Record net investment income helped to propel Bermudian-based Everest Group Ltd to deliver second-quarter net income of $724 million.

The company reported $4.7 billion in gross written premium with year-over-year growth of 12.82 per cent for the group, 16.52 per cent for Reinsurance and 5.82 per cent for Insurance.

Combined ratios were 90.3 per cent for the group, 88.9 per cent for Reinsurance and 94.4 per cent for Insurance.

Pre-tax underwriting income was $358 million for the group, $303 million for Reinsurance and $54 million for Insurance.

The company reported $135 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums, compared with $27 million in the prior year.

Net investment income improved to $528 million, compared with $357 million in the prior-year second quarter, a company record, driven by a larger asset base as well as strong core fixed income and alternative investment returns.

The company reported operating cashflow for the quarter of $1.3 billion, compared with $1.1 billion in the second quarter of 2023.

“Everest produced another strong quarter and an excellent first half of the year, with second-quarter results delivering an annualised total shareholder return and operating ROE [return on equity] of 20 per cent, driven by solid underwriting and net investment income,” said Juan C. Andrade, Everest president and chief executive.

“The fundamentals of our business are robust, creating significant momentum as we expand in areas with the strongest profit trajectory, while remaining focused on disciplined underwriting and risk selection.

“Our leading Reinsurance business continues to achieve excellent risk-adjusted returns, again evidenced by our success through the most recent renewals.

“We made progress advancing our primary insurance strategy in key global markets, investing in and expanding our platform with exceptional talent and capabilities to capitalise on market opportunities.

“As we move through the second half of 2024, we are capitalising on this momentum, focused on achieving our primary objective of consistently generating industry-leading returns.”