Mike Karmilowicz, Executive Vice President and Chairman of Insurance at Everest Group, Ltd. (NYSE:EG), recently sold 269 common shares of the company. The shares were sold on November 4th in the open market at a price of $348.48 per share, amounting to a total transaction value of $93,741. Following this sale, Karmilowicz holds 12,726 shares directly.
In other recent news, Everest Group Limited reported a solid performance for the third quarter of 2024. Despite facing higher-than-usual catastrophe losses, the insurance and reinsurance provider highlighted a strong annualized total shareholder return of 19.4% and an operating return on equity of 18.7% year-to-date. Gross written premiums stood at $4.4 billion, marking a 1% increase, while the combined ratio improved to 93.1%. The company's net investment income rose to $496 million, and shareholders' equity reached $15.3 billion, indicating a 19.1% increase from the end of 2023.
On the other hand, the insurance segment's gross written premiums saw a 2% decrease to $1.2 billion due to intentional portfolio adjustments. Everest Group also announced the sale of its EverSports and Entertainment Insurance business. Despite these changes, management anticipates firm pricing conditions for property and specialty lines in the upcoming January renewals.
The company's CEO, Juan Andrade, noted significant progress in both reinsurance and insurance segments, with a focus on portfolio diversification and disciplined underwriting. These recent developments underscore Everest Group's strategic adjustments and resilience in navigating a complex market landscape.
InvestingPro Insights
While Mike Karmilowicz's recent sale of Everest Group shares may raise eyebrows, it's crucial to consider the broader financial picture of the company. According to InvestingPro data, Everest Group boasts a market capitalization of $15.13 billion, positioning it as a prominent player in the insurance industry. The company's P/E ratio stands at a modest 5.48, suggesting that the stock may be undervalued relative to its earnings.
InvestingPro Tips highlight that Everest Group has maintained dividend payments for 30 consecutive years, demonstrating a commitment to shareholder returns. This consistency is further underscored by a current dividend yield of 2.3%, which could be attractive to income-focused investors.
Despite the recent insider sale, the company's financials appear robust. Everest Group reported a revenue of $16.44 billion over the last twelve months, with a healthy revenue growth of 16.13% during the same period. The company's profitability is also noteworthy, with a gross profit margin of 17.51% and an operating income margin of 16.98%.
It's worth noting that InvestingPro offers additional insights, with 13 more tips available for Everest Group, providing a more comprehensive analysis for investors looking to delve deeper into the company's prospects.
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