\n| All values in USD millions except for per share amounts and percentages<\/b><\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Everest Group<\/span><\/td>\n | | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | <\/tr>\n \n| Net income (loss)<\/td>\n | | \n\n \n670<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1,035<\/p>\n<\/td>\n | | \n\n \n123<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n420<\/p>\n<\/td>\n<\/tr>\n | \nOperating income (loss) (1)<\/sup><\/td>\n | \n\n \n627<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1,070<\/p>\n<\/td>\n | | \n\n \n386<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n792<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Net income (loss) per diluted common share<\/td>\n | | \n\n \n16.26<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n25.74<\/p>\n<\/td>\n | | \n\n \n3.11<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n10.67<\/p>\n<\/td>\n<\/tr>\n | \n| Net operating income (loss) per diluted common share<\/td>\n | | \n\n \n15.21<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n26.61<\/p>\n<\/td>\n | | \n\n \n9.79<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n20.10<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Net income (loss) return on average equity (annualized)<\/td>\n | | \n\n \n23.3%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n18.3%<\/p>\n<\/td>\n | | \n\n \n4.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n8.4%<\/p>\n<\/td>\n<\/tr>\n | \n| After-tax operating income (loss) return on average equity (annualized)<\/td>\n | | \n\n \n21.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n18.9%<\/p>\n<\/td>\n | | \n\n \n15.3%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n15.8%<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Notes<\/td>\n | | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | <\/tr>\n \n(1)<\/sup> Refer to the reconciliation of net income to net operating income found on page 6 of this press release<\/td>\n<\/tr>\n<\/table>\n\n\n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Shareholders’ Equity and Book Value per Share<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n<\/tr>\n\n| All values in USD millions except for per share amounts and percentages<\/b><\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Beginning shareholders’ equity<\/td>\n | | \n\n \n9,014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n8,441<\/p>\n<\/td>\n | | \n\n \n9,528<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n10,139<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | | \n\n \n670<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1,035<\/p>\n<\/td>\n | | \n\n \n123<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n420<\/p>\n<\/td>\n<\/tr>\n | \n| Change – unrealized gains (losses) – Fixed inc. investments<\/td>\n | | \n\n \n(167)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n82<\/p>\n<\/td>\n | | \n\n \n(717)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(1,528)<\/p>\n<\/td>\n<\/tr>\n | \n| Dividends to shareholders<\/td>\n | | \n\n \n(72)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(136)<\/p>\n<\/td>\n | | \n\n \n(65)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(126)<\/p>\n<\/td>\n<\/tr>\n | \n| Purchase of treasury shares<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(1)<\/p>\n<\/td>\n<\/tr>\n | \n| Public equity offering of shares<\/td>\n | | \n\n \n1,445<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1,445<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| Other<\/td>\n | | \n\n \n11<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n36<\/p>\n<\/td>\n | | \n\n \n(16)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(51)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending shareholders’ equity<\/td>\n | | \n\n \n10,902<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n10,902<\/p>\n<\/td>\n | | \n\n \n8,853<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n8,853<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Common shares outstanding<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n43.4<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n39.4<\/p>\n<\/td>\n<\/tr>\n | \n| Book value per common share outstanding<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n251.17<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n224.59<\/p>\n<\/td>\n<\/tr>\n | \n| Less: Unrealized appreciation\/depreciation of fixed maturity investments (“URAD”)<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n(37.47)<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n(32.68)<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted book value per common share outstanding excluding URAD<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n288.64<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n257.27<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Change in BVPS adjusted for dividends<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n18.1%<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n(11.8)%<\/p>\n<\/td>\n<\/tr>\n | \n| Total Shareholder Return (“TSR”) – Annualized<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n25.3%<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n6.6%<\/p>\n<\/td>\n<\/tr>\n | \n| Common share dividends paid – last 12 months<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n6.60<\/p>\n<\/td>\n | | \n | \n\u00a0<\/td>\n | \n \n6.30<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n<\/table>\n \nThe following information summarizes the Company\u2019s underwriting results, on a consolidated basis and by segment \u2013 Reinsurance and Insurance \u2013 with selected commentary on results by segment.