Annual Net Income of $1.6 billion and Net Operating Income of $1.9 billion
Annual 10.5% Net Income ROE and 12.4% Net Operating Income ROE; TSR of 13.1%
Repurchased $397 million of Common Shares During the Quarter
HAMILTON, Bermuda--(BUSINESS WIRE)--February 04, 2026--
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
-- Total Shareholder Return of 13.1%1; 10.5% Net Income ROE and 12.4%
Operating Income ROE
-- $17.7 billion in gross written premium, a year-over-year decrease of
3.1% for the Group, 1.2% for Reinsurance, and 5.7% for Insurance on a
comparable basis
-- Combined ratios of 98.6% for the Group, 91.7% for Reinsurance, and
114.6% for Insurance
-- Attritional combined ratios of 89.6% for the Group, 85.5% for
Reinsurance, and 100.7% for Insurance
-- $757 million of pre-tax catastrophe losses net of recoveries and
reinstatement premiums versus $810 million in 2024
-- Net investment income increased $170 million to $2.1 billion, a company
record
-- Strong operating cashflow for the year of $3.1 billion, which includes
the consideration paid for the adverse development cover
-- Repurchased $797 million of common shares in 2025
Fourth Quarter 2025 Highlights
-- Net income of $446 million; Net operating income of $549 million
-- $4.3 billion in gross written premium, a year-over-year decrease of
8.6% for the Group, 3.6% for Reinsurance, and 20.1% for Insurance on a
comparable basis; Strong double-digit growth in specialty lines was more
than offset by targeted reductions in certain casualty lines
-- Combined ratios of 98.4% for the Group, 91.2% for Reinsurance and
117.0% for Insurance
-- Attritional combined ratios of 89.9% for the Group, 84.6% for
Reinsurance, and 104.1% for Insurance
-- $216 million of pre-tax catastrophe losses net of recoveries and
reinstatement premiums versus $312 million in Q4 2024
-- Pre-tax underwriting income (loss) of $60 million for the Group, $255
million for Reinsurance, ($161) million for Insurance, and ($34) million
for Other
-- Net investment income improved to $562 million versus $473 million in
the prior year fourth quarter, driven by a larger asset base as well as
strong core fixed income and alternative investment returns
-- Operating cashflow for the quarter of ($398) million versus $780
million in the prior year fourth quarter impacted by the consideration
paid for the adverse development cover in the quarter
(1) Denotes annualized figure; represents Total Shareholder Return or "TSR".
Annualized TSR is calculated as year to date growth in book value per common
share outstanding excluding URA$(D)$ on fixed maturity, available for sale
securities plus year-to-date dividends per share.
"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
-- Net income of $446 million, equal to $10.77 per diluted share, versus
fourth quarter 2024 net (loss) of ($593) million, equal to ($13.96) per
diluted share
-- Net operating income of $549 million, equal to $13.26 per diluted share,
versus fourth quarter 2024 net operating (loss) of ($780) million, equal
to ($18.39) per diluted share
-- Everest paid premium consideration of $122 million for the second layer
of the Adverse Development Cover ("ADC"), split between $105 million in
the Insurance segment and $17 million in the Other segment
-- Everest recognized a net pre-tax benefit of $127.3 million included in
other income (expense) associated with the sale of its Commercial Retail
Insurance Renewal Rights to AIG
The following table summarizes the Company's Net Income and related financial metrics.
