Everest Reports Third Quarter 2026 Results

Everest Reports Third Quarter 2026 Results HAMILTON, Bermuda--( BUSINESS WIRE)--Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, today reported its third quarter 2026 results.

“This quarter Everest generated an annualized total shareholder return of 14.2% as we executed on a number of initiatives including strengthening the balance sheet, accelerating capital return, and positioning the Company for its next chapter,” said Jim Williamson, Everest President and CEO. “Our Reinsurance Treaty team is navigating the market cycle with the highest level of discipline, while leveraging its expertise and competitive advantages to maintain our focus on bottom-line results. Our Global Wholesale & Specialty business continues to generate momentum with strong profitable growth in specialty lines and targeted international markets. Our high-quality investment portfolio contributed $634 million in net investment income. As we approach the final stretch of the year and head into 2027, we are focused on executing our strategies across our Core businesses and proactively deploying capital, where share repurchases remain a top priority.”

Third Quarter 2026 Highlights

* Core businesses consist of our Reinsurance Treaty and Global Wholesale & Specialty segments

(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.

Consolidated Financial Summary

Quarter-to-Date

Year-to-Date

September 30,

2026

2025

2026

2025

Net income (loss)

233

255

1,445

1,145

Net income (loss) per diluted common share

6.12

6.09

36.85

27.06

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

6.0%

6.6%

12.5%

10.1%

Net operating income (loss) (2) (5)

290

316

1,620

1,326

Net operating income (loss) per diluted common share (2) (5)

7.62

7.54

41.30

31.33

After-tax net operating income (loss) return on average equity (annualized) (2) (5)

7.4%

8.2%

14.0%

11.7%

Book value per common share outstanding

381.04

366.22

381.04

366.22

Book value per common share outstanding excluding URA(D) (2)

414.00

368.29

414.00

368.29

Total Shareholder Return ("TSR") - Annualized

14.2%

12.3%

Weighted average common shares outstanding - diluted

37.6

41.4

38.7

41.8

Common shares outstanding

37.4

42.0

37.4

42.0

Total shareholders' equity

14,252

15,375

14,252

15,375

Total shareholders' equity excluding URA(D)

15,485

15,462

15,485

15,462

Net investment income

634

540

1,725

1,563

Total investments and cash

43,965

45,831

43,965

45,831

Total Capital Return

Common share repurchases

474

—

1,200

400

Number of common shares repurchased

1,268,158

—

3,426,047

1,154,883

Dividends per share

2.00

6.00

Dividends to shareholders

233

253

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

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(5) After-tax net operating income (loss) consists of net income (loss) excluding after-tax acquisition, divestiture and restructuring costs, after-tax ceded prior year favorable (unfavorable) loss reserve development on reserves that are subject to the external Adverse Development Cover (“ADC”) and the related amortization of the deferred gain, after-tax net gains (losses) on investments, and after-tax net foreign exchange income (expense). 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. See "Comments on Non-GAAP Financial Measures" for a reconciliation of net income, the most comparable GAAP measure, to after-tax net operating income.

The following information summarizes the Company’s underwriting results on a total reportable segments basis, Core businesses basis and by reportable segment – Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, with selected commentary on these results.

Underwriting Results - Total Reportable Segments

Quarter-to-Date

Year-to-Date

September

2026

2025

Change

2026

2025

Change

Gross written premiums

3,742

4,375

(14.5)%

11,116

13,446

(17.3)%

Net written premiums

2,968

3,754

(20.9)%

9,192

11,607

(20.8)%

Net premiums earned

3,156

3,855

(18.1)%

10,220

11,698

(12.6)%

Key Ratios (6)

Loss Ratio:

Current year

58.0%

59.9%

(1.9) pts

59.0%

60.4%

(1.4) pts

Prior year unfavorable (favorable) (6)

8.5%

12.4%

(3.9) pts

2.2%

4.6%

(2.4) pts

Catastrophe

10.5%

1.3%

9.2 pts

5.4%

5.2%

0.2 pts

Total loss ratio

77.0%

73.6%

3.4 pts

66.6%

70.1%

(3.5) pts

Commission and brokerage ratio

23.7%

23.1%

0.6 pts

23.3%

22.2%

1.1 pts

Other underwriting expenses

6.3%

6.7%

(0.3) pts

6.3%

6.4%

(0.1) pts

Combined ratio

107.1%

103.4%

3.7 pts

96.3%

98.7%

(2.4) pts

Attritional combined ratio (3)

