Reinsurance firm Everest yesterday reported after tax operating income of $273.2 million for the third quarter of this year.

The figure is equivalent to $6.53 per common share and compared to operating income of $200.2 million or $4.53 per share for the same period in 2015.

Dominic Addesso, Everest Re’s CEO, said: “We are very pleased with this quarter’s results.

“These earnings reflect strong underwriting margins with a combined ratio of 85.6 per cent and a well-balanced investment portfolio that is providing solid investment income returns.

“Continued momentum in our insurance operations coupled with the stability of our reinsurance book is fostering these strong results and providing shareholders double digit returns, with an 11 per cent annualised operating return on equity for the first nine months of the year.”

Net income for the quarter stood at $295.4 million, or $7.06 per common share, compared to net income of $88.6 million, or $2 per share, for the same period last year.

Gross written premiums for the quarter were $1.8 billion — an increase of three per cent on the third quarter of 2015.

But, allowing for unfavourable effects of foreign currency fluctuation, premiums were up by 4 per cent.

Worldwide reinsurance premiums rose by 2 per cent on a constant dollar basis, while insurance premiums were up 9 per cent quarter over quarter.

Catastrophe losses for the quarter totalled $17.5 million — largely attributed to the effects of Hurricane Hermine.

Net investment income was $122.7 million, including income of $17.1 million on limited partnership investments.

Shareholders’ equity stood at $8 billion at the end of the quarter, up 6 per cent compared to the end of last year.