Everest : First Quarter 2025 Financial Supplement

Published: 2025-04-30 16:27:10 ET EG

Published on 04/30/2025 at 16:27, updated on 04/30/2025 at 16:24

Business Description

Reinsurance Segment 2

Insurance Segment 3

Other Segment 4

Financial Highlights 5

Income Statements

Consolidated Statement of Operations 6

Consolidated Segment Data 7

Reinsurance Segment Data 8

Total Reinsurance Gross Premiums Written by Segment by Line of Business 9

Insurance Segment Data 10

Total Insurance Gross Premiums Written by Segment by Line of Business 11

Other Segment Data 12

Net Investment Income 13

Balance Sheets

Consolidated Balance Sheets 14

Cash and Invested Assets:

Cash and Invested Assets Portfolio 15

Cash and Invested Assets Composition 16

Mortgage-Backed and Asset-Backed Securities Composition 17

Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures 18

Return on Equity 19

Earnings Per Common Share 20

Non-GAAP Financial Measures 21

‌REINSURANCE SEGMENT‌

Our reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business on a treaty, facultative and large corporate risk basis.

Contracts can be written on a proportional ("pro-rata") or non-proportional ("excess of loss") basis. Pro-Rata contracts indemnify the reinsured for a percentage of losses in exchange for the same percentage of premium charged for the covered insurance contracts issued by the ceding company. Excess of loss ("XOL"), including stop loss, contracts indemnify the reinsured against a portion of losses related to specific claim event(s), generally subject to a deductible and a limit of coverage. Premiums collected for XOL contracts are not directly proportional to premiums collected by the reinsured.

Property Pro Rata Predominantly contracts providing coverage to cedents for property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils arising from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

Property Non-Cat XOL Predominantly contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils in excess of an agreed upon deductible up to a stated limit.

Property Cat XOL Predominantly contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from catastrophic losses, in excess of an agreed upon deductible up to a stated limit. The main perils covered include hurricane, earthquake, flood, convective storm and fire.

Casualty Pro Rata Predominantly contracts providing coverage to cedents for losses arising from, but not limited to, general liability, professional indemnity, product liability, workers' compensation, employers liability, aviation and auto liability from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

Casualty XOL Predominantly contracts providing coverage to cedents for losses arising from, but not limited to, general liability, professional indemnity, product liability, workers' compensation, aviation and auto liability from their underlying portfolio of policies in excess of an agreed upon deductible up to a stated limit.

Financial Lines Predominantly contracts providing coverage to cedents for losses arising from political risk, credit, surety, mortgage and alternative risk lines of business on both a pro rata and excess of loss basis.

‌INSURANCE SEGMENT‌

Our insurance segment offers property and casualty insurance products on a worldwide basis. The following are the lines of business in our insurance segment:

Accident & Health

Predominantly includes policies covering Participant Accident, Short-Term Medical, and Medical Stop-Loss protection for employers with Self-funded medical plans.

Specialty Casualty

Predominantly includes policies covering General Liability (Premises/Operations and Products), Auto Liability, and Umbrella/Excess Liability.

Other Specialty

Predominantly includes policies covering specialty areas including but not limited to Surety, Trade Credit & Political Risk, Transactional Liability, Energy & Construction, and Aviation.

Professional Liability

Predominantly includes policies covering Directors & Officers Liability, Errors & Omissions, Cyber Liability, and other ancillary financial lines products.

Property / Short tail

Predominantly includes policies covering Property, Inland Marine, and other short-tail lines.

Workers Compensation

Predominantly includes policies covering Workers Compensation including both guaranteed cost and loss sensitive product offerings.

‌OTHER SEGMENT‌

Our other segment primarily includes the results of our sports and leisure business that was sold in October 2024, consisting of policies written prior to the sale and policies renewed and certain new business on the Company's paper post-sale. It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012, and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but are responsible for the management of existing policies and settlement of related losses. The only noteworthy exception relates to a limited number of renewed and new policies written on the Company's paper by the purchaser of the sports and leisure business referred to above, for a finite period of time post-closing

‌EVEREST GROUP, LTD.‌

Supplemental GAAP Financial Information - Financial Highlights

(Dollars in millions, except per share amounts)

Year-to-Date

March 31,

December 31,

HIGHLIGHTS:

2025

2024

Change

2024

REVENUE

Gross written premiums

$ 4,391

$ 4,411

(0.5)%

$ 18,232

Reinsurance

3,219

3,175

1.4%

12,941

Insurance

1,145

1,160

(1.3)%

5,078

Other

212

Net written premiums

3,735

3,900

(4.2)%

15,814

Reinsurance

2,811

2,942

(4.5)%

11,969

Insurance

896

897

3,678

Other

167

Net premiums earned

3,852

3,652

5.5%

15,187

Reinsurance

2,905

2,728

6.5%

11,412

Insurance

913

871

4.9%

3,579

Other

197

FINANCIAL RATIOS:

Current year

61.3%

58.9%

2.3

59.8%

Prior year (14)

8.8%

Catastrophes

13.9%

2.3%

11.5

5.9%

Total loss ratio

75.1%

61.3%

13.9

74.4%

Commission and brokerage ratio

21.4%

21.7%

Other underwriting expenses

6.2%

6.1%

0.1

6.2%

Combined ratio

102.7%

88.8%

13.9

102.3%

Attritional Ratios

Attritional loss ratio (1)

62.2%

58.9%

3.3

60.1%

Attritional combined ratio (1) (3)

90.2%

86.5%

3.8

88.1%

AFTER-TAX EARNINGS PER SHARE DATA:

Net operating income (loss) (1)

Per basic common share (1)

Per diluted common share (1)

Net income (loss)

Per basic common share Per diluted common share

Weighted average common shares outstanding Basic

Diluted

276

709

(61.0)%

1,289

6.45

16.32

(60.5)%

29.83

6.45

16.32

(60.5)%

29.83

210

733

(71.4)%

1,373

4.90

16.87

(70.9)%

31.78

4.90

16.87

(70.9)%

31.78

42.3

42.9

(1.4)%

42.7

42.3

42.9

(1.4)%

42.7

SHAREHOLDERS' RETURN

After-tax net operating income (loss) return on average equity (annualized) (1)

7.5%

20.0%

(62.4)%

9.0%

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

5.7%

20.6%

(72.3)%

9.6%

Total Shareholder Return (TSR) (2)

5.6%

18.1%

(68.8)%

9.2%

Total Shareholders' equity

14,140

13,628

3.8%

13,875

Book value per common share outstanding (4)

332.39

313.55

6.0%

322.97

Book value per common share outstanding (excluding URA(D)) (1)

345.57

333.70

3.6%

342.74

INVESTMENT DATA:

Total assets

58,132

50,937

14.1%

56,341

Total investments and cash

42,628

38,148

11.7%

41,531

Pre-tax investment income

491

457

7.5%

1,954

Net gains (losses) on investments (pre-tax)

(7)

2.4%

Annualized return on invested assets (1)

4.5%

4.7%

(3.5)%

4.9%

Book yield of fixed maturities

4.7%

(0.9)%

4.7%

CASH FLOW INFORMATION:

Cash flow provided by operations

928

1,102

(15.8)%

4,957

Paid losses, net

1,755

1,502

16.9%

6,537

Paid cats, net

317

229

38.6%

693

Taxes paid (recovered)

(94.4)%

397

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ 4,391

$ 4,671

$ 4,425

$ 4,725

$ 4,411

$ 4,323

$ 4,391

$ 4,180

3,219

3,291

3,265

3,209

3,175

2,894

3,198

2,747

1,145

1,350

1,110

1,459

1,160

1,371

1,124

1,347

3,735

4,026

3,805

4,084

3,900

3,861

3,866

3,674

2,811

3,019

2,975

3,033

2,942

2,754

2,989

2,621

896

984

789

1,009

897

1,063

825

987

3,852

3,925

3,918

3,693

3,652

3,578

3,513

3,251

2,905

2,983

2,970

2,731

2,728

2,616

2,593

2,364

913

900

898

910

871

905

861

830

61.3%

63.4%

58.0%

58.5%

58.9%

59.5%

34.1%

-0.1%

13.9%

8.8%

7.9%

4.1%

2.3%

4.3%

5.0%

0.8%

75.1%

106.3%

66.0%

62.6%

61.3%

63.0%

63.9%

60.3%

21.4%

23.0%

21.1%

21.4%

23.8%

21.4%

21.1%

6.2%

6.0%

6.3%

6.1%

6.3%

6.1%

6.3%

102.7%

135.5%

93.1%

90.3%

88.8%

93.2%

91.4%

87.7%

62.2%

63.9%

58.5%

58.8%

58.9%

59.0%

59.5%

90.2%

93.4%

85.8%

86.6%

86.5%

89.3%

86.6%

86.8%

276

(780)

