Everest Reports Third Quarter 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 third quarter 2025 results.

Third 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.

“Everest has taken decisive steps to define its strategic direction and position the company for improved performance. The renewal rights transaction of our retail commercial insurance business and establishment of an adverse development cover are the outcomes of a careful strategic review of the company” said Jim Williamson, Everest President and CEO. “These actions will provide meaningful flexibility to deploy capital toward share repurchases, strategic opportunities, and selective investments in talent, technology, and data that will enhance our competitive edge. The go-forward Everest is a more focused, higher-return enterprise anchored in Reinsurance and Wholesale & Specialty Insurance, built on underwriting excellence, balance sheet strength, and disciplined execution.”

Adverse Development Cover

Agreement to Sell Retail Commercial Insurance Renewal Rights to AIG

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)

255

1,145

509

1,966

Net operating income (loss) (2)

316

1,326

630

2,070

Net income (loss) per diluted common share

6.09

27.06

11.80

45.40

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

7.54

31.33

14.62

47.79

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

6.6%

10.1%

13.3%

17.8%

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

8.2%

11.7%

16.4%

18.7%

Notes

Year to Date

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

2025

2024

Beginning shareholders' equity

15,019

13,875

14,182

13,202

Net income (loss)

255

1,145

509

1,966

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

165

762

716

503

Dividends to shareholders

(84)

(253)

(86)

(249)

Purchase of treasury shares

—

(400)

(100)

(200)

Other

245

114

113

Ending shareholders' equity

15,375

15,335

Common shares outstanding

42.0

43.0

Book value per common share outstanding

366.22

356.77

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

(2.07)

(5.11)

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

368.29

361.87

Change in BVPS adjusted for dividends

15.2%

19.1%

Total Shareholder Return ("TSR") - Annualized

12.3%

19.4%

Common share dividends paid - last 12 months

8.00

7.50

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

4,375

13,446

4,425

13,561

(1.1)%

(0.8)%

Net written premium

3,754

11,607

3,805

11,789

(1.3)%

(1.5)%

Loss Ratio:

Current year

59.9%

60.4%

58.0%

58.5%

1.8 pts

1.9 pts

Prior year

12.4%

3.8%

—%

12.4 pts

3.8 pts

Catastrophe

1.3%

5.2%

7.9%

4.9%

(6.6) pts

0.3 pts

Russia/Ukraine war losses

—%

0.8%

—%

— pts

0.8 pts

Total Loss ratio

73.6%

70.1%

66.0%

63.3%

7.6 pts

6.8 pts

Commission and brokerage ratio

23.1%

22.2%

21.1%

21.3%

2.0 pts

0.9 pts

Other underwriting expenses

6.7%

6.4%

6.0%

6.2%

0.7 pts

0.2 pts

Combined ratio

103.4%

98.7%

93.1%

90.8%

10.3 pts

7.9 pts

Attritional combined ratio (4)

89.6%

89.5%

85.8%

86.3%

3.8 pts

3.2 pts

Pre-tax net catastrophe losses (5)

542

279

499

Pre-tax net Russia/Ukraine war losses

—

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

478

439

—

Notes

(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses and losses from the Russia/Ukraine war. 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.

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

3,206

9,668

3,265

9,650

(1.8)%

0.2%

Net written premium

2,885

8,773

2,975

8,950

(3.0)%

(2.0)%

Loss Ratio:

Current year

57.5%

57.4%

56.3%

56.7%

1.2 pts

0.7 pts

Prior year

(1.0)%

(0.8)%

—%

(1.0) pts

(0.8) pts

Catastrophe

1.6%

6.4%

9.1%

5.8%

(7.5) pts

0.7 pts

Russia/Ukraine war losses

—%

1.1%

—%

— pts

1.1 pts

Total Loss ratio

58.0%

64.2%

65.4%

62.5%

(7.4) pts

1.7 pts

Commission and brokerage ratio

26.4%

25.2%

23.9%

24.4%

2.5 pts

0.8 pts

Other underwriting expenses

2.6%

2.5%

2.6%

0.1 pts

— pts

Combined ratio

87.0%

91.9%

91.8%

89.4%

(4.8) pts

2.5 pts

Attritional combined ratio (4)

86.4%

85.9%

83.5%

84.1%

2.9 pts

1.8 pts

Pre-tax net catastrophe losses (5)

507

239

439

Pre-tax net Russia/Ukraine war losses

—

Pre-tax net prior year reserve development

(29)

(68)

—

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.

