Everest Group, Ltd. · NYSE:EG
Everest — Q4 2025 Earnings Presentation
31 slides from Everest's earnings presentation, Feb 5, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025
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: Transforming Everest to deliver consistent results
Transforming Everest to deliver consistent results Strategic actions driving improved focus, a stronger balance sheet, and agility Purchased Renewal rights Additional capital adverse sale of flexibility and development commercial retail optionality XX Positioned to cover insurance XXXXXXXXXXXX X gen
Slide 5: Purchase of Adverse Development Cover
Purchase of Adverse Development Cover TRANSACTION DETAILS KEY TAKEAWAYS $1.2B gross ($1.0B net) Adverse Development Cover Excess ADC purchased from Longtail Re ADC Layer 2 Limit ($500mm) Exhaustion 80% ($400mm Ceded) ~$6.6B ADC Layer 1 Limit ($700mm) • The ADC covers $5.4 billion of North America AD
Slide 6: Focused on the future of Everest
Focused on the future of Everest Everest 2025 Portfolio GWP Mix Top-tier reinsurance franchise 1% 2% • A leading reinsurance market around the globe • Nimble capital deployment, broad diversification, and underwriting 27% 23% discipline backed by market-leading risk analytics • Financial strength an
Slide 7: Renewal Rights Sale of Commercial Retail Insurance
Renewal Rights Sale of Commercial Retail Insurance INSURANCE DIVISION GWP BUSINESS MIX TRANSACTION OVERVIEW • The transaction meaningfully streamlines $4.8B ~$3.6B Everest’s operating model and strengthens its focus on its core businesses • AIG obtained all the rights to renew Everest’s Facultative
Slide 8: Global Wholesale and Specialty Insurance
Global Wholesale and Specialty Insurance BUSINESS OVERVIEW PROFITABLE GROWTH OPPORTUNITY North America • Strong demand for coverage of complex risks driving opportunity to capitalize on favorable • Evolution (~$500M GWP) – Wholesale-exclusive conditions in core markets E&S platform that ranks within
Slide 9: How Everest Builds Shareholder Value
How Everest Builds Shareholder Value Leading global platform for P&C (re)insurance Focused specialty and Tier-1 lead market wholesale insurance global reinsurer strategy Targeting a Mid-Teens TSR2 Streamlined operating Net acquirer of top Over the Cycle model focused on talent core strengths Balance
Slide 10: Quarterly and Annual Results Summary
Quarterly and Annual Results Summary 10
Slide 11: Everest – A Leading Global Platform
Everest – A Leading Global Platform Diversified reinsurance and insurance P&C franchise REINSURANCE, INSURANCE, AND OTHER 3 GWP 4 $20.00 $18.2 $17.7 $16.6 $13.1 $14.0 $5.1 $15.00 $4.8 $4.9 $0.2 $0.1 $3.8 $4.4 $0.3 $10.00 $0.3 $0.2 $11.5 $12.9 $12.8 $5.00 $9.0 $9.2 $0.00 2021 2022 2023 2024 2025 Rein
Slide 12: Everest Group Financial Highlights, Total Shareholder Return and Net Operating Income
Everest Group Financial Highlights, Total Shareholder Return and Net Operating Income 2025 FULL YEAR HIGHLIGHTS TOTAL SHAREHOLDER RETURN Growth in targeted classes including 26.5%10 property and specialty lines was strong, offset by continued discipline, particularly 9.2% 13.1% in U.S. casualty 2023
Slide 13: Everest Reinsurance Division Financial Highlights
Everest Reinsurance Division Financial Highlights 2025 FOURTH QUARTER HIGHLIGHTS REINSURANCE HIGHLIGHTS 4 • Gross written premiums decreased 3.6% on a GROSS WRITTEN PREMIUM constant dollar basis and excl. reinstatement premiums, to approximately $3.2 billion. $12,941 $12,825 $11,460 • Growth in prop
Slide 14: Everest Insurance Division Financial Highlights
Everest Insurance Division Financial Highlights 2025 FOURTH QUARTER HIGHLIGHTS INSURANCE HIGHLIGHTS YTD HIGHLIGHTS 4 4 • Gross written premiums decreased 20.1% on a GROSS WRITTEN PREMIUM constant dollar basis to $1.1 billion. $3,728 $3,706 $5,078 • Growth in lines with better expected margins $4,888
Slide 15: Everest – Quarterly Financial Highlights
Everest – Quarterly Financial Highlights INVESTMENT INCOME AND CASH EQUITY AND CAPITAL RESOURCES FLOW $15.5 billion in shareholders’ equity, Strong net investment income driven by excluding $5 million of unrealized gains increased assets under management and on the fixed maturity portfolio, resultin
Slide 16: 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 9 1 in 100 12.0% 2019 11.0% 10.7% Earnings at Risk
