Everest Re Group, Ltd. (RE) Q1 2022 Earnings Conference Call April 28, 2022 8:00 AM ET
Company Participants
Jon Levenson - Head, IR
Juan Andrade - President & Chief Executive Officer
Mark Kociancic - EVP & CFO
Jim Williamson - Group COO
Mike Karmilowicz - President & CEO, Everest Insurance
Conference Call Participants
Yaron Kinar - Jeffries
Joshua Shanker - Bank of America
Ryan Tunis - Autonomous Research
Elyse Greenspan - Wells Fargo
Mike Phillips - Morgan Stanley
Brian Meredith - UBS
Meyer Shields - KBW
Operator
Good morning and welcome to the Everest Earnings Conference Call.
I would now like to turn the call over to Jon Levenson. Please go ahead.
Jon Levenson
Good morning, and welcome to the Everest Re Group Limited 2022 first quarter earnings conference call. The Everest Executives leading today's call are Juan Andrade, President and Chief Executive Officer; Mark Kociancic, Executive Vice President and Chief Financial Officer. We are also joined by other members of the Everest management team.
Before we begin, I will 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 turn the call over to Juan Andrade.
Juan Andrade
Good morning everyone. Thank you for joining us today.
Everest is off to a strong start in 2022 with first quarter results to reflect our relentless focus on profitability and margin expansion. Excellent performance across our underwriting businesses and investments contributed to a $406 million in net operating income and a 16.2% annualized operating ROE. Our discipline and resilience standout in a challenging and complex environment.
We are a source of strength and stability in unprecedented times. The world is facing distorted volatility with the effects of the pandemic compounded by a web of macroeconomic, geopolitical and societal issues. Adding to this are climate-driven industry catastrophe losses. The first three months of 2022 were active, with estimated economic losses over $30 billion and insured losses over $14 billion. Significant events occurred in the quarter in Western and Central Europe, Australia, Japan, and the United States. The historically quiet first quarter, has not been quiet for the past six years.