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Everest Re Group Reports Second Quarter 2022 Results

$386 Million of Net Operating Income and 15.3% Annualized Operating ROE

$123 Million of Net Income and 91.8% Combined Ratio

Everest Re Group, Ltd. (“Everest” or the “Group”) today reported its second quarter 2022 results.

Second Quarter 2022 Highlights

  • $386 Million of Net Operating Income, 15.3% annualized Operating ROE, and Net Income of $123 Million
  • $3.4 billion in gross written premium (“GWP”) with year over year growth of 8.1% for the Group (10.3% in constant dollars), 19.6% for Insurance (20.5% in constant dollars), and 2.5% for Reinsurance (5.2% in constant dollars)
  • Combined ratios of 91.8% for the Group, 91.8% for Reinsurance and 91.5% for Insurance
  • Attritional combined ratios of 87.2% for the Group, 86.0% for Reinsurance and 90.2% for Insurance
  • Pre-tax underwriting income of $240 million including $85 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of South Africa flood losses, Canadian and European storms, and 2Q events in the United States
  • Everest posted a $45M estimate for the Russia/Ukraine war. We have limited direct exposure to the Russia/Ukraine war but, significant uncertainty regarding market and industry losses remains
  • Net investment income of $226 million, balanced between fixed income and a strong alternative investments performance

Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:

“Everest’s solid second quarter results reflect the successful execution of our strategy with strong momentum across our key performance objectives. Our focus on underwriting profitability and operational efficiency, supported by our investment portfolio delivered $386 million in net operating income and a $15.3% operating ROE. We expanded margins across our insurance and reinsurance businesses with disciplined growth, continued to scale our insurance platform and in reinsurance capitalized on strategic market opportunities that improved the diversity and economics of our book, while reducing volatility. Everest’s breadth of global talent, disciplined underwriting and market leadership provide strength and stability to our customers in the increasingly complex environment. Entering the second half of the year, we are well-positioned to continue executing our strategy and providing attractive shareholder returns.”

Summary of Second Quarter 2022 Net Income and Other Items

  • Net income of $123 million, equal to $3.11 per diluted share vs. second quarter 2021 net income of $680 million, equal to $16.95 per diluted share
  • Net operating income of $386 million, equal to $9.79 per diluted share vs. second quarter 2021 net operating income of $587 million, equal to $14.63 per diluted share
  • GAAP combined ratio of 91.8% including 2.9 points of catastrophe losses vs. the second quarter 2021 figures of 89.3% including 1.8 points of catastrophe losses
  • Operating cashflow for the quarter of $715 million vs. the second quarter 2021 figure of $724 million

The following table summarizes the Company’s net income and related financial metrics.

Net income and operating income Q2 Year to Date Q2 Year to Date
All values in USD millions except for per share amounts and percentages

2022

2022

 

2021

2021

Everest Re Group
Net income

123

 

420

 

680

 

1,022

 

Net operating income (loss)

386

 

792

 

587

 

847

 

 
Net income per diluted common share

3.11

 

10.67

 

16.95

 

25.47

 

Net operating income per diluted common share

9.79

 

20.10

 

14.63

 

21.12

 

 
Net income annualized return on average equity

4.8

%

8.4

%

28.4

%

21.6

%

Net operating income annualized return on average equity

15.3

%

15.8

%

24.5

%

17.9

%

Notes

1/ Refer to the reconciliation of net income to net operating income found on page 6 of this press release

Equity and Book Value per Share Q2 Year to Date Q2 Year to Date
All values in USD millions except for per share amounts and percentages

2022

2022

 

2021

2021

Beginning shareholders' equity

9,528

 

10,139

 

9,683

 

9,726

 

Net income

123

 

420

 

680

 

1,022

 

Change- unrealized gains (losses) - Fixed inc. investments

(717

)

(1,528

)

86

 

(207

)

Dividends to shareholders

(65

)

(126

)

(62

)

(124

)

Purchase of treasury shares

-

 

(1

)

(17

)

(40

)

Other

(16

)

(52

)

47

 

40

 

Ending shareholders' equity

8,853

 

8,853

 

10,417

 

10,417

 

 
Common shares outstanding

39.42

 

40.02

 

Book value per common share outstanding

224.59

 

260.32

 

Less: Unrealized on fixed inc. investments ("URAD")

(32.68

)

12.93

 

Book value excl. URAD per common share outstanding

257.27

 

247.39

 

