STOCK TITAN
  1. Home
  2. Sec-filings
  3. EG
  4. [8-K] EVEREST GROUP, LTD. Reports Material Event

Everest Group (NYSE: EG) Q1 2026 profit jumps as underwriting margins improve

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Everest Group, Ltd. reported a much stronger first quarter 2026, with net income of $653 million, or $16.21 per diluted share, up from $210 million, or $4.90 a year earlier. Net operating income was $648 million, or $16.08 per diluted share.

Group gross written premium was $3.6 billion, down 18.0% year over year, but underwriting improved sharply: the consolidated combined ratio fell to 91.2% from 102.7%, driven by lower catastrophe losses and favorable prior-year reserve development.

Reinsurance Treaty achieved a combined ratio of 87.2% and underwriting income of $315 million, while Global Wholesale & Specialty posted a 96.8% combined ratio and $23 million of underwriting income. The Legacy segment recorded an underwriting loss of $22 million.

Net investment income rose to $567 million from $491 million. Book value per share increased to $383.75, or $393.02 excluding unrealized losses on fixed maturities. Everest repurchased $331 million of common shares, totaling 1,002,516 shares at an average price of $330.01, and paid common share dividends of $2.00 per share in the quarter.

Positive

  • Strong earnings growth and profitability: Net income rose to $653 million from $210 million, with operating ROE improving to 16.7% annualized and the group combined ratio strengthening to 91.2% from 102.7%, indicating materially better underwriting and overall performance.
  • Capital return and book value growth: Book value per share increased to $383.75 (or $393.02 excluding unrealized fixed-maturity losses), while Everest repurchased $331 million of stock and paid $2.00 per common share in dividends during the quarter.

Negative

  • Reduced premium volume: Group gross written premium declined 18.0% year over year to $3.6 billion, including lower volumes in the Legacy segment and parts of the Reinsurance Treaty portfolio.
  • Legacy segment drag: The Legacy segment, which now includes the commercial retail insurance business, generated an underwriting loss of $22 million in the quarter, offsetting some of the strength in core segments.

Insights

Everest posted sharply higher earnings on better underwriting and lower catastrophe losses.

Everest Group grew Q1 2026 net income to $653 million from $210 million, with net operating income of $648 million. Group combined ratio improved to 91.2% from 102.7%, reflecting stronger underwriting profitability.

Reinsurance Treaty was the main contributor, with an 87.2% combined ratio, $315 million underwriting income, and catastrophe losses of $90 million versus $447 million in Q1 2025. Global Wholesale & Specialty remained profitable but with a higher 96.8% combined ratio.

Book value per share rose to $383.75, or $393.02 excluding unrealized fixed-maturity losses, while the company returned capital via $331 million of share repurchases and $2.00 per-share dividends. Operating ROE reached 16.7% annualized, compared with 7.5% a year earlier.

Item 0.1 Item 0.1
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $653 million Q1 2026 vs $210 million in Q1 2025
Net operating income $648 million Q1 2026; $16.08 per diluted share
Group gross written premium $3.6 billion Q1 2026; down 18.0% year over year
Combined ratio 91.2% Everest Group Q1 2026 vs 102.7% in Q1 2025
Net investment income $567 million Q1 2026 vs $491 million in prior-year quarter
Book value per share $383.75 As of March 31, 2026; $393.02 excluding URA(D)
Share repurchases $331 million Q1 2026; 1,002,516 shares at $330.01 average price
Operating cash flow $649 million Q1 2026 vs $928 million in Q1 2025
combined ratio financial
"Combined ratios of 91.2% for the Group, 87.2% for Reinsurance Treaty and 96.8% for Global Wholesale & Specialty"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
attritional combined ratio financial
"Attritional combined ratios of 88.5% for the Group, 85.0% for Reinsurance Treaty, and 92.6% for Global Wholesale & Specialty"
The attritional combined ratio measures an insurer’s core underwriting performance by showing claims and operating costs as a percentage of earned premiums, but with large one-off disaster losses and reserve adjustments removed. It tells investors how profitable the insurer’s everyday business is — like judging a store’s usual sales margin after ignoring rare shoplifting or flood damage — and helps assess pricing strength and underwriting discipline.
net operating income financial
"Net operating income of $648 million, equal to $16.08 per diluted share"
Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.
book value per common share outstanding excluding URA(D) financial
"Book value per common share outstanding excluding URA(D) (3) | | | 393.02"
net operating income return on equity financial
"After-tax net operating income (loss) return on average equity (annualized) (2) | 16.7%"
pre-tax catastrophe losses financial
"Pre-tax catastrophe losses were $90 million net of estimated recoveries and reinstatement premiums"
Net income $653 million vs $210 million in Q1 2025
Net operating income $648 million vs $276 million in Q1 2025
Diluted EPS (net income) $16.21 vs $4.90 in Q1 2025
Combined ratio (Group) 91.2% vs 102.7% in Q1 2025
Gross written premium (Group) $3.6 billion -18.0% year over year
Understanding 8-K Material Events →
FALSE000109507300010950732026-04-292026-04-29


