Everest Reports Second Quarter 2026 Results

Annualized 14.2% Net Income ROE and 14.9% Net Operating Income ROE

Annualized Total Shareholder Return of 16.8%

$559 million of Net Income and Combined Ratio of 92.0%

$317 million of Underwriting Income and Combined Ratio of 90.0% from our Core Businesses*

Repurchased $395 million of Common Shares During the Quarter

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 second quarter 2026 results.

“Everest delivered a strong quarter driven by meaningful contributions from both underwriting income across our Core businesses and investments resulting in an annualized total shareholder return of 16.8%. The results this quarter show the strength of the franchise we have built and the benefits of our actions to strengthen underwriting performance as well as optimize the balance sheet.” said Jim Williamson, Everest President and CEO. “Our Reinsurance Treaty team delivered another excellent quarter. This was clear during the mid-year renewals, where the team’s world class execution resulted in meaningful outperformance on rate and terms versus the market. Our Global Wholesale & Specialty business continues to see the benefits from our strategy to expand the portfolio in specialty lines and targeted international markets while delivering margin expansion. As we look ahead, our focus is on profitably developing our Core businesses while effectively deploying capital, where share repurchases remain a top priority.”

Second Quarter 2026 Highlights

• Net income of $559 million, equal to $14.22 per diluted share versus second quarter 2025 net income of $680 million, equal to $16.10 per diluted share
• Net operating income of $585 million, equal to $14.85 per diluted share versus second quarter 2025 net operating income of $734 million, equal to $17.36 per diluted share
• Total Shareholder Return of 16.8% annualized¹; Annualized 14.2% Net Income ROE and 14.9% Net Operating Income ROE
• Book value per share of $398.83 at June 30, 2026 versus $379.83 at December 31, 2025
• Book value per share excluding unrealized gains (losses) on fixed maturity, available for sale securities of $407.67 at June 30, 2026 versus $379.70 at December 31, 2025
• Core businesses consist of our Reinsurance Treaty and Global Wholesale & Specialty segments
• $3.7 billion in gross written premium from Core businesses, a year-over-year decrease of 7.1%, which includes a 9.1% decrease for Reinsurance Treaty and a 1.0% decrease for Global Wholesale & Specialty on a comparable basis
• Combined ratio of 90.0% for Core businesses, which includes 88.5% for Reinsurance Treaty and 95.2% for Global Wholesale & Specialty
• Attritional combined ratios of 87.3% for Core businesses, which includes 85.4% for Reinsurance Treaty and 93.8% for Global Wholesale & Specialty
• Pre-tax underwriting income (loss) of $281 million for Group, $283 million for Reinsurance Treaty, $34 million for Global Wholesale & Specialty, and ($36) million for Legacy
• Net investment income of $523 million versus $532 million in the prior year quarter, driven by lower alternative investment returns.

Consolidated Financial Summary

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

Underwriting Results - Everest Group

Underwriting Results - Core Businesses²

Underwriting Results - Reinsurance Treaty Segment

• Gross written premiums decreased 9.1% versus the prior year quarter on a comparable basis (constant dollar basis and excluding reinstatement premiums)², to approximately $2.7 billion.
• Reduction in gross written premiums was primarily led by 25.0% decrease in Casualty XOL, 22.8% in Casualty Pro-Rata, 9.2% in Property Non-Catastrophe XOL, and 6.8% in Property Catastrophe XOL, when adjusting for reinstatement premiums partially offset by a 3.4% increase Property Pro-Rata.
• Attritional loss ratio increased 140 basis points over second quarter 2025 to 57.1%, while the attritional combined ratio increased 220 basis points to 85.4% versus a year ago.⁴
• Excluding the impact of elevated non-catastrophe weather losses, the attritional loss ratio would have been 54.4% and the attritional combined ratio would have been 82.7%.
• Pre-tax catastrophe losses were $75 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 benign in the prior-year quarter.

Underwriting Results - Global Wholesale & Specialty Segment

• Gross written premiums decreased 1.0% on a comparable basis (constant dollar basis and excluding reinstatement premiums)², to approximately $958 million as we continued to improve the mix and quality of the portfolio.
• Reduction in gross written premiums was led by 16.7% decrease in Workers' Compensation and 7.2% in Specialty Casualty almost completely offset by 10.1% increase in Other Specialty, 8.6% in Professional Liability, and 2.9% in Accident and Health.
• Attritional loss ratio improved 390 basis points over second quarter 2025 to 60.6%, while the attritional combined ratio improved 110 basis points to 93.8% versus a year ago.⁴
• Total expense ratio increased 270 basis points to 33.2% due to mix and lower earned premium.
• Pre-tax catastrophe losses were $10 million, net of estimated recoveries and reinstatement premiums, an increase versus the prior year quarter.

Underwriting Results - 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 are diminishing at an accelerated pace.

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 periodic 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 www.everestglobal.com.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on Thursday July 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 “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 loss ratio, 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 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 net gains (losses) on investments and after-tax net foreign exchange income (expense), as shown below:

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period are not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax net operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax net operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

Attritional Loss Ratio and Attritional Combined Ratio

The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses, commission and brokerage expenses, and other underwriting expenses, divided by net premiums earned. The attritional loss ratio and attritional combined ratio are defined as the loss ratio and the combined ratio, respectively, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, 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.

Media: Dawn Lauer
Chief Communications Officer
908.300.7670

Investors: Matt Rohrmann
Head of Investor Relations
908.604.7343