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FALSE000109507300010950732025-07-302025-07-30


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)
July 30, 2025


Everest Group, Ltd.

(Exact name of registrant as specified in its charter)

Bermuda 1-15731 98-0365432
(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:

Class Trading Symbol(s) Name of Exchange where registered
Common Shares, $0.01 par value EG New 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 July 30, 2025, Everest Group, Ltd. (the "Registrant") issued a news release announcing its second quarter 2025 results. A copy of that news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
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 (the "Exchange Act"), or otherwise subject to the liability of that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS
(c)
Exhibits
Exhibit No. Description
99.1
News Release of the Registrant, dated July 30, 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: July 30, 2025


EXHIBIT INDEX
Exhibit
Number
Description of Document
Page No.
5
104
Cover Page Interactive Data File (embedded
within the Inline XBRL document

EX-99.1 2 everest2q25earningsrelease.htm EX-99.1 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
908.300.7670 908.604.7343

Everest Reports Second Quarter 2025 Results
Net Income of $680 million and Net Operating Income of $734 million
Annualized 18.2% Net Income ROE and 19.6% Net Operating Income ROE
$385 million of Underwriting Income and Combined Ratio of 90.4%
HAMILTON, Bermuda – (BUSINESS WIRE) – July 30, 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 second quarter 2025 results.

Second Quarter 2025 Highlights
•Net Income of $680 million; Net Operating Income of $734 million
•Total Shareholder Return of 14.8% annualized1; Annualized 18.2% Net Income ROE and 19.6% Net Operating Income ROE
•$4.7 billion in gross written premium, a year-over-year decrease of 0.7% for the Group, an increase of 1.6% for Reinsurance, and a decrease of 3.3% for Insurance on a comparable basis; Growth in property and specialty lines across both segments was offset by reductions in certain casualty lines
•Combined ratios of 90.4% for the Group, 85.6% for Reinsurance and 102.0% for Insurance. Aviation losses associated with the Russia / Ukraine war contributed 2.5 points and 3.2 points to the Group and Reinsurance combined ratios, respectively.
•Attritional combined ratios of 88.6% for the Group, 84.1% for Reinsurance and 100.7% for Insurance
•Net favorable development of approximately $39 million in prior year loss reserves in Reinsurance, resulting in a 1.0 point decrease on the combined ratio for the Group.
•Pre-tax underwriting income (loss) of $385 million for the Group, $436 million for Reinsurance, ($18) million for Insurance, and ($33) million for Other
•$20 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums for the Group versus $135 million in Q2 2024
•Net investment income increased to $532 million versus $528 million in the prior year quarter, reflecting strong alternative investment returns in both periods.
•Operating cashflow for the quarter of $1.1 billion versus $1.3 billion in Q2 2024

(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.

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“Everest delivered a strong second quarter, with solid contributions from both underwriting income and net investment income, resulting in an annualized operating ROE of approximately 20%,” said Jim Williamson, Everest President and CEO. “Our Reinsurance business continues to deliver outstanding results, further supported by favorable reserve development this quarter. In Insurance, the execution of our 1-Renewal Strategy is nearly complete, positioning our portfolio to generate improved results over time. As we move through the second half of 2025, we are squarely focused on execution, while at the same time, actively managing our capital to benefit shareholders.”


Summary of Second Quarter 2025 Net Income and Other Items
•Net income of $680 million, equal to $16.10 per diluted share versus second quarter 2024 net income of $724 million, equal to $16.70 per diluted share
•Net operating income of $734 million, equal to $17.36 per diluted share versus second quarter 2024 net operating income of $730 million, equal to $16.85 per diluted share