88.4%

89.6%

(1.2) pts

88.8%

89.5%

(0.7) pts

Pre-tax net catastrophe losses (4)

322

546

542

Pre-tax net prior year unfavorable (favorable) development (6)

268

478

226

537

All values in USD millions except for percentages

Notes

(3) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, and prior year unfavorable (favorable) development. Attritional ratios are non-GAAP financial measures. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(4) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

(6) On October 26, 2025 (effective October 1, 2025), the Company entered into two adverse development reinsurance agreements ("ADC"). These agreements provide coverage for potential adverse development on North American liabilities within the Global Wholesale & Specialty and Legacy segments for net losses and net LAE with dates of loss prior to January 1, 2025, that are paid on or after the effective date. To remove timing differences created by the retroactive reinsurance accounting model and improve the comparability between periods of underlying results, management excludes the following from the Global Wholesale & Specialty and Legacy segments and total reportable segment results:

See "Comments on Non-GAAP Financial Measures" for a reconciliation of incurred losses and LAE and respective loss ratio metrics.

Underwriting Results - Core Businesses 2

Quarter-to-Date

Year-to-Date

September

2026

2025

Change

2026

2025

Change

Gross written premiums

3,663

3,785

(3.2)%

10,808

11,398

(5.2)%

Net written premiums

2,911

3,309

(12.0)%

8,974

10,042

(10.6)%

Net premiums earned

2,949

3,317

(11.1)%

9,291

10,082

(7.8)%

Key Ratios (6)

Loss Ratio:

Current year

57.0%

57.7%

(0.7) pts

57.3%

58.0%

(0.7) pts

Prior year unfavorable (favorable) (6)

8.6%

(0.2)%

8.8 pts

2.3%

0.5%

1.8 pts

Catastrophe

10.6%

1.5%

9.1 pts

5.6%

5.7%

(0.1) pts

Total loss ratio

76.1%

58.9%

17.2 pts

65.2%

64.3%

0.9 pts

Commission and brokerage ratio

24.5%

25.4%

(0.9) pts

24.5%

24.3%

0.2 pts

Other underwriting expenses

5.2%

4.6%

0.6 pts

5.0%

4.2%

0.8 pts

Combined ratio

105.8%

88.9%

16.9 pts

94.7%

92.8%

1.9 pts

Attritional combined ratio (3)

87.0%

87.6%

(0.6) pts

87.0%

87.2%

(0.2) pts

Pre-tax net catastrophe losses (4)

302

507

514

Pre-tax net prior year unfavorable (favorable) development (6)

253

(7)

211

All values in USD millions except for percentages

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(4) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

See "Comments on Non-GAAP Financial Measures" for a reconciliation of incurred losses and LAE and respective loss ratio metrics.

Underwriting Results - Reinsurance Treaty Segment

Quarter-to-Date

Year-to-Date

September

2026

2025

Change

2026

2025

Change

Gross written premiums

2,715

2,867

(5.3)%

8,109

8,753

(7.4)%

Net written premiums

2,164

2,548

(15.1)%

6,797

7,861

(13.5)%

Net premiums earned

2,243

2,579

(13.0)%

7,158

7,885

(9.2)%

Key Ratios

Loss Ratio:

Current year

56.0%

56.8%

(0.8) pts

56.6%

56.7%

(0.1) pts

Prior year unfavorable (favorable)

11.3%

(0.6)%

11.9 pts

3.1%

0.5%

2.6 pts

Catastrophe

12.8%

1.6%

11.2 pts

6.3%

7.0%

(0.7) pts

Total loss ratio

80.1%

57.8%

22.3 pts

66.0%

64.2%

1.8 pts

Commission and brokerage ratio

25.5%

26.8%

(1.3) pts

25.6%

25.5%

0.1 pts

Other underwriting expenses

2.9%

2.4%

0.5 pts

2.8%

2.4%

0.4 pts

Combined ratio

108.5%

87.0%

21.5 pts

94.3%

92.1%

2.3 pts

Attritional combined ratio (3)