Net income and
operating income Q4 Year to Date Q4 Year to Date
All values in USD
millions except
for per share
amounts and
percentages 2025 2025 2024 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 Q4 Year to Date Q4 Year to Date
All values in USD
millions except
for per share
amounts and
percentages 2025 2025 2024 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 92 854 (630) (127)
Dividends to
shareholders (82) (335) (86) (334)
Purchase of
treasury shares (397) (797) -- (200)
Other 27 272 (151) (39)
Ending
shareholders'
equity 15,461 15,461 13,875 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 - Year to Year to
Everest Group Q4 Date Q4 Date Year on Year Change
All values in
USD millions
except for Year to
percentages 2025 2025 2024 2024 Q4 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:
(3.3)
Current year 60.1% 60.3% 63.4% 59.8% pts 0.5 pts
(31.0)
Prior year 3.1% 4.2% 34.1% 8.8% pts (4.6) pts
(3.2)
Catastrophe 5.6% 5.3% 8.8% 5.9% pts (0.6) pts
----- ------ ----- ------ -------- ----------
(37.5)
Total Loss ratio 68.8% 69.8% 106.3% 74.4% pts (4.6) pts
Commission and
brokerage (0.6)
ratio 22.4% 22.2% 23.0% 21.7% pts 0.5 pts
Other
underwriting
expenses 7.2% 6.6% 6.2% 6.2% 1.0 pts 0.4 pts
----- ------ ----- ------ -------- ----------
(37.1)
Combined ratio 98.4% 98.6% 135.5% 102.3% pts (3.7) pts
Attritional
combined ratio (3.5)
(4) (6) (7) 89.9% 89.6% 93.4% 88.1% 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 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
-- Gross written premiums decreased 3.6% on a comparable basis (constant
dollar basis and excluding reinstatement premiums)2, to approximately
$3.2 billion.
-- Growth was led by increases of 10.1% in Property Catastrophe XOL and
10.2% in Financial Lines, more than offset by decreases of 12.4% in
Casualty Pro-Rata and 7.2% in Casualty XOL, when adjusting for
reinstatement premiums.
-- Attritional loss ratio increased 10 basis points over last year to
57.0%, while the attritional combined ratio decreased 140 basis points to
84.6% versus a year ago.
-- Pre-tax net catastrophe losses were $200 million, driven primarily by
losses from Hurricane Melissa and a number of mid-sized events globally.
Pre-tax net catastrophe losses were $250 million in the prior-year
quarter.
-- Our preferred market position allowed us to shape our signing to
maximize expected profitability at Jan. 1, 2026 renewals.
Underwriting
information -
Reinsurance Year to Year to
segment Q4 Date Q4 Date Year on Year Change
All values in
USD millions
except for Year to
percentages 2025 2025 2024 2024 Q4 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
(2.7)
Catastrophe 6.9% 6.6% 9.6% 6.8% pts (0.2) pts
----- ------ ----- ------ -------- ---------
Total Loss ratio 63.6% 64.1% 61.6% 62.2% 2.0 pts 1.8 pts
Commission and
brokerage (1.2)
ratio 25.1% 25.2% 26.3% 24.9% pts 0.3 pts
Other
underwriting (0.1)
expenses 2.4% 2.5% 2.5% 2.5% pts (0.1) pts
----- ------ ----- ------ -------- ---------
Combined ratio 91.2% 91.7% 90.4% 89.7% 0.8 pts 2.1 pts
Attritional
combined ratio (1.4)
(4) (8) (9) 84.6% 85.5% 86.0% 84.6% pts 0.9 pts
Pre-tax net
catastrophe
losses (5) 200 706 250 689
Pre-tax net
unfavorable
(favorable)
prior year
reserve
development (2) 28 (125) (125)
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 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.
(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
-- Gross written premiums decreased to $1.1 billion on a comparable basis
(constant dollar basis and excluding reinstatement premiums)2, a 20.1%
decrease year-over-year in constant dollars as we continued to
strategically shape the portfolio.
-- Everest Insurance grew by 22.0% in Accident and Health and 1.5% in
Other Specialty. Growth was offset by a decrease of 29.5% in Property /
Short Tail, 24.9% in Specialty Casualty, 25.0% in Professional Liability,
and 28.0% in Workers' Compensation, reflecting our focus on lines of
business with better expected margins as well as our exit from commercial
retail insurance and the ongoing transfer of that business to AIG.
-- Everest paid premium consideration of $105 million for the second layer
of the ADC, resulting in an 11.1-point increase in the combined ratio.
-- Pre-tax net catastrophe losses were $16 million, a decrease of $45
million from the prior year quarter.
