FALSE000109507300010950732025-02-032025-02-03


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
February 3, 2025


Everest Group, Ltd.

(Exact name of registrant as specified in its charter)

Bermuda1-1573198-0365432
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)
Seon Place – 4th Floor
141 Front Street
PO Box HM 845
Hamilton, Bermuda
HM 19
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code 441-295-0006


Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

ClassTrading Symbol(s)Name of Exchange where registered
Common Shares, $0.01 par valueEGNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. ☐


ITEM 2.02    DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 3, 2025, the registrant issued a news release announcing its fourth quarter 2024 results. A copy of that news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The news release furnished herewith contains information regarding the registrant’s net operating income (loss). Net operating income (loss) differs from net income (loss) attributable to Everest Group, the most directly comparable generally accepted accounting principle financial measure, by the exclusion of net gains (losses) on investments and net foreign exchange income (expense). Management believes that presentation of net operating income (loss) provides useful information to investors because it more accurately measures and predicts the registrant’s results of operations by removing the variability arising from both the management of the registrant’s investment portfolio and the fluctuations of foreign currency exchange rates. In addition, management, analysts and investors use net operating income (loss) to evaluate the financial performance of the registrant and the insurance industry in general.
In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section.
ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS
(c)
Exhibits
Exhibit No.Description
99.1
News Release of the registrant,
dated February 3, 2025


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EVEREST GROUP, LTD.
By:/S/ ROBERT J. FREILING
Robert J. Freiling
Senior Vice President and
Chief Accounting Officer
Dated: February 3, 2025


EXHIBIT INDEX
Exhibit
Number
Description of Document
Page No.
4
104
Cover Page Interactive Data File (embedded
within the Inline XBRL document


NEWS RELEASE
everestlogo7102023croppeda.jpg
EVEREST GROUP, LTD.
Seon place, 141 Front Street, 4th Floor, Hamilton HM 19, Bermuda
Contacts
Media: Dawn Lauer Investors: Matt Rohrmann
Chief Communications Officer Head of Investor Relations
908.300.7670908.604.7343

Everest Reports Fourth Quarter and Full-Year 2024 Results
Annual Net Income of $1.4 billion and Net Operating Income of $1.3 billion
Decisive Actions to Fortify Reserves in U.S. Casualty Lines
HAMILTON, Bermuda – (BUSINESS WIRE) – February 3, 2025 – 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 2024 results.

Full-Year 2024 Highlights
•Total Shareholder Return of 9.2%1; 9.6% Net Income ROE and 9.0% Operating Income ROE
•$18.2 billion in gross written premium with year-over-year growth of 9.1% for the Group, 12.2% for Reinsurance, and 4.0% for Insurance on a comparable basis
•Combined ratios of 102.3% for the Group, 89.7% for Reinsurance and 130.7% for Insurance, which includes decisive actions to strengthen U.S. casualty reserves
•Group attritional combined ratio of 87.6% when excluding the impact of 0.5 points from profit commissions associated with favorable loss reserve development on mortgage business versus 86.9% when excluding the impact of 0.7 points from profit commission associated with favorable development on mortgage business in the prior year. Group's 2024 attritional combined ratio of 87.6% also includes 1.4 points of 2024 accident year loss reserve strengthening.
•$672 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums, versus $451 million in the prior year
•Net investment income increased over $500 million to ∼$2 billion, a company record
•Strong operating cashflow for the year of $5.0 billion, a company record