84.9%

86.0%

(1.1) pts

85.1%

85.4%

(0.3) pts

Pre-tax net catastrophe losses (4)

277

442

489

Pre-tax net prior year unfavorable (favorable) development

253

(16)

220

All values in USD millions except for percentages

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(4) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

Underwriting Results - Global Wholesale & Specialty Segment

Quarter-to-Date

Year-to-Date

September

2026

2025

Change

2026

2025

Change

Gross written premiums

948

918

3.3%

2,699

2,646

2.0%

Net written premiums

747

761

(1.9)%

2,177

2,182

(0.2)%

Net premiums earned

705

737

(4.3)%

2,133

2,197

(2.9)%

Key Ratios (6)

Loss Ratio:

Current year

60.0%

61.0%

(1.0) pts

59.8%

62.9%

(3.1) pts

Prior year unfavorable (favorable) (6)

—%

1.2%

(1.2) pts

(0.4)%

0.5%

(0.9) pts

Catastrophe

3.5%

0.8%

2.7 pts

3.0%

1.1%

1.9 pts

Total loss ratio

63.6%

63.0%

0.6 pts

62.5%

64.5%

(2.0) pts

Commission and brokerage ratio

21.1%

20.2%

0.9 pts

21.0%

20.0%

1.0 pts

Other underwriting expenses

12.6%

12.3%

0.3 pts

12.6%

10.9%

1.7 pts

Combined ratio

97.3%

95.5%

1.8 pts

96.0%

95.4%

0.6 pts

Attritional combined ratio (3)

93.7%

93.4%

0.3 pts

93.4%

93.6%

(0.2) pts

Pre-tax net catastrophe losses (4)

Pre-tax net prior year unfavorable (favorable) development (6)

—

(9)

All values in USD millions except for percentages

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

(4) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

See "Comments on Non-GAAP Financial Measures" for a reconciliation of incurred losses and LAE and respective loss ratio metrics.

Underwriting Results - Legacy Segment

Quarter-to-Date

Year-to-Date

September 30,

2026

2025

2026

2025

Gross written premiums

590

308

2,048

Net written premiums

444

218

1,565

Net premiums earned

208

539

929

1,616

Incurred losses and LAE

Current year

152

395

702

1,211

Prior year unfavorable (favorable) (6)

486

484

Catastrophes

Total incurred losses and LAE

186

882

755

1,723

Commission, brokerage, taxes and fees

108

144

Other underwriting expenses

105

175

324

Underwriting income (loss) (2) (6)

(51)

(498)

(109)

(575)

KEY METRIC

Net reserve for losses and loss adjustment expenses before impact of ADC (2)

5,882

6,306

5,882

6,306

All values in USD millions

Notes

(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.

See "Comments on Non-GAAP Financial Measures" for a reconciliation of incurred losses and LAE and respective loss ratio metrics.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. Forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of our retail commercial insurance business, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemics, regulatory developments and legal uncertainties, expenses related to divestitures and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K and quarterly reports on Form 10-Q. 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 w ww .everestglobal.com.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on Thursday October 29, 2026. The call will be available on the Internet through the Company’s website at https://investors.everestglobal.com/overview.

Recipients are encouraged to visit the Company’s website to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestglobal.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

Comments on Non-GAAP Financial Measures

In this Press Release, the Company has included certain non-GAAP financial measures which include the following:

The Company has also presented results of its "Core" businesses, consisting of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment), to reflect the businesses that are the Company's primary strategic focus. 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 acquisition, divestiture and restructuring costs, after-tax ceded prior year unfavorable (favorable) loss reserve development on reserves that are subject to the external adverse development cover ("ADC") and the related amortization of the deferred gain, after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense), as shown below:

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

(unaudited)

Amount

Per Diluted

Amount

Per Diluted

Amount

Per Diluted

Amount

Per Diluted

Net income (loss)

233

6.12

255

6.09

1,445

36.85

1,145

27.06

After-tax acquisition, divestiture and restructuring costs

0.46

—

108

2.76

—

After-tax ceded prior year unfavorable (favorable) development and related amortization under ADC

—

0.18

—

After-tax net gains (losses) on investments

1.35

0.87

1.67

1.09

After-tax net foreign exchange income (expense)

(12

)

(0.30

)