630

730

709

1,093

613

627

6.45

(18.39)

14.62

16.85

16.32

25.18

14.14

15.21

6.45

(18.39)

14.62

16.85

16.32

25.18

14.14

15.21

210

(593)

509

724

733

804

678

670

4.90

(13.96)

11.80

16.70

16.87

18.53

15.63

16.26

4.90

(13.96)

11.80

16.70

16.87

18.53

15.63

16.26

42.3

42.5

42.6

42.8

42.9

40.7

42.3

42.5

42.6

42.8

42.9

40.7

7.5%

(20.6)%

16.4%

19.7%

20.0%

32.4%

19.2%

21.8%

5.7%

(15.7)%

13.3%

19.6%

20.6%

23.8%

21.2%

23.3%

14,140

13,875

15,335

14,182

13,628

13,202

11,226

10,902

332.39

322.97

356.77

327.68

313.55

304.29

258.71

251.17

345.57

342.74

361.87

349.30

333.70

320.95

301.76

288.64

58,132

56,341

55,864

52,560

50,937

49,399

46,318

44,668

42,628

41,531

42,090

39,065

38,148

37,142

34,635

33,550

491

473

496

528

457

411

406

357

(7)

(27)

(17)

(7)

(255)

(31)

4.5%

5.1%

4.6%

5.2%

4.7%

1.7%

4.2%

4.7%

4.8%

4.7%

4.2%

3.9%

928

780

1,738

1,336

1,102

1,017

1,378

1,094

1,755

1,894

1,430

1,711

1,502

1,658

1,630

1,497

317

187

141

136

229

207

193

260

136

187

112

(Some amounts may not reconcile due to rounding.)

See Page 6 for footnotes 5

Year-to-Date

March 31,

2025

March 31,

2024

December 31,

2024

$ 3,852 $ 3,652

$ 15,187

491 457

1,954

(7) (7)

(73) 31

121

4,263

4,133

17,281

2,893

2,237

11,305

824

782

3,300

238

224

938

149

4,015

3,302

15,787

248

832

1,493

120

210

733

1,373

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31, September 30,

June 30,

2025

2024

2023 2023

2023

$ 3,852

$ 3,925

$ 3,918

$ 3,693

$ 3,652

$ 3,578 $ 3,513

$ 3,251

491

473

496

528

457

411 406

357

(7)

(27)

(17)

(7)

(255) (31)

(73)

169

(102)

(75) 103

4,263

4,636

4,285

4,227

4,133

3,659 3,991

3,650

2,893

4,172

2,584

2,311

2,237

2,254 2,246

1,960

824

903

826

790

782

853 752

686

238

244

236

234

224

226 215

205

18 19

36 34

4,015

5,383

3,708

3,395

3,302

3,387 3,266

2,901

248

(748)

577

832

272 725

750

(155)

108

(532) 47

210

(593)

509

724

733

804 678

670

‌REVENUES:‌

Net premiums earned Net investment income

Total net gains (losses) on investments

Other income (expense) Total revenues

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses Commission, brokerage, taxes and fees

Other underwriting expenses Corporate expenses

Interest, fees and bond issue cost amortization expense Total claims and expenses

INCOME (LOSS) BEFORE TAXES

Income tax expense (benefit)

NET INCOME (LOSS)

(Some amounts may not reconcile due to rounding.)

(1)Denotes non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional information and available reconciliations. For net operating income (loss), net operating income (loss) return on average equity (annualized) and book value per common share outstanding (excluding URA(D)), a reconciliation to the most comparable GAAP measure is included on the Return on Equity page within this Investor Financial Supplement.

(2)Annualized Total Shareholder Return ("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. Book value per common share outstanding (excluding URA(D)) is a non-GAAP measure. A reconciliation to the most comparable GAAP measure is included on the Return on Equity page within this Investor Financial Supplement.

(3)The attritional combined ratio for the fourth quarter and year ended December 31, 2024 and fourth quarter 2023 included approximately $68 million and $94 million of profit commission related to loss reserves releases, respectively. Excluding this profit commission, the Group's attritional combined ratio would have been 91.6% and 87.6% for the fourth quarter and year end December 31, 2024, and 86.6% for the fourth quarter 2023.

(4)Book value per common share is calculated as reported end of period shareholders' equity divided by common shares outstanding.

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

‌Year-to-Date‌

March 31,

December 31,

2025

2024

REVENUES:

Gross written premiums

$ 4,391

$ 4,411

$ 18,232

Net written premiums

3,735

3,900

15,814

Net premiums earned

$ 3,852

$ 3,652

$ 15,187

UNDERWRITING CLAIMS AND EXPENSES:

Incurred losses and LAE

Current year

2,359

2,152

9,074

Prior year (14)

1,337

Catastrophes

534

893

Incurred losses and loss adjustment expenses

2,893

2,237

11,305

Commission, brokerage, taxes and fees

824

782

3,300

Other underwriting expenses

238

224

938

UNDERWRITING INCOME (LOSS) (1)

(104)

409

(356)

KEY RATIOS

Loss Ratio:

Current year

61.3%

58.9%

59.8%

Prior year (14)

8.8%

Catastrophe

13.9%

2.3%

5.9%

Total loss ratio

75.1%

61.3%

74.4%

Commission and brokerage

21.4%

21.7%

Other underwriting expenses

6.2%

6.1%

6.2%

Combined ratio

102.7%

88.8%

102.3%

Attritional Ratios Attritional loss ratio (1)

62.2%

58.9%

60.1%

Attritional combined ratio (1) (3)

90.2%

86.5%

88.1%

Net CAT reinstatement premiums earned

(Some amounts may not reconcile due to rounding.)

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31, September 30,

June 30,

2025

2024

2023 2023

2023

$ 4,391

$ 4,671

$ 4,425

$ 4,725

$ 4,411

$ 4,323 $ 4,391

$ 4,180

3,735

4,026

3,805

4,084

3,900

3,861 3,866

3,674

$ 3,852

$ 3,925

$ 3,918

$ 3,693

$ 3,652

$ 3,578 $ 3,513

$ 3,251

2,359

2,489

2,274

2,160

2,152

2,107 2,071

1,933

1,337

(5) -

534

347

310

151

152 175

2,893

4,172

2,584

2,311

2,237

2,254 2,246

1,960

824

903

826

790

782

853 752

686

238

244

236

234

224

226 215

205

(104)

(1,394)

272

358

409

245 301

401

61.3%

63.4%

58.0%

58.5%

58.9%

58.9% 58.9%

59.5%

34.1%

-0.1% -%

13.9%

8.8%

7.9%

4.1%

2.3%

4.3% 5.0%

0.8%

75.1%

106.3%

66.0%

62.6%

61.3%

63.0% 63.9%

60.3%

21.4%

23.0%

21.1%

21.4%

23.8% 21.4%

21.1%

6.2%

6.0%

6.3%

6.1%

6.3% 6.1%

6.3%

102.7%

135.5%

93.1%

90.3%

88.8%

93.2% 91.4%

87.7%

62.2%

63.9%

58.5%

58.8%

58.9%

59.0% 59.0%

59.5%

90.2%

93.4%

85.8%

86.6%

86.5%

89.3% 86.6%

86.8%

9 5

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

‌Reinsurance Segment‌

Year-to-Date

March 31,

December 31,

2025

2024

REVENUES:

Gross written premiums

$ 3,219

$ 3,175

$ 12,941

Net written premiums

2,811

2,942

11,969

Net premiums earned

2,905

$ 2,728

$ 11,412

UNDERWRITING CLAIMS AND EXPENSES:

Incurred losses and LAE

Current year

1,700

1,560

6,456

Prior year (14)

(125)

Catastrophes

523

772

Total incurred losses and LAE

2,223

1,640

7,103

Commission, brokerage, taxes and fees

707

671

2,837

Other underwriting expenses

290

UNDERWRITING INCOME (LOSS) (1)

