on debt and borrowings
|
|
|
12,341
|
|
|
|
3,537
|
|
|
Equity index put option liability
|
|
|
52,247
|
|
|
|
47,022
|
|
|
Unsettled securities payable
|
|
|
65,147
|
|
|
|
41,092
|
|
|
Other liabilities
|
|
|
271,086
|
|
|
|
316,469
|
|
|
Total liabilities
|
|
|
13,443,299
|
|
|
|
12,945,152
|
|
|
|
|
|
|
|
|
NONCONTROLLING INTERESTS:
|
|
|
|
|
|
Redeemable noncontrolling interests - Mt. Logan Re
|
|
|
752,692
|
|
|
|
421,552
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
Preferred shares, par value: $0.01; 50,000 shares authorized;
|
|
|
|
|
|
no shares issued and outstanding
|
|
|
-
|
|
|
|
-
|
|
|
Common shares, par value: $0.01; 200,000 shares authorized; (2015)
68,585
|
|
|
|
|
|
and (2014) 68,336 outstanding before treasury shares
|
|
|
686
|
|
|
|
683
|
|
|
Additional paid-in capital
|
|
|
2,094,850
|
|
|
|
2,068,807
|
|
|
Accumulated other comprehensive income (loss), net of deferred
income tax expense
|
|
|
|
|
|
(benefit) of ($2,899) at 2015 and $20,715 at 2014
|
|
|
(112,231
|
)
|
|
|
48,317
|
|
|
Treasury shares, at cost; 25,500 shares (2015) and 23,650 shares
(2014)
|
|
|
(2,810,878
|
)
|
|
|
(2,485,897
|
)
|
|
Retained earnings
|
|
|
8,313,893
|
|
|
|
7,819,210
|
|
|
Total shareholders' equity attributable to Everest Re Group
|
|
|
7,486,320
|
|
|
|
7,451,120
|
|
|
TOTAL LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
|
|
$
|
21,682,311
|
|
|
$
|
20,817,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
(Dollars in thousands)
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income (loss)
|
|
$
|
682,114
|
|
|
$
|
901,200
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Decrease (increase) in premiums receivable
|
|
|
(274,198
|
)
|
|
|
(255,645
|
)
|
|
Decrease (increase) in funds held by reinsureds, net
|
|
|
33,255
|
|
|
|
(6,929
|
)
|
|
Decrease (increase) in reinsurance receivables
|
|
|
(202,329
|
)
|
|
|
(256,458
|
)
|
|
Decrease (increase) in income taxes
|
|
|
(61,627
|
)
|
|
|
(14,696
|
)
|
|
Decrease (increase) in prepaid reinsurance premiums
|
|
|
(46,633
|
)
|
|
|
(101,478
|
)
|
|
Increase (decrease) in reserve for losses and loss adjustment
expenses
|
|
|
347,729
|
|
|
|
172,511
|
|
|
Increase (decrease) in future policy benefit reserve
|
|
|
(240
|
)
|
|
|
(1,879
|
)
|
|
Increase (decrease) in unearned premiums
|
|
|
1,455
|
|
|
|
255,537
|
|
|
Increase (decrease) in other net payable to reinsurers
|
|
|
67,550
|
|
|
|
101,984
|
|
|
Increase (decrease) in losses in course of payment
|
|
|
142,418
|
|
|
|
165,105
|
|
|
Change in equity adjustments in limited partnerships
|
|
|
(12,725
|
)
|
|
|
(24,438
|
)
|
|
Distribution of limited partnership income
|
|
|
42,625
|
|
|
|
41,165
|
|
|
Change in other assets and liabilities, net
|
|
|
18,573
|
|
|
|
(32,114
|
)
|
|
Non-cash compensation expense
|
|
|
16,150
|
|
|
|
14,720
|
|
|
Amortization of bond premium (accrual of bond discount)
|
|
|
38,770
|
|
|
|
38,010
|
|
|
Amortization of underwriting discount on senior notes
|
|
|
3
|
|
|
|
43
|
|
|
Net realized capital (gains) losses
|
|
|
194,654
|
|
|
|
(70,694
|
)
|
|
Net cash provided by (used in) operating activities
|
|
|
987,544
|
|
|
|
925,944
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Proceeds from fixed maturities matured/called - available for sale,
at market value
|
|
|
1,687,589
|
|
|
|
1,638,278
|
|
|
Proceeds from fixed maturities matured/called - available for sale,
at fair value
|
|
|
-
|
|
|
|
875
|
|
|
Proceeds from fixed maturities sold - available for sale, at market
value
|
|
|
1,146,000
|
|
|
|
1,050,082
|
|
|
Proceeds from fixed maturities sold - available for sale, at fair
value
|
|
|
1,824
|
|
|
|
23,856
|
|
|
Proceeds from equity securities sold - available for sale, at market
value
|
|
|
22,120
|
|
|
|
11,174
|
|
|
Proceeds from equity securities sold - available for sale, at fair
value
|
|
|
439,692
|
|
|
|
452,514
|
|
|
Distributions from other invested assets
|
|
|
41,782
|
|
|
|
59,264
|
|
|
Proceeds from sale of subsidiary (net of cash disposed)
|
|
|
3,934
|
|
|
|
-
|
|
|
Cost of fixed maturities acquired - available for sale, at market
value
|
|
|
(3,583,990
|
)
|
|
|
(3,729,423
|
)
|
|
Cost of fixed maturities acquired - available for sale, at fair value
|
|
|
(234
|
)
|
|
|
(23,684
|
)
|
|
Cost of equity securities acquired - available for sale, at market
value
|
|
|
(6,581
|
)
|
|
|
(11,873
|
)
|
|
Cost of equity securities acquired - available for sale, at fair
value
|
|
|
(460,965
|
)
|
|
|
(262,871
|
)
|
|
Cost of other invested assets acquired
|
|
|
(140,923
|
)
|
|
|
(120,911
|
)
|
|
Net change in short-term investments
|
|
|
83,584
|
|
|
|
(284,822
|
)
|
|
Net change in unsettled securities transactions
|
|
|
(18,242
|
)
|
|
|
13,496
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(784,410
|
)
|
|
|
(1,184,045
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Common shares issued during the period, net
|
|
|
9,896
|
|
|
|
15,465
|
|
|
Purchase of treasury shares
|
|
|
(324,981
|
)
|
|
|
(399,942
|
)
|
|
Net proceeds from issuance of senior notes
|
|
|
-
|
|
|
|
400,000
|
|
|
Third party investment in redeemable noncontrolling interest
|
|
|
296,848
|
|
|
|
136,200
|
|
|
Dividends paid to shareholders
|
|
|
(125,905
|
)
|
|
|
(103,034
|
)
|
|
Dividends paid on third party investment in redeemable
noncontrolling interest
|
|
|
(67,233
|
)
|
|
|
(10,334
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(211,375
|
)
|
|
|
38,355
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
|
(28,007
|
)
|
|
|
10,167
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
|
(36,248
|
)
|
|
|
(209,579
|
)
|
|
Cash, beginning of period
|
|
|
437,474
|
|
|
|
611,382
|
|
|
Cash, end of period
|
|
$
|
401,226
|
|
|
$
|
401,803
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
|
Income taxes paid (recovered)
|
|
$
|
123,234
|
|
|
$
|
146,560
|
|
|
Interest paid
|
|
|
18,039
|
|
|
|
15,150
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151026006444/en/
Source: Everest Re Group, Ltd.
Everest Global Services, Inc.
Elizabeth B. Farrell, 908-604-3169
Vice
President, Investor Relations