Fourth Quarter 2024 Highlights
•Net Loss of $593 million; Net Operating Loss of $780 million driven primarily by net unfavorable development of prior year loss reserves in U.S. casualty lines
•$4.7 billion in gross written premium with year-over-year growth of 7.2% for the Group, 12.6% for Reinsurance, and -1.6% for Insurance on a comparable basis; Strong double-digit growth in property and specialty lines across both segments was partially offset by reductions in certain casualty lines
•Combined ratios of 135.5% for the Group, 90.4% for Reinsurance and 239.2% for Insurance, which includes decisive actions to strengthen U.S. casualty reserves
•Group attritional combined ratio of 91.6% when excluding the impact of 1.8 points from profit commissions associated with favorable loss reserve development on mortgage business versus 86.6% when excluding the impact of 2.7 points from profit commissions associated with favorable loss reserve development on mortgage business in the prior year. Group's
1

fourth quarter 2024 attritional combined ratio of 91.6% also includes 5.8 points of 2024 accident year loss reserve strengthening.
•Net unfavorable development of approximately $1.5 billion in prior year loss reserves, resulting in an increase of 37.6 points on the combined ratio for the Group
•Increased current accident year losses by $229 million for the Group, comprised of $206 million in Insurance and $22 million in Other
•Pre-tax underwriting income (loss) of ($1.4) billion for the Group, $286 million for Reinsurance, and ($1.3) billion for Insurance
•$173 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums versus $143 million in Q4 2023
•Net investment income improved to $473 million versus $411 million in the prior year fourth quarter, driven by a larger asset base as well as strong core fixed income investment returns
•Operating cashflow for the quarter of $780 million versus $1.0 billion in the prior year fourth quarter


(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.


“This was a pivotal year for Everest as we took decisive action to fortify our U.S. casualty reserves, solidify our franchise value, and raise the bar across all facets of the Company” said Jim Williamson, Everest President and CEO. “Our lead market Reinsurance franchise continues to demonstrate its value in the market, as evidenced by another well-executed January 1 renewal. In our Insurance business, the significant transformation of our North America insurance platform is well underway. We made meaningful progress improving our portfolio, all while taking aggressive underwriting action in U.S. casualty lines. Our team is energized about the opportunity ahead, and I firmly believe that our actions place Everest on a clear trajectory towards generating attractive returns throughout the cycle.”

2


Summary of Fourth Quarter 2024 Net Income and Other Items
•Net (loss) of ($593 million), equal to ($13.96) per diluted share, driven by reserve strengthening in U.S. casualty lines, versus fourth quarter 2023 net income of $804 million, equal to $18.53 per diluted share
•Net operating (loss) of ($780 million), equal to ($18.39) per diluted share, driven by reserve strengthening in U.S. casualty lines, versus fourth quarter 2023 net operating income of $1.1 billion, equal to $25.18 per diluted share
•GAAP combined ratio of 135.5%, including 37.6 points of unfavorable prior year reserve development, 5.8 points of 2024 accident year strengthening, and 5.3 points of catastrophe losses, versus 93.2% in the fourth quarter 2023, including 4.3 points of catastrophe losses

California Wildfires
•Pre-tax net catastrophe loss estimated to be in the range of $350 to $450 million for the first quarter 2025, net of estimated recoveries and reinstatement premiums
•Everest's loss estimate is based on an insured industry loss range of $35 to $45 billion

The following table summarizes the Company’s Net Income and related financial metrics.
Net income and operating incomeQ4Year to DateQ4Year to Date
All values in USD millions except for per share amounts and percentages2024202420232023
Everest Group
Net income (loss) (593)1,3738042,517
Net operating income (loss) (2)
(780)1,2891,0932,776
Net income (loss) per diluted common share(13.96)31.7818.5360.19
Net operating income (loss) per diluted common share (2)
(18.39)29.8325.1866.39
Net income (loss) return on average equity (annualized)(15.7%)9.6%23.8%20.9%
After-tax net operating income (loss) return on average equity (annualized) (2)
(20.6%)9.0%32.4%23.1%
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
3

Shareholders' Equity and Book Value per ShareQ4Year to DateQ4Year to Date
All values in USD millions except for per share amounts and percentages2024202420232023
Beginning shareholders' equity15,33513,20211,2268,441
Net income (loss)(593)1,3738042,517
Change - URA(D) of fixed maturity, available for sale securities(630)(127)1,146986
Dividends to shareholders(86)(334)(76)(288)
Purchase of treasury shares—(200)——
Public equity offering of shares———1,445
Other(151)(39)103102
Ending shareholders' equity13,87513,87513,20213,202
Common shares outstanding43.043.4
Book value per common share outstanding322.97304.29
Less: URA(D) of fixed maturity, available for sale securities(19.77)(16.65)
Book value per common share outstanding excluding URA(D) (3)
342.74320.95
Change in BVPS adjusted for dividends8.7%44.3%
Total Shareholder Return ("TSR") - Annualized9.2%26.5%
Common share dividends paid - last 12 months7.756.80
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.


