HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 5, 2018--
Everest Re Group, Ltd. (NYSE: RE) today reported fourth quarter 2017 net
income of $571.0 million, or $13.85 per diluted common share, compared
to net income of $373.6 million, or $9.08 per diluted common share, for
the fourth quarter of 2016. After-tax operating income1,
excluding realized capital gains and losses and the tax charge related
to the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), was $556.0
million, or $13.48 per diluted common share, for the fourth quarter of
2017, compared to after-tax operating income¹ of $363.4 million, or
$8.83 per diluted common share, for the same period last year.
For the year ended December 31, 2017, net income was $469.0 million, or
$11.36 per diluted common share, compared to $996.3 million, or $23.68
per diluted common share, for 2016. After-tax operating income1,
excluding realized capital gains and losses and the tax charge related
to the enactment of the TCJA, was $375.4 million, or $9.10 per diluted
common share, for the full year 2017, compared to $993.5 million or
$23.61 per diluted common share, for 2016.
Commenting on the Company’s results, President and Chief Executive
Officer, Dominic J. Addesso said, “Everest experienced an exceptional
quarter with $556 million of net operating income, giving rise to a
respectable year of earnings, despite 2017 being one of the most costly
catastrophe loss years on record. The underlying results were quite
strong with an attritional combined ratio for the year of 85.0%. More
importantly is that all segments contributed to these positive results.
For the full year, Everest generated a 6% ROE and reached a new
milestone with premium of $7.2 billion.”
Operating highlights for the fourth quarter and full year 2017 included
the following:
-
Gross written premiums for the quarter were $1.9 billion, an increase
of 26% compared to the fourth quarter of 2016. For the full year,
gross written premiums grew 19% to $7.2 billion. Eliminating
reinstatement premiums and the effects of foreign currency
fluctuations, total premiums were actually up 16% for the year.
Worldwide reinsurance premiums were up 17%, on this same basis, while
direct insurance premiums were up 15% for the year.
-
The combined ratio was 70.0% for the quarter and 103.5% for the year,
compared to 82.1% and 87.0%, respectively, for the same periods in
2016. The quarter benefitted from net prior year reserve releases of
$262.1 million and a net reduction to prior period catastrophe loss
estimates of $132.7 million, including a $102.7 million reduction in
the catastrophe loss estimates for the third quarter 2017 events. This
was offset by $161.5 million for catastrophe losses that occurred in
the quarter, including both the Northern and Southern California
wildfires. For the full year, catastrophe losses, net of reinstatement
premiums, totaled $1.3 billion. Excluding catastrophe losses,
reinstatement premiums and favorable prior year loss development, the
calendar year attritional combined ratio was 85.0% compared to 85.5%
for 2016.
-
Net investment income amounted to $149.1 million for the quarter and
$542.9 million for the full year 2017, up 15% over the full year 2016
results.
-
Net after-tax realized capital gains totaled $23.2 million in the
quarter. For the full year, realized capital gains, net of tax,
amounted to $101.8 million, while unrealized capital losses, net of
tax, were $71.3 million.
-
Cash flow from operations was $118.5 million for the quarter and $1.2
billion for the full year 2017. This compared to $422.9 million and
$1.4 billion for the same periods, respectively, in 2016.
-
For the year, the after-tax operating income1 return on
average adjusted shareholders’ equity2 was 4.6%.
-
The enactment of the Tax Cuts and Jobs Act of 2017 (TCJA) resulted in
a charge of $8.2 million in the quarter, or $0.20 per diluted common
share. Additionally, the Financial Accounting Standards Board (FASB)
has proposed a change in accounting standards that, if adopted, would
require certain income tax effects of the TCJA to be reclassified from
other comprehensive income (OCI) to retained earnings. If the FASB
adopts that proposal prior to the filing of the Company’s Form 10-K,
the Company intends to “early adopt” the updated accounting standard
and reflect it in the financial statements filed with its Form 10-K,
resulting in an estimated $1.3 million decline in OCI with a
corresponding increase in retained earnings. Further information about
this proposed change in accounting standards is available in the
Company’s Form 8-K filed in connection with this news release.
-
During the quarter and for the full year, the Company purchased
236,493 shares for a total cost of $50 million. The repurchases were
made pursuant to a share repurchase authorization, provided by the
Company’s Board of Directors, under which there remains 1.8 million
shares available.
