A strong fourth quarter driven by continued underwriting margin improvement has propelled Bermudian-based Everest Re Group to net income of $597 million for fiscal year 2022.

But that was some way shy of 2021’s net income of $1.38 billion.

Everest recorded net income of $496 million in the quarter (2021: $431 million).

The company reported net operating income of $478 million in the quarter (2021: $359 million) and $1.065 billion for the full year (2021: $1.153 billion).

“Everest’s fourth-quarter results capped a strong year of consistent execution and positive momentum for the company,” said Juan C Andrade, Everest president and chief executive.

“We grew both underwriting franchises with improved margins, significantly reduced volatility and generated solid returns despite ongoing market uncertainty and another elevated catastrophe year. This led to over $1 billion in operating income, and a double-digit operating return on equity for both the quarter and the full year.”

He added: “We had a successful January 1 reinsurance renewal, executing a precise and well-orchestrated strategy. We leveraged Everest’s global leadership position to capitalise on the robust property market and the flight to quality was evident across virtually all lines and geographies.

“We drove improved pricing, terms and conditions and deepened relationships with new and existing core clients throughout the world, which significantly improved risk-adjusted returns across the entire portfolio. We are well positioned with the talent and the platform to continue this momentum in 2023.”