The following table summarizes the Company’s Net Income and related financial metrics.
Net income and operating income Q2 Year to Date Q2 Year to Date
All values in USD millions except for per share amounts and percentages 2025 2025 2024 2024
Everest Group
Net income (loss) 680 890 724 1,457
Net operating income (loss) (2)
 734 1,010 730 1,439
Net income (loss) per diluted common share 16.10 20.93 16.70 33.57
Net operating income (loss) per diluted common share (2)
 17.36 23.75 16.85 33.17
Net income (loss) return on average equity (annualized) 18.2% 11.9% 19.6% 20.1%
After-tax net operating income (loss) return on average equity (annualized) (2)
 19.6% 13.5% 19.7% 19.8%
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
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Shareholders' Equity and Book Value per Share Q2 Year to Date Q2 Year to Date
All values in USD millions except for per share amounts and percentages 2025 2025 2024 2024
Beginning shareholders' equity 14,140 13,875 13,628 13,202
Net income (loss) 680 890 724 1,457
Change - URA(D) of fixed maturity, available for sale securities 308 597 (60) (213)
Dividends to shareholders (84) (169) (86) (163)
Purchase of treasury shares (200) (400) (65) (100)
Other 176 227 41 (1)
Ending shareholders' equity 15,019 15,019 14,182 14,182
Common shares outstanding 41.9 43.3
Book value per common share outstanding 358.08 327.68
Less: URA(D) of fixed maturity, available for sale securities (6.02) (21.62)
Book value per common share outstanding excluding URA(D) (3)
 364.10 349.30
Change in BVPS adjusted for dividends 12.1% 8.9%
Total Shareholder Return ("TSR") - Annualized 14.8% 20.0%
Common share dividends paid - last 12 months 8.00 7.25
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 Group Q2 Year to Date Q2 Year to Date Year on Year Change
All values in USD millions except for percentages 2025 2025 2024 2024 Q2 Year to Date
Gross written premium 4,680 9,071 4,725 9,136 (0.9)% (0.7)%
Net written premium 4,119 7,853 4,084 7,984 0.8% (1.6)%
Loss Ratio:
Current year 60.0% 60.6% 58.5% 58.7% 1.5 pts 1.9 pts
Prior year (1.0)% (0.5)% —% —% (1.0) pts (0.5) pts
Catastrophe 0.5% 7.1% 4.1% 3.2% (3.6) pts 3.8 pts
Russia/Ukraine war losses 2.5% 1.3% —% —% 2.5 pts 1.3 pts
Total Loss ratio 61.9% 68.4% 62.6% 61.9% (0.7) pts 6.5 pts
Commission and brokerage ratio 22.0% 21.7% 21.4% 21.4% 0.7 pts 0.3 pts
Other underwriting expenses 6.4% 6.3% 6.3% 6.2% 0.1 pts 0.1 pts
Combined ratio 90.4% 96.4% 90.3% 89.6% 0.1 pts 6.8 pts
Attritional combined ratio (4)
 88.6% 89.4% 86.6% 86.5% 2.0 pts 2.9 pts
Pre-tax net catastrophe losses (5)
 20 492 135 220
Pre-tax net Russia/Ukraine war losses 98 98 — —
Pre-tax net unfavorable (favorable) prior year reserve development (39) (39) — —
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.


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Reinsurance Segment – Quarterly Highlights
•Gross written premiums increased 1.6% on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, to approximately $3.2 billion.
•Growth was primarily led by a 15.2% increase in Property Catastrophe XOL and a 8.5% increase in Property Pro-Rata, partially offset by a 14.9% decrease in Casualty Pro-Rata, when adjusting for reinstatement premiums.
•Attritional loss ratio and attritional combined ratio both improved 30 basis points over last year to 56.7% and 84.1%, respectively4.
•Aviation losses associated with the Russia / Ukraine war of $98 million ($84 million net of reinstatement premiums) contributed 3.2 points to the Reinsurance combined ratio.
•Net favorable prior year development of $39 million, driven by well-seasoned attritional property reserves
•Catastrophe losses were benign in the quarter. Pre-tax catastrophe losses were $120 million net of estimated recoveries and reinstatement premiums in the prior year quarter.
•Risk-adjusted returns remain attractive, particularly in property and specialty lines.
Underwriting information - Reinsurance segment Q2 Year to Date Q2 Year to Date Year on Year Change
All values in USD millions except for percentages 2025 2025 2024 2024 Q2 Year to Date
Gross written premium 3,243 6,463 3,209 6,385 1.1% 1.2%
Net written premium 3,077 5,888 3,033 5,975 1.4% (1.5)%
Loss Ratio:
Current year 56.4% 57.4% 56.7% 56.9% (0.3) pts 0.5 pts
Prior year (1.3)% (0.7)% —% —% (1.3) pts (0.7) pts
Catastrophe —% 8.8% 5.0% 4.0% (5.0) pts 4.8 pts
Russia/Ukraine war losses 3.2% 1.7% —% —% 3.2 pts 1.7 pts
Total Loss ratio 58.3% 67.2% 61.7% 60.9% (3.4) pts 6.3 pts
Commission and brokerage ratio 24.8% 24.6% 24.6% 24.6% 0.2 pts — pts
Other underwriting expenses 2.5% 2.5% 2.6% 2.6% (0.1) pts (0.1) pts
Combined ratio 85.6% 94.3% 88.9% 88.1% (3.3) pts 6.2 pts
Attritional combined ratio (4)
 84.1% 85.6% 84.4% 84.4% (0.3) pts 1.2 pts
Pre-tax net catastrophe losses (5)
 — 461 120 200
Pre-tax net Russia/Ukraine war losses 98 98 — —
Pre-tax net prior year reserve development (39) (39) — —
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.