Slide 17: Everest Segment Summary
wh everest ae ; Everest Segment Summary
Slide 18: Preferred Lead Market Reinsurance Franchise
Preferred Lead Market Reinsurance Franchise HISTORY OF CONSISTENT GWP GROWTH3 Leading Reinsurance Platform • Leading global P&C reinsurer with a value proposition and relationships to continue to boost our leadership $12.9 $12.8 $11.5 position around the globe and maximize our $9.0 $9.2 portfolio’s
Slide 19: Focused Go-Forward Insurance Strategy
Focused Go-Forward Insurance Strategy Global Insurance Strategy Focused on HISTORY OF CONSISTENT GWP GROWTH3 Profitable Growth • Sharpened focus on wholesale and specialty business $5.1 with renewal rights sale of retail commercial insurance $4.9 $4.8 $4.4 $3.8 • Reduced future volatility with $1.2
Slide 20: Decisive Actions to Improve Reserve Position
Decisive Actions to Improve Reserve Position Casualty remediation & rebalanced portfolio driving improved loss experience RESERVE UPDATE U.S. CASUALTY IBNR AS % OF TOTAL RESERVES Reinsurance 100% Insurance 2023 Insurance 2025 Reinsurance 2023 Reinsurance 2025 • IBNR levels remain stable reflecting p
Slide 21: Everest Investment Portfolio
Everest Investment Portfolio INVESTMENT PORTFOLIO GUIDING QUARTERLY AND YEAR TO DATE PRINCIPLES HIGHLIGHTS • Portfolio diversification • High degree of liquidity Dual strategy approach: • Strong credit quality Stable income and total return • Asset/liability duration matching • Optimize risk adjuste
Slide 22: Appendix
wh everest ae ; Appendix
Slide 23: Financial Highlights
Financial Highlights Current and Historical For the year ended December 31, ($ in millions, except per share data) 4Q25 2025 2024 2023 2022 2021 BALANCE SHEET Cash and Investments $45,429 $45,429 $41,531 $37,142 $29,872 $29,673 Shareholders’ equity $15,461 $15,461 $13,875 $13,202 $8,441 $10,139 Book
Slide 24: Tracking Total Shareholder Return
Tracking Total Shareholder Return ($ in millions, except per share data) 2025 2024 2023 BALANCE SHEET DATA Reported Shareholders' Equity $15,461 $13,875 $13,202 Net unrealized gains / (losses) $5 $(849) $(723) Shareholders Equity excluding URGL $15,455 $14,724 $13,925 BOOK VALUE PER SHARE DATA Repor
Slide 25: Endnotes
Endnotes 1 Excluding, among others, losses related to the Ceding Companies’ Asbestos and Environmental reserves included in the Other Segment 2 Total Shareholder Return (“TSR”) is annual growth in Book Value Per Share excluding Unrealized Gains and Losses on Fixed Maturity Available for Sale Securit
Slide 26: Non-GAAP Measures: After-tax Net Operating Income (Loss)
Information Regarding Non-GAAP Financial Measures: 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 Investor Presentation as net operating income (loss)) consists of net income (loss) exc
Slide 27: Non-GAAP Measures: Attritional Loss Ratio
Information Regarding Non-GAAP Financial Measures: Attritional Loss Ratio The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The attritional loss ratio is defined as the loss ratio, adjusted to exclude catastrophe losses, ne
Slide 28: Non-GAAP Measures: Attritional Combined Ratio
Information Regarding Non-GAAP Financial Measures: Attritional Combined Ratio 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 combine
Slide 29: Non-GAAP Measures: Gross Written Premium on a Comparable Basis
Information Regarding Non-GAAP Financial Measures: Gross Written Premium on a Comparable Basis The Company has included in this Investor Presentation certain changes in gross written premium on a comparable basis, reflecting constant currency basis and excluding reinstatement premiums. Constant curr
Slide 30: Non-GAAP Measures: Gross Written Premium on a Comparable Basis
Information Regarding Non-GAAP Financial Measures: Gross Written Premium on a Comparable Basis Year-to-Date (Dollars in millions) December 31, 2025 December 31, 2024 Change (unaudited) Gross Written Premium Gross Written Premium % Impact Group $ 17,706 $ 18,232 (2.9)% Adjustment for gross CAT reinst
Slide 31: Non-GAAP Measures: Net Operating Income ROE & Annualized TSR
Information Regarding Non-GAAP Financial Measures: Net Operating Income Return On Equity (“ROE”) & Annualized Total Shareholder Return Net Operating income ROE is calculated by dividing after-tax net operating income (loss) by average shareholders’ equity, adjusted for average net unrealized depreci