$ (96)

$ 347

$ 1,181

KEY RATIOS

Loss Ratio:

Current year

58.5%

57.2%

56.6%

Prior year (14)

-1.1%

Catastrophe

18.0%

2.9%

6.8%

Total Loss Ratio

76.5%

60.1%

62.2%

Commission and brokerage

24.3%

24.6%

24.9%

Other underwriting expenses

2.4%

2.6%

2.5%

Combined ratio

103.3%

87.3%

89.7%

Attritional Ratios Attritional loss ratio (1)

59.8%

57.2%

57.0%

Attritional combined ratio (1) (3)

87.1%

84.4%

84.6%

Net CAT reinstatement premiums earned

Quarter-to-Date

March 31,

December 31, September 30,

June 30,

March 31,

December 31, September 30,

June 30,

2025

2024 2024

2024

2023 2023

2023

$ 3,219

$ 3,291 $ 3,265

$ 3,209

$ 3,175

$ 2,894 $ 3,198

$ 2,747

2,811

3,019 2,975

3,033

2,942

2,754 2,989

2,621

$ 2,905

$ 2,983 $ 2,970

$ 2,731

$ 2,728

$ 2,616 $ 2,593

$ 2,364

1,700

1,677 1,672

1,547

1,560

1,506 1,486

1,362

(125) -

(401) -

523

285 270

137

144 165

2,223

1,837 1,942

1,684

1,640

1,249 1,651

1,389

707

784 710

672

671

742 643

579

75 73

66 64

$ (96)

$ 286 $ 245

$ 303

$ 347

$ 559 $ 234

$ 335

58.5%

56.2% 56.3%

56.7%

57.2%

57.6% 57.3%

57.6%

-4.2% -%

-15.3% -%

18.0%

9.6% 9.1%

5.0%

2.9%

5.5% 6.4%

1.2%

76.5%

61.6% 65.4%

61.7%

60.1%

47.8% 63.7%

58.8%

24.3%

26.3% 23.9%

24.6%

28.3% 24.8%

24.5%

2.4%

2.5% 2.5%

2.6%

2.5% 2.5%

2.6%

103.3%

90.4% 91.8%

88.9%

87.3%

78.6% 91.0%

85.8%

59.8%

56.9% 56.9%

57.0%

57.2%

57.8% 57.4%

57.6%

87.1%

86.0% 83.5%

84.4%

88.7% 84.8%

84.7%

35 31

9 5

(Some amounts may not reconcile due to rounding.)

(3)The attritional combined ratio for the fourth quarter and year ended December 31, 2024 and fourth quarter 2023 included approximately $68 million and $94 million of profit commission related to loss reserves releases, respectively. Excluding this profit commission, the Reinsurance Segment's attritional combined ratio would have been 83.7% and 84.0% for the fourth quarter and year ended December 31, 2024, respectively and 85.1% for the fourth quarter 2023.

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

‌Year-to-Date‌

March 31,

December 31,

2025

2024

Gross Written Premium by Line of Business

Property Pro Rata

$ 1,207

$ 1,082

$ 4,461

Property Non-Catastrophe XOL

185

171

675

Property Catastrophe XOL

591

462

2,133

Casualty Pro Rata

700

894

3,278

Casualty XOL

333

364

1,605

Financial lines

203

202

790

$ 3,219

$ 3,175

$ 12,941

Percentage of Gross Written Premium by Line of Business Property Pro Rata

37.5%

34.1%

34.5%

Property Non-Catastrophe XOL

5.7%

5.4%

5.2%

Property Catastrophe XOL

18.4%

14.6%

16.5%

Casualty Pro Rata

21.7%

28.2%

25.3%

Casualty XOL

10.4%

11.5%

12.4%

Financial lines

6.3%

6.4%

6.1%

100.0%

(Some amounts may not reconcile due to rounding.)

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ 1,207

$ 1,173

$ 1,120

$ 1,085

$ 1,082

$ 979

$ 940

$ 826

185

155

158

191

171

162

181

201

591

600

559

512

462

365

486

394

700

737

786

860

894

795

847

719

333

404

456

380

364

386

485

393

203

221

185

181

202

207

260

215

$ 3,219

$ 3,291

$ 3,265

$ 3,209

$ 3,175

$ 2,894

$ 3,198

$ 2,747

37.5%

35.7%

34.3%

33.8%

34.1%

33.8%

29.4%

30.1%

5.7%

4.7%

4.8%

6.0%

5.4%

5.6%

5.7%

7.3%

18.4%

18.2%

17.1%

15.9%

14.6%

12.6%

15.2%

14.3%

21.7%

22.4%

24.1%

26.8%

28.2%

27.5%

26.5%

26.2%

10.4%

12.3%

14.0%

11.8%

11.5%

13.3%

15.2%

14.3%

6.3%

6.7%

5.7%

5.6%

6.4%

7.2%

8.1%

7.8%

100.0%

‌Insurance Segment‌

Year-to-Date

March 31,

December 31,

2025

2024

REVENUES:

Gross written premiums

$ 1,145

$ 1,160

$ 5,078

Net written premiums

896

897

3,678

Net premiums earned

$ 913

$ 871

$ 3,579

UNDERWRITING CLAIMS AND EXPENSES:

Incurred losses and LAE

Current year

630

546

2,443

Prior year (14)

1,059

Catastrophes

120

Total incurred losses and LAE

640

551

3,622

Commission, brokerage, taxes and fees

113

104

439

Other underwriting expenses

165

145

615

UNDERWRITING INCOME (LOSS) (1)

$ (5)

$ 71

$ (1,097)

KEY RATIOS

Loss Ratio:

Current year

69.0%

62.7%

68.3%

Prior year (14)

29.6%

Catastrophe

1.1%

0.6%

3.4%

Total Loss Ratio

70.1%

63.2%

101.2%

Commission and brokerage

12.3%

11.9%

12.3%

Other underwriting expenses

18.1%

16.7%

17.2%

Combined ratio

100.5%

91.9%

130.7%

Attritional Ratios Attritional loss ratio (1)

68.8%

62.7%

68.1%

Attritional combined ratio (1)

99.1%

91.3%

97.5%

Net CAT reinstatement premiums earned

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ 1,145

$ 1,350

$ 1,110

$ 1,459

$ 1,160

$ 1,371

$ 1,124

$ 1,347

896

984

789

1,009

897

1,063

825

987

$ 913

$ 900

$ 898

$ 910

$ 871

$ 905

$ 861

$ 830

630

758

565

574

546

564

543

532

1,059

293

(7)

640

1,877

605

588

551

865

553

525

113

114

110

111

104

105

101

102

165

161

154

145

150

142

135

$ (5)

$ (1,252)

$ 28

$ 56

$ 71

$ (216)

$ 66

$ 69

69.0%

84.2%

62.9%

63.0%

62.7%

62.3%

63.0%

64.1%

117.7%

32.4%

-0.9%

1.1%

6.7%

4.5%

1.6%

0.6%

0.9%

1.2%

70.1%

208.7%

67.4%

64.7%

63.2%

95.6%

64.2%

63.2%

12.3%

12.6%

12.3%

12.2%

11.9%

11.6%

11.8%

12.3%

18.1%

17.9%

17.2%

16.9%

16.7%

16.6%

16.5%

16.3%

100.5%

239.2%

96.9%

93.8%

91.9%

123.8%

92.4%

91.7%

68.8%

84.0%

62.7%

63.0%

62.7%

62.3%

63.0%

64.1%

99.1%

114.4%

92.0%

92.1%

91.3%

90.6%

91.2%

92.6%

(Some amounts may not reconcile due to rounding.)

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

‌Year-to-Date‌

March 31,

December 31,

2025

2024

Gross Written Premium by Line of Business

Accident and Health

$ 89

$ 90

$ 369

Specialty Casualty

287

344

1,429

Other Specialty

130

112

552

Professional Liability

163

181

873

Property/Short Tail

389

327

1,472

Workers' Compensation

106

384

$ 1,145

$ 1,160

$ 5,078

Percentage of Gross Written Premium by Line of Business Accident and Health

7.8%

7.3%

Specialty Casualty

25.1%

29.7%

28.1%

Other Specialty

11.4%

9.7%

10.9%

Professional Liability

14.3%

15.6%

17.2%

Property/Short Tail

34.0%

28.2%

29.0%

Workers' Compensation

7.5%

9.1%

7.6%

100.0%

(Some amounts may not reconcile due to rounding.)