 
Change in BVPS adjusted for dividends

-11.8

%

Total Shareholder Return ("TSR") - Annualized

6.6

%

Common share dividends paid - last 12 months

6.30

 

6.20

 

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Re Group

Q2

Year to Date

 

Q2

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q2

Year to Date

Gross written premium

3,447

 

6,633

 

3,190

 

6,122

 

8.1

%

8.4

%

Net written premium

3,022

 

5,834

 

2,809

 

5,363

 

7.5

%

8.8

%

 
Loss ratio

64.3

%

64.2

%

62.0

%

66.7

%

2.3 pts (2.5) pts
Commission and brokerage ratio

21.6

%

21.6

%

21.8

%

21.2

%

(0.2) pts 0.4 pts
Other underwriting expenses

5.8

%

5.8

%

5.5

%

5.7

%

0.3 pts 0.1 pts
Combined ratio

91.8

%

91.7

%

89.3

%

93.6

%

2.5pts (1.9) pts
Attritional combined ratio

87.2

%

87.3

%

87.6

%

87.4

%

(0.4) pts (0.1) pts
 
Pre-tax net catastrophe losses

85

 

200

 

45

 

305

 

Pre-tax net covid losses

-

 

-

 

-

 

-

 

Pre-tax net Russian / Ukraine War losses

45

 

45

 

-

 

-

 

Pre-tax net prior year reserve development

(1

)

(2

)

(3

)

(4

)

Notes

1/ Attritional combined ratio excludes catastrophe losses, reinstatement premiums, prior year development,

Covid-19 losses, CECL, and losses from the Russian/Ukraine war.

2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Reinsurance Segment – Quarterly Highlights

  • Gross written premiums of $2.2 billion for the quarter. The June 1 and July 1 renewals were successful as we continue to write a stronger, less volatile, more diversified, and more profitable book of business.
  • Improved risk-adjusted profitability of the portfolio driven by targeted underwriting actions, resulting in a 30-basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.8% vs. 59.1%) and an attritional combined ratio of 86.0%
  • Continued expense discipline resulting in an operating expense ratio for the quarter of 2.4%, and a combined ratio of 91.8%
Underwriting information - Reinsurance segment

Q2

Year to Date

 

Q2

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q2

Year to Date

Gross written premium

2,201

 

4,387

 

2,148

 

4,207

 

2.5

%

4.3

%

Net written premium

2,122

 

4,204

 

2,060

 

3,973

 

3.0

%

5.8

%

 
Loss ratio

64.6

%

64.4

%

60.8

%

66.0

%

3.8 pts (1.6) pts
Commission and brokerage ratio

24.8

%

24.8

%

24.6

%

23.8

%

0.2 pts 1.0 pts
Other underwriting expenses

2.4

%

2.4

%

2.5

%

2.7

%

(0.1) pts (0.3) pts
Combined ratio

91.8

%

91.6

%

87.9

%

92.5

%

3.9 pts (0.9) pts
Attritional combined ratio

86.0

%

86.1

%

86.1

%

85.8

%

(0.1) pts 0.3 pts
 
Pre-tax net catastrophe losses

80

 

190

 

35

 

248

 

Pre-tax net covid losses

-

 

-

 

-

 

-

 

Pre-tax net Russian / Ukraine War losses

45

 

45

 

-

 

-

 

Pre-tax net prior year reserve development

(1

)

(2

)

(1

)

(3

)

Notes

1/ Attritional combined ratio excludes catastrophe losses, reinstatement premiums, prior year development,

Covid-19 losses, CECL, and losses from the Russian/Ukraine war.

2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Insurance Segment – Quarterly Highlights

  • Gross written premiums of $1.2 billion reflecting a 19.6% increase year over year, driven by balanced and diversified growth across most lines of business and geographies, partially offset by our continued focus to reduce exposure in property CAT
  • Excellent profitability with a 91.5% combined ratio and 90.2% attritional combined ratio (a 1.9 points improvement compared to 2Q 2021)
  • Rate increases remain solid and above loss trend
Underwriting information - Insurance segment

Q2

Year to Date

 

Q2

Year to Date

 

Year on Year Change

All values in USD millions except for percentages

2022

2022

 

2021

2021

 

Q2

Year to Date

Gross written premium

1,246

 

2,247

 

1,042

 

1,914

 

19.6

%

17.4

%

Net written premium

899

 

1,630

 

749

 

1,390

 

