Everest Re Group Reports Fourth Quarter and Full Year 2020 Results: Full Year Net Income of $514 Million

15% Growth in Full Year Gross Written Premium with Underlying Profit Improvement

11.4% Year on Year Growth in Book Value Per Share Inclusive of Dividends

Everest Re Group, Ltd. (“Everest” or the “Company”) reported its 2020 fourth quarter and year end results.

Fourth Quarter 2020 Highlights

• Net income of $64 million equal to $1.59 per share
• Net operating loss of $(44) million, $(1.12) per common share
• Gross written premium growth of 13%
• Attritional combined ratio of 86.3%, a 4 point improvement year over year
• Pre-tax net catastrophe losses of $70 million, Covid-19 Pandemic (“Pandemic”) losses of $76 million, and a prior year reserve strengthening of $400 million

Full Year 2020 Highlights

• Net income of $514 million, $12.78 per diluted common share
• Net operating income of $300 million, $7.46 per diluted common share
• Growth in diluted book value per share of 11.4% inclusive of dividends
• Gross written premium growth of 15%
• Attritional combined ratio of 87.5%, ~ 1 point improvement year over year
• 2020 cash flow from operations of $2.9 billion

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