Underwriting
information -
Insurance Year to Year to
segment Q4 Date Q4 Date Year on Year Change
All values in
USD millions
except for Year to
percentages 2025 2025 2024 2024 Q4 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:
(15.5)
Current year 68.7% 68.4% 84.2% 68.3% pts 0.1 pts
(106.6)
Prior year 11.1% 12.5% 117.7% 29.6% pts (17.1) pts
Catastrophe 1.6% 1.1% 6.7% 3.4% (5.1) pts (2.3) pts
----- ----- ----- ----- --------- ----------
(127.2)
Total Loss ratio 81.5% 82.0% 208.7% 101.2% 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
----- ----- ----- ----- --------- ----------
(122.2)
Combined ratio 117.0% 114.6% 239.2% 130.7% pts (16.1) pts
Attritional
combined ratio (10.3)
(4) 104.1% 100.7% 114.4% 97.5% pts 3.2 pts
Pre-tax net
catastrophe
losses (5) 16 41 61 120
Pre-tax net
unfavorable
(favorable)
prior year
reserve
development 105 466 1,059 1,059
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 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.
Other Segment
-- Gross written premiums reflect a limited number of renewed and new
policies written on the Company's paper by the purchaser of the sports
and leisure business, for a finite period of time post-closing.
-- Everest paid premium consideration of $17 million for the second layer
of the ADC
-- With the announcement of the transaction to sell the renewal rights for
our commercial retail insurance business to AIG, Everest expects to
re-cast the associated retail business into the Other segment following
the filing of the 2025 Form 10-K.
Underwriting
information - Other
segment Q4 Year to Date Q4 Year to Date
All values in USD
millions except for
percentages 2025 2025 2024 2024
Gross written premium 18 91 29 212
Net written premium 16 84 23 167
Net premiums earned 19 111 43 197
Incurred losses and LAE
Current year 25 119 53 175
Prior year 17 163 403 403
Catastrophes -- 10 1 1
--- ---------- ---- ----------
Total incurred losses
and LAE 42 292 457 580
Commission, brokerage,
taxes and fees 5 21 5 24
Other underwriting
expenses 6 17 8 33
--- ---------- ---- ----------
Underwriting income
(loss) (34) (220) (429) (440)
=== ========== ==== ==========
Investments and Shareholders' Equity as of December 31, 2025
-- Total invested assets and cash of $45.4 billion versus $41.5 billion on
December 31, 2024
-- Shareholders' equity of $15.5 billion vs. $13.9 billion on December 31,
2024, including $5 million of unrealized net gains on fixed maturity,
available for sale securities
-- Shareholders' equity excluding net unrealized gains (losses) on fixed
maturity, available for sale securities of $15.5 billion versus $14.7
billion on December 31, 2024
-- Book value per share of $379.83 versus $322.97 at December 31, 2024
-- Book value per share excluding net unrealized gains (losses) on fixed
maturity, available for sale securities of $379.70 versus $342.74 at
December 31, 2024
-- Common share repurchases of $397 million during the quarter,
representing 1,239,880 shares at an average price of $320.59 per share.
-- Common share repurchases of $797 million for the full year 2025,
representing 2,394,763 shares at an average price of $333.01 per share.
-- Common share dividends declared and paid in the quarter of $2.00 per
common share equal to $82.0 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, 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:
Three Months Ended December 31, Twelve Months Ended December 31,
----------------------------------------- ---------------------------------------
(Dollars in millions,
except per share
amounts) 2025 2024 2025 2024
-------------------- ------------------- ------------------- ------------------
(unaudited) (unaudited)
Per Per Per
Diluted Per Diluted Diluted Diluted
Amount Share Amount Share Amount Share Amount 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) 56 1.33 (115) (2.73) 12 0.28
After-tax net foreign
exchange income
(expense) (34) (0.82) 132 3.10 (169) (4.01) 72 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:
Quarter-to-Date
--------------------------------------------------
December 31,
(Dollars in millions) 2025 December 31, 2024 Change
---------------- -------------------- ----------
(unaudited)
Gross Written Gross Written
Premium Premium % Impact
---------------- -------------------- ----------
Group $ 4,260 $ 4,671 (8.8)%
Adjustment for gross
CAT reinstatement
premiums -- (51) 1.1%
Adjustment for foreign
exchange effect -- 39 (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 -- 33 (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 -- 6 (0.5)%
---- ---------- --- ---------- --- ------
Insurance (comparable
basis) $ 1,084 $ 1,356 (20.1)%
---- ---------- --- ---------- --- ------
Other $ 18 $ 29 (36.7)%
---- ---------- --- ---------- --- ------
Other (comparable
basis) $ 18 $ 29 (36.7)%
---- ---------- --- ---------- --- ------
(Some amounts may not reconcile due to rounding.)