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

FORM 8-K

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

Date of Report (Date of earliest event reported)
April 29, 2026


Everest Group, Ltd.

(Exact name of registrant as specified in its charter)

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

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


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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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


ITEM 2.02    DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 29, 2026, Everest Group, Ltd. (the "Registrant") issued a news release announcing its first quarter 2026 results. A copy of that news release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
In accordance with general instruction B.2 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS
(c)
Exhibits
Exhibit No.Description
99.1
News Release of the Registrant, dated April 29, 2026


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EVEREST GROUP, LTD.
By:/s/ ROBERT J. FREILING
Robert J. Freiling
Senior Vice President and
Chief Accounting Officer
Dated: April 29, 2026


EXHIBIT INDEX
Exhibit
Number
Description of Document
Page No.
99.1
News Release of Registrant, dated April 29, 2026
5
104
Cover Page Interactive Data File (embedded
within the Inline XBRL document


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

Everest Reports First Quarter 2026 Results
Annualized 16.8% Net Income ROE and 16.7% Net Operating Income ROE
$316 million of Underwriting Income and Combined Ratio of 91.2%
Repurchased $331 million of Common Shares During the Quarter
HAMILTON, Bermuda – (BUSINESS WIRE) – April 29, 2026 – Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, today reported its first quarter 2026 results.

First Quarter 2026 Highlights
•Net income of $653 million, equal to $16.21 per diluted share versus first quarter 2025 net income of $210 million, equal to $4.90 per diluted share
•Net operating income of $648 million, equal to $16.08 per diluted share versus first quarter 2025 net operating income of $276 million, equal to $6.45 per diluted share
•Total Shareholder Return of 16.1% annualized1; Annualized 16.8% Net Income ROE and 16.7% Net Operating Income ROE
•$3.6 billion in gross written premium, a year-over-year decrease of 18.5% for the Group, a decrease of 8.5% for Reinsurance Treaty, and an increase of 1.6% for Global Wholesale & Specialty on a comparable basis; a decrease of 6.4% when excluding Legacy segment
•Combined ratios of 91.2% for the Group, 87.2% for Reinsurance Treaty and 96.8% for Global Wholesale & Specialty
•Attritional combined ratios of 88.5% for the Group, 85.0% for Reinsurance Treaty, and 92.6% for Global Wholesale & Specialty
•Net favorable development of approximately $33 million in prior year loss reserves, resulting in a 0.9-point decrease on the combined ratio for the Group, driven by short tail lines.
•Pre-tax underwriting income (loss) of $316 million for the Group, $315 million for Reinsurance Treaty, $23 million for Global Wholesale & Specialty, and ($22) million for Legacy
•$130 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums for the Group versus $472 million in Q1 2025. Reinstatement premiums were $0 in Q1 2026 and $62 million in the prior year first quarter.
•Net investment income increased to $567 million versus $491 million in the prior year quarter, driven by strong alternative investment returns.
•Operating cashflow for the quarter of $649 million versus $928 million in Q1 2025
(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.

1

“Everest delivered a strong start to the year as the strategy we implemented to improve our return profile and capital efficiency is becoming evident in our results. Solid contributions from underwriting and investment income drove an annualized operating ROE of 16.7% and supported accelerated share repurchases,” said Jim Williamson, Everest President and CEO. “Our new structure provides greater clarity on the earnings power across Everest. The Reinsurance Treaty team continues to operate with a relentless focus on bottom-line results, with strong and disciplined execution of the January and April first renewals. Our Global Wholesale & Specialty team continues to tactically improve the quality of the portfolio and expand in markets where we have durable competitive advantages, which we believe positions the business for increased profitability. As we look forward through 2026, we are focused on executing against our strategy, centered around underwriting discipline and accelerating capital return.”