20.0

%

17.2

%

 
Loss ratio

63.6

%

63.9

%

65.6

%

68.7

%

(2.0) pts (4.8) pts
Commission and brokerage ratio

12.8

%

12.7

%

13.3

%

13.2

%

(0.5) pts (0.5) pts
Other underwriting expenses

15.1

%

15.2

%

14.6

%

14.8

%

0.5 pts 0.4 pts
Combined ratio

91.5

%

91.7

%

93.5

%

96.7

%

(2.0) pts (5.0) pts
Attritional combined ratio

90.2

%

90.6

%

92.1

%

92.2

%

(1.9) pts (1.6) pts
 
Pre-tax net catastrophe losses

5

 

10

 

10

 

58

 

Pre-tax net covid losses

-

 

-

 

-

 

-

 

Pre-tax net Russian / Ukraine War losses

-

 

-

 

-

 

-

 

Pre-tax net prior year reserve development

-

 

1

 

(1

)

(1

)

Notes

1/ Attritional combined ratio excludes catastrophe losses, reinstatement premiums, prior year development,

Covid-19 losses, CECL, and losses from the Russian/Ukraine war.

2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Investments and Shareholders’ Equity at June 30, 2022

  • Total invested assets and cash of $28.7 billion versus the year end 2021 value of $29.7 billion
  • Shareholders’ equity of $8.9 billion vs. $10.1 billion at year end 2021, largely driven by $1.5 billion of unrealized net losses on fixed maturity investments
  • Book value per diluted share of $224.59 vs. $258.21 at year end 2021
  • Book value per diluted share excluding unrealized gains (losses) on fixed maturity investments of $257.27 vs. $252.12 at year end 2021
  • Common share dividends declared and paid in the quarter of $1.65 per share equal to $65 million

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest Re Group, Ltd.

Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

Everest common stock (NYSE:RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com. All issuing companies may not do business in all jurisdictions.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on July 28, 2022. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

_______________________________________________

The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:

Three Months Ended June 30,   Six Months Ended June 30,
               
(Dollars in thousands, except per share amounts)

2022

 

2021

 

2022

 

2021

(unaudited)   (unaudited)
               
  Per Diluted         Per Diluted    
               
Amount   Share   Amount   Share   Amount   Share   Amount   Share
               
Net income (loss)

$

122,630

 

 

$

3.11

 

 

$

679,982

 

$

16.95

 

$

420,381

 

 

$

10.67

 

 

$

1,021,844

 

$

25.47

After-tax net (gains) losses on investments

$

(189,060

)

 

$

(4.79

)

 

$

83,752

 

$

2.09

 

$

(312,429

)

 

$

(7.93

)

 

$

113,787

 

$

2.84

After-tax net foreign exchange income (expense)

$

(74,217

)

 

$

(1.88

)

 

$

9,222

 

$

0.23

 

$

(58,879

)

 

$

(1.49

)

 

$

60,840

 

$

1.52

               
After-tax operating income (loss)

$

385,907

 

 

$

9.79

 

 

$

587,008

 

$

14.63

 

$

791,689

 

 

$

20.10

 

 

$

847,217

 

$

21.12

               
(Some amounts may not reconcile due to rounding.)              

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

--Financial Details Follow--

EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
 
 
Three Months Ended Six Months Ended
June 30, June 30,
(Dollars in thousands, except per share amounts)

2022

2021

2022

2021

(unaudited) (unaudited)
REVENUES:
Premiums earned

$

2,916,237

 

$

2,558,372

 

$

5,708,003

 

$

4,946,237

 

Net investment income

 

225,978

 

 

407,095

 

 

468,808

 

 

667,508

 

Net gains (losses) on investments:
Credit allowances on fixed maturity securities

 

(1,490

)

 

(15,927

)

 

(13,343

)

 

(22,904

)

Gains (losses) from fair value adjustments

 

(188,924

)

 

103,525

 

 

(325,784

)

 

132,581

 

Net realized gains (losses) from dispositions

 

(45,851

)

 

16,511

 

 

(50,765

)

 

33,334

 

Total net gains (losses) on investments

 

(236,265

)

 

104,109

 

 

(389,892

)

 

143,011

 

Other income (expense)

 

(71,337

)

 

7,114

 

 

(55,977

)

 

63,707

 

Total revenues

 

2,834,613

 

 

3,076,690

 

 

5,730,942

 

 

5,820,463

 

 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses

 

1,876,247

 

 

1,586,141

 

 

3,666,110

 

 

3,297,560

 

Commission, brokerage, taxes and fees

 