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

1,147

3,706

1,110

3,728

3.4%

(0.6)%

Net written premium

848

2,767

789

2,694

7.5%

2.7%

Loss Ratio:

Current year

67.1%

68.3%

62.9%

4.2 pts

5.4 pts

Prior year

38.5%

13.0%

—%

38.5 pts

13.0 pts

Catastrophe

0.5%

0.9%

4.5%

2.2%

(4.0) pts

(1.3) pts

Russia/Ukraine war losses

—%

— pts

Total Loss ratio

106.1%

82.2%

67.4%

65.1%

38.7 pts

17.1 pts

Commission and brokerage ratio

12.9%

12.8%

12.3%

12.1%

0.7 pts

Other underwriting expenses

19.0%

18.7%

17.2%

16.9%

1.8 pts

1.7 pts

Combined ratio

138.1%

113.7%

96.9%

94.2%

41.2 pts

19.5 pts

Attritional combined ratio (4)

98.9%

99.6%

92.0%

91.8%

6.9 pts

7.8 pts

Pre-tax net catastrophe losses (5)

Pre-tax net Russia/Ukraine war losses

—

Pre-tax net prior year reserve development

361

—

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

183

Net written premium

145

Net premiums earned

154

Incurred losses and LAE

Current year

122

Prior year

146

—

Catastrophes

—

Russia/Ukraine war losses

—

Total incurred losses and LAE

163

250

122

Commission, brokerage, taxes and fees

Other underwriting expenses

Underwriting income (loss)

(149)

(185)

(1)

(11)

Investments and Shareholders’ Equity as of September 30, 2025

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other 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. Forward-looking 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. 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, our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of our retail commercial insurance business, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemics, regulatory and legal uncertainties 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 Tuesday October 28, 2025. 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 measures 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 September 30,

Nine Months Ended September 30,

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)

316

7.54

630

14.62

1,326

31.33

2,070

47.79

After-tax net gains (losses) on investments

(37

)

(0.87

)

(25

)

(0.57

)

(46

)

(1.09

)

(44

)

(1.02

)

After-tax net foreign exchange income (expense)

(24

)

(0.58

)

(97

)

(2.24

)

(135

)

(3.18

)

(60

)

(1.38

)

Net income (loss)

255

6.09

509

11.80

1,145

27.06

1,966

45.40

(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, COVID-19 losses and losses from the Russia/Ukraine war. 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 September 30,

2025

2024

(unaudited)

Reinsurance

Insurance

Group

Reinsurance

Insurance

Group

Loss ratio

58.0

106.1

73.6

65.4

67.4

66.0

Adjustment for catastrophe losses

(1.6

(0.5

(1.3

(9.1

(4.5

(7.9

Adjustment for reinstatement premiums

—

0.6

—

0.5

Adjustment for prior year development (6)

1.0

(38.5

(12.4

—

Adjustment for Russia/Ukraine war losses

—

Adjustment for other items

—

(0.1

—

(0.2

(0.1

Attritional loss ratio

57.5

67.0

59.9

56.9

62.7

58.5

(Some amounts may not reconcile due to rounding.)

Three Months Ended September 30,

2025

2024

(unaudited)

Reinsurance

Insurance

Group

Reinsurance

Insurance

Group

Combined ratio

87.0

138.1

103.4

91.8

96.9

93.1

Adjustment for catastrophe losses

(1.6

(0.5

(1.3

(9.1

(4.5

(7.9

Adjustment for reinstatement premiums

—

0.9

—

0.7

Adjustment for prior year development (6)

1.0

(38.5

(12.4

—

Adjustment for Russia/Ukraine war losses

—

Adjustment for other items

—

(0.1

—

(0.4

(0.1

Attritional combined ratio

86.4

98.9

89.6

83.5

92.0

85.8

Adjustment for profit commission

(1.1

—

(0.8

—

Attritional combined ratio excluding profit commission

85.3

98.9

88.8

83.5

92.0

85.8

(Some amounts may not reconcile due to rounding.)

Nine Months Ended September 30,

2025

2024

(unaudited)

Reinsurance

Insurance

Group

Reinsurance

Insurance

Group

Combined ratio

91.9

113.7

98.7

89.4

94.2

90.8

Adjustment for catastrophe losses

(6.4

(0.9

(5.2

(5.8

(2.2

(4.9

Adjustment for reinstatement premiums

0.6

—

0.5

—

0.4

Adjustment for prior year development (6)

0.8

(13.0

(3.8

—

Adjustment for Russia/Ukraine war losses

(1.1

—

(0.8

—

Adjustment for other items

0.1

(0.2

0.1

—

(0.1

—

Attritional combined ratio

85.9

99.6

89.5

84.1

91.8

86.3

Adjustment for profit commission

(0.4

—

(0.3

—

Attritional combined ratio excluding profit commission

85.5

99.6

89.2

84.1

91.8

86.3

(Some amounts may not reconcile due to rounding.)