Summary of First Quarter 2026 Net Income and Other Items
•Net income of $653 million, equal to $16.21 per diluted share, versus first quarter 2025 net income of $210 million, equal to $4.90 per diluted share
•Net operating income of $648 million, equal to $16.08 per diluted share, versus first quarter 2025 net operating income of $276 million, equal to $6.45 per diluted share
•Everest recognized a net pre-tax expense of $81.0 million included in other income (expense) primarily associated with the sale of the renewal rights to the Commercial Retail Insurance business in certain geographic regions to AIG.
•Operating income tax rate of 11.7% versus first quarter 2025 operating income tax rate of 16.1%. The operating income tax rate in the first quarter 2026 benefited the takedown of an accrual of UK Pillar II tax due to the UK updating its tax laws in 1Q to conform with the most recent OECD guidance.

2

The following table summarizes the Company’s Net Income and related financial metrics.
Net income and operating incomeQ1Year to DateQ1Year to Date
All values in USD millions except for per share amounts and percentages2026202620252025
Everest Group
Net income (loss) 653653210210
Net operating income (loss) (2)
648648276276
Net income (loss) per diluted common share16.2116.214.904.90
Net operating income (loss) per diluted common share (2)
16.0816.086.456.45
Net income (loss) return on average equity (annualized)16.8%16.8%5.7%5.7%
After-tax net operating income (loss) return on average equity (annualized) (2)
16.7%16.7%7.5%7.5%
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
Shareholders' Equity and Book Value per ShareQ1Year to DateQ1Year to Date
All values in USD millions except for per share amounts and percentages2026202620252025
Beginning shareholders' equity15,46115,46113,87513,875
Net income (loss)653653210210
Change - URA(D) of fixed maturity, available for sale securities(374)(374)289289
Dividends to shareholders(80)(80)(85)(85)
Purchase of treasury shares(331)(331)(200)(200)
Other(38)(38)5151
Ending shareholders' equity15,29115,29114,14014,140
Common shares outstanding39.842.5
Book value per common share outstanding383.75332.39
Less: URA(D) of fixed maturity, available for sale securities(9.27)(13.18)
Book value per common share outstanding excluding URA(D) (3)
393.02345.57
Change in BVPS adjusted for dividends1.6%3.5%
Total Shareholder Return ("TSR") - Annualized16.1%5.6%
Common share dividends paid - last 12 months8.008.00
Notes
(3) Denotes non-GAAP financial measure. A reconciliation to book value per share, the most comparable GAAP measure, is included in the table above. See "Comments on Non-GAAP Financial Measures" for additional information.


3

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, with selected commentary on results by segment.
Underwriting information - Everest GroupQ1Year to DateQ1Year to DateYear on Year Change
All values in USD millions except for percentages2026202620252025Q1Year to Date
Gross written premium3,6023,6024,3914,391(18.0)%(18.0)%
Net written premium3,1863,1863,7353,735(14.7)%(14.7)%
Loss Ratio:
Current year59.3%59.3%61.3%61.3%(2.0) pts(2.0) pts
Prior year(0.9)%(0.9)%—%—%(0.9) pts(0.9) pts
Catastrophe3.6%3.6%13.9%13.9%(10.3) pts(10.3) pts
Total Loss ratio62.0%62.0%75.1%75.1%(13.1) pts(13.1) pts
Commission and brokerage ratio23.1%23.1%21.4%21.4%1.7 pts1.7 pts
Other underwriting expenses6.0%6.0%6.2%6.2%(0.1) pts(0.1) pts
Combined ratio91.2%91.2%102.7%102.7%(11.6) pts(11.6) pts
Attritional combined ratio (4)
88.5%88.5%90.2%90.2%(1.7) pts(1.7) pts
Pre-tax net catastrophe losses (5)
130130472472
Pre-tax net unfavorable (favorable) prior year reserve development(33)(33)——
Notes
(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, and COVID-19 losses. Attritional combined ratio is a non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.


