Everest Reports Fourth Quarter and Full-Year 2025 Results

HAMILTON, Bermuda--( BUSINESS WIRE)--Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, today reported its fourth quarter and full-year 2025 results.

Full-Year 2025 Highlights

Fourth Quarter 2025 Highlights

(1) Denotes annualized figure; represents Total Shareholder Return or "TSR". Annualized TSR is calculated as year to date growth in book value per common share outstanding excluding URA(D) on fixed maturity, available for sale securities plus year-to-date dividends per share.

“In 2025 we took deliberate actions to simplify the business, improve the return profile, and strengthen the Company’s balance sheet,” said Jim Williamson, Everest President and CEO. “These actions have increased our financial flexibility and support our intention to return capital to shareholders, as reflected in the share repurchases executed during the quarter.

Our sharpened underwriting focus positions Everest to deliver attractive margins. The Reinsurance team continued to execute with the discipline expected of a top-tier global reinsurer, delivering a well-executed January 1 renewal, appropriately navigating the market cycle. In our Insurance business, focused on Global Wholesale and Specialty, we’re targeting lines where Everest has expertise and competitive advantage.

We continued to attract world-class senior leadership talent who share our culture of ownership and accountability and are committed to driving consistent and sustained shareholder returns.”

Summary of Fourth Quarter 2025 Net Income and Other Items

The following table summarizes the Company’s Net Income and related financial metrics.

Net income and operating income

Year to Date

All values in USD millions except for per share amounts and percentages

2025

2024

Everest Group

Net income (loss)

446

1,591

(593

)

1,373

Net operating income (loss) (2)

549

1,875

(780

)

1,289

Net income (loss) per diluted common share

10.77

37.80

(13.96

)

31.78

Net operating income (loss) per diluted common share (2)

13.26

44.54

(18.39

)

29.83

Net income (loss) return on average equity (annualized)

11.5

10.5

(15.7

9.6

After-tax net operating income (loss) return on average equity (annualized) (2)

14.2

12.4

(20.6

9.0

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

Shareholders' Equity and Book Value per Share

Year to Date

All values in USD millions except for per share amounts and percentages

2025

2024

Beginning shareholders' equity

15,375

13,875

15,335

13,202

Net income (loss)

446

1,591

(593

)

1,373

Change - URA(D) of fixed maturity, available for sale securities

854

(630

)

(127

)

Dividends to shareholders

(82

)

(335

)

(86

)

(334

)

Purchase of treasury shares

(397

)

(797

)

—

(200

)

Other

272

(151

)

(39

)

Ending shareholders' equity

15,461

13,875

Common shares outstanding

40.7

43.0

Book value per common share outstanding

379.83

322.97

Less: URA(D) of fixed maturity, available for sale securities

0.13

(19.77

)

Book value per common share outstanding excluding URA(D) (3)

379.70

342.74

Change in BVPS adjusted for dividends

20.1

8.7

Total Shareholder Return ("TSR") - Annualized

13.1

9.2

Common share dividends paid - last 12 months

8.00

7.75

Notes

(3) Denotes non-GAAP financial measure. A reconciliation to book value per share, the most comparable GAAP measure, is included in the table above. See "Comments on Non-GAAP Financial Measures" for additional information.

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Underwriting information - Everest Group

Year to Date

Year on Year Change

All values in USD millions except for percentages

2025

2024

Year to Date

Gross written premium

4,260

17,706

4,671

18,232

(8.8

(2.9

Net written premium

3,906

15,513

4,026

15,814

(3.0

(1.9

Loss Ratio:

