EX-99.1 2 earningsrelease-exx991q320.htm EX-99.1 Document

資訊發佈
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Everest Group有限公司。
Seon place, 141 Front Street, 4th 百慕大Hamilton Hm 19, Seon Place, 141 Front Street，4樓。
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珠穆朗瑪峯報告2024年第三季度業績
淨利潤爲50900萬美元，淨營業收入爲63000萬美元
股東總回報率1 爲 19.4%
年化YTD 17.8%淨利潤roe和18.7%淨營運收入roe
百慕達漢密爾頓-（紐交所新聞）- 2024年10月30日- 全球領先的承保集團Everest Group, Ltd.（紐交所股票代碼：EG），今天公佈了其2024年第三季度業績報告，爲客戶提供最佳的財產、意外傷害和特殊再保險以及保險解決方案。

2024年第三季度業績亮點
•年化股東總回報率爲19.4%; 今年迄今爲止的年化收益率爲17.8%淨利潤roe和18.7%淨營業收入roe
•淨利潤爲50900萬美元；受逐步改善的核保利潤率和穩健的淨投資收益推動，淨營業收入爲63000萬美元
•保單總保費達44億美元，集團同比增長0.6%，再保險增長1.7%，保險在可比基礎上下降2.1%；兩個領域的財產和特殊險種均實現強勁的兩位數增長，部分受到某些責任險種減少的抵消
•集團的綜合賠付比爲93.1%，再保險爲91.8%，保險爲97.1%
•集團的綜合手續費率爲85.8％，再保險爲83.5％，保險爲92.6％
•集團的稅前承保收入爲27200萬美元，再保險爲24500萬美元，保險爲2700萬美元
•稅前災難損失淨額爲27900萬美元，減去恢復和重置保費，相比2023年第三季度的17000萬美元
•淨投資收入從去年第三季度的40600萬美元提升至49600萬美元，這是由於資產基礎增加以及強勁的核心固收投資回報所推動
•本季度運營現金流強勁，達17億美元，2023年第三季度爲14億美元。


(1) 表示年化數字；代表總股東回報或"TSR"。 年化TSR的計算方法是截至今年來固定到期可供出售證券上的每普通股的賬面價值增長，以及年初截至今日每股的分紅派息。

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艾威斯特交出了又一個成功的季度，強勁的營運收入得益於堅實的核保業績和健康的投資收益。這些成績反映了我們的核保紀律和謹慎的風險管理，使公司能夠在行業再次遭遇高於平均水平的災難年度的情況下取得領先回報。根據艾威斯特總裁兼首席執行官胡安·C·安德拉德(Juan C. Andrade)的說法，「我們正在提供年化總股東回報率和約19%的營運股本回報率。」「作爲領先的再保險市場，我們在吸引力強的業務領域實現了增長，預期回報最高。我們正在利用我們的特許價值，在持續有利的物業市場條件下，迎接截至1月1日續保日的市場條件。」 此外，我們繼續通過在更有吸引力的物業和專業線業務中實現強勁的兩位數增長來塑造我們的全球主要保險組合，同時在北美某些事故險線上保持謹慎。 隨着我們進入年底階段，我們繼續專注於執行我們的策略。


2024年第三季度淨利潤及其他項目摘要
•50900萬美元的淨利潤，相當於每股稀釋後11.80美元，而2023年第三季度淨利潤爲67800萬美元，相當於每股稀釋後15.63美元
•63000萬美元的淨營業收入，每股稀釋股份爲14.62美元，相比2023年第三季度的61300萬美元的淨營業收入，每股稀釋股份爲14.14美元
•GAAP綜合賠付比爲93.1%，包括7.9個百分點的災難損失，較2023年第三季度的91.4%高，包括5.0個百分點的災難損失； 在行業板塊再次遭遇高於平均水平的災難年背景下，天安繼續成功管理波動性。

颶風密爾頓
•2024年第四季度，預稅淨災難損失估計的區間爲300至40000萬美元，扣除預計的收回和恢復保費
•珠峯的損失估計基於保險行業板塊損失區間在25億到350億美元之間