0.58

)

(0.15

)

135

3.18

After-tax net operating income (loss)

290

7.62

316

7.54

1,620

41.30

1,326

31.33

(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. Additionally, the Company believes acquisition, divestiture and restructuring costs, which are comprised of transactional gain (losses) and one-time expenses, are of a non-recurring nature as they are associated with acquiring or divesting businesses and restructuring activities. Lastly, the retroactive reinsurance accounting model applied to the ADC creates volatility in the statement of operations that is not representative of the underlying economic substance of the transaction. Management is excluding the ceded prior year favorable (unfavorable) reserve development on reserves that are subject to the ADC and the related amortization of the deferred gain from the after-tax net operating income to improve comparability between periods and to remove this timing difference created by the retroactive reinsurance accounting model from its net operating income measure.

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.

Net Operating Income Return on Equity ("ROE")

Net Operating Income ROE (also referred to as operating ROE) is calculated by dividing after-tax net operating income (loss) by average shareholders' equity, adjusted for average net unrealized depreciation (appreciation) of fixed maturity, available for sale securities. A reconciliation of net income, the most comparable GAAP measure, to net operating income is presented above. The Company believes net operating income ROE is a useful measure for management and investors as it allows for better comparability and removes variability when assessing the results of operations. A reconciliation of Net Operating Income ROE and Net Income ROE is shown below.

Quarter-to-Date

Year-to-Date

(Dollars in millions)

September 30,

2026

2025

2026

2025

(unaudited)

Beginning of period shareholders' equity

15,430

15,019

15,461

13,875

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

342

252

(5)

849

Adjusted beginning of period shareholders' equity

15,772

15,272

15,455

14,724

End of period shareholders' equity

14,252

15,375

14,252

15,375

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

1,233

Adjusted end of period shareholders' equity

15,485

15,462

15,485

15,462

Average adjusted shareholders' equity

15,628

15,367

15,470

15,093

Net income (loss)

233

255

1,445

1,145

After-tax acquisition, divestiture and restructuring costs

—

108

—

After-tax ceded prior year unfavorable (favorable) development and related amortization under ADC

—

After-tax net gains (losses) on investments

After-tax foreign exchange income (expense)

(12)

(6)

135

After-tax net operating income (loss)

290

316

1,620

1,326

Return on equity (annualized)

Net income (loss)

6.0%

6.6%

12.5%

10.1%

After-tax acquisition, divestiture and restructuring costs

0.5%

—%

0.9%

—%

After-tax ceded prior year unfavorable (favorable) development and related amortization under ADC

—%

0.1%

—%

After-tax net gains (losses) on investments

1.3%

1.0%

0.6%

0.4%

After-tax foreign exchange income (expense)

(0.3)%

0.6%

(0.1)%

1.2%

After-tax net operating income (loss)

7.4%

8.2%

14.0%

11.7%

(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 below 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 below for a reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share.

As of

(Dollars in millions, except per share amounts)

September 30,

2026

2025

End of period shareholders' equity

14,252

15,375

Net URA(D)

1,233

Adjusted end of period shareholders' equity

15,485

15,462

Common shares outstanding

37.4

42.0

Book value per common share outstanding

381.04

366.22

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

(32.96)

(2.07)

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

414.00

368.29

Total Shareholder Return (TSR)

14.2%

12.3%

(Some amounts may not reconcile due to rounding.)

Underwriting Income (Loss)

Underwriting income (loss) is calculated as net premiums earned, less (1) incurred losses and loss adjustment expenses adjusted to exclude ceded prior year favorable (unfavorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain, (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. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. A reconciliation of Underwriting Income (Loss) and Net Income is shown below.

