Everest Group, Ltd. (NYSE:EG) Q1 2024 Results Conference Call April 30, 2024 8:00 AM ET
Company Participants
Matt Rohrmann - Head, IR
Juan Andrade - President, CEO
Mark Kociancic - EVP, CFO
Jim Williamson - EVP, COO
Conference Call Participants
David Motemaden - Evercore ISI
Brian Meredith - UBS
Michael Zaremski - BMO
Josh Shanker - Bank of America
Elyse Greenspan - Wells Fargo
Gregory Peters - Raymond James
Jian Huang - Morgan Stanley
Operator
Good morning, everyone, and welcome to the Everest Group Limited First Quarter of 2024 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 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 turn the call over to Juan.
Juan Andrade
Thank you, Matt. Good morning, everyone. Thank you for joining us. We had a strong start to 2024. Our first quarter results included record underwriting profit and significant increases in operating income, net income and investment income. This resulted in a total shareholder return exceeding 18%, and an operating return on equity of 20%.
We drove margin expansion through rate increases that are meaningfully in excess of loss trend, targeted risk selection, portfolio and cycle management, exposure growth and with underwriting discipline. We accomplished this while consistently and purposely maintaining conservatism in our loss space. We are confident in how we have shaped our portfolio.
In Reinsurance, we built on our preferred lead market position at the January 1 renewals and continue to distinguish Everest in the accelerating flight to quality. Our reinsurance portfolio is well positioned and driving strong risk-adjusted returns. In Insurance, we advanced our disciplined expansion in targeted markets while remaining focused on prudent risk selection and the bottom line.
We are focused on our primary objective of delivering consistent, leading financial returns. With the 3-year strategic plan, we laid out during November 2023 Investor Day, Everest has entered a new chapter of profitable growth and opportunity, and we are well positioned for the future with a focused strategy and great talent.