以下表格總結了公司的淨利潤和相關財務指標。
淨利潤和營業收入Q3本年度至今Q3本年度至今
所有數值均以美元百萬計，除每股金額和百分比外2024202420232023
Everest Group
淨利潤（虧損）5091,9666781,713
每股攤薄淨營業利潤（虧損） (2)
6302,0706131,684
每股攤薄普通股淨（虧）損11.8045.4015.6341.49
每股稀釋普通股的淨營業收入（虧損） (2)
14.6247.7914.1440.77
淨利潤（虧損）佔平均淨資產回報率（年化）13.3%17.8%21.2%19.7%
稅後淨營業收入（虧損）佔平均淨資產回報率（年化） (2)
16.4%18.7%19.2%19.3%
票據
(2) 表示非美國通用會計原則財務指標。請參閱"關於非美國通用會計原則財務指標的評論"以獲取解釋和調整。
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股東權益和每股賬面價值Q3本年度至今Q3本年度至今
所有數值均以百萬美元爲單位，除每股金額和百分比外2024202420232023
期初股東權益14,18213,20210,9028,441
5091,9666781,713
變動-到期日修正,可供出售證券716503(242)(159)
分紅派息給股東的現金流量淨額(86)(249)(76)(212)
購買公司庫存股(100)(200)——
股份的公開股權發行———1,445
其他114113(37)(1)
股東權益結尾15,33515,33511,22611,226
普通股股份數43.043.4
每股普通股的賬面價值356.77258.71
淨固定到期收益率減少：可供出售證券(5.11)(43.06)
每股普通股在未處理淨固定到期收益率的情況下的賬面價值 (3)
361.87301.76
調整後的BVPS變動，考慮了分紅派息19.1%22.4%
總股東回報率（"TSR"）- 年化19.4%24.5%
常股分紅派息 - 過去12個月7.506.70
票據
(3) 表示非GAAP財務指標。在上表中包括了與每股淨值的調節，這是最接近的GAAP指標。有關更多信息，請參閱"關於非GAAP財務指標的評論"。


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以下信息總結了公司的承保結果，以綜合基礎和分部 - 再保險和保險，同時通過分部對結果進行了評論選擇性評論。
承銷信息 - 珠穆朗瑪集團Q3本年度至今Q3本年度至今同比變化
所有數值均以美元百萬爲單位，除了百分比2024202420232023Q3本年度至今
已批准保費4,42513,5614,39112,3140.8%10.1%
淨批准保費3,80511,7893,86610,870(1.6)%8.5%
損失比例：
當期年度58.0%58.5%58.9%59.4%（0.9）百分點（0.9）百分點
原年度—%—%—%—%— 百分點— 百分點
災難7.9%4.9%5.0%3.2%2.9 點1.6 點
總損失比率66.0%63.3%63.9%62.6%2.0 點0.7 點
佣金和券商比率21.1%21.3%21.4%21.3%（0.3）點— 點
其他承保費用6.0%6.2%6.1%6.3%(0.1) 點(0.1) 點
綜合賠付率93.1%90.8%91.4%90.1%1.6 點0.6 點
累計合併賠付比率 (4)
85.8%86.3%86.6%87.0%(0.8) 點(0.7) 點
稅前淨災難損失 (5)
279499170307
稅前淨不利（有利）前期準備金發展————
票據
(4) 事故率不包括災難損失、淨災害重購保費、前期發展、COVID-19 損失以及俄羅斯/烏克蘭戰爭造成的損失。事故綜合比率是一項非通用會計準則財務指標。請參閱「有關非通用會計準則財務指標的註解」了解具體解釋和調節。
(5) 稅前淨災難損失已扣除再保險和重購保費後。


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Reinsurance Segment – Quarterly Highlights
•Gross written premiums grew 1.7% on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, to approximately $3.3 billion. We continue to execute with precision, leveraging our market leading franchise to drive growth in lines with the best expected risk-adjusted returns.
•Growth was led by a 19.2% increase in Property Pro-Rata and 9.3% in Property Catastrophe XOL, partially offset by a 7.2% decrease in Casualty Pro-Rata, a 5.9% decrease in Casualty XOL, and a 28.6% decrease in Financial Lines, when adjusting for reinstatement premiums.
•Attritional loss ratio improved 60 basis points over last year to 56.9%, while the attritional combined ratio improved 140 basis points to 83.5% versus a year ago4.
•Pre-tax catastrophe losses were $239 million net of estimated recoveries and reinstatement premiums, driven primarily by several Atlantic hurricanes and other international weather-related events. Hurricane Helene accounted for $63 million of catastrophe losses, net of estimated recoveries and reinstatement premiums, in the quarter.
•Risk-adjusted returns remain excellent, particularly in property and specialty lines.
Underwriting information - Reinsurance segmentQ3Year to DateQ3Year to DateYear on Year Change
All values in USD millions except for percentages2024202420232023Q3Year to Date
Gross written premium3,2659,6503,1988,5662.1%12.7%
Net written premium2,9758,9502,9898,048(0.5)%11.2%
Loss Ratio:
Current year56.3%56.7%57.4%57.6%(1.1) pts(0.9) pts
Prior year—%—%—%—%— pts— pts
Catastrophe9.1%5.8%6.4%4.2%2.7 pts1.5 pts
Total Loss ratio65.4%62.5%63.8%61.9%1.6 pts0.6 pts
Commission and brokerage ratio23.9%24.4%24.8%24.8%(0.9) pts(0.4) pts
Other underwriting expenses2.5%2.6%2.5%2.6%— pts— pts
Combined ratio91.8%89.4%91.1%89.2%0.7 pts0.2 pts
Attritional combined ratio (4)
83.5%84.1%84.9%85.1%(1.4) pts(1.0) pts
Pre-tax net catastrophe losses (5)
239439160295
Pre-tax net prior year reserve development————
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses and losses from the Russia/Ukraine war. Attritional combined ratio is a non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.

