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, July 29, 2026--(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.
* Core businesses consist of our Reinsurance Treaty and Global Wholesale & Specialty segments |
(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. |
Consolidated Financial Summary
Quarter-to-Date | Year-to-Date | ||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||
2026 | 2025 | 2026 | 2025 | ||||||||
Net income (loss) | $ | 559 | $ | 680 | $ | 1,213 | $ | 890 | |||
Net income (loss) per diluted common share | $ | 14.22 | $ | 16.10 | $ | 30.45 | $ | 20.93 | |||
Net income (loss) return on average equity (annualized) | 14.2% | 18.2% | 15.5% | 11.9% | |||||||
Net operating income (loss) (2) | $ | 585 | $ | 734 | $ | 1,232 | $ | 1,010 | |||
Net operating income (loss) per diluted common share (2) | $ | 14.85 | $ | 17.36 | $ | 30.95 | $ | 23.75 | |||
After-tax net operating income (loss) return on average equity (annualized) (2) | 14.9% | 19.6% | 15.8% | 13.5% | |||||||
Book value per common share outstanding | $ | 398.83 | $ | 358.08 | $ | 398.83 | $ | 358.08 | |||
Book value per common share outstanding excluding URA(D) (2) | $ | 407.67 | $ | 364.10 | $ | 407.67 | $ | 364.10 | |||
Total Shareholder Return ("TSR") - Annualized | 16.8% | 14.8% | |||||||||
Weighted average common shares outstanding - diluted | 38.8 | 41.8 | 39.3 | 42.0 | |||||||
Common shares outstanding | 38.7 | 41.9 | 38.7 | 41.9 | |||||||
Total shareholders' equity | $ | 15,430 | $ | 15,019 | $ | 15,430 | $ | 15,019 | |||
Total shareholders' equity excluding URA(D) | $ | 15,772 | $ | 15,272 | $ | 15,772 | $ | 15,272 | |||
Net investment income | $ | 523 | $ | 532 | $ | 1,091 | $ | 1,023 | |||
Total investments and cash | $ | 44,863 | $ | 44,300 | $ | 44,863 | $ | 44,300 | |||
Total Capital Return | |||||||||||
Common share repurchases | $ | 395 | $ | 200 | $ | 725 | $ | 400 | |||
Number of common shares repurchased | 1.2 | 0.6 | 2.2 | 1.2 | |||||||
Dividends per share | $ | 2.00 | $ | 2.00 | $ | 4.00 | $ | 4.00 | |||
Dividends to shareholders | $ | 78 | $ | 84 | $ | 158 | $ | 169 | |||
All values in USD millions except for per share amounts and percentages | |||||||||||
Notes | |||||||||||
(2) Denotes non-GAAP financial measure. See "Comments on Non-GAAP Financial Measures" for an explanation and reconciliation. |
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
Quarter-to-Date | Year-to-Date | ||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||
Gross written premium | $ | 3,772 | $ | 4,680 | (19.4)% | $ | 7,374 | $ | 9,071 | (18.7)% | |||||
Net written premium | $ | 3,037 | $ | 4,119 | (26.3)% | $ | 6,224 | $ | 7,853 | (20.7)% | |||||
Net premiums earned | $ | 3,490 | $ | 3,991 | (12.6)% | $ | 7,064 | $ | 7,843 | (9.9)% | |||||
Loss Ratio: | |||||||||||||||
Current year | 59.5% | 60.0% | (0.5) pts | 59.4% | 60.6% | (1.2) pts | |||||||||
Prior year | —% | 1.5% | (1.5) pts | (0.5)% | 0.8% | (1.3) pts | |||||||||
Catastrophe | 2.7% | 0.5% | 2.2 pts | 3.2% | 7.1% | (3.9) pts | |||||||||
Total Loss ratio | 62.2% | 61.9% | 0.3 pts | 62.1% | 68.4% | (6.3) pts | |||||||||
Commission and brokerage ratio | 23.3% | 22.0% | 1.3 pts | 23.2% | 21.7% | 1.5 pts | |||||||||
Other underwriting expenses | 6.4% | 6.4% | 0.1 pts | 6.2% | 6.3% | — pts | |||||||||