4

Reinsurance Treaty Segment – Quarterly Highlights
•Gross written premiums decreased 8.5% versus the prior year quarter on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, to approximately $2.7 billion.
•Growth was primarily led by a 9.4% increase in Property Catastrophe XOL and a 1.0% increase in Property Pro-Rata, partially offset by decreases of 25.0% in Property Non-Catastrophe XOL, 23.9% in Casualty Pro-Rata, and 13.3% in Casualty XOL, when adjusting for reinstatement premiums.
•Attritional loss ratio improved 270 basis points over first quarter 2025 to 56.7%, while the attritional combined ratio improved 210 basis points to 85.0% versus a year ago. The Washington, D.C. aviation losses, net of recoveries and reinstatement premiums, contributed 2.7 points to the first quarter 2025 attritional loss ratio and 2.5 points to the attritional combined ratio.4
•Net favorable prior year development was $33 million, driven by well-seasoned property reserves
•Pre-tax catastrophe losses were $90 million net of estimated recoveries and reinstatement premiums, driven primarily by losses associated with the Iran War and a number of mid-sized events globally. Pre-tax catastrophe losses were $447 million net of estimated recoveries and reinstatement premiums in the prior-year quarter, driven primarily by the California Wildfires.
Underwriting information - Reinsurance Treaty segmentQ1Year to DateQ1Year to DateYear on Year Change
All values in USD millions except for percentages2026202620252025Q1Year to Date
Gross written premium2,6742,6742,9352,935(8.9)%(8.9)%
Net written premium2,4052,4052,5282,528(4.9)%(4.9)%
Loss Ratio:
Current year56.7%56.7%58.0%58.0%(1.3) pts(1.3) pts
Prior year(1.4)%(1.4)%—%—%(1.4) pts(1.4) pts
Catastrophe3.7%3.7%19.7%19.7%(16.0) pts(16.0) pts
Total Loss ratio59.0%59.0%77.7%77.7%(18.7) pts(18.7) pts
Commission and brokerage ratio25.7%25.7%24.7%24.7%1.0 pts1.0 pts
Other underwriting expenses2.5%2.5%2.3%2.3%0.2 pts0.2 pts
Combined ratio87.2%87.2%104.7%104.7%(17.5) pts(17.5) pts
Attritional combined ratio (4)
85.0%85.0%87.1%87.1%(2.1) pts(2.1) pts
Pre-tax net catastrophe losses (5)
9090447447
Pre-tax net prior year reserve development(33)(33)——
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, and COVID-19 losses. Attritional combined ratio is a non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

5

Global Wholesale & Specialty Segment – Quarterly Highlights
•Gross written premiums increased 1.6% on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, to approximately $793 million as we continued to improve the mix and quality of the portfolio.
•Growth was led by increases of 32.9% in Other Specialty and 23.8% in Accident and Health. Growth was partially offset by decreases of 26.7% in Workers' Compensation, 9.3% in Property / Short Tail, and 6.1% in Specialty Casualty.
•Attritional loss ratio improved 380 basis points over first quarter 2025 to 58.9%, while the attritional combined ratio increased 10 basis points to 92.6% versus a year ago.4
•Total expense ratio increased 390 basis points to 33.8% due to mix and reduced casualty earned premium.
•Pre-tax catastrophe losses were $30 million, net of estimated recoveries and reinstatement premiums, an increase versus the prior year quarter.
Underwriting information - Global Wholesale & Specialty segmentQ1Year to DateQ1Year to DateYear on Year Change
All values in USD millions except for percentages2026202620252025Q1Year to Date
Gross written premium7937937707702.9%2.9%
Net written premium6926926556555.6%5.6%
Loss Ratio:
Current year58.9%58.9%63.0%63.0%(4.1) pts(4.1) pts
Prior year—%—%(0.3)%(0.3)%0.3 pts0.3 pts
Catastrophe4.2%4.2%3.1%3.1%1.1 pts1.1 pts
Total Loss ratio63.0%63.0%65.8%65.8%(2.8) pts(2.8) pts
Commission and brokerage ratio21.2%21.2%19.6%19.6%1.6 pts1.6 pts
Other underwriting expenses12.6%12.6%10.3%10.3%2.3 pts2.3 pts
Combined ratio96.8%96.8%95.7%95.7%1.1 pts1.1 pts
Attritional combined ratio (4)
92.6%92.6%92.5%92.5%0.1 pts0.1 pts
Pre-tax net catastrophe losses (5)
30302323
Pre-tax net prior year reserve development——(2)(2)
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, and COVID-19 losses. Attritional combined ratio is a non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.


6

Legacy Segment
•Our Legacy segment now encompasses our commercial retail insurance business following the announcement of the commercial retail insurance renewal rights transaction.
•Gross written premiums reflect a limited number of renewed and new policies written on the Company's paper related to the commercial retail insurance business and by the purchaser of the sports and leisure business, for a finite period post-closing.
•Net premiums earned in the quarter were largely driven by the commercial retail insurance business, which we expect to diminish to a small amount by year-end.
Underwriting information - Legacy segmentQ1Year to DateQ1Year to Date
All values in USD millions except for percentages2026202620252025
Gross written premium135 135 686 686 
Net written premium89 89 552 552 
Net premiums earned399 399 540 540 
Incurred losses and LAE
Current year306 306 402 402 
Prior year— — 2 2 
Catastrophes10 10 3 3 
Total incurred losses and LAE316 316 407 407 
Commission, brokerage, taxes and fees41 41 44 44 
Other underwriting expenses65 65 103 103 
Underwriting income (loss) (2)
(22)(22)(14)(14)
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
7