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Insurance Segment – Quarterly Highlights
•Gross written premiums decreased to $1.2 billion on a comparable basis (constant dollar basis and excluding reinstatement premiums)2, a 2.1% decrease year-over-year as we continued to strategically shape the portfolio. Our International business continued its strong growth trajectory as it gained further traction.
•Everest Insurance grew by 21.0% in Property/Short Tail and 17.7% in Other Specialty lines. Growth was offset by a decrease of 27.6% in Accident and Health, as we exit the medical stop loss business, and 10.3% in Specialty Casualty, primarily in North America, reflecting our focus on lines of business with better expected margins.
•Pre-tax catastrophe losses were $40 million, net of estimated recoveries and reinstatement premiums, an increase over the prior year quarter, which benefited from benign catastrophe losses.
•Pricing continues to exceed loss trend in the aggregate and there was a meaningful acceleration in pricing across North American long-tail lines (excluding financial lines).
Underwriting information - Insurance segmentQ3Year to DateQ3Year to DateYear on Year Change
All values in USD millions except for percentages2024202420232023Q3Year to Date
Gross written premium1,1603,9111,1933,748(2.8)%4.3%
Net written premium8302,8398782,822(5.4)%0.6%
Loss Ratio:
Current year63.5%63.7%63.3%64.0%0.2 pts(0.3) pts
Prior year—%—%—%—%— pts— pts
Catastrophe4.2%2.1%1.1%0.4%3.1 pts1.7 pts
Total Loss ratio67.8%65.8%64.4%64.5%3.4 pts1.4 pts
Commission and brokerage ratio12.2%12.1%11.8%11.9%0.4 pts0.2 pts
Other underwriting expenses17.2%16.9%16.4%16.1%0.8 pts0.8 pts
Combined ratio97.1%94.9%92.5%92.5%4.6 pts2.4 pts
Attritional combined ratio (4)
92.6%92.6%91.4%92.0%1.2 pts0.6 pts
Pre-tax net catastrophe losses (5)
40601012
Pre-tax net prior year reserve development————
Notes
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses and losses from the Russia/Ukraine war. Attritional combined ratio is a non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation.
(5) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums.


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Investments and Shareholders’ Equity as of September 30, 2024
•Total invested assets and cash of $42.1 billion versus $37.1 billion on December 31, 2023
•Shareholders’ equity of $15.3 billion vs. $13.2 billion on December 31, 2023, including $220 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 $15.6 billion versus $13.9 billion on December 31, 2023
•Book value per share of $356.77 versus $304.29 at December 31, 2023
•Book value per share excluding unrealized gains (losses) on fixed maturity, available for sale securities of $361.87 versus $320.95 at December 31, 2023
•Common share repurchases of $100.0 million during the quarter, representing 272,460 shares at an average price of $367.03 per share. We have now repurchased $199.9 million year-to-date.
•Common share dividends declared and paid in the quarter of $2.00 per common share equal to $86 million

This news release contains forward-looking statements within the meaning of the 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. These 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. The forward-looking statements involve risks and uncertainties that include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemics, regulatory and legal uncertainties and other factors described in our SEC filings, including 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 October 31, 2024. 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.

