The following selected consolidated GAAP financial data of the Company as of and for the years ended December 31, 2014, 2013, 2012, 2011 and 2010, 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)
2014
2013
2012
2011
2010
Operating data:
Gross written premiums
$
5,749.0
$
5,218.6
$
4,310.5
$
4,286.2
$
4,200.7
Net written premiums
5,256.9
5,004.8
4,081.1
4,108.9
3,945.6
Premiums earned
5,169.1
4,753.5
4,164.6
4,101.3
3,934.6
Net investment income
530.6
548.5
600.2
620.0
653.5
Net realized capital gains (losses)
84.0
300.2
164.4
6.9
101.9
Incurred losses and loss adjustment
expenses (including catastrophes)
2,906.5
2,800.3
2,745.3
3,726.2
2,945.7
Net catastrophe losses (1)
56.0
177.7
361.1
1,237.6
544.1
Commission, brokerage, taxes and fees
1,135.6
977.6
952.7
950.5
931.9
Other underwriting expenses
240.4
237.1
207.7
182.4
166.3
Corporate expenses
23.4
24.8
24.0
16.5
14.9
Interest, fees and bond issue cost
amortization expense
38.5
46.1
53.7
52.3
55.8
Income (loss) before taxes
1,446.1
1,555.0
939.5
(233.9
)
591.2
Income tax expense (benefit)
187.7
289.7
110.6
(153.5
)
(19.5
)
Net income (loss) (2)
1,258.5
1,265.3
829.0
(80.5
)
610.8
Net (income) loss attributable to noncontrolling interests
(59.3
)
(5.9
)
-
-
-
Net income (loss) attributable to Everest Re Group
1,199.2
1,259.4
829.0
(80.5
)
610.8
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO EVEREST RE:
Basic (3)
$
26.16
$
25.67
$
15.85
$
(1.49
)
$
10.73
Diluted (4)
$
25.91
$
25.44
$
15.79
$
(1.49
)
$
10.70
Dividends declared
$
3.20
$
2.19
$
1.92
$
1.92
$
1.92
Certain GAAP financial ratios: (5)
Loss ratio
56.2
%
58.9
%
65.9
%
90.9
%
74.9
%
Other underwriting expense ratio
26.6
%
25.6
%
27.9
%
27.6
%
27.9
%
Combined ratio (2)
82.8
%
84.5
%
93.8
%
118.5
%
102.8
%
Balance sheet data (at end of period):
Total investments and cash
$
17,435.9
$
16,596.5
$
16,576.2
$
15,797.4
$
15,365.0
Total assets
20,817.8
19,808.0
19,777.9
18,893.6
18,384.2
Loss and LAE reserves
9,720.8
9,673.2
10,069.1
10,123.2
9,340.2
Total debt
638.4
488.3
818.2
818.1
868.1
Total liabilities
12,945.2
12,746.4
13,044.4
12,822.2
12,100.7
Redeemable noncontrolling interests - Mt. Logan Re
421.6
93.4
-
-
-
Shareholders' equity
7,451.1
6,968.3
6,733.5
6,071.4
6,283.5
Book value per share (6)
166.75
146.57
130.96
112.99
115.45
_____________________________
(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 45.4 million, 48.6 million, 51.9 million, 53.8 million and 56.6 million for 2014, 2013, 2012, 2011 and 2010, respectively.
(4)
Based on weighted average diluted common shares outstanding of 45.8 million, 49.1 million, 52.1 million and 56.8 million for 2014, 2013, 2012 and 2010, 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 44.7 million, 47.5 million, 51.4 million, 53.7 million and 54.4 million common shares outstanding for December 31, 2014, 2013, 2012, 2011 and 2010, respectively.
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