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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 GroupQ4Year to DateQ4Year to DateYear on Year Change
All values in USD millions except for percentages2024202420232023Q4Year to Date
Gross written premium4,67118,2324,32316,6378.0%9.6%
Net written premium4,02615,8143,86114,7304.3%7.4%
Loss Ratio:
Current year63.4%59.8%58.9%59.2%4.5 pts0.6 pts
Prior year37.6%9.7%(0.1)%—%37.7 pts9.8 pts
Catastrophe5.3%5.0%4.3%3.5%1.0 pts1.5 pts
Total Loss ratio106.3%74.4%63.0%62.7%43.3 pts11.7 pts
Commission and brokerage ratio23.0%21.7%23.8%22.0%(0.8) pts(0.3) pts
Other underwriting expenses6.2%6.2%6.3%6.3%(0.1) pts(0.1) pts
Combined ratio135.5%102.3%93.2%90.9%42.3 pts11.4 pts
Attritional combined ratio (4) (6) (7)
93.4%88.1%89.3%87.6%4.1 pts0.5 pts
Pre-tax net catastrophe losses (5)
173672143451
Pre-tax net unfavorable (favorable) prior year reserve development1,4751,475(5)(5)
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.
(6) The attritional combined ratio for the quarter and year -end 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 quarter and year ended December 31, 2024.
(7) The attritional combined ratio for the quarter and year -end December 31, 2023, included approximately $94m of profit commission related to loss reserves releases from the mortgage business. Excluding this profit commission, Group’s attritional combined ratio would have been 86.6% and 86.9% for the quarter and year ended December 31, 2023.


5

Reinsurance Segment – Quarterly Highlights
•Gross written premiums grew 12.6% on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, to approximately $3.3 billion. We continue to solidify our franchise value and drive growth in lines with the best expected risk-adjusted returns.
•Growth was led by a 54.4% increase in Property Catastrophe XOL and 19.9% in Property Pro-Rata, partially offset by a 7.3% decrease in Casualty Pro-Rata, when adjusting for reinstatement premiums.
•Attritional loss ratio improved 90 basis points over last year to 56.9%, while the attritional combined ratio improved 140 basis points to 83.7% versus a year ago, when excluding the impact of 2.3 points and 3.6 points from profit commissions associated with favorable loss reserve development on mortgage business for the quarters ended December 31, 2024 and 2023, respectively.
•Strengthened U.S. casualty reserves by $684 million, fully offset by favorable development of well-seasoned reserves in property and mortgage lines.
•Pre-tax catastrophe losses were $125 million, net of estimated recoveries and reinstatement premiums, driven primarily by $275 million of losses from Hurricane Milton. Catastrophe losses in the quarter were partially offset by a release of $125 million on prior year events, primarily related to Hurricane Ian.
•Risk-adjusted returns remain very attractive, particularly in property and specialty lines.
Underwriting information - Reinsurance segmentQ4Year to DateQ4Year to DateYear on Year Change
All values in USD millions except for percentages2024202420232023Q4Year to Date
Gross written premium3,29112,9412,89411,46013.7%12.9%
Net written premium3,01911,9692,75410,8029.6%10.8%
Loss Ratio:
Current year56.2%56.6%57.6%57.6%(1.4) pts(1.0) pts
Prior year—%—%(15.3)%(4.1)%15.3 pts4.1 pts
Catastrophe5.4%5.7%5.5%4.6%(0.1) pts1.1 pts
Total Loss ratio61.6%62.2%47.8%58.1%13.8 pts4.2 pts
Commission and brokerage ratio26.3%24.9%28.3%25.7%(2.0) pts(0.8) pts
Other underwriting expenses2.5%2.5%2.5%2.6%— pts(0.1) pts
Combined ratio90.4%89.7%78.6%86.4%11.8 pts3.3 pts
Attritional combined ratio (4) (8) (9)
86.0%84.6%88.7%86.1%(2.7) pts(1.5) pts
Pre-tax net catastrophe losses (5)
125564135430
Pre-tax net unfavorable (favorable) prior year reserve development——(401)(401)
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(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.
(8) The attritional combined ratio for the quarter and year -end 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 quarter and year ended December 31, 2024.
(9) The attritional combined ratio for the quarter and year -end December 31, 2023, included approximately $94m of profit commission related to loss reserves releases from the mortgage business. Excluding this profit commission, Reinsurance’s attritional combined ratio would have been 85.1% for both the quarter and year ended December 31, 2023.