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_______________________________________________
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 non-GAAP financial measures to the most comparable corresponding GAAP financial measure 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 September 30,Nine Months Ended September 30,
2024202320242023
(unaudited)(unaudited)
AmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted ShareAmountPer Diluted Share
After-tax net operating income (loss)$630 $14.62 $613 $14.14 $2,070 $47.79 $1,684 $40.77 
After-tax net gains (losses) on investments(25)(0.57)(27)(0.61)(44)(1.02)(17)(0.40)
After-tax net foreign exchange income (expense)(97)(2.24)91 2.10 (60)(1.38)46 1.12 
Net income (loss)$509 $11.80 $678 $15.63 $1,966 $45.40 $1,713 $41.49 
(Some amounts may not reconcile due to rounding.)
Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period are not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax net
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operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax net operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.
Attritional Loss Ratio and Attritional Combined Ratio
The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses, commission and brokerage expenses, and other underwriting expenses, divided by net premiums earned. The attritional loss ratio and attritional combined ratio are defined as the loss ratio and the combined ratio, respectively, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, prior year development, COVID-19 losses and losses from the Russia/Ukraine war. The Company believes the attritional ratios are useful to management and investors because the adjusted ratios provide for better comparability and more accurately measure the Company’s underlying underwriting performance. The following tables are a reconciliation of the loss ratio and attritional loss ratio, and the combined ratio and attritional combined ratio for the periods noted:
Three Months Ended September 30,
20242023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Loss ratio65.4 %67.8 %66.0 %63.8 %64.4 %63.9 %
Adjustment for catastrophe losses(9.1)%(4.2)%(7.9)%(6.4)%(1.1)%(5.0)%
Adjustment for reinstatement premiums0.6 %— %0.5 %0.1 %— %0.1 %
Adjustment for prior year development (6)
— %— %— %— %— %— %
Adjustment for Russia/Ukraine war losses— %— %— %— %— %— %
Adjustment for other items— %(0.2)%(0.1)%— %— %— %
Attritional loss ratio56.9 %63.3 %58.5 %57.5 %63.3 %59.0 %
(Some amounts may not reconcile due to rounding.)
Three Months Ended September 30,
20242023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Combined ratio91.8 %97.1 %93.1 %91.1 %92.5 %91.4 %
Adjustment for catastrophe losses(9.1)%(4.2)%(7.9)%(6.4)%(1.1)%(5.0)%
Adjustment for reinstatement premiums0.9 %— %0.7 %0.2 %— %0.1 %
Adjustment for prior year development (6)
— %— %— %— %— %— %
Adjustment for Russia/Ukraine war losses— %— %— %— %— %— %
Adjustment for other items— %(0.3)%(0.1)%— %— %— %
Attritional combined ratio83.5 %92.6 %85.8 %84.9 %91.4 %86.6 %
(Some amounts may not reconcile due to rounding.)
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Nine Months Ended September 30,
20242023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Combined ratio89.4 %94.9 %90.8 %89.2 %92.5 %90.1 %
Adjustment for catastrophe losses(5.8)%(2.1)%(4.9)%(4.2)%(0.4)%(3.2)%
Adjustment for reinstatement premiums0.5 %— %0.4 %0.1 %— %0.1 %
Adjustment for prior year development (6)
— %— %— %— %— %— %
Adjustment for Russia/Ukraine war losses— %— %— %— %— %— %
Adjustment for other items— %(0.1)%— %— %— %— %
Attritional combined ratio84.1 %92.6 %86.3 %85.1 %92.0 %87.0 %
(Some amounts may not reconcile due to rounding.)
Notes
(6) Prior-year development includes the impact of COVID-19 losses.
Gross Written Premium on a Comparable Basis
The Company has included in this Press Release certain changes in gross written premium on a comparable basis, reflecting constant currency basis and excluding reinstatement premiums. Constant currency basis excludes the impact of foreign exchange rates. The Company provides change in gross written premium on a comparable basis to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance. The following tables are a reconciliation of gross written premium and period-over-period changes on a GAAP basis to the non-GAAP comparable basis for the periods noted:
(Dollars in millions)Quarter-to-Date
September 30, 2024September 30, 2023Change
(unaudited)
Gross Written PremiumGross Written Premium% Impact
Group$4,425 $4,391 0.8 %
Adjustment for gross CAT reinstatement premiums(33)(6)(0.6)%
Adjustment for foreign exchange effect— (21)0.5 %
Group (comparable basis)$4,392 $4,365 0.6 %
Reinsurance$3,265 $3,198 2.1 %
Adjustment for gross CAT reinstatement premiums(33)(6)(0.8)%
Adjustment for foreign exchange effect— (13)0.4 %
Reinsurance (comparable basis)$3,232 $3,180 1.7 %
Insurance$1,160 $1,193 (2.8)%
Adjustment for gross CAT reinstatement premiums— — — %
Adjustment for foreign exchange effect— (8)0.7 %
Insurance (comparable basis)$1,160 $1,185 (2.1)%
(Some amounts may not reconcile due to rounding.)
10