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ 89

$ 82

$ 110

$ 87

$ 90

$ 130

$ 152

$ 139

287

341

311

432

344

426

331

415

130

199

120

121

112

145

102

163

232

189

271

181

244

188

240

389

397

299

450

327

300

246

338

100

106

126

106

118

$ 1,145

$ 1,350

$ 1,110

$ 1,459

$ 1,160

$ 1,371

$ 1,124

$ 1,347

7.8%

6.0%

9.9%

6.0%

7.8%

9.5%

13.5%

10.3%

25.1%

25.2%

28.1%

29.6%

29.7%

31.1%

29.4%

30.8%

11.4%

14.7%

10.8%

8.3%

9.7%

10.6%

9.0%

7.2%

14.3%

17.2%

17.1%

18.6%

15.6%

17.8%

16.7%

17.9%

34.0%

29.4%

26.9%

30.8%

28.2%

21.9%

25.1%

7.5%

7.4%

7.3%

6.7%

9.1%

9.2%

9.4%

8.8%

100.0%

Year-to-Date

March 31,

2025

March 31,

2024

$ 77

$ 52

- 46

December 31,

2024

$ 28

$ 33

$ 212

167

$ 197

175

403

580

$ (3) $ (8)

$ (440)

Quarter-to-Date

March 31,

2025

December 31, September 30, June 30,

2024 2024 2024

$ 29 $ 50 $ 57

23 41 42

$ 43 $ 50 $ 52

53 37 39

403 - -

1 - -

457 37 39

5 5 7

8 8 8

$ (429) $ (1) $ (2)

March 31,

2024

December 31, September 30,

2023 2023

$ 57 $ 68

44 52

$ 57 $ 59

38 42

102 -

- -

140 43

6 7

10 9

$ (99) $ 1

June 30,

2023

$ 28

$ 33

$ 77

$ 52

$ 86

$ 57

$ (3)

$ (8)

$ (3)

‌Other Segment‌

REVENUES:

Gross written premiums Net written premiums

Net premiums earned

UNDERWRITING CLAIMS AND EXPENSES:

Incurred losses and LAE Current year

Prior year (14)

Catastrophes

Total incurred losses and LAE Commission, brokerage, taxes and fees Other underwriting expenses

UNDERWRITING INCOME (LOSS) (1)

(Some amounts may not reconcile due to rounding.)

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

Year-to-Date

March 31,

December 31,

2025

2024

$ 386

$ 352

$ 1,481

195

206

104

490

465

1,989

(1)

502

470

2,013

$ 491

$ 457

$ 1,954

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31, September 30,

June 30,

2025

2024

2023 2023

2023

$ 386

$ 382

$ 378

$ 369

$ 352

$ 331 $ 299

$ 276

1 1

48 41

24 60

17 15

490

483

504

537

465

421 416

369

2 5

(1)

(1) -

502

488

510

545

470

423 420

371

12 14

$ 491

$ 473

$ 496

$ 528

$ 457

$ 411 $ 406

$ 357

‌NET INVESTMENT INCOME‌

Fixed maturities Equity securities

Short-term investments and cash Other invested assets

Limited partnerships Other

Gross investment income before adjustments

Funds held interest income (expense)

Future policy benefit reserve income (expense) Gross investment income

Investment expenses

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ (1)

$ 15

$ (9)

$ 4

$ 2

$ 12

$ 2

$ -

(2)

(5)

(2)

(16)

(4)

(25)

(15)

(7)

(271)

(19)

(3)

(1)

(5)

(24)

(15)

(6)

(271)

(18)

(3)

$ (7)

$ 69

$ (27)

$ (17)

$ (7)

$ (255)

$ (31)

$ 5

Year-to-Date

March 31,

December 31,

ET GAINS (LOSSES) ON INVESTMENTS 2025

2024

Credit allowance on fixed maturity securities

$ (1)

$ 2

$ 13

Gains (losses) from fair value adjustment on public equities Net realized gains (losses) from dispositions:

Fixed maturities

(2)

(4)

(2)

(7)

(1)

Equity securities

Other Invested Assets

(1)

Short-term investments

Total net realized gains (losses) from dispositions

(5)

(6)

Total net gains (losses) on investments

$ (7)

$ 19

Net investment income

(Some amounts may not reconcile due to rounding.)

‌Supplemental GAAP Financial Information - Consolidated Balance Sheets‌

March 31,

December 31,

September 30,

June 30,

March 31

December 31,

September 30,

June 30,

2025

2024

2023

$ 31,824

$ 28,908

$ 30,479

$ 29,031

$ 28,297

$ 27,740

$ 25,159

$ 24,489

695

757

780

787

840

855

789

798

168

217

230

219

216

188

166

259

5,425

5,392

5,071

4,994

4,854

4,794

4,353

4,262

2,949

4,707

3,931

2,464

2,397

2,127

2,403

1,675

1,567

1,549

1,599

1,570

1,544

1,437

1,765

2,067

42,628

41,531

42,090

39,065

38,148

37,142

34,635

33,550

391

368

380

360

327

324

298

266

5,619

5,378

5,372

5,403

5,101

4,768

4,426

4,263

377

207

239

254

233

164

226

201

3,175

2,915

2,276

2,151

2,084

2,098

2,196

2,175

1,237

1,218

1,229

1,189

1,155

1,135

1,097

1,075

1,494

1,461

1,475

1,422

1,331

1,247

1,156

1,086

845

869

952

806

702

713

756

692

1,126

1,223

863

927

823

868

500

399

1,239

1,171

986

983

1,033

941

1,029

961

$ 58,132

$ 56,341

$ 55,864

$ 52,560

$ 50,937

$ 49,399

$ 46,318

$ 44,668

31,512

29,889

27,480

25,853

25,211

24,604

23,833

23,405

7,253

7,324

7,462

7,313

6,826

6,622

6,295

5,943

781

701

979

869

716

650

795

678

275

241

259

289

168

171

330

150

2,350

2,349

2,348

218

1,019

819

519

434

175

403

137

200

526

590

469

458

543

582

486

440

43,993

42,466

40,529

38,378

37,308

36,197

35,092

33,766

3,799

3,812

3,799

3,785

3,768

3,773

3,762

3,753

(786)

(1,138)

(344)

(1,160)

(1,125)

(934)

(2,171)

(1,883)

(4,308)

(4,108)

(4,008)

(3,943)

(3,908)

15,434

15,309

15,988

15,565

14,927

14,270

13,542

12,940

14,140

13,875

15,335

14,182

13,628

13,202

11,226

10,902

$ 58,132

$ 56,341

$ 55,864

$ 52,560

$ 50,937

$ 49,399

$ 46,318

$ 44,668

$ 332.39

$ 322.97

$ 356.77

$ 327.68

$ 313.55

$ 304.29

$ 258.71

$ 251.17

345.57

342.74

361.87

349.30

333.70

320.95

301.76

288.64

15.4%

15.6%

14.3%

15.3%

15.8%

16.3%

18.6%

19.1%

(Dollars in millions, except per share amounts)

ASSETS:

Fixed maturities - available for sale, at fair value

Fixed maturities - held to maturity, at amortized cost, net of credit allowances Equity securities, at fair value

Other invested assets Short-term investments Cash

Total investments and cash Accrued investment income Premiums receivable

Reinsurance paid loss recoverables Reinsurance unpaid loss recoverables Funds held by reinsureds

Deferred acquisition costs Prepaid reinsurance premiums Income tax asset, net

Other assets TOTAL ASSETS

LIABILITIES:

Reserve for losses and loss adjustment expenses Unearned premium reserve

Funds held under reinsurance treaties Amounts due to reinsurers

Losses in course of payment Senior notes

Long-term notes Borrowings from FHLB

Accrued interest on debt and borrowings Unsettled securities payable

Other liabilities Total liabilities

SHAREHOLDERS' EQUITY:

Common shares Additional paid-in capital

Accumulated other comprehensive income (loss) Treasury shares, at cost

Retained earnings

TOTAL SHAREHOLDERS' EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Book value per common share outstanding (4)

Book value per common share outstanding (excluding URA(D)) (1)

Debt to total capital (5)

(Some amounts may not reconcile due to rounding.)