6

Insurance Segment – Quarterly Highlights
•Gross written premiums decreased to $1.4 billion on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, a 1.6% decrease year-over-year in constant dollars as we continued to strategically shape the portfolio. Our International business continued its strong growth trajectory as it gained further traction.
•Everest Insurance grew by 32.3% in Property/Short Tail and 37.2% in Other Specialty lines. Growth was offset by a decrease of 36.9% in Accident and Health, as we exit the medical stop loss business, and 20.0% in Specialty Casualty, primarily in North America, reflecting our focus on lines of business with better expected margins.
•Strengthened prior year U.S. casualty reserves by $1.1 billion and increased current accident year losses in U.S. casualty lines by $206 million, totaling $1.3 billion.
•Pre-tax catastrophe losses were $47 million, net of estimated recoveries and reinstatement premiums, an increase over the prior year quarter, which benefited from benign catastrophe losses.
•Pricing continues to accelerate across North American long-tail lines (excluding financial lines).
Underwriting information - Insurance segmentQ4Year to DateQ4Year to DateYear on Year Change
All values in USD millions except for percentages2024202420232023Q4Year to Date
Gross written premium1,3505,0781,3714,888(1.5)%3.9%
Net written premium9843,6781,0633,704(7.5)%(0.7)%
Loss Ratio:
Current year84.2%68.3%62.3%63.3%21.9 pts4.9 pts
Prior year119.2%30.0%32.4%8.3%86.8 pts21.6 pts
Catastrophe5.3%3.0%0.9%0.6%4.4 pts2.4 pts
Total Loss ratio208.7%101.2%95.6%72.3%113.1 pts28.9 pts
Commission and brokerage ratio12.6%12.3%11.6%12.0%1.0 pts0.3 pts
Other underwriting expenses17.9%17.2%16.6%16.3%1.3 pts0.9 pts
Combined ratio239.2%130.7%123.8%100.5%115.4 pts30.1 pts
Attritional combined ratio (4)
114.4%97.5%90.6%91.6%23.8 pts5.9 pts
Pre-tax net catastrophe losses (5)
47107820
Pre-tax net unfavorable (favorable) prior year reserve development1,0721,072293285
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(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.


7

Other Segment
•As disclosed in an 8-K filed with the SEC after the market close on January 27, 2025, we formed a new “Other” segment, primarily comprised of certain sports and leisure lines after giving effect to the sale of the business in October 2024, and other non-core lines of business such as asbestos & environmental exposures, and certain discontinued insurance programs and coverage classes, predominantly in U.S. casualty lines.
•Unfavorable development in our Other segment amounted to $425 million for both the full-year and fourth quarter 2024, including current accident year strengthening of $22 million.
•Strengthened asbestos & environmental reserves by $54 million during the fourth quarter resulting in a 3-year net asbestos survival ratio of 6.6 years.