Investments and Shareholders’ Equity as of March 31, 2026
•Total invested assets and cash of $45.0 billion versus $45.4 billion on December 31, 2025
•Shareholders’ equity of $15.3 billion vs. $15.5 billion on December 31, 2025, including $369 million of unrealized net losses on fixed maturity, available for sale securities
•Shareholders’ equity excluding unrealized gains (losses) on fixed maturity, available for sale securities of $15.7 billion versus $15.5 billion on December 31, 2025
•Book value per share of $383.75 versus $379.83 at December 31, 2025
•Book value per share excluding unrealized gains (losses) on fixed maturity, available for sale securities of $393.02 versus $379.70 at December 31, 2025
•Common share repurchases of $331 million during the quarter, representing 1,002,516 shares at an average price of $330.01.
•Dividends of $2.00 per common share declared and paid in the quarter equaling $80.0 million

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. Forward-looking statements reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. Forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, 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 and legal uncertainties, expenses related to divestitures and other factors described in our SEC filings, including but not limited to our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest
Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on Thursday April 30, 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
8

“Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.
_______________________________________________
Comments on Non-GAAP Financial Measures
In this Press Release, the Company has included certain non-GAAP financial measures, including after-tax net operating income (loss), after-tax net operating income (loss) per diluted share, attritional combined ratio, gross written premiums presented on a comparable basis, net operating income return on equity ("ROE"), underwriting income, and book value per common share outstanding excluding net unrealized appreciation (depreciation) on fixed maturity, available for sale securities ("URA(D)"). The Company presents these non-GAAP financial measures to facilitate a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. The Company believes that such measures are important to investors and other interested persons, and that these measures are a useful supplement to GAAP information concerning the Company’s performance. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company’s financial measures prepared in accordance with generally accepted accounting principles ("GAAP").
A reconciliation of the non-GAAP financial measures to the most comparable corresponding GAAP financial measures is included below.
After-tax net operating income (loss) and after-tax net operating income (loss) per diluted share
After-tax net operating income (loss) (also referred to in this release as net operating income) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense), as shown below:
(Dollars in millions, except per share amounts)Three Months Ended March 31,Three Months Ended March 31,
2026202520262025
(unaudited)(unaudited)
AmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted Share
After-tax net operating income (loss)$648 $16.08 $276 $6.45 $648 $16.08 $276 $6.45 
After-tax net gains (losses) on investments(6)(0.16)(6)(0.14)(6)(0.16)(6)(0.14)
After-tax net foreign exchange income (expense)12 0.29 (60)(1.41)12 0.29 (60)(1.41)
Net income (loss)$653 $16.21 $210 $4.90 $653 $16.21 $210 $4.90 
(Some amounts may not reconcile due to rounding.)
Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period are not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success
9

or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax net operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax net operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.
Attritional Loss Ratio and Attritional Combined Ratio
The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses, commission and brokerage expenses, and other underwriting expenses, divided by net premiums earned. The attritional loss ratio and attritional combined ratio are defined as the loss ratio and the combined ratio, respectively, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, prior year development, and COVID-19 losses. The Company believes the attritional ratios are useful to management and investors because the adjusted ratios provide for better comparability and more accurately measure the Company’s underlying underwriting performance. The following tables are a reconciliation of the loss ratio and attritional loss ratio, and the combined ratio and attritional combined ratio for the periods noted:
Three Months Ended March 31,
20262025
(unaudited)
Reinsurance TreatyGlobal Wholesale & SpecialtyGroupReinsurance TreatyGlobal Wholesale & SpecialtyGroup
Loss ratio59.0 %63.0 %62.0 %77.7 %65.8 %75.1 %
Adjustment for catastrophe losses(3.7)%(4.2)%(3.6)%(19.7)%(3.1)%(13.9)%
Adjustment for reinstatement premiums— %— %— %1.4 %— %1.0 %
Adjustment for prior year development (6)
1.4 %— %0.9 %— %0.3 %— %
Adjustment for other items0.1 %— %0.1 %— %(0.2)%— %
Attritional loss ratio56.7 %58.9 %59.4 %59.4 %62.7 %62.2 %
(Some amounts may not reconcile due to rounding.)
Three Months Ended March 31,
20262025
(unaudited)
Reinsurance TreatyGlobal Wholesale & SpecialtyGroupReinsurance TreatyGlobal Wholesale & SpecialtyGroup
Combined ratio87.2 %96.8 %91.2 %104.7 %95.7 %102.7 %
Adjustment for catastrophe losses(3.7)%(4.2)%(3.6)%(19.7)%(3.1)%(13.9)%
Adjustment for reinstatement premiums— %— %— %2.1 %— %1.5 %
Adjustment for prior year development (6)
1.4 %— %0.9 %— %0.3 %— %
Adjustment for other items0.1 %— %0.1 %— %(0.4)%(0.1)%
Attritional combined ratio85.0 %92.6 %88.5 %87.1 %92.5 %90.2 %
Adjustment for profit commission— %— %— %— %— %— %
Attritional combined ratio excluding profit commission85.0 %92.6 %88.5 %87.1 %92.5 %90.2 %
(Some amounts may not reconcile due to rounding.)
10

