Everest (US:EG)2020-05-11 21:11Financial Position - Total assets as of March 31, 2020, were $27,222,638, compared to $27,324,051 as of December 31, 2019, reflecting a decrease of approximately 0.4%[20] - Total liabilities increased to $18,641,694 as of March 31, 2020, from $18,191,126 as of December 31, 2019, representing an increase of about 2.5%[20] - Total shareholders' equity decreased to $858,094 from $913,292 as of December 31, 2019, a decline of about 6%[20] - Total investments and cash amounted to $20,336,582 as of March 31, 2020, down from $20,748,500 as of December 31, 2019, a decrease of approximately 2%[20] - Cash balance at the end of the period was $817,626,000, compared to $583,974,000 at the end of the same period in 2019[23] Revenue and Income - Total revenues for the three months ended March 31, 2020, were $23,363,198, compared to $19,658,836 for the same period in 2019, representing a year-over-year increase of approximately 19.5%[21] - The company reported a net loss of $(269,751) for the three months ended March 31, 2020, compared to a net income of $28,152 for the same period in 2019[20] - Net income for the three months ended March 31, 2020, was $16,612, compared to a net income of $354,551 for the same period in 2019, indicating a significant decline[21] - Basic and diluted earnings per common share for the three months ended March 31, 2020, were $0.41, compared to $8.67 for the same period in 2019, indicating a substantial decrease[21] Claims and Expenses - Total claims and expenses for the three months ended March 31, 2020, were $2,025,638, compared to $1,551,292 for the same period in 2019, reflecting an increase of approximately 30.5%[21] - The company incurred losses and loss adjustment expenses of $1,430,840 for the three months ended March 31, 2020, compared to $1,048,550 for the same period in 2019, representing an increase of about 36.5%[21] Investments and Securities - The company reported unrealized depreciation on securities of $(279,398) for the period, compared to an appreciation of $233,065 in the same period of the previous year[21] - Total fixed maturity securities amounted to $16,493,187 with a market value of $16,545,895 as of March 31, 2020, reflecting a decrease from $16,824,944 in the previous year[49] - The unrealized depreciation for fixed maturity securities was $440,847, with a gross unrealized depreciation of $94,152 for foreign corporate securities[54] - The aggregate market value of investments in an unrealized loss position at March 31, 2020, was $5,448,465 thousand, with gross unrealized losses of $440,847 thousand[55] Shareholder Information - The balance of common shares outstanding as of March 31, 2020, was 39,987,494, down from 40,770,539 as of March 31, 2019, indicating a decrease of about 1.9%[22] - The company declared dividends of $1.55 per share in 2020, compared to $1.40 per share in 2019, representing an increase of approximately 10.7%[22] Regulatory and Accounting Changes - The Company adopted ASU 2016-13 effective January 1, 2020, resulting in a cumulative reduction of $4,214 thousand in retained earnings due to credit loss allowances[37] - The Company revised prior period financial statements due to errors in foreign exchange handling, impacting total revenues which increased from $1,960,083 thousand to $1,965,836 thousand for the three months ended March 31, 2019[44] - The SEC's simplification of disclosure requirements became effective for all financial reports filed after November 5, 2018, which the Company has adopted[33] COVID-19 Impact - The impact of the COVID-19 pandemic on the company's operations remains uncertain, with potential adverse effects on results for the Property & Casualty industry[27] - Current year incurred losses were $1,433,440 thousand for the three months ended March 31, 2020, compared to $1,050,116 thousand in 2019, reflecting a significant increase due to COVID-19[67] Credit Facilities and Liabilities - The Company has two active credit facilities with a total commitment of up to $1,000,000 thousand, including a senior credit facility of $800,000 thousand[106] - The Company borrowed $50,000 thousand under Tranche one of the credit facility as an unsecured revolving credit loan on March 25, 2020[109]