Underwriting information - Other segmentQ4Year to DateQ4Year to Date
All values in USD millions except for percentages2024202420232023
Gross written premium29 212 57 289 
Net written premium23 167 44 225 
Net premiums earned43 197 57 225 
Incurred losses and LAE
Current year53 175 38 156 
Prior year403 403 102 110 
Catastrophes1 1 — — 
Total incurred losses and LAE457 580 140 266 
Commission, brokerage, taxes and fees5 24 6 22 
Other underwriting expenses8 33 10 35 
Underwriting income (loss)(429)(440)(99)(98)
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Investments and Shareholders’ Equity as of December 31, 2024
•Total invested assets and cash of $41.5 billion versus $37.1 billion on December 31, 2023
•Shareholders’ equity of $13.9 billion vs. $13.2 billion on December 31, 2023, including $849 million of unrealized net losses on fixed maturity, available for sale securities
•Shareholders’ equity excluding unrealized gains (losses) on fixed maturity, available for sale securities of $14.7 billion versus $13.9 billion on December 31, 2023
•Book value per share of $322.97 versus $304.29 at December 31, 2023
•Book value per share excluding unrealized gains (losses) on fixed maturity, available for sale securities of $342.74 versus $320.95 at December 31, 2023
•There were not any common share repurchases during the quarter. We repurchased $199.9 million for the full-year 2024.
•Common share dividends declared and paid in the quarter of $2.00 per common share equal to $86 million

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 and other factors described in our SEC filings, including 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 4, 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.

_______________________________________________
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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,
2024202320242023
(unaudited)(unaudited)
AmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted Share
After-tax net operating income (loss)$(780)$(18.39)$1,093 $25.18 $1,289 $29.83 $2,776 $66.39 
After-tax net gains (losses) on investments56 1.33 (220)(5.06)12 0.28 (236)(5.65)
After-tax net foreign exchange income (expense)132 3.10 (69)(1.60)72 1.67 (23)(0.55)
Net income (loss)$(593)$(13.96)$804 $18.53 $1,373 $31.78 $2,517 $60.19 
(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
10

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 December 31,
20242023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Loss ratio61.6 %208.7 %106.3 %47.8 %95.6 %63.0 %
Adjustment for catastrophe losses(5.4)%(5.3)%(5.3)%(5.5)%(0.9)%(4.3)%
Adjustment for reinstatement premiums0.7 %— %0.6 %0.2 %— %0.1 %
Adjustment for prior year development (10)
— %(119.2)%(37.6)%14.9 %(32.4)%(0.2)%
Adjustment for Russia/Ukraine war losses— %— %— %0.4 %— %0.3 %
Adjustment for other items— %(0.3)%— %— %— %— %
Attritional loss ratio56.9 %84.0 %63.9 %57.8 %62.3 %59.0 %
(Some amounts may not reconcile due to rounding.)
Three Months Ended December 31,
20242023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Combined ratio90.4 %239.2 %135.5 %78.6 %123.8 %93.2 %
Adjustment for catastrophe losses(5.4)%(5.3)%(5.3)%(5.5)%(0.9)%(4.3)%
Adjustment for reinstatement premiums1.0 %— %0.8 %0.3 %— %0.2 %
Adjustment for prior year development (10)
— %(119.2)%(37.6)%14.9 %(32.4)%(0.2)%
Adjustment for Russia/Ukraine war losses— %— %— %0.4 %— %0.3 %
Adjustment for other items— %(0.4)%(0.1)%— %0.1 %— %
Attritional combined ratio86.0 %114.4 %93.4 %88.7 %90.6 %89.3 %
Adjustment for profit commission(2.3)%— %(1.8)%(3.6)%— %(2.7)%
Attritional combined ratio excluding profit commission83.7 %114.4 %91.6 %85.1 %90.6 %86.6 %
(Some amounts may not reconcile due to rounding.)
11

