Everest Group, Ltd. (NYSE:EG) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET
Company Participants
Matt Rohrmann - SVP and Head, IR
Juan Andrade - President and CEO
Mark Kociancic - EVP and CFO
Jim Williamson - EVP and COO
Conference Call Participants
Yaron Kinar - Jefferies
Gregory Peters - Raymond James
Elyse Greenspan - Wells Fargo
Brian Meredith - UBS
Dean Criscitiello - KBW
Charlie Lederer - Citigroup
Operator
Good day and welcome to Everest Group Limited's Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Matthew Rohrmann, Senior Vice President and Head of Investor Relations. Please go ahead, sir.
Matt Rohrmann
Good morning, everyone, and welcome to Everest Group Limited second 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 by noting that today's call will include forward-looking statements. Actual results may differ materially. Management comments regarding estimates, projections and similar are subject to the risks, uncertainties and assumptions as noted in Everest's SEC filings. Management may also refer to certain non-GAAP financial measures. These items are reconciled in the earnings release and financial supplement available on our website.
With that, I'll turn the call over to Juan.
Juan Andrade
Thank you, Matt. Good morning, everyone. Thank you for joining us.
Everest had another strong quarter and an excellent first half of the year. We delivered solid second quarter underwriting and net investment income, resulting in both an annualized total shareholder return and operating return on equity of 20%. We grew in lines of business and geographies with superior profit trajectories while remaining focused on disciplined risk selection. We continue to build a well-diversified portfolio designed to produce leading financial returns.
Our reinsurance business continued to generate strong results and expected risk-adjusted returns remain very attractive. Our preferred lead market position continues to be a differentiator for Everest. This was once again evident through the mid-year renewals as there was strong demand for our participation on treaties from a broad array of top-tier customers.
We also made progress expanding our primary insurance franchise with investments in talent and capabilities to scale the platform globally. We opened new operations in Mexico, Colombia and Australia. Both of our underwriting businesses are capitalizing on opportunities where market conditions are most attractive and where we can achieve sustained profitable growth.