Combined ratio | 92.0% | 90.4% | 1.6 pts | 91.5% | 96.4% | (4.9) pts | |||||||||
Attritional combined ratio (4) | 89.3% | 88.6% | 0.7 pts | 88.9% | 89.4% | (0.5) pts | |||||||||
Pre-tax net catastrophe losses (5) | $ | 94 | $ | 20 | $ | 224 | $ | 492 | |||||||
Pre-tax net unfavorable (favorable) prior year development | $ | — | $ | 59 | $ | (33) | $ | 59 | |||||||
All values in USD millions except for percentages | |||||||||||||||
Notes | |||||||||||||||
(4) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, and prior year development. Attritional ratios are non-GAAP financial measures. 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. |
Underwriting Results - Core Businesses2
Quarter-to-Date | Year-to-Date | ||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||
Gross written premium | $ | 3,678 | $ | 3,908 | (5.9)% | $ | 7,145 | $ | 7,613 | (6.1)% | |||||
Net written premium | $ | 2,965 | $ | 3,550 | (16.5)% | $ | 6,063 | $ | 6,733 | (10.0)% | |||||
Net premiums earned | $ | 3,167 | $ | 3,454 | (8.3)% | $ | 6,342 | $ | 6,766 | (6.3)% | |||||
Loss Ratio: | |||||||||||||||
Current year | 57.8% | 57.3% | 0.5 pts | 57.5% | 58.2% | (0.7) pts | |||||||||
Prior year | —% | 1.8% | (1.8) pts | (0.5)% | 0.9% | (1.4) pts | |||||||||
Catastrophe | 2.7% | (0.1)% | 2.8 pts | 3.2% | 7.8% | (4.6) pts | |||||||||
Total Loss ratio | 60.5% | 59.0% | 1.5 pts | 60.2% | 66.9% | (6.7) pts | |||||||||
Commission and brokerage ratio | 24.4% | 24.0% | 0.4 pts | 24.5% | 23.8% | 0.8 pts | |||||||||
Other underwriting expenses | 5.1% | 4.0% | 1.1 pts | 4.9% | 4.0% | 0.9 pts | |||||||||
Combined ratio | 90.0% | 87.0% | 3.0 pts | 89.7% | 94.7% | (5.0) pts | |||||||||
Attritional combined ratio (4) | 87.3% | 85.6% | 1.7 pts | 87.0% | 86.9% | 0.1 pts | |||||||||
Pre-tax net catastrophe losses (5) | $ | 85 | $ | (4) | $ | 205 | $ | 465 | |||||||
Pre-tax net unfavorable (favorable) prior year development | $ | — | $ | 63 | $ | (33) | $ | 61 | |||||||
All values in USD millions except for percentages | |||||||||||||||
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, and prior year development. Attritional ratios are non-GAAP financial measures. 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. |
Underwriting Results - Reinsurance Treaty Segment
Quarter-to-Date | Year-to-Date | ||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||
2026 | 2025 | Change | 2026 | 2025 | Change | ||||||
Gross written premium | 2,720 | 2,951 | (7.8)% | 5,394 | 5,885 | (8.3)% | |||||
Net written premium | 2,228 | 2,785 | (20.0)% | 4,632 | 5,313 | (12.8)% | |||||
Net premiums earned | 2,459 | 2,726 | (9.8)% | 4,915 | 5,306 | (7.4)% | |||||
Loss Ratio: | |||||||||||
Current year | 57.1% | 55.4% | 1.7 pts | 56.9% | 56.6% | 0.2 pts | |||||
Prior year | —% | 2.2% | (2.2) pts | (0.7)% | 1.1% | (1.8) pts | |||||
Catastrophe | 3.1% | —% | 3.1 pts | 3.4% | 9.6% | (6.2) pts | |||||
Total Loss ratio | 60.1% | 57.5% | 2.6 pts | 59.5% | 67.3% | (7.8) pts | |||||
Commission and brokerage ratio | 25.5% | 25.0% | 0.5 pts | 25.6% | 24.8% | 0.8 pts | |||||
Other underwriting expenses | 2.9% | 2.3% | 0.6 pts | 2.7% | 2.3% | 0.4 pts | |||||
Combined ratio | 88.5% | 84.9% | 3.6 pts | 87.8% | 94.5% | (6.7) pts | |||||
Attritional combined ratio (4) | 85.4% | 83.2% | ... |