Gross Written Premium on a Comparable Basis
The Company has included in this Press Release certain changes in gross written premium on a comparable basis, reflecting constant currency basis and excluding reinstatement premiums. Constant currency basis excludes the impact of foreign exchange rates. The Company provides change in gross written premium on a comparable basis to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance. The following tables are a reconciliation of gross written premium and period-over-period changes on a GAAP basis to the non-GAAP comparable basis for the periods noted:
(Dollars in millions)Quarter-to-Date
March 31, 2026March 31, 2025Change
(unaudited)
Gross Written PremiumGross Written Premium% Impact
Group$3,602 $4,391 (18.0)%
Adjustment for gross CAT reinstatement premiums— (95)1.8 %
Adjustment for foreign exchange effect— 124 (2.4)%
Group (comparable basis)$3,602 $4,421 (18.5)%
Reinsurance Treaty$2,674 $2,935 (8.9)%
Adjustment for gross CAT reinstatement premiums— (95)3.0 %
Adjustment for foreign exchange effect— 83 (2.7)%
Reinsurance Treaty (comparable basis)$2,674 $2,923 (8.5)%
Global Wholesale & Specialty$793 $770 2.9 %
Adjustment for gross CAT reinstatement premiums— — — %
Adjustment for foreign exchange effect— 10 (1.3)%
Global Wholesale & Specialty (comparable basis)$793 $780 1.6 %
Legacy$135 $686 (80.3)%
Adjustment for gross CAT reinstatement premiums— — — %
Adjustment for foreign exchange effect— 31 (0.9)%
Legacy (comparable basis)$135 $718 (81.1)%
(Some amounts may not reconcile due to rounding.)
11

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

Quarter-to-DateYear-to-Date
(Dollars in millions)March 31,March 31,March 31,March 31,
2026202520262025
(unaudited)(unaudited)
Beginning of period shareholders' equity$15,461 $13,875 $15,461 $13,875 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities(5)849 (5)849 
Adjusted beginning of period shareholders' equity$15,455 $14,724 $15,455 $14,724 
End of period shareholders' equity$15,291 $14,140 $15,291 $14,140 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities369 561 369 561 
Adjusted end of period shareholders' equity$15,660 $14,700 $15,660 $14,700 
Average adjusted shareholders' equity$15,558 $14,712 $15,558 $14,712 
After-tax net operating income (loss)$648 $276 $648 $276 
After-tax net gains (losses) on investments(6)(6)(6)(6)
After-tax foreign exchange income (expense)12 (60)12 (60)
Net income (loss)$653 $210 $653 $210 
Return on equity (annualized)
After-tax net operating income (loss)16.7 %7.5 %16.7 %7.5 %
After-tax net gains (losses) on investments(0.2)%(0.2)%(0.2)%(0.2)%
After-tax foreign exchange income (expense)0.3 %(1.6)%0.3 %(1.6)%
Net income (loss)16.8 %5.7 %16.8 %5.7 %
(Some amounts may not reconcile due to rounding.)
12