(4)Book value per common share is calculated as reported end of period shareholders' equity divided by common shares outstanding.

(5)The debt to total capital ratio is calculated by dividing debt, excluding borrowings from FHLB, by total capital. Total capital represents the sum of total shareholders' equity and debt.

‌EVEREST GROUP, LTD.‌

Supplemental GAAP Financial Information - Cash and Invested Assets Portfolio

(Dollars in millions)

At March 31, 2025 At December 31, 2024

Cost or Amortized Cost

Allowance for Expected Credit Losses

Unrealized Gains

Unrealized Losses

Fair Value or Net Carrying Value

Percentage

Fair Value or Net Carrying Value

Percentage

Fixed Maturities, available for sale, at fair value

U.S. Treasury securities and obligations of U.S. government agencies and corporations

$ 624

$ -

$ 3

$ (22) $

604

1.4%

$ 669

1.6%

Obligations of U.S. states and political subdivisions

(6)

0.2%

Corporate Securities

8,884

(36)

(247)

8,686

20.4%

7,010

16.9%

Asset-backed Securities

Mortgage-backed securities

5,588

(22)

5,591

13.1%

5,982

14.4%

Commercial

957

(54)

906

2.1%

900

2.2%

Agency Residential

5,561

(221)

5,377

12.6%

4,931

11.9%

Non-agency Residential

1,452

(4)

1,471

3.5%

1,289

3.1%

Foreign government securities

2,381

(129)

2,269

5.3%

2,196

5.3%

Foreign corporate securities

6,984

(216)

6,853

16.1%

5,861

14.1%

Total fixed maturities, available for sale, at fair value

32,505

(37)

277

(921)

31,824

74.7%

28,908

69.6%

Fixed maturities, held to maturity, at amortized cost

Corporate Securities

169

(2)

167

0.4%

174

0.4%

Asset-backed Securities

Mortgage-backed securities

435

(4)

431

1.0%

480

1.2%

Commercial

Foreign corporate securities

(1)

0.2%

Total fixed maturities, held to maturity, at amortized cost

703

(8)

695

1.6%

757

1.8%

Total equity securities, at fair value

168

0.4%

217

0.5%

Other investments

5,425

12.7%

5,392

13.0%

Short-term investments

2,949

6.9%

4,707

11.3%

Total investments

41,061

96.3%

39,982

96.3%

Cash and cash equivalents

1,567

3.7%

1,549

3.7%

Total cash and invested assets $ 42,628

100.0%

$ 41,531

100.0%

(Some amounts may not reconcile due to rounding.)

March 31,

December 31, September 30, June 30,

March 31

December 31, September 30, June 30,

2025

2024 2024 2024

2024

2023 2023 2023

Fair Value %

Fair Value % Fair Value % Fair Value %

Fair Value %

Fair Value % Fair Value % Fair Value %

1.4%

1.6% 1.7% 2.6%

2.6%

2.7% 3.3% 3.4%

0.2%

0.2% 0.2% 0.3%

0.3%

0.3% 1.1% 1.2%

20.4%

16.9% 19.5% 20.4%

20.7%

19.8% 20.8% 21.0%

13.1%

14.4% 14.1% 13.6%

13.9%

15.1% 15.3% 14.5%

2.1%

2.2% 2.2% 2.4%

2.6%

2.7% 3.0% 2.9%

12.6%

11.9% 10.8% 12.1%

12.0%

12.6% 9.6% 10.1%

3.5%

3.1% 3.2% 2.4%

1.8%

1.2% 0.6% 0.2%

5.3%

5.3% 5.6% 5.7%

5.6%

5.3% 4.8% 4.8%

16.1%

14.1% 15.2% 14.7%

14.7%

14.9% 14.6% 14.9%

74.7%

69.6% 72.4% 74.3%

74.2%

74.7% 73.0% 73.0%

0.4%

0.4% 0.4% 0.4%

0.5%

0.4% 0.4% 0.4%

1.0%

1.2% 1.2% 1.3%

1.5%

1.6% 1.7% 1.8%

-% -% 0.1%

0.1%

0.1% -% -%

0.2%

0.2% 0.2% 0.2%

0.2%

0.2% 0.1% 0.1%

1.6%

1.8% 1.9% 2.0%

2.2%

2.3% 2.3% 2.4%

0.4%

0.5% 0.5% 0.6%

0.6%

0.5% 0.5% 0.8%

12.7%

13.0% 12.0% 12.8%

12.7%

12.9% 12.6% 12.7%

6.9%

11.3% 9.3% 6.3%

6.3%

5.7% 6.9% 5.0%

96.3%

96.3% 96.2% 96.0%

96.0%

96.1% 94.9% 93.8%

3.7%

3.7% 3.8% 4.0%

4.0%

3.9% 5.1% 6.2%

100.0%

100.0% 100.0% 100.0%

100.0%

100.0% 100.0% 100.0%

1.9%

2.3% 2.3% 3.4%

3.4%

3.5% 4.3% 4.5%

21.4%

23.4% 24.3% 22.8%

22.9%

22.2% 22.0% 32.9%

27.5%

28.0% 26.6% 28.4%

28.3%

29.0% 26.0% 13.3%

32.7%

27.7% 28.9% 27.5%

27.2%

25.5% 26.3% 26.9%

13.8%

15.0% 14.1% 13.5%

13.6%

14.6% 14.6% 15.2%

2.8%

3.6% 3.8% 4.4%

4.6%

5.2% 6.8% 7.2%

100.0%

100.0% 100.0% 100.0%

100.0%

100.0% 100.0% 100.0%

3.5%

3.7% 3.3% 4.9%

5.0%

4.4% 6.3% 6.5%

32.9%

28.8% 28.0% 24.5%

23.7%

24.2% 31.0% 31.2%

15.9%

15.4% 18.9% 20.4%

20.6%

19.1% 16.1% 16.2%

5.3%

6.3% 7.3% 8.3%

9.0%

9.0% 6.4% 6.9%

42.4%

45.9% 42.5% 41.8%

41.6%

43.3% 40.1% 39.2%

100.0%

100.0% 100.0% 100.0%

100.0%

100.0% 100.0% 100.0%

4.5%

4.7%

3.3

AA-

4.9%

4.7%

3.1

AA-

4.8%

3.1

AA-

4.9%

4.8%

3.4

AA-

4.7%

3.4

AA-

3.3%

4.7%

3.3

AA-

3.9%

4.2%

2.7

AA-

3.7%

3.9%

2.9

A+

‌Supplemental GAAP Financial Information - Cash and Invested Assets Composition‌

CASH AND INVESTED ASSETS PORTFOLIO

Fixed maturity securities - available for sale

U.S. Treasury securities and obligations of U.S. government agencies and corporations Obligations of U.S. states and political subdivisions

Corporate Securities Asset-backed Securities

Mortgage-backed securities Commercial

Agency Residential Non-agency Residential

Foreign government securities Foreign corporate securities

Total fixed maturity securities - available for sale Fixed maturity securities - held to maturity

Corporate Securities Asset-backed Securities

Mortgage-backed securities Commercial

Foreign corporate securities

Total fixed maturity securities - held to maturity Equity securities

Other investments Short-term investments

Total Investments

Cash and cash equivalents Total Cash and Invested Assets

CREDIT QUALITY OF FIXED MATURITIES

U.S. government and agency AAA

AA A BBB

Below BBB Total

MATURITY PROFILE OF FIXED MATURITIES (6)

Within one year

From one to five years From five to ten years Above ten years

Asset-backed and mortgage-backed securities Total

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS

Annualized return on invested assets (1)

Book yield of fixed maturities Average duration of fixed maturities Average credit quality

(Some amounts may not reconcile due to rounding.)

