Everest Group, Ltd. · NYSE:EG
Everest — Q4 2024 Earnings Presentation
23 slides from Everest's earnings presentation, Feb 4, 2025
Slide 1: Investor Presentation Fourth Quarter 2024
Investor Presentation Fourth Quarter 2024
Slide 2: Cautionary Note On Forward-Looking Statements and Non-GAAP Measures
Cautionary Note On Forward-Looking Statements and Non-GAAP Measures This presentation and the accompanying remarks contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend these forward-looking statements to be covered by the safe
Slide 3: Everest Strategic Overview
Everest Strategic Overview 3
Slide 4: How Everest Builds Shareholder Value
How Everest Builds Shareholder Value Diversified reinsurance and Tier-1 lead market insurance P&C reinsurer franchise franchise Disciplined long-term Strong underwriting specialty Insurance culture strategy Targeting a Mid-Teens TSR1 Experienced and Net acquirer of top Over the Cycle deep leadership
Slide 5: Everest – A Leading Global Platform for Insurance and Reinsurance
Everest – A Leading Global Platform for Insurance and Reinsurance Insurance: • Disciplined Long-Term Strategy to Develop a Leading Global Insurance Business Reinsurance: • The 4th Largest Global P/C Reinsurer2 With Focus on Strategic Market Opportunities and Reduced Volatility REINSURANCE, INSURANCE
Slide 6: Preferred Reinsurance Partner in Local and Global Markets
Preferred Reinsurance Partner in Local and Global Markets Recently increased local primary insurance presence in Asia, LatAm & Europe Think globally, trade locally Local strategy in action • Offices across global reinsurance centers – with empowered, respected, and experienced local decision makers
Slide 7: Quarterly and Annual Results Summary
Quarterly and Annual Results Summary 7
Slide 8: Financial Highlights, Total Shareholder Return and Net Operating Income
Everest Group Financial Highlights, Total Shareholder Return and Net Operating Income 2024 FULL YEAR HIGHLIGHTS TOTAL SHAREHOLDER RETURN Growth in targeted classes including 26.5%8 property and specialty lines was strong, partially offset by continued discipline, 9.2% 5.4% particularly in U.S. casua
Slide 9: Everest Reinsurance Division Financial Highlights
Everest Reinsurance Division Financial Highlights 2024 FOURTH QUARTER HIGHLIGHTS REINSURANCE HIGHLIGHTS 4 • Gross written premiums grew 12.6% on a GROSS WRITTEN PREMIUM – USD MILLIONS constant dollar basis and excl. reinstatement $12,941 $11,460 premiums, to approximately $3.3 billion. $9,248 • Attr
Slide 10: Everest Insurance Division Financial Highlights
Everest Insurance Division Financial Highlights 2024 FOURTH QUARTER HIGHLIGHTS INSURANCE HIGHLIGHTS 4 • Gross written premiums decreased 1.6% on a GROSS WRITTEN PREMIUM – USD MILLIONS constant dollar basis to $1.4 billion, driven by $5,078 $4,888 reductions in specialty casualty lines. $4,426 • Stre
Slide 11: Everest – Financial Highlights
Everest – Financial Highlights Equity and Capital Resources Investment Income and Cash Flow $14.7 billion in shareholders’ equity, Enhanced interest income driven by excluding $849 million of unrealized stronger fixed income returns as new losses on the fixed maturity portfolio, money yields remain
Slide 12: Transforming Everest's Risk Profile
Transforming Everest’s Risk Profile Very attractive risk adjusted returns & targeted growth in attractive property lines Superior Risk / Return Economics After Tax Net 1:100 PML as a % of Group within our Defined Risk Appetite Equity Excluding URGL 7 1 in 100 2019 11.6% 10.3% Earnings at Risk 2021 9
Slide 13: Everest Segment Summary
everest Ja J Everest Segment Summary
Slide 14: Preferred Lead Market Reinsurance Franchise
Preferred Lead Market Reinsurance Franchise HISTORY OF CONSISTENT GWP GROWTH4 Leading Reinsurance Platform $ in billions • Leading global P&C reinsurer with a value proposition and relationships to continue to boost our leadership $12.9 $11.5 position around the globe and maximize our $9.0 $9.2 port
Slide 15: Disciplined Long-Term Global Primary Insurance Strategy
Disciplined Long-Term Global Primary Insurance Strategy Global Strategy Focused on Profitable HISTORY OF CONSISTENT GWP GROWTH4 Growth $ in billions • Significantly transforming North America insurance $5.1 platform to deliver improved results $4.9 $4.4 $3.8 • Organic international insurance expansi
Slide 16: Everest Other Segment
Everest Other Segment3 Other Segment: 4% of Group’s Net Reserves Other Segment Reserves Newly created “Other” segment includes the as of December 31, 2024 recently sold sports and leisure insurance business, legacy asbestos and environmental, and other discontinued insurance programs and coverage cl
Slide 17: Everest Investment Portfolio
Everest Investment Portfolio INVESTMENT PORTFOLIO GUIDING QUARTERLY AND YEAR TO DATE PRINCIPLES HIGHLIGHTS • Portfolio diversification • High degree of liquidity Dual strategy approach: • Strong credit quality Stable income and total return • Asset/liability duration matching • Optimize risk adjuste
Slide 18: Path Towards Consistently Generating Attractive Returns
Path Towards Consistently Generating Attractive Returns Tier-1 lead market global Aggressive response to U.S. casualty reinsurance franchise lines reserves in all segments Rapidly transforming North America Organic international insurance insurance platform to deliver expansion performing strongly i
Slide 19: Appendix
everest oe Appendix
Slide 20: 4Q 2024 Reserve Action Overview
4Q 2024 Reserve Action Overview Decisive actions to fortify US casualty reserves Net Reserve Development Key Takeaways Amount (pre-tax)12 Our booked reserves reflect Management’s Best Estimate Reinsurance Segment Reinsurance Segment: U.S. Casualty Reinsurance13 (adverse) $684 million • Favorable dev
Slide 21: Financial Highlights Current and Historical
Financial Highlights Current and Historical For the year ended December 31, ($ in millions, except per share data) 4Q24 2024 2023 2022 2021 2020 BALANCE SHEET Cash and Investments $41,531 $41,531 $37,142 $29,872 $29,673 $25,462 Shareholders’ equity $13,875 $13,875 $13,202 $8,441 $10,139 $ 9,726 Book
Slide 22: Tracking Total Shareholder Return
Tracking Total Shareholder Return ($ in millions, except per share data) 2024 2023 2022 BALANCE SHEET DATA Reported Shareholders' Equity $13,875 $13,202 $8,441 Net unrealized gains / (losses) $(849) $(723) $(1,709) Shareholders Equity excluding URGL $14,724 $13,925 $10,149 BOOK VALUE PER SHARE DATA
Slide 23: Endnotes
Endnotes 1 Total Shareholder Return (“TSR”) is annual growth in Book Value Per Share excluding Unrealized Gains and Losses on Fixed Maturity Available for Sale Securities, plus Dividends Per Share 2 Source: Aon’s Reinsurance Aggregate (April 2023) 3 Our new other segment primarily includes the resul