Everest Group, Ltd. (NYSE:EG) Q3 2023 Earnings Conference Call October 26, 2023 8:00 AM ET
Company Participants
Matthew Rohrmann - Senior Vice President, Head of Investor Relations
Juan Andrade - President and Chief Executive Officer
Mark Kociancic - Executive Vice President and Chief Financial Officer
James Williamson - Executive Vice President, Group Chief Operating Officer and Head of Everest Reinsurance Division
Michael Karmilowicz - Executive Vice President and President and Chief Executive Officer of the Insurance Division
Conference Call Participants
Alex Scott - Goldman Sachs
Joshua Shanker - Bank of America Securities
Yaron Kinar - Jefferies
Michael Zaremski - BMO Capital Markets
Michael Ward - Citi
Ryan Tunis - Autonomous Research
Gregory Peters - Raymond James
Meyer Shields - Keefe, Bruyette & Woods
Brian Meredith - UBS
Operator
Welcome to the Everest Group Ltd. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Matthew Rohrmann, Senior Vice President, Head of Investor Relations. Please go ahead.
Matthew Rohrmann
Good morning, everyone, and welcome to Everest Group Ltd. third quarter of 2023 earnings conference call. The Everest executives leading today's call are Juan Andrade, President and CEO; and Mark Kociancic, Executive Vice President and CFO. We are also joined 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, including 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 turn the call over to Juan.
Juan Andrade
Thank you, Matt. Good morning, everyone. Thank you for joining us. Everest's third quarter performance was excellent. We delivered outstanding returns, including a near 20% operating return on equity and an annualized total shareholder return of 25%. We are leaning into the hard reinsurance market, where favorable conditions and a flight to quality persist.
As a lead reinsurance market and preferred partner, we are taking advantage of strong pricing while deepening our client relationships and expanding our global portfolio at significantly improved risk-adjusted returns. We are positioned for success as we head into the January renewals.
We also remain on track for January 2024 for the full deployment of the equity capital raised in May. Our primary insurance business delivered strong underwriting income with a significant year-over-year improvement in the third quarter. And our high-quality investment portfolio continues to support our underwriting performance with outstanding returns.