Bermuda-based Everest Group has reported a net income of $678m in Q3 2023 as against a net loss of $319m in the year-ago period.

Diluted earnings per common share for the quarter ended 30 September 2023 stood at $15.63 as against a loss of $8.22 per share last year.

Total revenues for the quarter totalled $3.99bn, a jump of 29.8% from $3.07bn in Q3 2022.

The Bermuda-based insurance company’s operating income was $613m versus a net operating loss of $205m a year earlier.

The insurer attributed the rise in operating income to the continued improvement in the underwriting margin.

Another factor that contributed to this growth was strong net investment income generation, which went up to $406m from $151m a year ago.

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Everest Group’s net income and operating income return on equity (ROE) are 21.2% and 19.2%, respectively, with an annualised total shareholder return of 24.5%.

During the reported quarter, the company witnessed a 23.4% year-over-year increase, on a constant currency basis, in gross written premium to $4.4bn.

Everest Group said it made a new quarterly premium record in the reinsurance segment by achieving broad-based growth across lines and geographies.

The reinsurance segment’s gross written premiums went up by 32.7% on a constant dollar basis to $3.2bn, after adjusting for reinstatement premiums.

Gross written premiums in the insurance segment increased by 3.5% to $1.2bn.

Everest president and CEO Juan Andrade said: “We are leaning into the hard reinsurance market, where favourable conditions and global flight to quality persist. As a lead market and preferred partner, we are well-positioned for upcoming January renewals.

“We continue to expand our global reinsurance portfolio at significantly improved risk-adjusted returns. In addition, our primary insurance business continues to generate strong and consistent underwriting income, with a significant year-over-year improvement.

“We have significant momentum heading into the final quarter of the year, with strong tailwinds and exceptional talent powering our disciplined execution and industry-leading shareholder returns.”