Everest Group, Ltd. (EG), an insurance and reinsurance provider, reported a surge in its profit for the first quarter, but with a slight decline in its revenues.
The company's net earnings reached $653 million, significantly higher than last year's $210 million. Earnings per share surged to $16.21 from $4.90 a year ago. Meanwhile, operating earnings rose to $648 million or $16.08 per share from $276 million or $6.45 per share.
Revenues for the quarter totaled $4.068 billion, a slight decrease from $4.263 billion in the prior-year quarter. Gross written premium slid by 18.5 percent.
The company said its pre-tax catastrophe losses were $90 million, net of estimated recoveries and reinstatement premiums, in the current quarter, compared to $447 million in the prior-year quarter. While the quarter's catastrophe losses were driven by Iran War and other mid-sized events globally, last year's were mainly impacted by the California Wildfires.
EG closed trading on Wednesday at $344.01, down $3.06 or 0.88 percent on the New York Stock Exchange.
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