Current year

60.1

60.3

63.4

59.8

(3.3) pts

0.5 pts

Prior year

3.1

4.2

34.1

8.8

(31.0) pts

(4.6) pts

Catastrophe

5.6

5.3

8.8

5.9

(3.2) pts

(0.6) pts

Total Loss ratio

68.8

69.8

106.3

74.4

(37.5) pts

(4.6) pts

Commission and brokerage ratio

22.4

22.2

23.0

21.7

(0.6) pts

0.5 pts

Other underwriting expenses

7.2

6.6

6.2

1.0 pts

0.4 pts

Combined ratio

98.4

98.6

135.5

102.3

(37.1) pts

(3.7) pts

Attritional combined ratio (4) (6) (7)

89.9

89.6

93.4

88.1

(3.5) pts

1.5 pts

Pre-tax net catastrophe losses (5)

216

757

312

810

Pre-tax net unfavorable (favorable) prior year reserve development

120

657

1,337

Notes

(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development and COVID-19 losses. Attritional combined ratio is a non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

(6) The attritional combined ratio for the year ended December 31, 2025, included approximately $34m of profit commission related to loss reserves releases from the mortgage business. Excluding this profit commission, Group’s attritional combined ratio would have been 89.4% for the year ended December 31, 2025.

(7) The attritional combined ratio for the fourth quarter and year ended December 31, 2024, included approximately $68m of profit commission related to loss reserves releases from the mortgage business. Excluding this profit commission, Group’s attritional combined ratio would have been 91.6% and 87.6% for the fourth quarter and year ended December 31, 2024.

Reinsurance Segment – Quarterly Highlights

Underwriting information - Reinsurance segment

Year to Date

Year on Year Change

All values in USD millions except for percentages

2025

2024

Year to Date

Gross written premium

3,157

12,825

3,291

12,941

(4.1

(0.9

Net written premium

3,018

11,791

3,019

11,969

—

(1.5

Loss Ratio:

Current year

56.8

57.3

56.2

56.6

0.6 pts

0.7 pts

Prior year

(0.1

0.2

(4.2

(1.1

4.1 pts

1.3 pts

Catastrophe

6.9

6.6

9.6

6.8

(2.7) pts

(0.2) pts

Total Loss ratio

63.6

64.1

61.6

62.2

2.0 pts

1.8 pts

Commission and brokerage ratio

25.1

25.2

26.3

24.9

(1.2) pts

0.3 pts

Other underwriting expenses

2.4

2.5

(0.1) pts

Combined ratio

91.2

91.7

90.4

89.7

0.8 pts

2.1 pts

Attritional combined ratio (4) (8) (9)

84.6

85.5

86.0

84.6

(1.4) pts

0.9 pts

Pre-tax net catastrophe losses (5)

200

706

250

689

Pre-tax net unfavorable (favorable) prior year reserve development

)

(125

)

(125

)

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

(8) The attritional combined ratio for the year ended December 31, 2025, included approximately $34m of profit commission related to loss reserves releases from the mortgage business. Excluding this profit commission, Reinsurance’s attritional combined ratio would have been 85.3% for the year ended December 31, 2025.

(9) The attritional combined ratio for the fourth quarter and year ended December 31, 2024, included approximately $68m of profit commission related to loss reserves releases from the mortgage business. Excluding this profit commission, Reinsurance’s attritional combined ratio would have been 83.7% and 84.0% for the fourth quarter and year ended December 31, 2024.

Insurance Segment – Quarterly Highlights

Underwriting information - Insurance segment

Year to Date

Year on Year Change

All values in USD millions except for percentages

2025

2024

Year to Date

Gross written premium

1,084

4,790

1,350

5,078

(19.7

(5.7

Net written premium

872

3,638

984

3,678

(11.4

(1.1

Loss Ratio:

Current year

68.7

68.4

84.2

68.3

(15.5) pts

0.1 pts

Prior year

11.1

12.5

117.7

29.6

(106.6) pts

(17.1) pts

Catastrophe

1.6

1.1

6.7

3.4

(5.1) pts

(2.3) pts

Total Loss ratio

81.5

82.0

208.7

101.2

(127.2) pts

(19.2) pts

Commission and brokerage ratio

14.1

13.1

12.6

12.3

1.5 pts

0.9 pts

Other underwriting expenses

21.5

19.4

17.9

17.2

3.6 pts

2.2 pts

Combined ratio

117.0

114.6

239.2

130.7

(122.2) pts

(16.1) pts

Attritional combined ratio (4)

