Everest Re Group Ltd has reported full-year net income of $514.2 million, or 12.78 cents per share, which was about half of the $1 billion achieved in 2019.

It had pre-tax net Covid-19 pandemic losses of $511 million for the year, and $76 million for the fourth quarter.

The Bermudian-based re/insurer’s net income was $63.6 million for the quarter, down from $217.6 million year on year.

At the end of 2020 its book value per share had improved to $243.25, from $223.85 in 2019.

The group’s gross written premiums were up 14.8 per cent for the year at $10.4 billion, and up 12.9 per cent for the fourth quarter at $2.75 billion.

Juan Andrade, president and chief executive officer, said: “We are relentlessly executing our strategies from a position of strength in this robust market as evidenced by 2020 growth in gross written premiums of 15 per cent and net written premiums of 17 per cent and improvement in underlying underwriting profitability.

“Our attritional combined ratio improved approximately one point to 87.5 per cent versus the prior year, with our insurance segment improving 2.3 points to 94.2 per cent.”

The group’s combined ratio for the year was 102.9 per cent, up 7.4 points year-on-year.

Mr Andrade added: “Despite the $511 million pandemic loss provision and a $400 million prior accident year reserve strengthening, we delivered $300 million in operating income and $514 million in net income providing a return on equity of 5.8 per cent.

“Everest has a strong capital position bolstered by the $1 billion senior notes offering and a leading global franchise with great momentum entering 2021.”