Notes

(6) 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

September 30, 2025

September 30, 2024

Change

(unaudited)

Gross Written Premium

% Impact

Group

4,375

4,425

(1.1

Adjustment for gross CAT reinstatement premiums

)

(33

)

0.7

Adjustment for foreign exchange effect

—

(0.8

Group (comparable basis)

4,372

4,427

(1.2

Reinsurance

3,206

3,265

(1.8

Adjustment for gross CAT reinstatement premiums

)

(33

)

0.9

Adjustment for foreign exchange effect

—

(0.8

Reinsurance (comparable basis)

3,203

3,260

(1.7

Insurance

1,147

1,110

3.4

Adjustment for gross CAT reinstatement premiums

—

Adjustment for foreign exchange effect

—

(0.6

Insurance (comparable basis)

1,147

1,117

2.7

Other

(55.9

Other (comparable basis)

(55.9

(Some amounts may not reconcile due to rounding.)

Net Operating Income Return On Equity ("ROE")

Net Operating Income ROE (also referred to as operating 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)

September 30,

2025

2024

2025

2024

(unaudited)

Beginning of period shareholders' equity

15,019

14,182

13,875

13,202

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

252

936

849

723

Adjusted beginning of period shareholders' equity

15,272

15,118

14,724

13,925

End of period shareholders' equity

15,375

15,335

15,375

15,335

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

220

Adjusted end of period shareholders' equity

15,462

15,555

15,462

15,555

Average adjusted shareholders' equity

15,367

15,336

15,093

14,740

After-tax net operating income (loss)

316

630

1,326

2,070

After-tax net gains (losses) on investments

(37

)

(25

)

(46

)

(44

)

After-tax foreign exchange income (expense)

(24

)

(97

)

(135

)

(60

)

Net income (loss)

255

509

1,145

1,966

Return on equity (annualized)

After-tax net operating income (loss)

8.2

16.4

11.7

18.7

After-tax net gains (losses) on investments

(1.0

(0.6

(0.4

After-tax foreign exchange income (expense)

(0.6

(2.5

(1.2

(0.5

Net income (loss)

6.6

13.3

10.1

17.8

(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)

September 30, 2025

September 30, 2024

(unaudited)

Reinsurance

Insurance

Other

Consolidated Group

Reinsurance

Insurance

Other

Consolidated Group

Net premiums earned

2,892

939

3,855

2,970

898

3,918

Less: Incurred losses and LAE

1,678

996

163

2,837

1,942

605

2,584

Less: Commission, brokerage, taxes and fees

764

121

890

710

110

826

Less: Other underwriting expenses

178

258

154

236

Underwriting income (loss)

376

(357

)

(149

)

(130

)

245

)

272

Net investment income

540

496

Net gains (losses) on investments

(47

)

(27

)

Corporate expenses

(27

)

(25

)

Interest, fee and bond issue cost amortization expense

(38

)

(38

)

Other income (expense)

(29

)

(102

)

Income tax benefit (expense)

(14

)

(68

)

Net income (loss)

255

509

(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

September 30,

Nine Months Ended

September 30,

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

2025

2024

2025

2024

(unaudited)

REVENUES:

Premiums earned

3,855

3,918

11,698

11,262

Net investment income

540

496

1,563

1,481

Net gains (losses) on investments

(47

)

(27

)

(59

)

(50

)

Other income (expense)

(29

)

(102

)

(129

)

(48

)

Total revenues

4,319

4,285

13,073

12,645

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses

2,837

2,584

8,203

7,132

Commission, brokerage, taxes and fees

890

826

2,595

2,398

Other underwriting expenses

258

236

750

694

Corporate expenses

Interest, fees and bond issue cost amortization expense

114

112

Total claims and expenses

4,050

3,708

11,740

10,404

INCOME (LOSS) BEFORE TAXES

269

577

1,332

2,241

Income tax expense (benefit)

187

275

NET INCOME (LOSS)

255

509

1,145

1,966

Other comprehensive income (loss), net of tax:

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

129

704

714

477

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

Total URA(D) of securities arising during the period

165

734

762

521

Foreign currency translation and other adjustments

230

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

—

)

Total benefit plan net gain (loss) for the period

—

)