104.1

100.7

114.4

97.5

(10.3) pts

3.2 pts

Pre-tax net catastrophe losses (5)

120

Pre-tax net unfavorable (favorable) prior year reserve development

105

466

1,059

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

Other Segment

Underwriting information - Other segment

Year to Date

All values in USD millions except for percentages

2025

2024

Gross written premium

212

Net written premium

167

Net premiums earned

111

197

Incurred losses and LAE

Current year

119

175

Prior year

163

403

Catastrophes

—

Total incurred losses and LAE

292

457

580

Commission, brokerage, taxes and fees

Other underwriting expenses

Underwriting income (loss)

(34

)

(220

)

(429

)

(440

)

Investments and Shareholders’ Equity as of December 31, 2025

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. The forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemics, regulatory and legal uncertainties, expenses related to divestitures and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest

Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on February 5, 2026. The call will be available on the Internet through the Company’s website at https://investors.everestglobal.com/overview.

Recipients are encouraged to visit the Company’s website to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestglobal.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

_______________________________________________

Comments on Non-GAAP Financial Measures

In this Press Release, the Company has included certain non-GAAP financial measures, including after-tax net operating income (loss), after-tax net operating income (loss) per diluted share, attritional combined ratio, gross written premiums presented on a comparable basis, net operating income return on equity ("ROE"), underwriting income, and book value per common share outstanding excluding net unrealized appreciation (depreciation) on fixed maturity, available for sale securities ("URA(D)"). The Company presents these non-GAAP financial measures to facilitate a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. The Company believes that such measures are important to investors and other interested persons, and that these measures are a useful supplement to GAAP information concerning the Company’s performance. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company’s financial measures prepared in accordance with generally accepted accounting principles ("GAAP").

A reconciliation of the non-GAAP financial measures to the most comparable corresponding GAAP financial measure is included below.

After-tax net operating income (loss) and after-tax net operating income (loss) per diluted share

After-tax net operating income (loss) (also referred to in this release as net operating income) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense), as shown below:

(Dollars in millions, except per share amounts)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

2025

2024

(unaudited)

Amount

Per Diluted Share

Amount

Per Diluted Share

Amount

Per Diluted Share

Amount

Per Diluted Share

After-tax net operating income (loss)

549

13.26

(780

)

(18.39

)

1,875

44.54

1,289

29.83

After-tax net gains (losses) on investments

(69

)

(1.66

)

1.33

(115

)

(2.73

)

0.28

After-tax net foreign exchange income (expense)

(34

)

(0.82

)

132

3.10

(169

)

(4.01

)

1.67

Net income (loss)

446

10.77

(593

)

(13.96

)

1,591

37.80

1,373

31.78

(Some amounts may not reconcile due to rounding.)

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period are not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax net operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax net operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

Attritional Loss Ratio and Attritional Combined Ratio

The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses, commission and brokerage expenses, and other underwriting expenses, divided by net premiums earned. The attritional loss ratio and attritional combined ratio are defined as the loss ratio and the combined ratio, respectively, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, prior year development and COVID-19 losses. The Company believes the attritional ratios are useful to management and investors because the adjusted ratios provide for better comparability and more accurately measure the Company’s underlying underwriting performance. The following tables are a reconciliation of the loss ratio and attritional loss ratio, and the combined ratio and attritional combined ratio for the periods noted:

Three Months Ended December 31,

2025

2024

(unaudited)

Reinsurance

Insurance

Group

Reinsurance

Insurance

Group

Loss ratio

63.6

81.5

68.8

61.6

208.7

106.3

Adjustment for catastrophe losses

(6.9

(1.6

(5.6

(9.6

(6.7

(8.8

Adjustment for reinstatement premiums

—

0.7

—

0.6

Adjustment for prior year development (10)

0.1

(11.1

(3.1

4.2

(117.7

(34.1

Adjustment for other items

0.2

(0.1

0.1

—

(0.3

—

Attritional loss ratio

57.0

68.6

60.2

56.9

84.0

63.9

(Some amounts may not reconcile due to rounding.)