-
Shareholders’ equity ended the year at $8.4 billion. Book value per
share increased 4% from $197.45 at year-end 2016 to $204.95 at
December 31, 2017.
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), dac. provides
reinsurance to non-life insurers in Europe. Everest Insurance®
refers to the primary insurance operations of Everest Re Group, Ltd.,
and its affiliated companies which offer property, casualty and
specialty lines insurance on both an admitted and non-admitted basis in
the U.S. and internationally. The Company also operates within the
Lloyd's insurance market through Syndicate 2786. In addition, through
Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized
by the Company and third party investors that provide reinsurance for
property catastrophe risks. 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 fourth quarter results will be held at
10:30 a.m. Eastern Time on February 6, 2018. 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) and the tax
charge related to the enactment of the Tax Cuts and Jobs Act of 2017
(TCJA) as the following reconciliation displays:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
(Dollars in thousands, except per share amounts)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Diluted
|
|
|
|
Per Diluted
|
|
|
|
Per Diluted
|
|
|
|
Per Diluted
|
|
|
|
|
|
Common
|
|
|
|
Common
|
|
|
|
Common
|
|
|
|
Common
|
|
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
Amount
|
|
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
571,025
|
|
|
$
|
13.85
|
|
|
$
|
373,572
|
|
$
|
9.08
|
|
$
|
468,968
|
|
|
$
|
11.36
|
|
|
$
|
996,344
|
|
$
|
23.68
|
|
After-tax net realized capital gains (losses)
|
|
|
23,226
|
|
|
|
0.56
|
|
|
|
10,180
|
|
|
0.25
|
|
|
101,806
|
|
|
|
2.47
|
|
|
|
2,878
|
|
|
0.07
|
|
Impact of TCJA enactment
|
|
|
(8,246
|
)
|
|
|
(0.20
|
)
|
|
|
-
|
|
|
-
|
|
|
(8,246
|
)
|
|
|
(0.20
|
)
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax operating income (loss)
|
|
$
|
556,045
|
|
|
$
|
13.48
|
|
|
$
|
363,392
|
|
$
|
8.83
|
|
$
|
375,408
|
|
|
$
|
9.10
|
|
|
$
|
993,466
|
|
$
|
23.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Some amounts may not reconcile due to rounding.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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--
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
AND COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
(Dollars in thousands, except per share amounts)
|
|
|
2017
|
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
Premiums earned
|
|
$
|
1,657,187
|
|
|
$
|
1,441,265
|
|
|
$
|
5,937,840
|
|
|
$
|
5,320,466
|
|
|
Net investment income
|
|
|
149,128
|
|
|
|
115,167
|
|
|
|
542,898
|
|
|
|
473,085
|
|
|
Net realized capital gains (losses):
|
|
|
|
|
|
|
|
|
|
|
Other-than-temporary impairments on fixed maturity securities
|
|
|
(1,905
|
)
|
|
|
(465
|
)
|
|
|
(7,093
|
)
|
|
|
(31,595
|
)
|
|
Other-than-temporary impairments on fixed maturity securities
transferred to other comprehensive income (loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other net realized capital gains (losses)
