Global reinsurance company Everest Group (NYSE: EG) will be reporting results this Wednesday after the bell. Here’s what investors should know.
Everest Group missed analysts’ revenue expectations last quarter, reporting revenues of $4.07 billion, down 4.6% year on year. It was a slower quarter for the company, with a significant miss of analysts’ net premiums earned estimates and a miss of analysts’ book value per share estimates.
Is Everest Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Everest Group’s revenue to decline 10.2% year on year, a reversal from the 6.3% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Everest Group has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Everest Group’s peers in the insurance segment, some have already reported their Q2 results, giving us a hint as to what we can expect. RenaissanceRe’s revenues decreased 13.7% year on year, beating analysts’ expectations by 3.7%, and First American Financial reported revenues up 15%, topping estimates by 3.4%. RenaissanceRe’s stock price was unchanged after the resultswhile First American Financial was down 2.2%.
Read our full analysis of RenaissanceRe’s results here and First American Financial’s results here.
There has been positive sentiment among investors in the insurance segment, with share prices up 4.7% on average over the last month. Everest Group is up 7.9% during the same time and is heading into earnings with an average analyst price target of $400.80 (compared to the current share price of $389.38).
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