Three Months Ended December 31,

2025

2024

(unaudited)

Reinsurance

Insurance

Group

Reinsurance

Insurance

Group

Combined ratio

91.2

117.0

98.4

90.4

239.2

135.5

Adjustment for catastrophe losses

(6.9

(1.6

(5.6

(9.6

(6.7

(8.8

Adjustment for reinstatement premiums

—

1.0

—

0.8

Adjustment for prior year development (10)

0.1

(11.1

(3.1

4.2

(117.7

(34.1

Adjustment for other items

0.3

(0.1

0.2

—

(0.4

(0.1

Attritional combined ratio

84.6

104.1

89.9

86.0

114.4

93.4

Adjustment for profit commission

—

(2.3

—

(1.8

Attritional combined ratio excluding profit commission

84.6

104.1

89.9

83.7

114.4

91.6

(Some amounts may not reconcile due to rounding.)

Twelve Months Ended December 31,

2025

2024

(unaudited)

Reinsurance

Insurance

Group

Reinsurance

Insurance

Group

Combined ratio

91.7

114.6

98.6

89.7

130.7

102.3

Adjustment for catastrophe losses

(6.6

(1.1

(5.3

(6.8

(3.4

(5.9

Adjustment for reinstatement premiums

0.5

—

0.4

0.6

—

0.5

Adjustment for prior year development (10)

(0.2

(12.5

(4.2

1.1

(29.6

(8.8

Adjustment for other items

0.2

(0.2

0.1

—

(0.2

—

Attritional combined ratio

85.5

100.7

89.6

84.6

97.5

88.1

Adjustment for profit commission

(0.3

—

(0.2

(0.6

—

(0.5

Attritional combined ratio excluding profit commission

85.3

100.7

89.4

84.0

97.5

87.6

(Some amounts may not reconcile due to rounding.)

Notes

(10) Prior-year development includes the impact of COVID-19 losses.

Gross Written Premium on a Comparable Basis

The Company has included in this Press Release certain changes in gross written premium on a comparable basis, reflecting constant currency basis and excluding reinstatement premiums. Constant currency basis excludes the impact of foreign exchange rates. The Company provides change in gross written premium on a comparable basis to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance. The following tables are a reconciliation of gross written premium and period-over-period changes on a GAAP basis to the non-GAAP comparable basis for the periods noted:

(Dollars in millions)

Quarter-to-Date

December 31, 2025

December 31, 2024

Change

(unaudited)

Gross Written Premium

% Impact

Group

4,260

4,671

(8.8

Adjustment for gross CAT reinstatement premiums

—

(51

)

1.1

Adjustment for foreign exchange effect

—

(0.8

Group (comparable basis)

4,259

4,659

(8.6

Reinsurance

3,157

3,291

(4.1

Adjustment for gross CAT reinstatement premiums

—

(51

)

1.6

Adjustment for foreign exchange effect

—

(1.0

Reinsurance (comparable basis)

3,157

3,273

(3.6

Insurance

1,084

1,350

(19.7

Adjustment for gross CAT reinstatement premiums

—

Adjustment for foreign exchange effect

—

(0.5

Insurance (comparable basis)

1,084

1,356

(20.1

Other

(36.7

Other (comparable basis)

(36.7

(Some amounts may not reconcile due to rounding.)

