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Reinsurer Everest Re beats expectations on higher margins
July 25, 2012 / 8:40 PM / 5 years ago

Reinsurer Everest Re beats expectations on higher margins

July 25 (Reuters) - Bermuda-based reinsurer Everest Re Group Ltd’s quarterly profit blew past analysts’ expectations on higher margins and underwriting profits.

The company’s second-quarter net profit rose to $214.6 million, or $4.08 per share, from $131.3 million, or $2.41 per share, a year earlier.

Operating income, which excludes certain investment gains and losses, was $4.25 per share, above analysts’ estimate of $3.80 per share, according to Thomson Reuters I/B/E/S.

Net premium earned for the April-June quarter remained flat at $1.04 billion.

The combined ratio-- which is the percentage of premiums an insurer has to pay out in claims and expenses -- fell to 89 percent from 98 percent, a year earlier.

The reinsurer’s shares, which have risen more than 6 percent in the last three months, closed at $102.08 on Wednesday on the New York Stock Exchange. (Reporting by Ashutosh Pandey in Bangalore; Editing by Anil D‘Silva)

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