Bermudian-based Everest Re Group Ltd has reported first-quarter net income of $365 million, equal to $9.31 per diluted share.

That compares with first-quarter 2022 net income of $298 million, equal to $7.56 per diluted share.

Net operating income was $443 million, equal to $11.31 per diluted share versus first-quarter 2022 net operating income of $406 million, equal to $10.31 per diluted share.

The company had a GAAP combined ratio of 91.2 per cent including 3.7 points of catastrophe losses versus the first-quarter 2022 figures of 91.6 per cent including 4.1 points of catastrophe losses.

The combined ratio was 90.8 per cent for reinsurance and 92.4 per cent for insurance driven by improved pricing and lower catastrophe losses year-over-year.

The company reported $110 million of pre-tax catastrophe losses net of estimated recoveries and reinstatement premiums driven by the Turkey earthquake as well as the New Zealand floods and cyclone.

Everest recorded pre-tax underwriting income of $273 million, the third-highest result over the past five years.

The company had $3.7 billion in gross written premium with year-over-year growth of 19.5 per cent in constant dollars as reported for the group, 23.2 per cent in constant dollars excluding reinstatements for reinsurance and 11.5 per cent in constant dollars for insurance.

Everest reported year-over-year improvement in net investment income of $260 million, driven by stronger fixed-income returns as new money yields remain attractive.

Operating cashflow for the quarter was $1.1 billion versus $846 million in the first quarter of 2022.

“Everest had a strong start to the year, with first-quarter results that delivered significant underwriting profit, a 17.2 per cent operating return on equity and a total shareholder return in excess of 14 per cent,” said Juan C Andrade, Everest president and chief executive.

“We delivered profitable growth across both underwriting franchises, particularly in reinsurance, where we continued to drive expanding margins.

“With our industry leading position, ongoing flight to quality, and relentless execution, we are well equipped to take advantage of market tailwinds.

“We also continued to invest in scaling our primary business in a disciplined manner. The insurance division generated an increased year-over-year underwriting profit by capitalising on our diversified portfolio and improved pricing conditions.

“We advanced many of our strategic objectives this quarter, resulting in improved risk adjusted returns across the portfolio, and continued to manage natural catastrophe volatility demonstrated by the limited exposure to the severe weather events in North America during the quarter.

“We remain focused on bolstering our world-class talent and I am confident in their ability to capitalise on attractive market opportunities in the year ahead.”