Underwriting Income
Underwriting income is calculated as net premiums earned, less (1) incurred losses and loss adjustment expenses, (2) commission, brokerage, taxes and fees, and (3) other underwriting expenses. Net income (loss) is the most comparable GAAP measure. The Company believes underwriting income is a useful measure for management and investors when assessing the performance of the Company's reinsurance and insurance business segments. A reconciliation of Underwriting Income and Net Income is shown below.
Quarter-to-Date
(Dollars in millions)March 31, 2026March 31, 2025
(unaudited)
Reinsurance TreatyGlobal Wholesale & SpecialtyLegacyConsolidated GroupReinsurance TreatyGlobal Wholesale & SpecialtyLegacyConsolidated Group
Net premiums earned$2,456 $719 $399 $3,574 $2,579 $732 $540 $3,852 
Less: Incurred losses and LAE1,448 453 316 2,217 2,005 482 407 2,893 
Less: Commission, brokerage, taxes and fees632 152 41 825 637 143 44 824 
Less: Other underwriting expenses61 90 65 216 60 76 103 238 
Underwriting income (loss)$315 $23 $(22)$316 $(122)$32 $(14)$(104)
Net investment income567 491 
Net gains (losses) on investments(10)(7)
Corporate expenses(38)(21)
Interest, fee and bond issue cost amortization expense(36)(38)
Other income (expense)(63)(73)
Income tax benefit (expense)(83)(39)
Net income (loss)$653 $210 
(Some amounts may not reconcile due to rounding.)
Book value per common share outstanding excluding URA(D)
Book value per common share outstanding excluding net unrealized appreciation (depreciation) of fixed maturity, available for sale securities ("URA(D)") is calculated as reported shareholders' equity less URA(D), divided by common shares outstanding. Book value per share is the most comparable GAAP measure. The Company believes this metric is useful to management and investors as it shows the value of shareholder returns on a per share basis after eliminating the variability of investments held at fair value. Please see the table on page 3 for a reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share.
Annualized Total Shareholder Return
Annualized TSR ("TSR") is calculated as year-to-date growth in book value per common share outstanding (excluding URA(D)) plus year-to-date dividends per share. As further discussed above, book value per common share outstanding (excluding URA(D)) is a non-GAAP measure. Please see the table on page 3 for a reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share.
--Financial Details Follow--
13

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
Three Months Ended
March 31,
(In millions of U.S. dollars, except per share amounts)20262025
(unaudited)
REVENUES:
Premiums earned$3,574$3,852
Net investment income567491
Net gains (losses) on investments(10)(7)
Other income (expense)(63)(73)
Total revenues4,0684,263
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses2,2172,893
Commission, brokerage, taxes and fees825824
Other underwriting expenses216238
Corporate expenses3821
Interest, fees and bond issue cost amortization expense3638
Total claims and expenses3,3324,015
INCOME (LOSS) BEFORE TAXES736248
Income tax expense (benefit)8339
NET INCOME (LOSS)$653$210
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period(375)284
Reclassification adjustment for realized losses (gains) included in net income (loss)14
Total URA(D) of securities arising during the period(374)289
Foreign currency translation and other adjustments(35)64
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)——
Total benefit plan net gain (loss) for the period——
Total other comprehensive income (loss), net of tax(410)352
COMPREHENSIVE INCOME (LOSS)$243$562
EARNINGS PER COMMON SHARE:
Basic$16.21$4.90
Diluted16.214.90
14

EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS

March 31,December 31,
(In millions of U.S. dollars, except par value per share)20262025
(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value
(amortized cost: 2026, $35,137; 2025, $34,620, credit allowances: 2026, $(53); 2025, $(68))$34,651$34,573
Fixed maturities - held to maturity, at amortized cost
(fair value: 2026, $601; 2025, $576, net of credit allowances: 2026, $(8); 2025, $(6))596567
Equity securities, at fair value177180
Other invested assets5,9575,796
Short-term investments 2,2232,994
Cash1,4151,318
Total investments and cash45,02045,429
Accrued investment income389436
Premiums receivable (net of credit allowances: 2026, $(94); 2025, $(94))5,5795,727
Reinsurance loss recoverables (net of credit allowances: 2026, $(60); 2025, $(57))5,1195,110
Funds held by reinsureds1,3951,326
Deferred acquisition costs1,5401,546
Prepaid reinsurance premiums511653
Income tax asset, net933915
Other assets (net of credit allowances: 2026, $(17); 2025, $(17))1,8561,372
TOTAL ASSETS$62,342$62,514
LIABILITIES:
Reserve for losses and loss adjustment expenses34,64934,312
Unearned premium reserve6,6977,275
Funds held under reinsurance treaties272267
Amounts due to reinsurers624642
Losses in course of payment141151
Senior notes2,3522,352
Long-term notes218218
Borrowings from FHLB1,0191,019
Accrued interest on debt and borrowings4221
Unsettled securities payable217—
Other liabilities819797
Total liabilities47,05147,054
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 11
Additional paid-in capital3,8493,852
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(111) at 2026 and $(23) at 2025(462)(52)
Treasury shares, at cost; 34.7 shares (2026) and 33.7 shares (2025)(5,236)(4,906)
Retained earnings17,13916,565
Total shareholders' equity 15,29115,461
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$62,342$62,514
15