Twelve Months Ended December 31,
20242023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Combined ratio89.7 %130.7 %102.3 %86.4 %100.5 %90.9 %
Adjustment for catastrophe losses(5.7)%(3.0)%(5.0)%(4.6)%(0.6)%(3.5)%
Adjustment for reinstatement premiums0.6 %— %0.5 %0.2 %— %0.1 %
Adjustment for prior year development (10)
— %(30.0)%(9.7)%4.0 %(8.3)%— %
Adjustment for Russia/Ukraine war losses— %— %— %0.1 %— %0.1 %
Adjustment for other items— %(0.2)%— %— %— %— %
Attritional combined ratio84.6 %97.5 %88.1 %86.1 %91.6 %87.6 %
Adjustment for profit commission(0.6)%— %(0.5)%(1.0)%— %(0.7)%
Attritional combined ratio excluding profit commission84.0 %97.5 %87.6 %85.1 %91.6 %86.9 %
(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:
12

(Dollars in millions)Quarter-to-Date
December 31, 2024December 31, 2023Change
(unaudited)
Gross Written PremiumGross Written Premium% Impact
Group$4,671 $4,323 8.0 %
Adjustment for gross CAT reinstatement premiums(51)(9)(0.9)%
Adjustment for foreign exchange effect— (5)0.1 %
Group (comparable basis)$4,620 $4,308 7.2 %
Reinsurance$3,291 $2,894 13.7 %
Adjustment for gross CAT reinstatement premiums(51)(9)(1.2)%
Adjustment for foreign exchange effect— (6)0.2 %
Reinsurance (comparable basis)$3,240 $2,879 12.6 %
Insurance$1,350 $1,371 (1.5)%
Adjustment for gross CAT reinstatement premiums— — — %
Adjustment for foreign exchange effect— 1 (0.1)%
Insurance (comparable basis)$1,350 $1,372 (1.6)%
Other$29 $57 (49.1)%
Other (comparable basis)$29 $57 (49.1)%
(Some amounts may not reconcile due to rounding.)
(Dollars in millions)Year-to-Date
December 31, 2024December 31, 2023Change
(unaudited)
Gross Written PremiumGross Written Premium% Impact
Group$18,232 $16,637 9.6 %
Adjustment for gross CAT reinstatement premiums(103)(20)(0.4)%
Adjustment for foreign exchange effect— (6)— %
Group (comparable basis)$18,129 $16,611 9.1 %
Reinsurance$12,941 $11,460 12.9 %
Adjustment for gross CAT reinstatement premiums(103)(20)(0.6)%
Adjustment for foreign exchange effect— — — %
Reinsurance (comparable basis)$12,838 $11,440 12.2 %
Insurance$5,078 $4,888 3.9 %
Adjustment for gross CAT reinstatement premiums— — — %
Adjustment for foreign exchange effect— (6)0.1 %
Insurance (comparable basis)$5,078 $4,882 4.0 %
Other$212 $289 (26.6)%
Other (comparable basis)$212 $289 (26.6)%
(Some amounts may not reconcile due to rounding.)
13

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-DateYear-to-Date
(Dollars in millions)December 31,December 31,December 31,December 31,
2024202320242023
(unaudited)(unaudited)
Beginning of period shareholders' equity$15,335 $11,226 $13,202 $8,441 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities220 1,868 723 1,709 
Adjusted beginning of period shareholders' equity$15,555 $13,094 $13,925 $10,149 
End of period shareholders' equity$13,875 $13,202 $13,875 $13,202 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities849 723 849 723 
Adjusted end of period shareholders' equity$14,724 $13,925 $14,724 $13,925 
Average adjusted shareholders' equity$15,140 $13,509 $14,325 $12,037 
After-tax net operating income (loss)$(780)$1,093 $1,289 $2,776 
After-tax net gains (losses) on investments$56 (220)$12 (236)
After-tax foreign exchange income (expense)$132 (69)$72 (23)
Net income (loss)$(593)$804 $1,373 $2,517 
Return on equity (annualized)
After-tax net operating income (loss)(20.6)%32.4 %9.0 %23.1 %
After-tax net gains (losses) on investments1.5 %(6.5)%0.1 %(2.0)%
After-tax foreign exchange income (expense)3.5 %(2.1)%0.5 %(0.2)%
Net income (loss)(15.7)%23.8 %9.6 %20.9 %
(Some amounts may not reconcile due to rounding.)
14

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, 2024December 31, 2023
(unaudited)
ReinsuranceInsuranceOtherConsolidated GroupReinsuranceInsuranceOtherConsolidated Group
Net premiums earned$2,983 $900 $43 $3,925 $2,616 $905 $57 $3,578 
Less: Incurred losses and LAE1,837 1,877 457 4,172 1,249 865 140 2,254 
Less: Commission, brokerage, taxes and fees784 114 5 903 742 105 6 853 
Less: Other underwriting expenses75 161 8 244 66 150 10 226 
Underwriting income (loss)$286 $(1,252)$(429)$(1,394)$559 $(216)$(99)$245 
Net investment income473 411 
Net gains (losses) on investments69 (255)
Corporate expenses(27)(18)
Interest, fee and bond issue cost amortization expense(37)(36)
Other income (expense)169 (75)
Income tax benefit (expense)155 532 
Net income (loss)$(593)$804 
(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 4 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 4 for a reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share.
--Financial Details Follow--
15

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months EndedTwelve Months Ended
December 31December 31
(Dollars in millions, except per share amounts)2024202320242023
(unaudited)(unaudited)
REVENUES:
Premiums earned$3,925 $3,578 $15,187 $13,443 
Net investment income473 411 1,954 1,434 
Total net gains (losses) on investments69 (255)19 (276)
Other income (expense)169 (75)121 (14)
Total revenues4,636 3,659 17,281 14,587 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses4,172 2,254 11,305 8,427 
Commission, brokerage, taxes and fees903 853 3,300 2,952 
Other underwriting expenses244 226 938 846 
Corporate expenses27 18 95 73 
Interest, fees and bond issue cost amortization expense37 36 149 134 
Total claims and expenses5,383 3,387 15,787 12,432 
INCOME (LOSS) BEFORE TAXES(748)272 1,493 2,154 
Income tax expense (benefit)(155)(532)120 (363)
NET INCOME (LOSS)$(593)$804 $1,373 $2,517 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period(574)923 (97)743 
Reclassification adjustment for realized losses (gains) included in net income (loss)(55)223 (12)244 
Total URA(D) on securities arising during the period(630)1,146 (109)986 
Foreign currency translation and other adjustments(173)76 (128)59 
Benefit plan actuarial net gain (loss) for the period34 15 34 15 
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)(26)— (1)2 
Total benefit plan net gain (loss) for the period9 16 33 17 
Total other comprehensive income (loss), net of tax(794)1,238 (204)1,063 
COMPREHENSIVE INCOME (LOSS)$(1,387)$2,041 $1,169 $3,580 
EARNINGS PER COMMON SHARE:
Basic$(13.96)$18.53 $31.78 $60.19 
Diluted(13.96)18.53 31.78 60.19 
16

EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS

December 31,
(In millions of U.S. dollars, except par value per share)20242023
(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value$28,908 $27,740 
(amortized cost: 2024, $29,934; 2023, $28,568, credit allowances: 2024, $(36); 2023, $(48))
Fixed maturities - held to maturity, at amortized cost
(fair value: 2024, $759; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8))757 855 
Equity securities, at fair value217 188 
Other invested assets5,392 4,794 
Short-term investments4,707 2,127 
Cash1,549 1,437 
Total investments and cash41,531 37,142 
Accrued investment income368 324 
Premiums receivable (net of credit allowances: 2024, $(54); 2023, $(41))5,378 4,768 
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(41); 2023, $(26))207 164 
Reinsurance unpaid loss recoverables2,915 2,098 
Funds held by reinsureds1,218 1,135 
Deferred acquisition costs1,461 1,247 
Prepaid reinsurance premiums869 713 
Income tax asset, net1,223 868 
Other assets (net of credit allowances: 2024, $(9); 2023, $(9))1,171 941 
TOTAL ASSETS$56,341 $49,399 
LIABILITIES:
Reserve for losses and loss adjustment expenses29,889 24,604 
Unearned premium reserve7,324 6,622 
Funds held under reinsurance treaties27 24 
Amounts due to reinsurers701 650 
Losses in course of payment241 171 
Senior notes2,350 2,349 
Long-term notes218 218 
Borrowings from FHLB1,019 819 
Accrued interest on debt and borrowings22 22 
Unsettled securities payable84 137 
Other liabilities590 582 
TOTAL LIABILITIES42,466 36,197 
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; 74.3 (2024) and 74.2 (2023)
outstanding before treasury shares1 1 
Additional paid-in capital3,812 3,773 
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(177) at 2024 and $(99) at 2023(1,138)(934)
Treasury shares, at cost: 31.3 shares (2024) and 30.8 shares (2023)(4,108)(3,908)
Retained earnings15,309 14,270 
Total shareholders' equity13,875 13,202 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$56,341 $49,399 
17