(Dollars in millions)

Year-to-Date

December 31, 2025

December 31, 2024

Change

(unaudited)

Gross Written Premium

% Impact

Group

17,706

18,232

(2.9

Adjustment for gross CAT reinstatement premiums

(99

)

(103

)

—

Adjustment for foreign exchange effect

—

(0.3

Group (comparable basis)

17,606

18,178

(3.1

Reinsurance

12,825

12,941

(0.9

Adjustment for gross CAT reinstatement premiums

(99

)

(103

)

—

Adjustment for foreign exchange effect

—

(0.4

Reinsurance (comparable basis)

12,726

12,884

(1.2

Insurance

4,790

5,078

(5.7

Adjustment for gross CAT reinstatement premiums

—

Adjustment for foreign exchange effect

—

(0.1

Insurance (comparable basis)

4,790

5,082

(5.7

Other

212

(57.3

Other (comparable basis)

212

(57.3

(Some amounts may not reconcile due to rounding.)

Net Operating Income Return On Equity ("ROE")

Net Operating income ROE is calculated by dividing after-tax net operating income (loss) by average shareholders' equity, adjusted for average net unrealized depreciation (appreciation) of fixed maturity, available for sale securities. A reconciliation of net income, the most comparable GAAP measure, to net operating income is presented above. The Company believes net operating income ROE is a useful measure for management and investors as it allows for better comparability and removes variability when assessing the results of operations. A reconciliation of Net Operating Income ROE and Net Income ROE is shown below.

Quarter-to-Date

Year-to-Date

(Dollars in millions)

December 31,

2025

2024

2025

2024

(unaudited)

Beginning of period shareholders' equity

15,375

15,335

13,875

13,202

Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities

220

849

723

Adjusted beginning of period shareholders' equity

15,462

15,555

14,724

13,925

End of period shareholders' equity

15,461

13,875

15,461

13,875

Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities

)

849

)

849

Adjusted end of period shareholders' equity

15,455

14,724

15,455

14,724

Average adjusted shareholders' equity

15,459

15,140

15,090

14,325

After-tax net operating income (loss)

549

(780

)

1,875

1,289

After-tax net gains (losses) on investments

(69

)

(115

)

After-tax foreign exchange income (expense)

(34

)

132

(169

)

Net income (loss)

446

(593

)

1,591

1,373

Return on equity (annualized)

After-tax net operating income (loss)

14.2

(20.6

12.4

9.0

After-tax net gains (losses) on investments

(1.8

1.5

(0.8

0.1

After-tax foreign exchange income (expense)

(0.9

3.5

(1.1

0.5

Net income (loss)

11.5

(15.7

10.5

9.6

(Some amounts may not reconcile due to rounding.)

Underwriting Income

Underwriting income is calculated as net premiums earned, less (1) incurred losses and loss adjustment expenses, (2) commission, brokerage, taxes and fees, and (3) other underwriting expenses. Net income (loss) is the most comparable GAAP measure. The Company believes underwriting income is a useful measure for management and investors when assessing the performance of the Company's reinsurance and insurance business segments. A reconciliation of Underwriting Income and Net Income is shown below.

Quarter-to-Date

(Dollars in millions)

December 31, 2025

December 31, 2024

(unaudited)

Reinsurance

Insurance

Other

Consolidated Group

Reinsurance

Insurance

Other

Consolidated Group

Net premiums earned

2,897

946

3,862

2,983

900

3,925

Less: Incurred losses and LAE

1,844

770

2,656

1,837

1,877

457

4,172

Less: Commission, brokerage, taxes and fees

728

133

866

784

114

903

Less: Other underwriting expenses

203

279

161

244

Underwriting income (loss)

255

(161

)

(34

)

286

(1,252

)

(429

)

(1,394

)

Net investment income

562

473

Net gains (losses) on investments

(84

)

Corporate expenses

(30

)

(27

)

Interest, fee and bond issue cost amortization expense

(37

)

(37

)

Other income (expense)

169

Income tax benefit (expense)

(109

)

155

Net income (loss)

446

(593

)

(Some amounts may not reconcile due to rounding.)

