Everest Re Group, Ltd. (RE) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET
Company Participants
Matt Rohrmann - Senior Vice President, Head of Investor Relations
Juan Andrade - President, CEO and Director
Mark Kociancic - Executive VP and Group CFO
James Williamson - Executive VP, Group COO and Head of Everest Reinsurance Division
Michael Karmilowicz - Executive VP and President and CEO of the Insurance Division
Conference Call Participants
Yaron Kinar - Jefferies
Elyse Greenspan - Wells Fargo
Meyer Shields - KBW
Josh Shanker - Bank of America
Brian Meredith - UBS
Michael Phillips - Morgan Stanley
Ryan Tunis - Autonomous Research
Operator
Welcome to the Everest Re Group Second Quarter 2022 Results Conference Call. [Operator Instructions]. Please note, this event is being recorded.
I'd now like to turn the conference over to Matt Rohrmann, Senior Vice President, Head of Investor Relations. Please go ahead.
Matt Rohrmann
Good morning, everyone, and welcome to the Everest Re Group Limited second quarter of 2022 earnings conference call. The Everest executives leading today's call are Juan Andrade, President and CEO; Mark Kociancic, Executive Vice President and CFO. We're also joined today by other members of the Everest Management team.
Before we begin, I'll preface the comments on today's call by noting that Everest SEC filings include extensive disclosures with respect to forward-looking statements. Management comments regarding estimates, projections and similar are subject to the risks, uncertainties and assumptions as noted in these filings. Management may also refer to certain non-GAAP financial measures. These items are reconciled in our earnings release and financial supplement.
With that, I'll now turn the call over to Juan.
Juan Andrade
Thank you, Matt, and welcome to Everest. We're excited to have you on board. And good morning, everyone. Thank you for joining us today. Everest delivered strong results in the second quarter with positive momentum across our key objectives. We expanded margins in both of our underwriting businesses, and our insurance segment delivered another standout performance. We further scale our platform with strong overall and underlying results, continuing the positive trajectory for this business.
In reinsurance, we seized opportunities to improve the diversification and profitability of our book, while reducing volatility. In a complex environment, Everest's global talent, disciplined underwriting and market leadership provide strength and stability to our customers. Our relevance and impact have never been more important. Improvements in underwriting profitability and operational efficiency, supported by our investment portfolio, delivered $386 million in net operating income and a 15.3% annualized operating ROE.