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Insurance Segment – Quarterly Highlights
•Gross written premiums decreased 3.3% on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, to approximately $1.4 billion as we continued to strategically shape the portfolio. We executed on our strategy to improve the business mix and portfolio quality of our North American business, while our International business continued its strong growth trajectory.
•Everest Insurance grew by 39.7% in Other Specialty and 24.1% in Accident and Health. Growth was offset by decreases of 27.3% in Specialty Casualty, primarily reflecting the execution of our 1-Renewal Strategy focused on U.S. casualty lines, and 7.2% in Workers' Compensation.
•The 1-Renewal Strategy is on track to be completed in 3Q'25.
•Pre-tax catastrophe losses were $10 million, net of estimated recoveries and reinstatement premiums, a slight decrease over the prior year quarter.
Underwriting information - Insurance segment Q2 Year to Date Q2 Year to Date Year on Year Change
All values in USD millions except for percentages 2025 2025 2024 2024 Q2 Year to Date
Gross written premium 1,414 2,559 1,459 2,618 (3.1)% (2.3)%
Net written premium 1,022 1,919 1,009 1,905 1.3% 0.7%
Loss Ratio:
Current year 68.9% 68.9% 63.0% 62.9% 5.9 pts 6.0 pts
Prior year —% —% —% —% — pts — pts
Catastrophe 1.1% 1.1% 1.6% 1.1% (0.5) pts — pts
Russia/Ukraine war losses —% —% —% —% — pts — pts
Total Loss ratio 69.9% 70.0% 64.7% 64.0% 5.2 pts 6.0 pts
Commission and brokerage ratio 13.1% 12.7% 12.2% 12.1% 0.9 pts 0.6 pts
Other underwriting expenses 18.9% 18.5% 16.9% 16.8% 2.0 pts 1.7 pts
Combined ratio 102.0% 101.3% 93.8% 92.9% 8.2 pts 8.4 pts
Attritional combined ratio (4)
 100.7% 99.9% 92.1% 91.7% 8.6 pts 8.2 pts
Pre-tax net catastrophe losses (5)
 10 20 15 20
Pre-tax net Russia/Ukraine war losses — — — —
Pre-tax net prior year reserve development — — — —
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.


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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.
•The segment included current accident year losses from intellectual property business that we have exited.
Underwriting information - Other segment Q2 Year to Date Q2 Year to Date
All values in USD millions except for percentages 2025 2025 2024 2024
Gross written premium 22  50  57  133 
Net written premium 20  47  42  103 
Net premiums earned 35  67  52  104 
Incurred losses and LAE
Current year 47  77  39  85 
Prior year —  —  —  — 
Catastrophes 10  10  —  — 
Russia/Ukraine war losses —  —  —  — 
Total incurred losses and LAE 58  87  39  85 
Commission, brokerage, taxes and fees 7  11  7  13 
Other underwriting expenses 3  6  8  16 
Underwriting income (loss) (33) (36) (2) (10)
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Investments and Shareholders’ Equity as of June 30, 2025
•Total invested assets and cash of $44.3 billion versus $41.5 billion on December 31, 2024
•Shareholders’ equity of $15.0 billion vs. $13.9 billion on December 31, 2024, including $252 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 $15.3 billion versus $14.7 billion on December 31, 2024
•Book value per share of $358.08 versus $322.97 at December 31, 2024
•Book value per share excluding unrealized gains (losses) on fixed maturity, available for sale securities of $364.10 versus $342.74 at December 31, 2024
•Common share repurchases of $200.0 million during the quarter, representing 580,883 shares at an average price of $344.30 per share.
•Common share dividends declared and paid in the quarter of $2.00 per common share equal to $84.0 million