Net Operating Income Return On Equity ("ROE")
Net Operating income 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)September 30,September 30,September 30,September 30,
2024202320242023
(unaudited)(unaudited)
Beginning of period shareholders' equity$14,182 $10,902 $13,202 $8,441 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities936 1,627 723 1,709 
Adjusted beginning of period shareholders' equity$15,118 $12,529 $13,925 $10,149 
End of period shareholders' equity$15,335 $11,226 $15,335 $11,226 
Add: Net unrealized depreciation (appreciation) of fixed maturity, available for sale securities220 1,868 220 1,868 
Adjusted end of period shareholders' equity$15,555 $13,094 $15,555 $13,094 
Average adjusted shareholders' equity$15,336 $12,811 $14,740 $11,622 
After-tax net operating income (loss)$630 $613 $2,070 $1,684 
After-tax net gains (losses) on investments$(25)(27)$(44)(17)
After-tax foreign exchange income (expense)$(97)91 $(60)46 
Net income (loss)$509 $678 $1,966 $1,713 
Return on equity (annualized)
After-tax net operating income (loss)16.4 %19.2 %18.7 %19.3 %
After-tax net gains (losses) on investments-0.6 %-0.8 %-0.4 %-0.1 %
After-tax foreign exchange income (expense)-2.5 %2.9 %-0.5 %0.5 %
Net income (loss)13.3 %21.2 %17.8 %19.7 %
(Some amounts may not reconcile due to rounding.)
11

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. Group underwriting income is allocated to our Reinsurance and Insurance reportable segments. A reconciliation of Underwriting Income and Net Income is shown below.
Quarter-to-Date
(Dollars in millions)September 30, 2024September 30, 2023
(unaudited)
ReinsuranceInsuranceGroupReinsuranceInsuranceGroup
Net premiums earned$2,970 $948 $3,918 $2,593 $920 $3,513 
Less: Incurred losses and LAE1,942 642 2,584 1,653 593 2,246 
Less: Commission, brokerage, taxes and fees710 116 826 643 108 752 
Less: Other underwriting expenses73 163 236 65 151 215 
Underwriting income (loss)$245 $27 $272 $232 $69 $301 
Net investment income496 406 
Net gains (losses) on investments(27)(31)
Corporate expenses(25)(19)
Interest, fee and bond issue cost amortization expense(38)(34)
Other income (expense)(102)103 
Income tax benefit (expense)(68)(47)
Net income (loss)$509 $678 
(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--
12

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)2024202320242023
(unaudited)(unaudited)
REVENUES:
Premiums earned$3,918 $3,513 $11,262 $9,865 
Net investment income496 406 1,481 1,023 
Net gains (losses) on investments(27)(31)(50)(21)
Other income (expense)(102)103 (48)61 
Total revenues4,285 3,991 12,645 10,927 
CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses2,584 2,246 7,132 6,173 
Commission, brokerage, taxes and fees826 752 2,398 2,099 
Other underwriting expenses236 215 694 620 
Corporate expenses25 19 69 55 
Interest, fees and bond issue cost amortization expense38 34 112 99 
Total claims and expenses3,708 3,266 10,404 9,045 
INCOME (LOSS) BEFORE TAXES577 725 2,241 1,883 
Income tax expense (benefit)68 47 275 169 
NET INCOME (LOSS)$509 $678 $1,966 $1,713 
Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period704 (257)477 (180)
Reclassification adjustment for realized losses (gains) included in net income (loss)30 15 44 21 
Total URA(D) of securities arising during the period734 (242)521 (159)
Foreign currency translation and other adjustments83 (47)45 (17)
Reclassification adjustment for amortization of net (gain) loss included in net income (loss)— — 24 1 
Total benefit plan net gain (loss) for the period— — 24 1 
Total other comprehensive income (loss), net of tax816 (288)590 (175)
COMPREHENSIVE INCOME (LOSS)$1,325 $390 $2,556 $1,538 
EARNINGS PER COMMON SHARE:
Basic$11.80 $15.63 $45.40 $41.49 
Diluted11.80 15.63 45.40 41.49 
13

EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS

September 30,December 31,
(In millions of U.S. dollars, except par value per share)20242023
(unaudited)
ASSETS:
Fixed maturities - available for sale, at fair value
(amortized cost: 2024, $30,753; 2023, $28,568, credit allowances: 2024, $(51); 2023, $(48))$30,479 $27,740 
Fixed maturities - held to maturity, at amortized cost
(fair value: 2024, $799; 2023, $854, net of credit allowances: 2024, $(8); 2023, $(8))780 855 
Equity securities, at fair value230 188 
Other invested assets5,071 4,794 
Short-term investments 3,931 2,127 
Cash1,599 1,437 
Total investments and cash42,090 37,142 
Accrued investment income380 324 
Premiums receivable (net of credit allowances: 2024, $(51); 2023, $(41))5,372 4,768 
Reinsurance paid loss recoverables (net of credit allowances: 2024, $(31); 2023, $(26))239 164 
Reinsurance unpaid loss recoverables 2,276 2,098 
Funds held by reinsureds1,229 1,135 
Deferred acquisition costs1,475 1,247 
Prepaid reinsurance premiums952 713 
Income tax asset, net863 868 
Other assets (net of credit allowances: 2024, $(9); 2023, $(9))986 941 
TOTAL ASSETS$55,864 $49,399 
LIABILITIES:
Reserve for losses and loss adjustment expenses27,480 24,604 
Unearned premium reserve7,462 6,622 
Funds held under reinsurance treaties16 24 
Amounts due to reinsurers979 650 
Losses in course of payment259 171 
Senior notes2,350 2,349 
Long-term notes218 218 
Borrowings from FHLB819 819 
Accrued interest on debt and borrowings43 22 
Unsettled securities payable434 137 
Other liabilities469 582 
Total liabilities40,529 36,197 
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; (2024) 74.3 and (2023) 74.2
outstanding before treasury shares1 1 
Additional paid-in capital3,799 3,773 
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)
of $(28) at 2024 and $(99) at 2023(344)(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)(4,108)(3,908)
Retained earnings15,988 14,270 
Total shareholders' equity 15,335 13,202 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$55,864 $49,399 
14

EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
(In millions of U.S. dollars)20242023
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$1,966 $1,713 
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable(529)(812)
Decrease (increase) in funds held by reinsureds, net(99)(26)
Decrease (increase) in reinsurance recoverables(112)(186)
Decrease (increase) in income taxes(65)(18)
Decrease (increase) in prepaid reinsurance premiums(201)(153)
Increase (decrease) in reserve for losses and loss adjustment expenses2,605 1,768 
Increase (decrease) in unearned premiums767 1,157 
Increase (decrease) in amounts due to reinsurers278 233 
Increase (decrease) in losses in course of payment86 258 
Change in equity adjustments in limited partnerships(236)(124)
Distribution of limited partnership income106 81 
Change in other assets and liabilities, net(376)(377)
Non-cash compensation expense 49 37 
Amortization of bond premium (accrual of bond discount)(113)(35)
Net (gains) losses on investments50 21 
Net cash provided by (used in) operating activities4,177 3,536 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called/repaid - available for sale2,692 1,686 
Proceeds from fixed maturities sold - available for sale4,322 468 
Proceeds from fixed maturities matured/called/repaid - held to maturity129 81 
Proceeds from equity securities sold15 126 
Distributions from other invested assets289 189 
Cost of fixed maturities acquired - available for sale(9,069)(5,311)
Cost of fixed maturities acquired - held to maturity(46)(23)
Cost of equity securities acquired(35)(3)
Cost of other invested assets acquired(438)(422)
Net change in short-term investments(1,724)(1,338)
Net change in unsettled securities transactions321 202 
Net cash provided by (used in) investing activities(3,545)(4,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued (redeemed) during the period for share-based compensation, net of expense(23)(22)
Proceeds from public offering of common shares— 1,445 
Purchase of treasury shares(200)— 
Dividends paid to shareholders(249)(212)
Cost of shares withheld on settlements of share-based compensation awards(23)(22)
Net cash provided by (used in) financing activities(495)1,188 
EFFECT OF EXCHANGE RATE CHANGES ON CASH25 (12)
Net increase (decrease) in cash162 367 
Cash, beginning of period1,437 1,398 
Cash, end of period$1,599 $1,765 
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)$340 $185 
Interest paid 90 75 
NON-CASH TRANSACTIONS:
Non-cash limited partnership distribution23 — 
15