The following selected consolidated GAAP financial data of the Company as of and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009, were derived from the audited consolidated financial statements of the Company. The following financial data should be read in conjunction with the Consolidated Financial Statements and accompanying notes.
Years Ended December 31,
(Dollars in millions, except per share amounts)
2013
2012
2011
2010
2009
Operating data:
Gross written premiums
$
5,218.6
$
4,310.5
$
4,286.2
$
4,200.7
$
4,129.0
Net written premiums
5,004.8
4,081.1
4,108.9
3,945.6
3,929.8
Premiums earned
4,753.5
4,164.6
4,101.3
3,934.6
3,894.1
Net investment income
548.5
600.2
620.0
653.5
547.8
Realized gain on debt repurchase
-
-
-
-
78.3
Net realized capital gains (losses)
300.2
164.4
6.9
101.9
(2.3
)
Incurred losses and loss adjustment
expenses (including catastrophes)
2,800.3
2,745.3
3,726.2
2,945.7
2,374.1
Net catastrophe losses (1)
177.7
361.1
1,237.6
544.1
65.2
Commission, brokerage, taxes and fees
977.6
952.7
950.5
931.9
928.3
Other underwriting expenses
237.1
207.7
182.4
166.3
167.2
Corporate expenses
24.8
24.0
16.5
14.9
17.6
Interest, fees and bond issue cost
amortization expense
46.1
53.7
52.3
55.8
72.1
Income (loss) before taxes
1,555.0
939.5
(233.9
)
591.2
939.3
Income tax expense (benefit)
289.7
110.6
(153.5
)
(19.5
)
132.3
Net income (loss) (2)
1,265.3
829.0
(80.5
)
610.8
807.0
Net (income) loss attributable to noncontrolling interests
(5.9
)
-
-
-
-
Net income (loss) attributable to Everest Re Group
1,259.4
829.0
(80.5
)
610.8
807.0
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE:
Basic (3)
$
25.67
$
15.85
$
(1.49
)
$
10.73
$
13.26
Diluted (4)
$
25.44
$
15.79
$
(1.49
)
$
10.70
$
13.22
Dividends declared
$
2.19
$
1.92
$
1.92
$
1.92
$
1.92
Certain GAAP financial ratios: (5)
Loss ratio
58.9
%
65.9
%
90.9
%
74.9
%
61.0
%
Other underwriting expense ratio
25.6
%
27.9
%
27.6
%
27.9
%
28.1
%
Combined ratio (2)
84.5
%
93.8
%
118.5
%
102.8
%
89.1
%
Balance sheet data (at end of period):
Total investments and cash
$
16,596.5
$
16,576.2
$
15,797.4
$
15,365.0
$
14,918.8
Total assets
19,808.0
19,777.9
18,893.6
18,384.2
17,970.9
Loss and LAE reserves
9,673.2
10,069.1
10,123.2
9,340.2
8,937.9
Total debt
488.3
818.2
818.1
868.1
1,018.0
Total liabilities
12,746.4
13,044.4
12,822.2
12,100.7
11,869.2
Redeemable noncontrolling interests - Mt. Logan Re
93.4
-
-
-
-
Shareholders' equity
6,968.3
6,733.5
6,071.4
6,283.5
6,101.7
Book value per share (6)
146.57
130.96
112.99
115.45
102.87
_____________________________
(1)
Catastrophe losses are presented net of reinsurance and reinstatement premiums. Effective April 1, 2010, a catastrophe is defined, for purposes of the consolidated Selected Financial Data, as an event that caused a loss on property exposures before reinsurance of at least $10.0 million before corporate level reinsurance and taxes. All prior periods reflect a catastrophe as a property event with expected reported losses of at least $5.0 million before corporate level reinsurance and taxes. Catastrophe insurance provides coverage for one event. When limits are exhausted, some contractual arrangements provide for the availability of additional coverage upon the payment of additional premium. This additional premium is referred to as reinstatement premium.
(2)
Some amounts may not reconcile due to rounding.
(3)
Based on weighted average basic common shares outstanding of 48.6 million, 51.9 million, 53.8 million, 56.6 million and 60.7 million for 2013, 2012, 2011, 2010 and 2009, respectively.
(4)
Based on weighted average diluted common shares outstanding of 49.1 million, 52.1 million, 56.8 million and 60.8 million for 2013, 2012, 2010, and 2009, respectively. Diluted calculation was not applicable for 2011.
(5)
Loss ratio is the GAAP losses and LAE incurred as a percentage of GAAP net premiums earned. Underwriting expense ratio is the GAAP commissions, brokerage, taxes, fees and other underwriting expenses as a percentage of GAAP net premiums earned. Combined ratio is the sum of the loss ratio and underwriting expense ratio.
(6)
Based on 47.5 million, 51.4 million, 53.7 million, 54.4 million and 59.3 million common shares outstanding for December 31, 2013, 2012, 2011, 2010 and 2009, respectively.
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