Book value per common share outstanding excluding URA(D)

Book value per common share outstanding excluding net unrealized appreciation (depreciation) of fixed maturity, available for sale securities ("URA(D)") is calculated as reported shareholders' equity less URA(D), divided by common shares outstanding. Book value per share is the most comparable GAAP measure. The Company believes this metric is useful to management and investors as it shows the value of shareholder returns on a per share basis after eliminating the variability of investments held at fair value. Please see the table on page 3 for a reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share.

Annualized Total Shareholder Return

Annualized TSR ("TSR") is calculated as year-to-date growth in book value per common share outstanding (excluding URA(D)) plus year-to-date dividends per share. As further discussed above, book value per common share outstanding (excluding URA(D)) is a non-GAAP measure. Please see the table on page 3 for a reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share.

--Financial Details Follow--

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

Three Months Ended

Twelve Months Ended

December 31

(Dollars in millions, except per share amounts)

2025

2024

2025

2024

(unaudited)

REVENUES:

Premiums earned

3,862

3,925

15,560

15,187

Net investment income

562

473

2,124

1,954

Total net gains (losses) on investments

(84

)

(143

)

Other income (expense)

169

(45

)

121

Total revenues

4,424

4,636

17,496

17,281

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses

2,656

4,172

10,859

11,305

Commission, brokerage, taxes and fees

866

903

3,461

3,300

Other underwriting expenses

279

244

1,029

938

Corporate expenses

109

Interest, fees and bond issue cost amortization expense

151

149

Total claims and expenses

3,869

5,383

15,609

15,787

INCOME (LOSS) BEFORE TAXES

555

(748

)

1,887

1,493

Income tax expense (benefit)

109

(155

)

296

120

NET INCOME (LOSS)

446

(593

)

1,591

1,373

Other comprehensive income (loss), net of tax:

Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

(574

)

740

(97

)

Reclassification adjustment for realized losses (gains) included in net income (loss)

(55

)

114

(12

)

Total URA(D) on securities arising during the period

(630

)

854

(109

)

Foreign currency translation and other adjustments

(173

)

242

(128

)

Benefit plan actuarial net gain (loss) for the period

)

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

(26

)

Total benefit plan net gain (loss) for the period

)

(10

)

Total other comprehensive income (loss), net of tax

102

(794

)

1,086

(204

)

COMPREHENSIVE INCOME (LOSS)

548

(1,387

)

2,678

1,169

EARNINGS PER COMMON SHARE:

Basic

10.77

(13.96

)

37.80

31.78

Diluted

10.77

(13.96

)

37.80

31.78

EVEREST GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

December 31,

(In millions of U.S. dollars, except par value per share)

2025

2024

(unaudited)

ASSETS:

Fixed maturities - available for sale, at fair value

34,573

28,908

(amortized cost: 2025, $34,620; 2024, $29,934, credit allowances: 2025, $(68); 2024, $(36))

Fixed maturities - held to maturity, at amortized cost

(fair value: 2025, $576; 2024, $759, net of credit allowances: 2025, $(6); 2024, $(8))

567

757

Equity securities, at fair value

180

217

Other invested assets

5,796

5,392

Short-term investments

2,994

4,707

Cash

1,318

1,549

Total investments and cash

45,429

41,531

Accrued investment income

436

368

Premiums receivable (net of credit allowances: 2025, $(94); 2024, $(54))

5,727

5,378

Reinsurance paid loss recoverables (net of credit allowances: 2025, $(57); 2024, $(41))

142

207

Reinsurance unpaid loss recoverables

4,968

2,915

Funds held by reinsureds

1,326

1,218

Deferred acquisition costs

1,546

1,461

Prepaid reinsurance premiums

653

869

Income tax asset, net

915

1,223

Other assets (net of credit allowances: 2025, $(17); 2024, $(9))