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended
December 31
(In millions of U.S. dollars)20242023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$1,373 $2,517 
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable(715)(1,064)
Decrease (increase) in funds held by reinsureds, net(81)(66)
Decrease (increase) in reinsurance recoverables(1,091)143 
Decrease (increase) in income taxes(277)(559)
Decrease (increase) in prepaid reinsurance premiums(232)(46)
Increase (decrease) in reserve for losses and loss adjustment expenses5,612 2,256 
Increase (decrease) in unearned premiums809 1,387 
Increase (decrease) in amounts due to reinsurers135 18 
Increase (decrease) in losses in course of payment75 93 
Change in equity adjustments in limited partnerships(261)(168)
Distribution of limited partnership income163 120 
Change in other assets and liabilities, net(431)(339)
Non-cash compensation expense63 49 
Amortization of bond premium (accrual of bond discount)(167)(64)
Net (gains) losses on investments(19)276 
Net cash provided by (used in) operating activities4,957 4,553 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale3,783 2,310 
Proceeds from fixed maturities sold - available for sale6,257 3,849 
Proceeds from fixed maturities matured/called/repaid - held to maturity157 105 
Proceeds from equity securities sold37 126 
Distributions from other invested assets409 245 
Cost of fixed maturities acquired - available for sale(11,563)(10,653)
Cost of fixed maturities acquired - held to maturity(49)(112)
Cost of equity securities acquired(50)(17)
Cost of other invested assets acquired(936)(902)
Net change in short-term investments(2,494)(1,034)
Net change in unsettled securities transactions(27)181 
Net cash provided by (used in) investing activities(4,478)(5,902)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense(24)(23)
Proceeds from public offering of common shares— 1,445 
Purchase of treasury shares(200)— 
Dividends paid to shareholders(334)(288)
Net FHLB borrowings (repayments)200 300 
Cost of shares withheld on settlements of share-based compensation awards(25)(24)
Net cash provided by (used in) financing activities(383)1,409 
EFFECT OF EXCHANGE RATE CHANGES ON CASH16 (23)
Net increase (decrease) in cash112 38 
Cash, beginning of period1,437 1,398 
Cash, end of period$1,549 $1,437 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)$397 $196 
Interest paid147 130 
NON-CASH TRANSACTIONS:
Non-cash limited partnership distribution$23 $— 
18
v3.25.0.1
Cover
Feb. 03, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 03, 2025
Entity Registrant Name Everest Group, Ltd.
Entity Incorporation, State or Country Code D0
Entity File Number 1-15731
Entity Tax Identification Number 98-0365432
Entity Address, Address Line One Seon Place – 4th Floor
Entity Address, Address Line Two 141 Front Street
Entity Address, Address Line Three PO Box HM 845
Entity Address, City or Town Hamilton
Entity Address, Country BM
Entity Address, Postal Zip Code HM 19
City Area Code 441
Local Phone Number 295-0006
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares, $0.01 par value
Trading Symbol EG
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001095073
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