Everest, Arch deliver Q2 earnings
Financial results have come in from Bermuda, the base of global insurers Everest Re Group and Arch Capital Group.
Here’s how the two firms stack up in terms of earnings in the second quarter and first half:
Metric
Arch Capital Group
Everest Re Group
Q2 2022 net income
US$394.2 million
US$123 million
Q2 2021 net income
US$663.8 million
US$680 million
H1 2022 net income
US$579.8 million
US$420 million
H1 2021 net income
US$1.1 billion
US$1 billion
Q2 2022 operating income
US$506.5 million
US$386 million
Q2 2021 operating income
US$407.2 million
US$587 million
H1 2022 operating income
US$928.5 million
US$792 million
H1 2021 operating income
US$647 million
US$847 million
In the three-month span ended June 30, Arch’s insurance segment enjoyed a 98% increase in underwriting income, while the reinsurance operations posted a 45% rise. Consolidated underwriting income for the company stood at US$535.4 million.
Meanwhile Everest president and chief executive Juan C. Andrade commented: “Everest’s solid second quarter results reflect the successful execution of our strategy with strong momentum across our key performance objectives. Our focus on underwriting profitability and operational efficiency, supported by our investment portfolio delivered US$386 million in net operating income and a 15.3% operating ROE (return on equity).
“We expanded margins across our insurance and reinsurance businesses with disciplined growth, continued to scale our insurance platform, and in reinsurance capitalised on strategic market opportunities that improved the diversity and economics of our book, while reducing volatility.”