(6)The amortized cost and market value of fixed maturity securities are shown by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

‌At March 31, 2025‌

Available for sale, at fair value

Agencies

AAA

BBB

Non-Investment Grade

Total

ABS

$ -

$ 1,690

$ 455

$ 1,404

$ 1,769

$ 273

$ 5,591

Commercial MBS

784

906

Agency-Residential MBS

5,377

Non-agency Residential MBS

1,365

1,471

Total mortgage-backed and asset-backed securities,

available for sale, at fair value

$ 5,377

$ 3,839

$ 616

$ 1,462

$ 1,777

$ 273

$ 13,344

Percentage of total

40.3%

28.8%

4.6%

11.0%

13.3%

2.0%

100.0%

Held to maturity, at amortized cost

Agencies

AAA

BBB

Non-Investment Grade

Total

ABS

$ -

$ 39

$ 78

$ 161

$ 138

$ 15

$ 431

Commercial MBS

Total mortgage-backed and asset-backed securities,

held to maturity, at amortized cost

$ -

$ 47

$ 83

$ 163

$ 138

$ 15

$ 446

Percentage of total

10.5%

18.5%

36.6%

31.0%

3.4%

100.0%

At December 31, 2024

Available for sale, at fair value

Agencies

AAA

BBB

Non-Investment Grade

Total

ABS

$ -

$ 1,898

$ 509

$ 1,465

$ 1,757

$ 353

$ 5,982

Commercial MBS

776

900

Agency-Residential MBS

4,931

Non-agency Residential MBS

1,199

1,289

Total mortgage-backed and asset-backed securities,

available for sale, at fair value

$ 4,931

$ 3,872

$ 658

$ 1,522

$ 1,765

$ 353

$ 13,102

Percentage of total

37.6%

29.6%

5.0%

11.6%

13.5%

2.7%

100.0%

Held to maturity, at amortized cost

Agencies

AAA

BBB

Non-Investment Grade

Total

ABS

$ -

$ 58

$ 83

$ 180

$ 143

$ 15

$ 480

Commercial MBS

Total mortgage-backed and asset-backed securities,

held to maturity, at amortized cost

$ - $ 67

$ 89

$ 184

$ 145

$ 15

$ 500

Percentage of total

-% 13.3%

17.8%

36.9%

29.0%

3.0%

100.0%

‌Net Probable Maximum Losses as of January 1, 2025 (7)‌

ESTIMATED NET EXPOSURES

Zone

Peril

1 in 20

5.0%

% of Common Shareholders' Equity

1 in 50

2.0%

% of Common Shareholders' Equity

1 in 100

1.0%

% of Common Shareholders' Equity

1 in 250

0.4%

% of Common Shareholders' Equity

1 in 500

0.2%

% of Common Shareholders' Equity

Net of Cession: (8)

Southeast U.S.

Wind

$ 920

6.6 %

$ 1,509

10.9 %

$ 2,174

15.7 %

$ 2,661

19.2 %

$ 2,873

20.7 %

California

Earthquake

227

1.6 %

1,038

7.5 %

1,791

12.9 %

2,535

18.3 %

2,829

20.4 %

Texas

Wind

205

1.5 %

508

3.7 %

921

6.6 %

1,717

12.4 %

2,432

17.5 %

Net Economic Loss: (9)

Southeast U.S.

Wind

$ 640

4.6 %

$ 1,029

7.4 %

$ 1,523

11.0 %

$ 1,866

13.5 %

$ 2,049

14.8 %

California

Earthquake

176

1.3 %

742

5.3 %

1,322

9.5 %

1,842

13.3 %

2,073

14.9 %

Texas

Wind

153

1.1 %

375

2.7 %

665

4.8 %

1,219

8.8 %

1,740

12.5 %

The Company focuses on potential losses that could result from any single event or series of events as part of its evaluation and monitoring of its aggregate exposures to catastrophic events. Accordingly, the Company employs various techniques to estimate the amount of loss it could sustain from any single catastrophic event or series of events in various geographic areas. These techniques range from deterministic approaches, such as tracking aggregate limits exposed in catastrophe-prone zones and applying reasonable damage factors, to modeled approaches that attempt to scientifically measure catastrophe loss exposure using sophisticated Monte Carlo simulation techniques that forecast frequency and severity of potential losses on a probabilistic basis.

Projected catastrophe losses are generally summarized in terms of the probable maximum loss ("PML"). The Company defines PML as its anticipated loss, taking into account contract terms and limits, caused by a single catastrophe affecting a broad contiguous geographic area, such as that caused by a hurricane or earthquake. The PML will vary depending upon the modeled simulated losses and the make-up of the in force book of business. The projected severity levels are described in terms of "return periods", such as "100-year events" and "250-year events". For example, a 100-year PML is the estimated loss to the current in-force portfolio from a single event which has a 1% probability of being exceeded in a twelve month period. In other words, it corresponds to a 99% probability that the loss from a single event will fall below the indicated PML. It is important to note that PMLs are estimates. Modeled events are hypothetical events produced by a stochastic model. As a result, there can be no assurance that any actual event will align with the modeled event or that actual losses from events similar to the modeled events will not vary materially from the modeled event PML.

Management estimates that the projected net economic loss from its largest 100-year event in a given zone represents approximately 11.0% of its December 31, 2024 shareholders' equity. Economic loss is the PML exposure, net of third party reinsurance, reduced by estimated reinstatement premiums to renew coverage and estimated income taxes. The impact of income taxes on the PML depends on the distribution of the losses by corporate entity, which is also affected by inter-affiliate reinsurance. Management also monitors and controls its largest PMLs at multiple points along the loss distribution curve, such as loss amounts at the 20, 50, 100, 250 and 500 year return periods. This process enables management to identify and control exposure accumulations and to integrate such exposures into enterprise risk, underwriting and capital management decisions.

The Company believes that its methods of monitoring, analyzing and managing catastrophe exposures provide a credible risk management framework, which is integrated with its enterprise risk management, underwriting and capital management plans. However, there is much uncertainty and imprecision inherent in the catastrophe models and the catastrophe loss estimation process generally. As a result, there can be no assurance that the Company will not experience losses from individual events that exceed the PML or other return period projections, perhaps by a material amount. Nor can there be assurance that the Company will not experience events impacting multiple zones, or multiple severe events that could, in the aggregate, exceed the Company's PML expectations by a significant amount.

(7)PML exposures will be updated bi-annually (at January 1 and July 1 each year).

(8)Net of Cession is defined as the Company's PML exposure, net of third party reinsurance including catastrophe industry loss warranty cover at various return periods for its top three zones/perils based on loss projection data as of January 1, 2025.

(9)Net Economic Loss is defined as PML exposures, net of third party reinsurance including catastrophe industry loss warranty cover, reinstatement premiums and estimated income taxes, for the top three zones/perils based on loss projection data as of January 1, 2025.

Year-to-Date

March 31,

December 31,

2025

2024

$ 13,875

$ 13,202

849

723

$ 14,724

$ 13,925

$ 14,140

$ 13,628

$ 13,875

561

876

849

$ 14,700

$ 14,504

$ 14,724

$ 14,712

$ 14,214

$ 14,325

$ 276

$ 709

$ 1,289

(6)

(60)

$ 210

$ 733

$ 1,373

7.5%

20.0%

9.0%

(0.2)%

0.1%

(1.6)%

0.8%

0.5%

5.7%

20.6%

9.6%

42.5

43.5

43.0

332.39

313.55

322.97

345.57

333.70

342.74

5.6%

18.1%

9.2%

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ 13,875

$ 15,335

$ 14,182

$ 13,628

$ 13,202

$ 11,226

$ 10,902

$ 9,014

849

220

936

876

723

1,868

1,627

1,459

$ 14,724

$ 15,555

$ 15,118

$ 14,504

$ 13,925

$ 13,094

$ 12,529

$ 10,473

$ 14,140

$ 13,875

$ 15,335

$ 14,182

$ 13,628

$ 13,202

$ 11,226

$ 10,902

561

849

220

936

876

723

1,868

1,627

$ 14,700

$ 14,724

$ 15,555

$ 15,118

$ 14,504

$ 13,925

$ 13,094

$ 12,529

$ 14,712

$ 15,140

$ 15,336

$ 14,811

$ 14,214

$ 13,509

$ 12,811

$ 11,501

$ 276

$ (780)

$ 630

$ 730

$ 709

$ 1,093

$ 613

$ 627

(6)

(25)

(14)

(6)

(220)

(27)

(60)

132

(97)

(69)

$ 210

$ (593)

$ 509

$ 724

$ 733

$ 804

$ 678

$ 670

7.5%

(20.6)%

16.4%

19.7%

20.0%

32.4%

19.2%

21.8%

(0.2)%

1.5%

(0.6)%

(0.4)%

(0.2)%

(6.5)%

(0.8)%

0.2%

(1.6)%

3.5%

(2.5)%

0.2%

0.8%

(2.1)%

2.9%

1.3%

5.7%

(15.7)%

13.3%

19.6%

20.6%

23.8%

21.2%

23.3%

42.5

43.0

43.3

43.5

43.4

332.39

322.97

356.77

327.68

313.55

304.29

258.71

251.17

345.57

342.74

361.87

349.30

333.70

320.95

301.76

288.64

‌RETURN ON EQUITY:‌

Beginning of period shareholders' equity Net unrealized depreciation (appreciation)

of fixed maturity, available for sale securities Adjusted beginning of period shareholders' equity

End of period shareholders' equity

Net unrealized depreciation (appreciation)

of fixed maturity, available for sale securities Adjusted end of period shareholders' equity

Average adjusted shareholders' equity

After-tax net operating income (loss) (10)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

Return on equity (annualized)

After-tax net operating income (loss) (10)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

Common shares outstanding

Book value per common share outstanding (4)

Book value per common share outstanding (excluding URA(D)) (11)

Total Shareholder Return (TSR) (2)

(Some amounts may not reconcile due to rounding.)