|
|
|
35,568
|
|
|
|
34,470
|
|
|
|
160,287
|
|
|
|
24,379
|
|
|
Total net realized capital gains (losses)
|
|
|
33,663
|
|
|
|
34,005
|
|
|
|
153,194
|
|
|
|
(7,216
|
)
|
|
Net derivative gain (loss)
|
|
|
3,529
|
|
|
|
13,161
|
|
|
|
9,581
|
|
|
|
18,647
|
|
|
Other income (expense)
|
|
|
23,704
|
|
|
|
10,362
|
|
|
|
(35,442
|
)
|
|
|
(10,636
|
)
|
|
Total revenues
|
|
|
1,867,211
|
|
|
|
1,613,960
|
|
|
|
6,608,071
|
|
|
|
5,794,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLAIMS AND EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
Incurred losses and loss adjustment expenses
|
|
|
680,436
|
|
|
|
794,896
|
|
|
|
4,522,581
|
|
|
|
3,139,629
|
|
|
Commission, brokerage, taxes and fees
|
|
|
388,625
|
|
|
|
308,639
|
|
|
|
1,303,963
|
|
|
|
1,188,692
|
|
|
Other underwriting expenses
|
|
|
90,916
|
|
|
|
79,972
|
|
|
|
318,817
|
|
|
|
302,722
|
|
|
Corporate expenses
|
|
|
4,615
|
|
|
|
5,828
|
|
|
|
25,923
|
|
|
|
27,231
|
|
|
Interest, fees and bond issue cost amortization expense
|
|
|
7,314
|
|
|
|
9,034
|
|
|
|
31,603
|
|
|
|
36,228
|
|
|
Total claims and expenses
|
|
|
1,171,906
|
|
|
|
1,198,369
|
|
|
|
6,202,887
|
|
|
|
4,694,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE TAXES
|
|
|
695,305
|
|
|
|
415,591
|
|
|
|
405,184
|
|
|
|
1,099,844
|
|
|
Income tax expense (benefit)
|
|
|
124,280
|
|
|
|
42,019
|
|
|
|
(63,784
|
)
|
|
|
103,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$
|
571,025
|
|
|
$
|
373,572
|
|
|
$
|
468,968
|
|
|
$
|
996,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
Unrealized appreciation (depreciation) ("URA(D)") on securities
arising during the period
|
|
|
(83,093
|
)
|
|
|
(200,656
|
)
|
|
|
(64,348
|
)
|
|
|
57,629
|
|
|
Reclassification adjustment for realized losses (gains) included in
net income (loss)
|
|
|
9,779
|
|
|
|
(12,594
|
)
|
|
|
(6,950
|
)
|
|
|
15,118
|
|
|
Total URA(D) on securities arising during the period
|
|
|
(73,314
|
)
|
|
|
(213,250
|
)
|
|
|
(71,298
|
)
|
|
|
72,747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(3,207
|
)
|
|
|
(72,980
|
)
|
|
|
121,917
|
|
|
|
(55,341
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit plan actuarial net gain (loss) for the period
|
|
|
1,027
|
|
|
|
(7,488
|
)
|
|
|
1,027
|
|
|
|
(7,488
|
)
|
|
Reclassification adjustment for amortization of net (gain) loss
included in net income (loss)
|
|
|
100
|
|
|
|
1,124
|
|
|
|
5,477
|
|
|
|
5,073
|
|
|
Total benefit plan net gain (loss) for the period
|
|
|
1,127
|
|
|
|
(6,364
|
)
|
|
|
6,504
|
|
|
|
(2,415
|
)
|
|
Total other comprehensive income (loss), net of tax
|
|
|
(75,394
|
)
|
|
|
(292,594
|
)
|
|
|
57,123
|
|
|
|
14,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS)
|
|
$
|
495,631
|
|
|
$
|
80,978
|
|
|
$
|
526,091
|
|
|
$
|
1,011,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
13.92
|
|
|
$
|
9.14
|
|
|
$
|
11.43
|
|
|
$
|
23.85
|
|
|
Diluted
|
|
|
13.85
|
|
|
|
9.08
|
|
|
|
11.36
|
|
|
|
23.68
|
|
|
Dividends declared
|
|
|
1.30
|
|
|
|
1.25
|
|
|
|
5.05
|
|
|
|
4.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