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, 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 July 31, 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.
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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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
(unaudited) (unaudited)
Amount Per Diluted Share Amount Per Diluted Share Amount Per Diluted Share Amount Per Diluted Share
After-tax net operating income (loss) $ 734  $ 17.36  $ 730  $ 16.85  $ 1,010  $ 23.75  $ 1,439  $ 33.17 
After-tax net gains (losses) on investments (3) (0.08) (14) (0.32) (10) (0.23) (20) (0.45)
After-tax net foreign exchange income (expense) (50) (1.18) 7  0.17  (110) (2.59) 37  0.86 
Net income (loss) $ 680  $ 16.10  $ 724  $ 16.70  $ 890  $ 20.93  $ 1,457  $ 33.57 
(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.
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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 June 30,
2025 2024
(unaudited)
Reinsurance Insurance Group Reinsurance Insurance Group
Loss ratio 58.3  % 69.9  % 61.9  % 61.7  % 64.7  % 62.6  %
Adjustment for catastrophe losses —  % (1.1) % (0.5) % (5.0) % (1.6) % (4.1) %
Adjustment for reinstatement premiums —  % —  % —  % 0.3  % —  % 0.3  %
Adjustment for prior year development (6)
 1.3  % —  % 1.0  % —  % —  % —  %
Adjustment for Russia/Ukraine war losses (3.2) % —  % (2.5) % —  % —  % —  %
Adjustment for other items 0.3  % (0.2) % 0.2  % —  % —  % —  %
Attritional loss ratio 56.7  % 68.7  % 60.1  % 57.0  % 63.0  % 58.8  %
(Some amounts may not reconcile due to rounding.)
Three Months Ended June 30,
2025 2024
(unaudited)
Reinsurance Insurance Group Reinsurance Insurance Group
Combined ratio 85.6  % 102.0  % 90.4  % 88.9  % 93.8  % 90.3  %
Adjustment for catastrophe losses —  % (1.1) % (0.5) % (5.0) % (1.6) % (4.1) %
Adjustment for reinstatement premiums —  % —  % —  % 0.5  % —  % 0.4  %
Adjustment for prior year development (6)
 1.3  % —  % 1.0  % —  % —  % —  %
Adjustment for Russia/Ukraine war losses (3.2) % —  % (2.5) % —  % —  % —  %
Adjustment for other items 0.4  % (0.3) % 0.3  % —  % —  % —  %
Attritional combined ratio 84.1  % 100.7  % 88.6  % 84.4  % 92.1  % 86.6  %
(Some amounts may not reconcile due to rounding.)
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Six Months Ended June 30,
2025 2024
(unaudited)
Reinsurance Insurance Group Reinsurance Insurance Group
Combined ratio 94.3  % 101.3  % 96.4  % 88.1  % 92.9  % 89.6  %
Adjustment for catastrophe losses (8.8) % (1.1) % (7.1) % (4.0) % (1.1) % (3.2) %
Adjustment for reinstatement premiums 0.9  % —  % 0.7  % 0.3  % —  % 0.2  %
Adjustment for prior year development (6)
 0.7  % —  % 0.5  % —  % —  % —  %
Adjustment for Russia/Ukraine war losses (1.7) % —  % (1.3) % —  % —  % —  %
Adjustment for other items 0.2  % (0.3) % 0.1  % —  % —  % —  %
Attritional combined ratio 85.6  % 99.9  % 89.4  % 84.4  % 91.7  % 86.5  %
(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
June 30, 2025 June 30, 2024 Change
(unaudited)
Gross Written Premium Gross Written Premium % Impact
Group $ 4,680  $ 4,725  (0.9) %
Adjustment for gross CAT reinstatement premiums (2) (18) 0.3  %
Adjustment for foreign exchange effect —  3  (0.1) %
Group (comparable basis) $ 4,678  $ 4,709  (0.7) %
Reinsurance $ 3,243  $ 3,209  1.1  %
Adjustment for gross CAT reinstatement premiums (2) (18) 0.5  %
Adjustment for foreign exchange effect —  —  —  %
Reinsurance (comparable basis) $ 3,241  $ 3,191  1.6  %
Insurance $ 1,414  $ 1,459  (3.1) %
Adjustment for gross CAT reinstatement premiums —  —  —  %
Adjustment for foreign exchange effect —  3  (0.2) %
Insurance (comparable basis) $ 1,414  $ 1,462  (3.3) %
Other $ 22  $ 57  (60.5) %
Other (comparable basis) $ 22  $ 57  (60.5) %
(Some amounts may not reconcile due to rounding.)
11