Year-to-Date
--------------------------------------------------
(Dollars in millions) December 31, 2025 December 31, 2024 Change
------------------ ------------------ ----------
(unaudited)
Gross Written Gross Written
Premium Premium % Impact
------------------ ------------------ ----------
Group $ 17,706 $ 18,232 (2.9)%
Adjustment for gross
CAT reinstatement
premiums (99) (103) --%
Adjustment for foreign
exchange effect -- 49 (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 -- 46 (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 -- 3 (0.1)%
--- --------- --- --------- ------
Insurance (comparable
basis) $ 4,790 $ 5,082 (5.7)%
--- --------- --- --------- ------
Other $ 91 $ 212 (57.3)%
--- --------- --- --------- ------
Other (comparable
basis) $ 91 $ 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
------------------------ ------------------------
December December December December
31, 31, 31, 31,
(Dollars in millions) 2025 2024 2025 2024
----------- ----------- ----------- -----------
(unaudited) (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 87 220 849 723
------ ------ ------ ------
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 (5) 849 (5) 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) 56 (115) 12
After-tax foreign
exchange income
(expense) (34) 132 (169) 72
------ ------ ------ ------
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)
Consolidated Consolidated
Reinsurance Insurance Other Group Reinsurance Insurance Other Group
------------- ------------- ----- ---------------- ------------- ----------- ------ ----------------
Net premiums earned $ 2,897 $ 946 $ 19 $ 3,862 $ 2,983 $ 900 $ 43 $ 3,925
Less: Incurred
losses and LAE 1,844 770 42 2,656 1,837 1,877 457 4,172
Less: Commission,
brokerage, taxes
and fees 728 133 5 866 784 114 5 903
Less: Other
underwriting
expenses 70 203 6 279 75 161 8 244
--------- ----- --- ------ ---- --------- ------ ---- ------- ---
Underwriting income
(loss) $ 255 $ (161) $(34) $ 60 $ 286 $ (1,252) $(429) $ (1,394)
--------- ----- --- ------ ---- --------- ------ ---- -------
Net investment
income 562 473
Net gains (losses)
on investments (84) 69
Corporate expenses (30) (27)
Interest, fee and bond issue cost
amortization expense (37) (37)
Other income
(expense) 84 169
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 December 31
----------------- ---------------------------
(Dollars in millions,
except per share
amounts) 2025 2024 2025 2024
------- -------- --------------- ----------
(unaudited) (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) 69 (143) 19
Other income (expense) 84 169 (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 30 27 109 95
Interest, fees and
bond issue cost
amortization expense 37 37 151 149
----- ------ ------- ------
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 27 (574) 740 (97)
Reclassification
adjustment for
realized losses
(gains) included
in net income
(loss) 66 (55) 114 (12)
----- ------ ------- ------
Total URA(D)
on securities
arising
during the
period 92 (630) 854 (109)
Foreign currency
translation and
other
adjustments 13 (173) 242 (128)
Benefit plan
actuarial net
gain (loss) for
the period (9) 34 (9) 34
Reclassification
adjustment for
amortization of
net (gain) loss
included in net
income (loss) 7 (26) (1) (1)
----- ------ ------- ------
Total benefit
plan net gain
(loss) for
the period (2) 9 (10) 33
----- ------ ------- ------
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 27
Amounts due to reinsurers 642 701
Losses in course of payment 151 241
Senior notes 2,352 2,350
Long-term notes 218 218
Borrowings from FHLB 1,019 1,019
Accrued interest on debt and borrowings 21 22
Unsettled securities payable -- 84
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 1 1
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) 75
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 61 63
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 10 --
Proceeds from equity securities sold 56 37
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 (7) (49)
Cost of equity securities acquired (9) (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) 16
-------- -------
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 $ 8 $ 23
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204637654/en/
CONTACT: Media: Dawn Lauer
Chief Communications Officer
908.300.7670
Investors: Matt Rohrmann
Head of Investor Relations
908.604.7343
(END) Dow Jones Newswires
February 04, 2026 16:15 ET (21:15 GMT)
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