Quarter-to-Date

September 30, 2026

September 30, 2025

(unaudited)

(Dollars in millions)

Reinsurance

Treaty

Global

Wholesale

& Specialty

Core

Businesses

Legacy

Total

Consolidated

Reinsurance

Treaty

Global

Wholesale

& Specialty

Core

Businesses

Legacy

Total

Consolidated

Net premiums earned

2,243

705

2,949

208

3,156

2,579

737

3,317

539

3,855

Less: Incurred losses and LAE

1,797

449

2,245

186

2,432

1,490

465

1,955

882

2,837

Less: Commission, brokerage, taxes and fees

572

149

721

747

692

149

841

890

Less: Other underwriting expenses

154

200

152

105

258

Underwriting income (loss)

(191

)

(172

)

(51

)

(223

)

335

369

(498

)

(130

)

Ceded prior year (unfavorable) favorable development and related amortization under ADC

—

Net investment income

634

540

Net gains (losses) on investments

(68

)

(47

)

Corporate expenses

(30

)

(27

)

Interest, fee and bond issue cost amortization expense

(36

)

(38

)

Other income (expense)

)

(29

)

Income tax benefit (expense)

(36

)

(14

)

Net income (loss)

233

255

(Some amounts may not reconcile due to rounding.)

Net reserve for losses and loss adjustment expenses before impact of the ADC (Legacy Segment Metric)

Net reserve for losses and loss adjustment expenses (“LAE”) before impact of the ADC is calculated as reserve for losses and LAE, less unpaid reinsurance loss recoverable adjusted to exclude the unpaid recoverable of the ADC reinsurance agreements. Due to the run-off nature of the Legacy business and the Company’s focus on managing and settling existing liabilities, the company introduced net reserves for losses and LAE before impact of the ADC as a Legacy segment performance measure to better align with how management evaluates the business. This measure is not meaningful for the Global Wholesale & Specialty and the Reinsurance Treaty segments so it is not used as a measure to manage these segments.

The following table is a reconciliation of the Legacy reserve for losses and LAE including and excluding the impact of ADC for the periods noted:

(Dollars in millions)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Group - Incurred Losses and Loss Adjustment Expenses:

Incurred losses and loss adjustment expenses - Consolidated Statements Of Operations

2,432

2,837

6,819

8,203

Less: ceded prior year unfavorable (favorable) development and related amortization under ADC

—

Incurred losses and loss adjustment expenses - total reportable segments

2,432

2,837

6,811

8,203

Legacy Segment Key Metric:

Reserve for losses and loss adjustment expenses

7,790

8,379

7,790

8,379

Less: unpaid reinsurance loss recoverables before impact of ADC

(1,907

)

(2,073

)

(1,907

)

(2,073

)

Net reserve for losses and loss adjustment expenses before impact of ADC

5,882

6,306

5,882

6,306

(Some amounts may not reconcile due to rounding.)

Attritional Loss Ratio and Attritional Combined Ratio

The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses less the ceded prior year favorable (unfavorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain, divided by net premiums earned. The combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses less the ceded prior year favorable (unfavorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain, 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, and prior year development. 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. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The following tables are a reconciliation of the loss ratio and attritional loss ratio, and the combined ratio and attritional combined ratio for the periods noted:

Three Months Ended September 30,

2026

2025

(unaudited)

Reinsurance

Treaty

Global

Wholesale &

Specialty

Core

Businesses

Total

Reportable

Segments

Reinsurance

Treaty

Global

Wholesale &

Specialty

Core

Businesses

Total

Reportable

Segments

Loss ratio

80.1%

63.6%

76.1%

77.0%

57.8%

63.0%

58.9%

73.6%

Adjustment for catastrophe losses

(12.8)%

(3.5)%

(10.6)%

(10.5)%

(1.6)%

(0.8)%

(1.5)%

(1.3)%

Adjustment for reinstatement premiums

0.3%

—%

0.2%

—%

Adjustment for prior year development

(11.3)%

—%

(8.6)%

(8.5)%

0.6%

(1.2)%

0.2%

(12.4)%

Adjustment for other items

0.1%

—%

0.1%

—%

(0.1)%

—%

Attritional loss ratio

56.3%

60.0%

57.2%

58.3%

56.8%

60.9%

57.7%

59.9%

(Some amounts may not reconcile due to rounding.)