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) June 30, June 30, June 30, June 30,
2025 2024 2025 2024
(unaudited) (unaudited)
Beginning of period shareholders' equity $ 14,140  $ 13,628  $ 13,875  $ 13,202 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities 561  876  849  723 
Adjusted beginning of period shareholders' equity $ 14,700  $ 14,504  $ 14,724  $ 13,925 
End of period shareholders' equity $ 15,019  $ 14,182  $ 15,019  $ 14,182 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities 252  936  252  936 
Adjusted end of period shareholders' equity $ 15,272  $ 15,118  $ 15,272  $ 15,118 
Average adjusted shareholders' equity $ 14,986  $ 14,811  $ 14,998  $ 14,521 
After-tax net operating income (loss) $ 734  $ 730  $ 1,010  $ 1,439 
After-tax net gains (losses) on investments (3) (14) (10) (20)
After-tax foreign exchange income (expense) (50) 7  (110) 37 
Net income (loss) $ 680  $ 724  $ 890  $ 1,457 
Return on equity (annualized)
After-tax net operating income (loss) 19.6  % 19.7  % 13.5  % 19.8  %
After-tax net gains (losses) on investments (0.1) % (0.4) % (0.1) % (0.3) %
After-tax foreign exchange income (expense) (1.3) % 0.2  % (1.5) % 0.5  %
Net income (loss) 18.2  % 19.6  % 11.9  % 20.1  %
(Some amounts may not reconcile due to rounding.)
12

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) June 30, 2025 June 30, 2024
(unaudited)
Reinsurance Insurance Other Consolidated Group Reinsurance Insurance Other Consolidated Group
Net premiums earned $ 3,037  $ 920  $ 35  $ 3,991  $ 2,731  $ 910  $ 52  $ 3,693 
Less: Incurred losses and LAE 1,772  643  58  2,472  1,684  588  39  2,311 
Less: Commission, brokerage, taxes and fees 753  121  7  880  672  111  7  790 
Less: Other underwriting expenses 76  174  3  254  72  154  8  234 
Underwriting income (loss) $ 436  $ (18) $ (33) $ 385  $ 303  $ 56  $ (2) $ 358 
Net investment income 532  528 
Net gains (losses) on investments (5) (17)
Corporate expenses (31) (22)
Interest, fee and bond issue cost amortization expense (38) (37)
Other income (expense) (27) 23 
Income tax benefit (expense) (135) (108)
Net income (loss) $ 680  $ 724 
(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--
13

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions of U.S. dollars, except per share amounts) 2025 2024 2025 2024
(unaudited) (unaudited)
REVENUES:
Premiums earned $ 3,991 $ 3,693 $ 7,843  $ 7,345 
Net investment income 532 528 1,023  985 
Net gains (losses) on investments (5) (17) (12) (24)
Other income (expense) (27) 23 (100) 54 
Total revenues 4,491 4,227 8,754  8,360 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses 2,472 2,311 5,366  4,548 
Commission, brokerage, taxes and fees 880 790 1,704  1,571 
Other underwriting expenses 254 234 492  458 
Corporate expenses 31 22 52  44 
Interest, fees and bond issue cost amortization expense 38 37 76  75 
Total claims and expenses 3,676 3,395 7,690  6,696 
INCOME (LOSS) BEFORE TAXES 815 832 1,064  1,664 
Income tax expense (benefit) 135 108 173  207 
NET INCOME (LOSS) $ 680 $ 724 $ 890  $ 1,457 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period 301 (70) 585  (227)
Reclassification adjustment for realized losses (gains) included in net income (loss) 7 9 12  14 
Total URA(D) of securities arising during the period 308 (60) 597  (213)
Foreign currency translation and other adjustments 164 — 228  (38)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) (8) 24 (8) 25 
Total benefit plan net gain (loss) for the period (8) 24 (8) 25 
Total other comprehensive income (loss), net of tax 465 (36) 817  (227)
COMPREHENSIVE INCOME (LOSS) $ 1,145 $ 688 $ 1,707  $ 1,230 
EARNINGS PER COMMON SHARE:
Basic $ 16.10 $ 16.70 $ 20.93  $ 33.57 
Diluted 16.10 16.70 20.93  33.57 
14

EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS

June 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, $33,791; 2024, $29,934, credit allowances: 2025, $(40); 2024, $(36)) $ 33,464 $ 28,908
Fixed maturities - held to maturity, at amortized cost
(fair value: 2025, $657; 2024, $759, net of credit allowances: 2025, $(7); 2024, $(8)) 651 757
Equity securities, at fair value 177 217
Other invested assets 5,602 5,392
Short-term investments 2,503 4,707
Cash 1,902 1,549
Total investments and cash 44,300 41,531
Accrued investment income 430 368
Premiums receivable (net of credit allowances: 2025, $(62); 2024, $(54)) 6,301 5,378
Reinsurance paid loss recoverables (net of credit allowances: 2025, $(44); 2024, $(41)) 296 207
Reinsurance unpaid loss recoverables 3,209 2,915
Funds held by reinsureds 1,291 1,218
Deferred acquisition costs 1,576 1,461
Prepaid reinsurance premiums 941 869
Income tax asset, net 946 1,223
Other assets (net of credit allowances: 2025, $(9); 2024, $(9)) 1,230 1,171
TOTAL ASSETS $ 60,519 $ 56,341
LIABILITIES:
Reserve for losses and loss adjustment expenses 32,476 29,889
Unearned premium reserve 7,643 7,324
Funds held under reinsurance treaties 15 27
Amounts due to reinsurers 918 701
Losses in course of payment 262 241
Senior notes 2,351 2,350
Long-term notes 218 218
Borrowings from FHLB 1,019 1,019
Accrued interest on debt and borrowings 22 22
Unsettled securities payable 45 84
Other liabilities 532 590
Total liabilities 45,500 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; (2025) 74.4 and (2024) 74.3
outstanding before treasury shares 1 1
Additional paid-in capital 3,818 3,812
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(53) at 2025 and $(177) at 2024 (321) (1,138)
Treasury shares, at cost; 32.5 shares (2025) and 31.3 shares (2024) (4,508) (4,108)
Retained earnings 16,030 15,309
Total shareholders' equity 15,019 13,875
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 60,519 $ 56,341
15

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
(In millions of U.S. dollars) 2025 2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 890 $ 1,457
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable (662) (685)
Decrease (increase) in funds held by reinsureds, net (79) (66)
Decrease (increase) in reinsurance recoverables 199 (236)
Decrease (increase) in income taxes 152 4
Decrease (increase) in prepaid reinsurance premiums 85 (130)
Increase (decrease) in reserve for losses and loss adjustment expenses 1,688 1,388
Increase (decrease) in unearned premiums 63 744
Increase (decrease) in amounts due to reinsurers 12 258
Increase (decrease) in losses in course of payment 12 122
Change in equity adjustments in limited partnerships (140) (177)
Distribution of limited partnership income 74 60
Change in other assets and liabilities, net (249) (292)
Non-cash compensation expense 26 33
Amortization of bond premium (accrual of bond discount) (78) (65)
Net (gains) losses on investments 12 24
Net cash provided by (used in) operating activities 2,007 2,439
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale 2,129 1,707
Proceeds from fixed maturities sold - available for sale 280 1,085
Proceeds from fixed maturities matured/called/repaid - held to maturity 105 109
Proceeds from fixed maturities sold - held to maturity 10 —
Proceeds from equity securities sold 54 15
Distributions from other invested assets 223 209
Cost of fixed maturities acquired - available for sale (5,767) (4,475)
Cost of fixed maturities acquired - held to maturity (4) (36)
Cost of equity securities acquired (2) (35)
Cost of other invested assets acquired (303) (314)
Net change in short-term investments 2,299 (299)
Net change in unsettled securities transactions (38) 18
Net cash provided by (used in) investing activities (1,014) (2,016)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense (19) (21)
Purchase of treasury shares (400) (100)
Dividends paid to shareholders (169) (163)
Cost of shares withheld on settlements of share-based compensation awards (20) (21)
Net cash provided by (used in) financing activities (608) (305)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (32) 14
Net increase (decrease) in cash 352 133
Cash, beginning of period 1,549 1,437
Cash, end of period $ 1,902 $ 1,570
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered) $ 16 $ 203
Interest paid 75 74
NON-CASH TRANSACTIONS:
Non-cash limited partnership distribution $ — $ 23
Non-cash restructure of fixed maturity securities - available for sale and other invested assets 39 —
16