630,294

 

 

557,749

 

 

1,235,523

 

 

1,046,760

 

Other underwriting expenses

 

169,533

 

 

140,844

 

 

330,826

 

 

283,075

 

Corporate expenses

 

15,018

 

 

16,168

 

 

29,038

 

 

28,546

 

Interest, fees and bond issue cost amortization expense

 

24,398

 

 

15,607

 

 

48,476

 

 

31,246

 

Total claims and expenses

 

2,715,490

 

 

2,316,509

 

 

5,309,973

 

 

4,687,187

 

 
INCOME (LOSS) BEFORE TAXES

 

119,123

 

 

760,181

 

 

420,969

 

 

1,133,276

 

Income tax expense (benefit)

 

(3,507

)

 

80,199

 

 

588

 

 

111,432

 

 
NET INCOME (LOSS)

$

122,630

 

$

679,982

 

$

420,381

 

$

1,021,844

 

 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

(732,364

)

 

84,171

 

 

(1,547,540

)

 

(204,444

)

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

15,841

 

 

1,590

 

 

20,019

 

 

(2,076

)

Total URA(D) on securities arising during the period

 

(716,523

)

 

85,761

 

 

(1,527,521

)

 

(206,520

)

 
Foreign currency translation adjustments

 

(28,269

)

 

34,295

 

 

(62,371

)

 

24,713

 

 
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

758

 

 

2,043

 

 

1,515

 

 

4,086

 

Total benefit plan net gain (loss) for the period

 

758

 

 

2,043

 

 

1,515

 

 

4,086

 

Total other comprehensive income (loss), net of tax

 

(744,034

)

 

122,099

 

 

(1,588,377

)

 

(177,721

)

 
COMPREHENSIVE INCOME (LOSS)

$

(621,404

)

$

802,081

 

$

(1,167,996

)

$

844,123

 

 
EARNINGS PER COMMON SHARE:
Basic

$

3.11

 

$

16.97

 

$

10.67

 

$

25.50

 

Diluted

 

3.11

 

 

16.95

 

 

10.67

 

 

25.47

 

EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
 
 
June 30, December 31,
(Dollars and share amounts in thousands, except par value per share)

2022

2021

(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value

$

21,880,443

 

$

22,308,272

 

(amortized cost: 2022, $23,408,417; 2021, $22,063,592, credit allowances: 2022, ($42,714); 2021, ($29,738))
Fixed maturities - held to maturity, at amortized cost, net of credit allowances
(fair value: 2022, $71,245, credit allowances: 2022, ($366))

 

71,390

 

 

-

 

Equity securities, at fair value

 

1,299,221

 

 

1,825,908

 

Short-term investments (cost: 2022, $300,854; 2021, $1,178,386)

 

300,840

 

 

1,178,337

 

Other invested assets

 

3,055,356

 

 

2,919,965

 

Cash

 

2,116,049

 

 

1,440,861

 

Total investments and cash

 

28,723,299

 

 

29,673,343

 

Accrued investment income

 

178,123

 

 

149,105

 

Premiums receivable

 

3,406,564

 

 

3,293,598

 

Reinsurance recoverables

 

2,096,968

 

 

2,053,354

 

Funds held by reinsureds

 

909,454

 

 

868,601

 

Deferred acquisition costs

 

836,496

 

 

872,289

 

Prepaid reinsurance premiums

 

562,550

 

 

515,445

 

Income taxes

 

336,646

 

 

2,381

 

Other assets

 

857,550

 

 

757,167

 

TOTAL ASSETS

$

37,907,650

 

$

38,185,283

 

 
LIABILITIES:
Reserve for losses and loss adjustment expenses

 

19,993,054

 

 

19,009,486

 

Future policy benefit reserve

 

33,580

 

 

35,669

 

Unearned premium reserve

 

4,681,010

 

 

4,609,634

 

Funds held under reinsurance treaties

 

12,658

 

 

18,391

 

Other net payable to reinsurers

 

492,556

 

 

449,723

 

Losses in course of payment

 

79,549

 

 

260,684

 

Senior notes

 

2,346,495

 

 

2,345,800

 

Long term notes

 

223,824

 

 

223,774

 

Borrowings from FHLB

 

519,000

 

 

519,000

 

Accrued interest on debt and borrowings

 

16,664

 

 

17,348

 

Unsettled securities payable

 

66,150

 

 

16,698

 

Other liabilities

 

590,244

 

 

539,896

 