Three Months Ended September 30,

2026

2025

(unaudited)

Reinsurance

Treaty

Global

Wholesale &

Specialty

Core

Businesses

Total

Reportable

Segments

Reinsurance

Treaty

Global

Wholesale &

Specialty

Core

Businesses

Total

Reportable

Segments

Combined ratio

108.5%

97.3%

105.8%

107.1%

87.0%

95.5%

88.9%

103.4%

Adjustment for catastrophe losses

(12.8)%

(3.5)%

(10.6)%

(10.5)%

(1.6)%

(0.8)%

(1.5)%

(1.3)%

Adjustment for reinstatement premiums

0.4%

—%

0.3%

—%

Adjustment for prior year development

(11.3)%

—%

(8.6)%

(8.5)%

0.6%

(1.2)%

0.2%

(12.4)%

Adjustment for other items

0.1%

—%

0.1%

—%

(0.2)%

—%

Attritional combined ratio

84.9%

93.7%

87.0%

88.4%

86.0%

93.4%

87.6%

89.6%

(Some amounts may not reconcile due to rounding.)

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. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The following tables are a reconciliation of gross written premium and period-over-period changes on a GAAP basis to the non-GAAP comparable basis for the periods noted:

(Dollars in millions)

Quarter-to-Date

September 30, 2026

September 30, 2025

Change

(unaudited)

Gross Written Premium

% Impact

Group

3,742

4,375

(14.5

Adjustment for gross CAT reinstatement premiums

(18

)

(0.4

Adjustment for foreign exchange effect

—

(0.3

Group (comparable basis)

3,724

4,386

(15.1

Core Businesses

3,663

3,785

(3.2

Adjustment for gross CAT reinstatement premiums

(18

)

(0.4

Adjustment for foreign exchange effect

—

(0.3

Core Businesses (comparable basis)

3,645

3,796

(4.0

Reinsurance Treaty

2,715

2,867

(5.3

Adjustment for gross CAT reinstatement premiums

(18

)

(0.5

Adjustment for foreign exchange effect

—

(0.4

Reinsurance Treaty (comparable basis)

2,697

2,877

(6.2

Global Wholesale & Specialty

948

918

3.3

Adjustment for gross CAT reinstatement premiums

—

Adjustment for foreign exchange effect

—

(0.1

Global Wholesale & Specialty (comparable basis)

948

919

3.2

Legacy

590

(86.7

Adjustment for gross CAT reinstatement premiums

—

Adjustment for foreign exchange effect

—

Legacy (comparable basis)

590

(86.7

(Some amounts may not reconcile due to rounding.)

--Financial Details Follow--

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

Three Months Ended

September 30,

Nine Months Ended

September 30,

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

2026

2025

2026

2025

(unaudited)

REVENUES:

Premiums earned

3,156

3,855

10,220

11,698

Net investment income

634

540

1,725

1,563

Net gains (losses) on investments

(68)

(47)

(86)

(59)

Other income (expense)

(9)

(29)

(117)

(129)

Total revenues

3,713

4,319

11,742

13,073

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses

2,432

2,837

6,819

8,203

Commission, brokerage, taxes and fees

747

890

2,386

2,595

Other underwriting expenses

200

258

641

750

Corporate expenses

101

Interest, fees and bond issue cost amortization expense

107

114

Total claims and expenses

3,445

4,050

10,054

11,740

INCOME (LOSS) BEFORE TAXES

268

269

1,688

1,332

Income tax expense (benefit)

243

187

NET INCOME (LOSS)

233

255

1,445

1,145

Other comprehensive income (loss), net of tax:

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

(935)

129

(1,295)

714

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

Total URA(D) of securities arising during the period

(891)

165

(1,238)

762

Foreign currency translation and other adjustments

(23)

230

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

—

(1)

(8)

Total benefit plan net gain (loss) for the period

—

(1)

(8)

Total other comprehensive income (loss), net of tax

(882)

167

(1,262)

984

COMPREHENSIVE INCOME (LOSS)

(649)

422

183

2,129

EARNINGS PER COMMON SHARE:

Basic

6.12

6.09

36.85

27.06

Diluted

6.12

6.09

36.85

27.06

EVEREST GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

September 30,

December 31,

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

2026

2025

(unaudited)

ASSETS:

Fixed maturities - available for sale, at fair value

(amortized cost: 2026, $34,680; 2025, $34,620, credit allowances: 2026, $(115); 2025, $(68))

33,058

34,573

Fixed maturities - held to maturity, at amortized cost

(fair value: 2026, $549; 2025, $576, net of credit allowances: 2026, $(7); 2025, $(6))