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
(In millions of U.S. dollars)20262025
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$653$210
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable92(155)
Decrease (increase) in funds held by reinsureds, net(65)(35)
Decrease (increase) in reinsurance recoverables(151)(248)
Decrease (increase) in income taxes6635
Decrease (increase) in prepaid reinsurance premiums10571
Increase (decrease) in reserve for losses and loss adjustment expenses5531,343
Increase (decrease) in unearned premiums(519)(152)
Increase (decrease) in amounts due to reinsurers2619
Increase (decrease) in losses in course of payment(10)29
Change in equity adjustments in limited partnerships(153)(47)
Distribution of limited partnership income3422
Change in other assets and liabilities, net18(131)
Non-cash compensation expense 186
Amortization of bond premium (accrual of bond discount)(29)(46)
Net (gains) losses on investments107
Net cash provided by (used in) operating activities649928
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale1,1511,085
Proceeds from fixed maturities sold - available for sale519127
Proceeds from fixed maturities matured/called/repaid - held to maturity2055
Proceeds from fixed maturities sold - held to maturity—10
Proceeds from equity securities sold—50
Distributions from other invested assets50132
Cost of fixed maturities acquired - available for sale(2,455)(3,650)
Cost of fixed maturities acquired - held to maturity(51)(2)
Cost of equity securities acquired——
Cost of other invested assets acquired(98)(103)
Net change in short-term investments7651,804
Net change in unsettled securities transactions10(77)
Net cash provided by (used in) investing activities(88)(569)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense(20)(19)
Purchase of treasury shares(330)(200)
Dividends paid to shareholders(80)(85)
Cost of shares withheld on settlements of share-based compensation awards(23)(19)
Net cash provided by (used in) financing activities(454)(324)
EFFECT OF EXCHANGE RATE CHANGES ON CASH28(18)
Net increase (decrease) in cash including balances classified as held-for-sale13417
Net increase (decrease) in cash balances classified as held-for-sale(38)—
Cash, beginning of period1,3181,549
Cash, end of period$1,415$1,567
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)$12$1
Interest paid 3516
NON-CASH TRANSACTIONS:
Non-cash limited partnership distribution$—$8
Non-cash restructure of fixed maturity securities - available for sale and other invested assets—34
Non-cash restructure of fixed maturity securities - available for sale and equity securities6—
16

Source: View Original Filing on SEC EDGAR

FAQ

How did Everest Group (EG) perform financially in Q1 2026?

Everest Group delivered significantly higher earnings in Q1 2026, with net income of $653 million, or $16.21 per diluted share, versus $210 million and $4.90 a year earlier. Net operating income reached $648 million, reflecting stronger underwriting and investment results.

What were Everest Group (EG)’s key underwriting metrics for Q1 2026?

Everest Group reported a consolidated combined ratio of 91.2%, improving from 102.7% in Q1 2025. The loss ratio fell to 62.0%, driven by lower catastrophe losses and favorable prior-year reserve development of about $33 million, while the attritional combined ratio was 88.5%.

How did catastrophe losses impact Everest Group (EG) in Q1 2026?

Pre-tax net catastrophe losses for Everest Group were $130 million in Q1 2026, down sharply from $472 million a year earlier. Reinsurance Treaty accounted for $90 million and Global Wholesale & Specialty for $30 million, helping improve overall profitability compared with 2025.

What capital returns did Everest Group (EG) provide shareholders in Q1 2026?

Everest Group repurchased $331 million of common shares, buying 1,002,516 shares at an average price of $330.01. It also paid $2.00 per common share in dividends, totaling $80 million, while book value per share rose to $383.75.

How did Everest Group’s (EG) investment income and ROE trend in Q1 2026?

Net investment income increased to $567 million from $491 million in Q1 2025, supported by strong alternative investment returns. Net income ROE reached 16.8% annualized, while net operating income ROE was 16.7%, both substantially higher than the prior year’s levels.

What were the main segment results for Everest Group (EG) in Q1 2026?

Reinsurance Treaty generated $315 million of underwriting income with an 87.2% combined ratio. Global Wholesale & Specialty produced $23 million of underwriting income and a 96.8% combined ratio. The Legacy segment posted an underwriting loss of $22 million.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents