Global property and casualty reinsurer's Q2 adjusted EPS beat analyst expectations.
Net income and net operating income declined year-over-year.
Company repurchased $395 mln of common shares during the quarter.
Outlook and result drivers
Everest Group says focus remains on profitably developing core businesses and deploying capital.
Lower premiums - Gross written premiums in core businesses fell 7.1% year-over-year, led by declines in Reinsurance Treaty segment, mainly from casualty and property lines.
Higher catastrophe losses - Catastrophe losses rose versus prior year, driven by the Iran War and several mid-sized global events.
Portfolio mix improvement - Global Wholesale & Specialty segment saw improved attritional loss ratio due to changes in business mix and portfolio quality.
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 13 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the reinsurance peer group is "buy".
Wall Street's median 12-month price target for Everest Group Ltd is $390.00, about 2.2% below its July 28 closing price of $398.70.
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago.
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