1,372

1,171

TOTAL ASSETS

62,514

56,341

LIABILITIES:

Reserve for losses and loss adjustment expenses

34,312

29,889

Unearned premium reserve

7,275

7,324

Funds held under reinsurance treaties

267

Amounts due to reinsurers

642

701

Losses in course of payment

151

241

Senior notes

2,352

2,350

Long-term notes

218

Borrowings from FHLB

1,019

Accrued interest on debt and borrowings

Unsettled securities payable

—

Other liabilities

797

590

TOTAL LIABILITIES

47,054

42,466

SHAREHOLDERS' EQUITY:

Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding

—

Common shares, par value: $0.01; 200.0 shares authorized; 74.4 (2025) and 74.3 (2024)

outstanding before treasury shares

Additional paid-in capital

3,852

3,812

Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)

of $(23) at 2025 and $(177) at 2024

(52

)

(1,138

)

Treasury shares, at cost: 33.7 shares (2025) and 31.3 shares (2024)

(4,906

)

(4,108

)

Retained earnings

16,565

15,309

Total shareholders' equity

15,461

13,875

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

62,514

56,341

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Twelve Months Ended

December 31

(In millions of U.S. dollars)

2025

2024

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

1,591

1,373

Adjustments to reconcile net income to net cash provided by operating activities:

Decrease (increase) in premiums receivable

(116

)

(715

)

Decrease (increase) in funds held by reinsureds, net

138

(81

)

Decrease (increase) in reinsurance recoverables

(1,453

)

(1,091

)

Decrease (increase) in income taxes

150

(277

)

Decrease (increase) in prepaid reinsurance premiums

360

(232

)

Increase (decrease) in reserve for losses and loss adjustment expenses

3,602

5,612

Increase (decrease) in unearned premiums

(278

)

809

Increase (decrease) in amounts due to reinsurers

(235

)

135

Increase (decrease) in losses in course of payment

(98

)

Change in equity adjustments in limited partnerships

(364

)

(261

)

Distribution of limited partnership income

195

163

Change in other assets and liabilities, net

(463

)

(431

)

Non-cash compensation expense

Amortization of bond premium (accrual of bond discount)

(166

)

(167

)

Net (gains) losses on investments

143

(19

)

Net cash provided by (used in) operating activities

3,068

4,957

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from fixed maturities matured/called/repaid - available for sale

4,497

3,783

Proceeds from fixed maturities sold - available for sale

1,571

6,257

Proceeds from fixed maturities matured/called/repaid - held to maturity

199

157

Proceeds from fixed maturities sold - held to maturity

—

Proceeds from equity securities sold

Distributions from other invested assets

334

409

Cost of fixed maturities acquired - available for sale

(10,364

)

(11,563

)

Cost of fixed maturities acquired - held to maturity

)

(49

)

Cost of equity securities acquired

)

(50

)

Cost of other invested assets acquired

(507

)

(936

)

Net change in short-term investments

1,875

(2,494

)

Net change in unsettled securities transactions

(83

)

(27

)

Proceeds from sale of renewal rights

331

—

Net cash provided by (used in) investing activities

(2,096

)

(4,478

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Common shares issued (redeemed) during the period for share-based compensation, net of expense

(21

)

(24

)

Purchase of treasury shares

(797

)

(200

)

Dividends paid to shareholders

(335

)

(334

)

Net FHLB borrowings (repayments)

—

200

Cost of shares withheld on settlements of share-based compensation awards

(22

)

(25

)

Net cash provided by (used in) financing activities

(1,175

)

(383

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(28

)

Net increase (decrease) in cash

(231

)

112

Cash, beginning of period

1,549

1,437

Cash, end of period

1,318

1,549

SUPPLEMENTAL CASH FLOW INFORMATION:

Income taxes paid (recovered)

150

397

Interest paid

150

147

NON-CASH TRANSACTIONS:

Non-cash limited partnership distribution