Total other comprehensive income (loss), net of tax

167

816

984

590

COMPREHENSIVE INCOME (LOSS)

422

1,325

2,129

2,556

EARNINGS PER COMMON SHARE:

Basic

6.09

11.80

27.06

45.40

Diluted

6.09

11.80

27.06

45.40

EVEREST GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

September 30,

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

(amortized cost: 2025, $34,049; 2024, $29,934, credit allowances: 2025, $(51); 2024, $(36))

33,912

28,908

Fixed maturities - held to maturity, at amortized cost

(fair value: 2025, $613; 2024, $759, net of credit allowances: 2025, $(6); 2024, $(8))

604

757

Equity securities, at fair value

177

217

Other invested assets

5,709

5,392

Short-term investments

3,890

4,707

Cash

1,539

1,549

Total investments and cash

45,831

41,531

Accrued investment income

421

368

Premiums receivable (net of credit allowances: 2025, $(68); 2024, $(54))

6,017

5,378

Reinsurance paid loss recoverables (net of credit allowances: 2025, $(48); 2024, $(41))

378

207

Reinsurance unpaid loss recoverables

3,511

2,915

Funds held by reinsureds

1,256

1,218

Deferred acquisition costs

1,542

1,461

Prepaid reinsurance premiums

926

869

Income tax asset, net

1,009

1,223

Other assets (net of credit allowances: 2025, $(10); 2024, $(9))

1,348

1,171

TOTAL ASSETS

62,240

56,341

LIABILITIES:

Reserve for losses and loss adjustment expenses

33,742

29,889

Unearned premium reserve

7,489

7,324

Funds held under reinsurance treaties

Amounts due to reinsurers

1,084

701

Losses in course of payment

228

241

Senior notes

2,351

2,350

Long-term notes

218

Borrowings from FHLB

1,019

Accrued interest on debt and borrowings

Unsettled securities payable

Other liabilities

658

590

Total liabilities

46,864

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

3,835

3,812

Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(43) at 2025 and $(177) at 2024

(154

)

(1,138

)

Treasury shares, at cost; 32.5 shares (2025) and 31.3 shares (2024)

(4,508

)

(4,108

)

Retained earnings

16,202

15,309

Total shareholders' equity

15,375

13,875

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

62,240

56,341

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

(In millions of U.S. dollars)

2025

2024

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

1,145

1,966

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

Decrease (increase) in premiums receivable

(417

)

(529

)

Decrease (increase) in funds held by reinsureds, net

(43

)

(99

)

Decrease (increase) in reinsurance recoverables

(266

)

(112

)

Decrease (increase) in income taxes

(65

)

Decrease (increase) in prepaid reinsurance premiums

(201

)

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

3,086

2,605

Increase (decrease) in unearned premiums

(48

)

767

Increase (decrease) in amounts due to reinsurers

213

278

Increase (decrease) in losses in course of payment

(23

)

Change in equity adjustments in limited partnerships

(242

)

(236

)

Distribution of limited partnership income

128

106

Change in other assets and liabilities, net

(204

)

(376

)

Non-cash compensation expense

Amortization of bond premium (accrual of bond discount)

(122

)

(113

)

Net (gains) losses on investments

Net cash provided by (used in) operating activities

3,466

4,177

CASH FLOWS FROM INVESTING ACTIVITIES:

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

3,376

2,692

Proceeds from fixed maturities sold - available for sale

933

4,322

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

156

129

Proceeds from fixed maturities sold - held to maturity

—

Proceeds from equity securities sold

Distributions from other invested assets

266

289

Cost of fixed maturities acquired - available for sale

(8,021

)

(9,069

)

Cost of fixed maturities acquired - held to maturity

)

(46

)

Cost of equity securities acquired

)

(35

)

Cost of other invested assets acquired

(406

)

(438

)

Net change in short-term investments

945

(1,724

)

Net change in unsettled securities transactions

(66

)

321

Net cash provided by (used in) investing activities

(2,759

)

(3,545

)

CASH FLOWS FROM FINANCING ACTIVITIES:

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

(19

)

(23

)

Purchase of treasury shares

(400

)

(200

)

Dividends paid to shareholders

(253

)

(249

)

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

(20

)

(23

)

Net cash provided by (used in) financing activities

(693

)

(495

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(24

)

Net increase (decrease) in cash

(10

)

162

Cash, beginning of period

1,549

1,437

Cash, end of period

1,539

1,599

SUPPLEMENTAL CASH FLOW INFORMATION:

Income taxes paid (recovered)

340

Interest paid

NON-CASH TRANSACTIONS:

Non-cash limited partnership distribution