(4)Book value per common share is calculated as reported end of period shareholders' equity divided by common shares outstanding.

(10)After-tax net operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense). A reconciliation of net income, the most comparable GAAP measure, to after-tax net operating income is presented above. After-tax net operating income (loss) return on average equity (annualized) is calculated by dividing after-tax net operating income (loss) by average shareholders' equity, adjusted for average net unrealized depreciation (appreciation) ("URA(D)") of fixed maturity, available for sale securities. 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 also shown above.

(11)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 common share outstanding 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. A reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share is shown above.

Year-to-Date

March 31,

December 31,

2025

2024

$ 210

$ 733

$ 1,373

(85)

(76)

(334)

125

657

1,039

98.9%

98.8%

123

649

1,027

331

$ 208

$ 725

$ 1,358

42.3

42.9

42.7

42.3

42.9

42.7

$ 4.90

$ 16.87

$ 31.78

$ 4.90

$ 16.87

$ 31.78

42.3

42.9

42.7

42.8

43.4

43.2

98.9%

98.8%

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

$ 210

$ (593)

$ 509

$ 724

$ 733

$ 804

$ 678

$ 670

(85)

(86)

(87)

(76)

(72)

125

(678)

423

637

657

728

602

599

98.9%

100.0%

98.8%

98.9%

98.8%

123

(678)

418

630

649

720

595

591

$ 208

$ (593)

$ 503

$ 715

$ 725

$ 795

$ 671

$ 662

42.3

42.5

42.6

42.8

42.9

40.7

42.3

42.5

42.6

42.8

42.9

40.7

$ 4.90

$ (13.96)

$ 11.80

$ 16.70

$ 16.87

$ 18.53

$ 15.63

$ 16.26

$ 4.90

$ (13.96)

$ 11.80

$ 16.70

$ 16.87

$ 18.53

$ 15.63

$ 16.26

42.3

42.5

42.6

42.8

42.9

40.7

42.8

42.5

43.1

43.4

41.2

98.9%

100.0%

98.8%

98.9%

98.8%

‌Net income (loss) per share: Numerator‌

Net income (loss)

Less: dividends declared - common shares and unvested common shares Undistributed earnings

Percentage allocated to common shareholders (A)

Add: dividends declared - common shareholders

Numerator for basic and diluted earnings per common share

Denominator

Denominator for basic earnings per weighted-average common shares Effect of dilutive securities:

Options

Denominator for diluted earnings per adjusted weighted-average common shares

Per common share net income (loss) Basic

Diluted

(A)Basic weighted-average common shares outstanding

Basic weighted-average common shares outstanding and unvested common shares expected to vest

Percentage allocated to common shareholders

(Some amounts may not reconcile due to rounding.)

‌EVEREST GROUP, LTD.‌

Supplemental GAAP Financial Information - Non-GAAP Financial Measures

Comments on Non-GAAP Financial Measures

In this Investor Financial Supplement, the Company has included certain non-GAAP financial measures. The Company uses 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 on the following pages, unless included previously within this document.

‌EVEREST GROUP, LTD.

Supplemental GAAP Financial Information - Non-GAAP Financial Measures

(Dollars in millions, except per share amounts)

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 Investor Financial Supplement 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).

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.

Year-to-Date

March 31,

December 31,

2025

2024

276

709

1,289

(6)

(60)

$ 210

$ 733

$ 1,373

6.45

16.32

29.83

(0.14)

(0.13)

0.28

(1.41)

0.69

1.67

$ 4.90

$ 16.87

$ 31.78

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31, September 30,

June 30,

2025

2024

2023 2023

2023

276

(780)

630

730

709

1,093 613

627

(6)

(25)

(14)

(6)

(220) (27)

(60)

132

(97)

(69) 91

$ 210

$ (593)

$ 509

$ 724

$ 733

$ 804 $ 678

$ 670

6.45

(18.39)

14.62

16.85

16.32

25.18 14.14

15.21

(0.14)

1.33

(0.57)

(0.32)

(0.13)

(5.06) (0.61)

0.11

(1.41)

3.10

(2.24)

0.17

0.69

(1.60) 2.10

0.94

$ 4.90

$ (13.96)

$ 11.80

$ 16.70

$ 16.87

$ 18.53 $ 15.63

$ 16.26

Amount:

After-tax net operating income (loss)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

Per Diluted Share:

After-tax net operating income (loss)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

March 31,

2025

March 31,

2024

December 31,

2024

76.5 %

(18.0)%

1.3 %

- %

59.8 %

60.1 %

(2.9)%

- %

57.2 %

62.2 %

(6.8)%

0.4 %

1.1 %

- %

57.0 %

70.1 %

(1.1)%

- %

- % (0.2)%

68.8 %

63.2 %

(0.6)%

- %

62.7 %

101.2 %

(3.4)%

- % (29.6)%

- % (0.1)%

68.1 %

75.1 %

(13.9)%

1.0 %

- %

62.2 %

61.3 %

(2.3)%

- %

58.9 %

74.4 %

(5.9)%

0.3 %

(8.8)%

- %

60.1 %

Year-to-Date

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

76.5 %

61.6 %

65.4 %

61.7 %

60.1 %

47.8 %

63.7 %

58.8 %

(18.0)%

(9.6)%

(9.1)%

(5.0)%

(2.9)%

(5.5)%

(6.4)%

(1.2)%

1.3 %

0.7 %

0.6 %

0.3 %

- %

0.2 %

0.1 %

- %

4.2 %

- %

14.9 %

- %

0.4 %

- %

59.8 %

56.9 %

57.0 %

57.2 %

57.8 %

57.4 %

57.6 %

70.1 %

208.7 %

67.4 %

64.7 %

63.2 %

95.6 %

64.2 %

63.2 %

(1.1)%

(6.7)%

(4.5)%

(1.6)%

(0.6)%

(0.9)%

(1.2)%

- %

(117.7)%

- %

(32.4)%

- %

0.9 %

- %

(0.2)%

(0.3)%

(0.2)%

- %

68.8 %

84.0 %

62.7 %

63.0 %

62.7 %

62.3 %

63.0 %

64.1 %

75.1 %

106.3 %

66.0 %

62.6 %

61.3 %

63.0 %

63.9 %

60.3 %

(13.9)%

(8.8)%

(7.9)%

(4.1)%

(2.3)%

(4.3)%

(5.0)%

(0.8)%

1.0 %

0.6 %

0.5 %

0.3 %

- %

0.1 %

- %

(34.1)%

- %

(0.2)%

- %

0.3 %

- %

(0.1)%

- %

62.2 %

63.9 %

58.5 %

58.8 %

58.9 %

59.0 %

59.5 %

‌The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The attritional loss ratio is defined as the loss ratio, 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 loss ratio is useful to management and investors because the adjusted ratio provides for better comparability and more accurately measure the Company's underlying underwriting performance. The following table is a reconciliation of the loss ratio and attritional loss ratio for the periods noted:

Reinsurance:

Loss ratio

Adjustment for catastrophe losses Adjustment for reinstatement premiums Adjustment for prior year development (12)Adjustment for Russia/Ukraine war losses Adjustment for other items

Attritional loss ratio

Insurance:

Loss ratio

Adjustment for catastrophe losses Adjustment for reinstatement premiums Adjustment for prior year development (12)Adjustment for Russia/Ukraine war losses Adjustment for other items