563

567

Equity securities, at fair value

161

180

Other invested assets

6,141

5,796

Short-term investments

3,055

2,994

Cash

987

1,318

Total investments and cash

43,965

45,429

Accrued investment income

408

436

Premiums receivable (net of credit allowances: 2026, $(112); 2025, $(94))

5,828

5,727

Reinsurance loss recoverables (net of credit allowances: 2026, $(62); 2025, $(57))

5,196

5,110

Funds held by reinsureds

1,392

1,326

Deferred acquisition costs

1,460

1,546

Prepaid reinsurance premiums

871

653

Income tax asset, net

1,322

915

Other assets (net of credit allowances: 2026, $(17); 2025, $(17))

1,609

1,372

TOTAL ASSETS

62,052

62,514

LIABILITIES:

Reserve for losses and loss adjustment expenses

35,288

34,312

Unearned premium reserve

6,409

7,275

Funds held under reinsurance treaties

273

267

Amounts due to reinsurers

1,013

642

Losses in course of payment

213

151

Senior notes

2,353

2,352

Long-term notes

218

Borrowings from FHLB

1,019

Accrued interest on debt and borrowings

Unsettled securities payable

—

Other liabilities

943

797

Total liabilities

47,800

47,054

SHAREHOLDERS' EQUITY:

Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding

—

Common shares, par value: $0.01; 200.0 shares authorized; 74.5 (2026) and 74.4 (2025) shares issued and outstanding

Additional paid-in capital

3,891

3,852

Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of $(335) at 2026 and $(23) at 2025

(1,314

)

(52

)

Treasury shares, at cost; 37.1 (2026) and 33.7 (2025)

(6,104

)

(4,906

)

Retained earnings

17,777

16,565

Total shareholders' equity

14,252

15,461

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

62,052

62,514

EVEREST GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

(In millions of U.S. dollars)

2026

2025

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

1,445

1,145

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

Decrease (increase) in premiums receivable

(158

)

(417

)

Decrease (increase) in funds held by reinsureds, net

(62

)

(43

)

Decrease (increase) in reinsurance recoverables

(284

)

(266

)

Decrease (increase) in income taxes

(106

)

Decrease (increase) in prepaid reinsurance premiums

(255

)

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

1,251

3,086

Increase (decrease) in unearned premiums

(812

)

(48

)

Increase (decrease) in amounts due to reinsurers

425

213

Increase (decrease) in losses in course of payment

(23

)

Change in equity adjustments in limited partnerships

(424

)

(242

)

Distribution of limited partnership income

176

128

Change in other assets and liabilities, net

302

(204

)

Non-cash compensation expense

Amortization of bond premium (accrual of bond discount)

(98

)

(122

)

Net (gains) losses on investments

Net cash provided by (used in) operating activities

1,606

3,466

CASH FLOWS FROM INVESTING ACTIVITIES:

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

3,201

3,376

Proceeds from fixed maturities sold - available for sale

1,485

933

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

156

Proceeds from fixed maturities sold - held to maturity

—

Proceeds from equity securities sold

Distributions from other invested assets

202

266

Cost of fixed maturities acquired - available for sale

(4,948

)

(8,021

)

Cost of fixed maturities acquired - held to maturity

(84

)

Cost of equity securities acquired

)

Cost of other invested assets acquired

(325

)

(406

)

Net change in short-term investments

(47

)

945

Net change in unsettled securities transactions

(66

)

Net cash provided by (used in) investing activities

(369

)

(2,759

)

CASH FLOWS FROM FINANCING ACTIVITIES:

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

(18

)

(19

)

Purchase of net treasury shares

(1,198

)

(400

)

Dividends paid to shareholders

(233

)

(253

)

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

(24

)

(20

)

Net cash provided by (used in) financing activities

(1,474

)

(693

)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(24

)

Net change in cash including balances classified as held-for-sale

(190

)

(10

)

Net change in cash balances classified as held-for-sale

(141

)

—

Cash, beginning of period

1,318

1,549

Cash, end of period

987

1,539

SUPPLEMENTAL CASH FLOW INFORMATION:

Income taxes paid (recovered)

342

Interest paid

106

NON-CASH TRANSACTIONS:

Non-cash limited partnership distribution

—

Non-cash restructure of equity securities and other invested assets

—

Non-cash restructure of fixed maturity securities - available for sale and equity securities

—