Everest Group, Ltd. (NYSE:EG) Q4 2023 Results Conference Call February 8, 2024 8:00 AM ET
Company Participants
Matt Rohrmann - SVP, Head of IR
Juan Andrade - President, CEO
Mark Kociancic - EVP and CFO
Jim Williamson - EVP, Group COO and Head of Everest Reinsurance Division
Mike Karmilowicz - EVP and President and CEO of the Insurance Division
Conference Call Participants
Yaron Kinar - Jefferies
Josh Shanker - Bank of America
Elyse Greenspan - Wells Fargo
David Motemaden - Evercore ISI
Gregory Peters - Raymond James
Brian Meredith - UBS
Ryan Tunis - Autonomous Research
Michael Zaremski - BMO Capital Markets
Jing Li - KBW
Operator
Good day, and welcome to the Everest Group Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, today's event is being recorded.
I would now like to turn the conference over to Matt Rohrmann, Senior Vice President and Head of Investor Relations. Please go ahead, sir.
Matt Rohrmann
Good morning, everyone, and welcome to Everest Group Ltd. fourth 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 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.
2023 was the most profitable year in our history. We delivered exceptional full year results. We achieved record underwriting income, record net investment income, record operating income, record net income and record operating cash flow. We executed on our objectives and delivered a 2023 operating ROE of over 23% and a total shareholder return of over 26%.
The strength and quality of our franchise was evident as we achieved these results in another elevated catastrophe year, while also taking prudent actions to further strengthen our balance sheet, Everest capitalized on the hard market to grow in attractive lines across our businesses.
Our precise execution at the 2024 January reinsurance renewal created excellent outcomes. We completed the deployment of our $1.5 billion equity capital raise on schedule and at superb risk adjusted returns. We expanded key client relationships, while improving the scale, quality and profit potential of our portfolio, giving us a strong start to the year.