(Dollars and share amounts in thousands, except par value per share)
|
|
2017
|
|
2016
|
|
|
|
(unaudited)
|
|
|
|
ASSETS:
|
|
|
|
|
|
Fixed maturities - available for sale, at market value
|
|
$
|
14,756,834
|
|
|
$
|
14,107,408
|
|
|
(amortized cost: 2017, $14,689,598; 2016, $13,932,613)
|
|
|
|
|
|
Equity securities - available for sale, at market value (cost: 2017,
$130,287; 2016, $129,553)
|
|
|
129,530
|
|
|
|
119,067
|
|
|
Equity securities - available for sale, at fair value
|
|
|
963,572
|
|
|
|
1,010,085
|
|
|
Short-term investments
|
|
|
509,682
|
|
|
|
431,478
|
|
|
Other invested assets (cost: 2017, $1,628,753; 2016, $1,333,069)
|
|
|
1,631,850
|
|
|
|
1,333,129
|
|
|
Cash
|
|
|
635,067
|
|
|
|
481,922
|
|
|
Total investments and cash
|
|
|
18,626,535
|
|
|
|
17,483,089
|
|
|
Accrued investment income
|
|
|
97,704
|
|
|
|
96,473
|
|
|
Premiums receivable
|
|
|
1,844,881
|
|
|
|
1,485,990
|
|
|
Reinsurance receivables
|
|
|
1,348,226
|
|
|
|
1,018,325
|
|
|
Funds held by reinsureds
|
|
|
292,927
|
|
|
|
260,644
|
|
|
Deferred acquisition costs
|
|
|
411,587
|
|
|
|
344,052
|
|
|
Prepaid reinsurance premiums
|
|
|
288,211
|
|
|
|
191,768
|
|
|
Income taxes
|
|
|
299,438
|
|
|
|
177,704
|
|
|
Other assets
|
|
|
382,283
|
|
|
|
263,459
|
|
|
TOTAL ASSETS
|
|
$
|
23,591,792
|
|
|
$
|
21,321,504
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Reserve for losses and loss adjustment expenses
|
|
$
|
11,884,321
|
|
|
$
|
10,312,313
|
|
|
Future policy benefit reserve
|
|
|
51,014
|
|
|
|
55,074
|
|
|
Unearned premium reserve
|
|
|
2,000,556
|
|
|
|
1,577,546
|
|
|
Funds held under reinsurance treaties
|
|
|
18,030
|
|
|
|
21,278
|
|
|
Commission reserves
|
|
|
30,660
|
|
|
|
70,335
|
|
|
Other net payable to reinsurers
|
|
|
218,017
|
|
|
|
190,986
|
|
|
4.868% Senior notes due 6/1/2044
|
|
|
396,834
|
|
|
|
396,714
|
|
|
6.6% Long term notes due 5/1/2067
|
|
|
236,561
|
|
|
|
236,462
|
|
|
Accrued interest on debt and borrowings
|
|
|
2,727
|
|
|
|
3,537
|
|
|
Equity index put option liability
|
|
|
12,477
|
|
|
|
22,059
|
|
|
Unsettled securities payable
|
|
|
38,743
|
|
|
|
27,927
|
|
|
Other liabilities
|
|
|
332,620
|
|
|
|
331,877
|
|
|
Total liabilities
|
|
|
15,222,560
|
|
|
|
13,246,108
|
|
|
|
|
|
|
|
|
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; (2017)
69,044
|
|
|
|
|
|
and (2016) 68,871 outstanding before treasury shares
|
|
|
691
|
|
|
|
689
|
|
|
Additional paid-in capital
|
|
|
2,165,768
|
|
|
|
2,140,783
|
|
|
Accumulated other comprehensive income (loss), net of deferred
income tax expense
|
|
|
|
|
|
(benefit) of $8,105 at 2017 and $8,240 at 2016
|
|
|
(159,641
|
)
|
|
|
(216,764
|
)
|
|
Treasury shares, at cost; 28,208 shares (2017) and 27,972 shares
(2016)
|
|
|
(3,322,244
|
)
|
|
|
(3,272,244
|
)
|
|
Retained earnings
|
|
|
9,684,658
|
|
|
|
9,422,932
|
|
|
Total shareholders' equity
|
|
|
8,369,232
|
|
|
|
8,075,396
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
23,591,792
|
|
|
$
|
21,321,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVEREST RE GROUP, LTD.