Attritional loss ratio

Group:

Loss ratio

Adjustment for catastrophe losses Adjustment for reinstatement premiums Adjustment for prior year development (12)Adjustment for Russia/Ukraine war losses Adjustment for other items

Attritional loss ratio

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

‌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 combined ratio is defined as the combined ratio, 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 combined attritional ratio is useful to management and investors because the adjusted ratio provides for better comparability and more accurately measure the Company's underlying underwriting performance. The following table is a reconciliation of the combined ratio and attritional combined ratio for the periods noted:

Year-to-Date

March 31,

December 31,

2025

2024

Reinsurance:

Combined ratio

103.3 %

87.3 %

89.7 %

Adjustment for catastrophe losses

(18.0)%

(2.9)%

(6.8)%

Adjustment for reinstatement premiums

1.9 %

- %

0.6 %

Adjustment for prior year development (12)

- %

1.1 %

Adjustment for Russia/Ukraine war losses

- %

Adjustment for other items

- %

Attritional combined ratio

87.1 %

84.4 %

84.6 %

Insurance:

Combined ratio

100.5 %

91.9 %

130.7 %

Adjustment for catastrophe losses

(1.1)%

(0.6)%

(3.4)%

Adjustment for reinstatement premiums

Adjustment for prior year development (12)

- %

(29.6)%

Adjustment for Russia/Ukraine war losses

- %

Adjustment for other items

(0.3)%

- %

(0.2)%

Attritional combined ratio

99.1 %

91.3 %

97.5 %

Group:

Combined ratio

102.7 %

88.8 %

102.3 %

Adjustment for catastrophe losses

(13.9)%

(2.3)%

(5.9)%

Adjustment for reinstatement premiums

1.5 %

- %

0.5 %

Adjustment for prior year development (12)

- %

(8.8)%

Adjustment for Russia/Ukraine war losses

- %

Adjustment for other items

(0.1)%

- %

Attritional combined ratio

90.2 %

86.5 %

88.1 %

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

103.3 %

90.4 %

91.8 %

88.9 %

87.3 %

78.6 %

91.0 %

85.8 %

(18.0)%

(9.6)%

(9.1)%

(5.0)%

(2.9)%

(5.5)%

(6.4)%

(1.2)%

1.9 %

1.0 %

0.9 %

0.5 %

- %

0.3 %

0.2 %

- %

4.2 %

- %

14.9 %

- %

0.4 %

- %

87.1 %

86.0 %

83.5 %

84.4 %

88.7 %

84.8 %

84.7 %

100.5 %

239.2 %

96.9 %

93.8 %

91.9 %

123.8 %

92.4 %

91.7 %

(1.1)%

(6.7)%

(4.5)%

(1.6)%

(0.6)%

(0.9)%

(1.2)%

- %

(117.7)%

- %

(32.4)%

- %

0.9 %

- %

(0.3)%

(0.4)%

- %

0.1 %

(0.1)%

- %

99.1 %

114.4 %

92.0 %

92.1 %

91.3 %

90.6 %

91.2 %

92.6 %

102.7 %

135.5 %

93.1 %

90.3 %

88.8 %

93.2 %

91.4 %

87.7 %

(13.9)%

(8.8)%

(7.9)%

(4.1)%

(2.3)%

(4.3)%

(5.0)%

(0.8)%

1.5 %

0.8 %

0.7 %

0.4 %

- %

0.2 %

0.1 %

- %

(34.1)%

- %

(0.2)%

- %

0.3 %

- %

(0.1)%

- %

90.2 %

93.4 %

85.8 %

86.6 %

86.5 %

89.3 %

86.6 %

86.8 %

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

‌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. Refer to Reinsurance Segment Data, Insurance Segment Data and Other Segment Data pages for a reconciliation of segment underwriting income. A reconciliation of Group Underwriting Income and Net Income is shown below.

Year-to-Date

March 31,

December 31,

2025

2024

3,852

3,652

15,187

2,893

2,237

11,305

824

782

3,300

238

224

938

$ (104)

$ 409

$ (356)

491

457

1,954

(7)

(21)

(22)

(95)

(38)

(37)

(149)

(73)

121

(39)

(99)

(120)

$ 210

$ 733

$ 1,373

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31, September 30,

June 30,

2025

2024

2023 2023

2023

3,852

3,925

3,918

3,693

3,652

3,578 3,513

3,251

2,893

4,172

2,584

2,311

2,237

2,254 2,246

1,960

824

903

826

790

782

853 752

686

238

244

236

234

224

226 215

205

$ (104)

$ (1,394)

$ 272

$ 358

$ 409

$ 245 $ 301

$ 401

491

473

496

528

457

411 406

357

(7)

(27)

(17)

(7)

(255) (31)

(21)

(27)

(25)

(22)

(18) (19)

(17)

(38)

(37)

(38)

(37)

(36) (34)

(33)

(73)

169

(102)

(75) 103

(39)

155

(68)

(108)

(99)

532 (47)

(80)

$ 210

$ (593)

$ 509

$ 724

$ 733

$ 804 $ 678

$ 670

Group

Net premiums earned

Less: Incurred losses and LAE

Less: Commission, brokerage, taxes and fees Less: Other underwriting expenses

Underwriting income (loss)

Net investment income

Net gains (losses) on investments Corporate expenses

Interest, fee and bond issue cost amortization expense Other income (expense)

Income tax benefit (expense) Net income (loss)

‌Annualized Return on Invested Assets

Annualized return on invested assets is calculated as the sum of pre-tax net investment income and net gains (losses) on investments, divided by the sum of current year and prior year-end average fixed maturity securities excluding URA(D) (1), cash and short-term investments (2), equity securities (3) and other invested assets (4). For quarter-to-date periods, the average is calculated based on the current year and prior quarter amounts. The Company believes annualized return on invested assets is a useful measure for management and investors when assessing the financial returns generated by the Company's investment portfolio. The calculation of annualized return on invested assets is shown below.

Quarter-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

491

473

496

528

457

411

406

357

(7)

(27)

(17)

(7)

(255)

(31)

$ 484

$ 542

$ 469

$ 511

$ 450

$ 156

$ 375

$ 362

31,909

31,069

31,180

30,492

29,740

28,705

27,571

26,559

5,387

5,893

4,782

3,966

3,731

3,866

3,955

3,193

193

224

225

218

202

177

213

255

5,409

5,232

5,033

4,924

4,824

4,573

4,307

4,209

$ 42,897

$ 42,417

$ 41,220

$ 39,600

$ 38,497

$ 37,321

$ 36,045

$ 34,215

4.5%

5.1%

4.6%

5.2%

4.7%

1.7%

4.2%

Numerator:

Net investment income

Net gains (losses) on investments Total Investment Returns

Denominator:

Average fixed maturity securities (13)Average cash and short-term investments Average equity securities

Average other invested assets

Year-to-Date

March 31,

December 31,

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

2025

2024

2023

491

1,954

1,481

985

457

1,434

1,023

617

(7)

(50)

(24)

(7)

(276)

(21)

$ 484

$ 1,973

$ 1,431

$ 961

$ 450

$ 1,157

$ 1,001

627

31,909

30,015

30,428

30,127

29,740

27,176

26,505

26,042

5,387

4,910

4,547

3,799

3,731

2,997

3,299

3,086

193

203

209

204

202

235

224

270

5,409

5,093

4,933

4,894

4,824

4,440

4,219

4,174

$ 42,897

$ 40,222

$ 40,118

$ 39,024

$ 38,497

$ 34,847

$ 34,247

33,571

4.5%

4.9%

4.8%

4.9%

4.7%

3.3%

3.9%

3.7%

Total average investments and cash Annualized return on invested assets

Numerator:

Net investment income

Net gains (losses) on investments Total Investment Returns

Denominator:

Average fixed maturity securities (13)Average cash and short-term investments Average equity securities

Average other invested assets

Total average investments and cash Annualized return on invested assets

(13)Year-to-date average fixed maturity securities are calculated using average current year and prior year-end available for sale and held to maturity fixed maturity securities at amortized cost, net of credit allowances. Quarter-to-date average fixed maturities are calculated using average current year and prior quarter available for sale and held to maturity fixed maturity securities at amortized cost, net of credit allowances.

Disclaimer

Everest Group Ltd. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 20:24 UTC.