Total liabilities

 

29,054,784

 

 

28,046,103

 

 
SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50,000 shares authorized;
no shares issued and outstanding

 

-

 

 

-

 

Common shares, par value: $0.01; 200,000 shares authorized; (2022) 69,947
and (2021) 69,790 outstanding before treasury shares

 

700

 

 

698

 

Additional paid-in capital

 

2,283,513

 

 

2,274,431

 

Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of ($208,066) at 2022 and $26,781 at 2021

 

(1,576,854

)

 

11,523

 

Treasury shares, at cost; 30,529 (2022) and 30,524 shares (2021)

 

(3,848,630

)

 

(3,847,308

)

Retained earnings

 

11,994,137

 

 

11,699,836

 

Total shareholders' equity

 

8,852,866

 

 

10,139,180

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

37,907,650

 

$

38,185,283

 

EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Six Months Ended
June 30,
(Dollars in thousands)

2022

2021

(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)

$

420,381

 

$

1,021,844

 

Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable

 

(223,030

)

 

(499,647

)

Decrease (increase) in funds held by reinsureds, net

 

(51,451

)

 

(79,485

)

Decrease (increase) in reinsurance recoverables

 

(236,849

)

 

15,836

 

Decrease (increase) in income taxes

 

(100,230

)

 

76,452

 

Decrease (increase) in prepaid reinsurance premiums

 

(109,716

)

 

(71,566

)

Increase (decrease) in reserve for losses and loss adjustment expenses

 

1,360,076

 

 

1,139,879

 

Increase (decrease) in future policy benefit reserve

 

(2,089

)

 

(1,226

)

Increase (decrease) in unearned premiums

 

176,631

 

 

500,077

 

Increase (decrease) in other net payable to reinsurers

 

119,858

 

 

72,850

 

Increase (decrease) in losses in course of payment

 

(178,091

)

 

70,653

 

Change in equity adjustments in limited partnerships

 

(156,868

)

 

(377,120

)

Distribution of limited partnership income

 

105,452

 

 

49,053

 

Change in other assets and liabilities, net

 

(11,031

)

 

(206,994

)

Non-cash compensation expense

 

23,919

 

 

22,439

 

Amortization of bond premium (accrual of bond discount)

 

35,052

 

 

37,928

 

Net (gains) losses on investments

 

389,892

 

 

(143,011

)

Net cash provided by (used in) operating activities

 

1,561,906

 

 

1,627,962

 

 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale

 

1,661,128

 

 

1,897,536

 

Proceeds from fixed maturities matured/called/repaid - held to maturity

 

333

 

 

-

 

Proceeds from fixed maturities sold - available for sale

 

772,148

 

 

599,737

 

Proceeds from equity securities sold, at fair value

 

437,815

 

 

474,663

 

Distributions from other invested assets

 

204,790

 

 

112,398

 

Cost of fixed maturities acquired - available for sale

 

(4,070,949

)

 

(3,949,973

)

Cost of fixed maturities acquired - held to maturity

 

(72,061

)

 

-

 

Cost of equity securities acquired, at fair value

 

(283,352

)

 

(360,016

)

Cost of other invested assets acquired

 

(307,525

)

 

(309,691

)

Net change in short-term investments

 

878,360

 

 

506,285

 

Net change in unsettled securities transactions

 

22,512

 

 

(103,527

)

Net cash provided by (used in) investing activities

 

(756,801

)

 

(1,132,588

)

 
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period for share-based compensation, net of expense

 

(14,835

)

 

(11,349

)

Purchase of treasury shares

 

(1,322

)

 

(40,328

)

Dividends paid to shareholders

 

(126,079

)

 

(124,274

)

Cost of shares withheld on settlements of share-based compensation awards

 

(17,352

)

 

(13,713

)

Net cash provided by (used in) financing activities

 

(159,588

)

 

(189,664

)

 
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

29,671

 

 

(1,016

)

 
Net increase (decrease) in cash

 

675,188

 

 

304,694

 

Cash, beginning of period

 

1,440,861

 

 

801,651

 

Cash, end of period

$

2,116,049

 

$

1,106,345

 

 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)

$

100,506

 

$

34,780

 

Interest paid

 

31,835

 

 

31,695

 

 

Contacts

Media: Dawn Lauer

Chief Communications Officer

Everest Global Services, Inc.

908.300.7670

Investors: Matt Rohrmann

Head of Investor Relations

Everest Global Services, Inc.

908.604.7343

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