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
(Dollars in thousands)
|
|
2017
|
|
2016
|
|
|
|
(unaudited)
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income (loss)
|
|
$
|
468,968
|
|
|
$
|
996,344
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Decrease (increase) in premiums receivable
|
|
|
(338,335
|
)
|
|
|
(15,655
|
)
|
|
Decrease (increase) in funds held by reinsureds, net
|
|
|
(31,104
|
)
|
|
|
22,219
|
|
|
Decrease (increase) in reinsurance receivables
|
|
|
(238,485
|
)
|
|
|
(202,950
|
)
|
|
Decrease (increase) in income taxes
|
|
|
(114,521
|
)
|
|
|
54,526
|
|
|
Decrease (increase) in prepaid reinsurance premiums
|
|
|
(86,049
|
)
|
|
|
(32,455
|
)
|
|
Increase (decrease) in reserve for losses and loss adjustment
expenses
|
|
|
1,376,321
|
|
|
|
545,967
|
|
|
Increase (decrease) in future policy benefit reserve
|
|
|
(4,060
|
)
|
|
|
(3,836
|
)
|
|
Increase (decrease) in unearned premiums
|
|
|
401,174
|
|
|
|
(22,072
|
)
|
|
Increase (decrease) in other net payable to reinsurers
|
|
|
10,071
|
|
|
|
26,200
|
|
|
Increase (decrease) in losses in course of payment
|
|
|
(105,371
|
)
|
|
|
(45,933
|
)
|
|
Change in equity adjustments in limited partnerships
|
|
|
(82,713
|
)
|
|
|
(37,939
|
)
|
|
Distribution of limited partnership income
|
|
|
50,825
|
|
|
|
62,008
|
|
|
Change in other assets and liabilities, net
|
|
|
(66,998
|
)
|
|
|
(45,605
|
)
|
|
Non-cash compensation expense
|
|
|
30,297
|
|
|
|
26,398
|
|
|
Amortization of bond premium (accrual of bond discount)
|
|
|
45,867
|
|
|
|
49,167
|
|
|
Net realized capital (gains) losses
|
|
|
(153,194
|
)
|
|
|
7,216
|
|
|
Net cash provided by (used in) operating activities
|
|
|
1,162,693
|
|
|
|
1,383,600
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Proceeds from fixed maturities matured/called - available for sale,
at market value
|
|
|
2,160,298
|
|
|
|
1,919,808
|
|
|
Proceeds from fixed maturities sold - available for sale, at market
value
|
|
|
2,401,844
|
|
|
|
1,258,434
|
|
|
Proceeds from fixed maturities sold - available for sale, at fair
value
|
|
|
-
|
|
|
|
5,837
|
|
|
Proceeds from equity securities sold - available for sale, at market
value
|
|
|
19,574
|
|
|
|
6,423
|
|
|
Proceeds from equity securities sold - available for sale, at fair
value
|
|
|
631,859
|
|
|
|
723,359
|
|
|
Distributions from other invested assets
|
|
|
5,579,043
|
|
|
|
4,823,484
|
|
|
Proceeds from sale of subsidiary (net of cash disposed)
|
|
|
-
|
|
|
|
47,721
|
|
|
Cost of fixed maturities acquired - available for sale, at market
value
|
|
|
(5,131,098
|
)
|
|
|
(4,061,896
|
)
|
|
Cost of fixed maturities acquired - available for sale, at fair value
|
|
|
-
|
|
|
|
(3,940
|
)
|
|
Cost of equity securities acquired - available for sale, at market
value
|
|
|
(22,033
|
)
|
|
|
(12,538
|
)
|
|
Cost of equity securities acquired - available for sale, at fair
value
|
|
|
(438,641
|
)
|
|
|
(346,929
|
)
|
|
Cost of other invested assets acquired
|
|
|
(5,829,271
|
)
|
|
|
(5,396,001
|
)
|
|
Net change in short-term investments
|
|
|
(73,923
|
)
|
|
|
368,977
|
|
|
Net change in unsettled securities transactions
|
|
|
(30,229
|
)
|
|
|
9,388
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(732,577
|
)
|
|
|
(657,873
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Common shares issued during the period for share-based compensation,
net of expense
|
|
|
(5,310
|
)
|
|
|
10,751
|
|
|
Purchase of treasury shares
|
|
|
(50,000
|
)
|
|
|
(386,288
|
)
|
|
Dividends paid to shareholders
|
|
|
(207,242
|
)
|
|
|
(195,384
|
)
|
|
Cost of shares withheld for taxes on settlements of share-based
compensation awards
|
|
|
(12,906
|
)
|
|
|
(10,595
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
(275,458
|
)
|
|
|
(581,516
|
)
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
|
(1,513
|
)
|
|
|
54,053
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
|
153,145
|
|
|
|
198,264
|
|
|
Cash, beginning of period
|
|
|
481,922
|
|
|
|
283,658
|
|
|
Cash, end of period
|
|
$
|
635,067
|
|
|
$
|
481,922
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
|
|
Income taxes paid (recovered)
|
|
$
|
53,743
|
|
|
$
|
42,636
|
|
|
Interest paid
|
|
|
32,194
|
|
|
|
36,010
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180205005952/en/
Source: Everest Re Group, Ltd.
Everest Global Services, Inc.
Elizabeth B. Farrell, 908-604-3169
Vice
President, Investor Relations