<\/p>\n \n\n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Underwriting information – Everest Group<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nYear on Year Change<\/b><\/td>\n<\/tr>\n\n| All values in USD millions except for percentages<\/b><\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | | \nQ2<\/b><\/td>\n | Year to Date<\/b><\/td>\n<\/tr>\n\n| Gross written premium<\/td>\n | | \n\n \n4,180<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n7,923<\/p>\n<\/td>\n | | \n\n \n3,447<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n6,633<\/p>\n<\/td>\n | | \n\n \n21.3 %<\/p>\n<\/td>\n | \n \n19.4 %<\/p>\n<\/td>\n<\/tr>\n | \n| Net written premium<\/td>\n | | \n\n \n3,674<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n7,003<\/p>\n<\/td>\n | | \n\n \n3,021<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n5,833<\/p>\n<\/td>\n | | \n\n \n21.6 %<\/p>\n<\/td>\n | \n \n20.1 %<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Loss ratio<\/td>\n | | \n\n \n60.3%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n61.8%<\/p>\n<\/td>\n | | \n\n \n64.3%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n64.2%<\/p>\n<\/td>\n | | \n(4.0)% pts<\/td>\n | (2.4)% pts<\/td>\n<\/tr>\n | \n| Commission and brokerage ratio<\/td>\n | | \n\n \n21.1%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n21.2%<\/p>\n<\/td>\n | | \n\n \n21.6%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n21.6%<\/p>\n<\/td>\n | | \n(0.5)% pts<\/td>\n | (0.4)% pts<\/td>\n<\/tr>\n | \n| Other underwriting expenses<\/td>\n | | \n\n \n6.3%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n6.4%<\/p>\n<\/td>\n | | \n\n \n5.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n5.8%<\/p>\n<\/td>\n | | \n0.5 % pts<\/td>\n | 0.6 % pts<\/td>\n<\/tr>\n | \n| Combined ratio<\/td>\n | | \n\n \n87.7%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n89.4%<\/p>\n<\/td>\n | | \n\n \n91.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n91.7%<\/p>\n<\/td>\n | | \n(4.1)% pts<\/td>\n | (2.3)% pts<\/td>\n<\/tr>\n | \nAttritional combined ratio (1)<\/sup><\/td>\n | \n\n \n86.7%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n87.1%<\/p>\n<\/td>\n | | \n\n \n87.2%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n87.3%<\/p>\n<\/td>\n | | \n(0.5)% pts<\/td>\n | (0.2)% pts<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nPre-tax net catastrophe losses (2)<\/sup><\/td>\n | \n\n \n27<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n137<\/p>\n<\/td>\n | | \n\n \n85<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n200<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n\n| Pre-tax net Russia\/Ukraine losses<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n45<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n45<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Pre-tax net prior year reserve development<\/td>\n | | \n\n \n0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n0<\/p>\n<\/td>\n | | \n\n \n(1)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(2)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Notes<\/td>\n | | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n | <\/tr>\n \n| (1) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses, CECL and losses from the Russia\/Ukraine war<\/td>\n<\/tr>\n | \n| (2) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Reinsurance Segment \u2013 Quarterly Highlights<\/b><\/p>\n\n- \nGross written premiums grew 26.9% on a constant dollar basis to approximately $2.8 billion, a new quarterly premium record for the segment. Growth was broad-based across geographies and lines.<\/p>\n<\/li>\n
- \nGrowth was driven by 34.7% growth in property pro-rata, 29.6% growth in property Cat, and 16.2% in Casualty pro-rata as pricing increases and a flight to quality continues globally.<\/p>\n<\/li>\n
- \nRobust pricing momentum continued in the second quarter, with Cat pricing up 47.5% in North America and 29.2% Internationally, with improved terms\/conditions.<\/p>\n<\/li>\n
- \nAttritional loss ratio improved 120 basis points over last year to 57.6%, and the attritional combined ratio improved to 84.7% vs 86.0% a year ago.<\/p>\n<\/li>\n
- \nPre-tax catastrophe losses fell to $27 million net of estimated recoveries and reinstatement premiums, from $80 million a year ago. Catastrophe losses in the quarter were partially offset by $30 million of catastrophe bond recoveries related to Hurricane Ian.<\/p>\n<\/li>\n<\/ul>\n
\n\n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Underwriting information – Reinsurance segment<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nYear on Year Change<\/b><\/td>\n<\/tr>\n\n| All values in USD millions except for percentages<\/b><\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | | \nQ2<\/b><\/td>\n | Year to Date<\/b><\/td>\n<\/tr>\n\n| Gross written premium<\/td>\n | | \n\n \n2,766<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n5,403<\/p>\n<\/td>\n | | \n\n \n2,201<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n4,387<\/p>\n<\/td>\n | | \n\n \n25.7 %<\/p>\n<\/td>\n | \n \n23.2 %<\/p>\n<\/td>\n<\/tr>\n | \n| Net written premium<\/td>\n | | \n\n \n2,639<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n5,093<\/p>\n<\/td>\n | | \n\n \n2,122<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n4,204<\/p>\n<\/td>\n | | \n\n \n24.4 %<\/p>\n<\/td>\n | \n \n21.2 %<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Loss ratio<\/td>\n | | \n\n \n58.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n60.8%<\/p>\n<\/td>\n | | \n\n \n64.6%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n64.4%<\/p>\n<\/td>\n | | \n(5.8)% pts<\/td>\n | (3.6)% pts<\/td>\n<\/tr>\n | \n| Commission and brokerage ratio<\/td>\n | | \n\n \n24.5%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n24.7%<\/p>\n<\/td>\n | | \n\n \n24.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n24.8%<\/p>\n<\/td>\n | | \n(0.3)% pts<\/td>\n | (0.1)% pts<\/td>\n<\/tr>\n | \n| Other underwriting expenses<\/td>\n | | \n\n \n2.6%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2.7%<\/p>\n<\/td>\n | | \n\n \n2.4%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n | | \n0.2 % pts<\/td>\n | 0.3 % pts<\/td>\n<\/tr>\n | \n| Combined ratio<\/td>\n | | \n\n \n85.9%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n88.2%<\/p>\n<\/td>\n | | \n\n \n91.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n91.6%<\/p>\n<\/td>\n | | \n(5.9)% pts<\/td>\n | (3.4)% pts<\/td>\n<\/tr>\n | \nAttritional combined ratio (1)<\/sup><\/td>\n | \n\n \n84.7%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n85.3%<\/p>\n<\/td>\n | | \n\n \n86.0%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n86.1%<\/p>\n<\/td>\n | | \n(1.3)% pts<\/td>\n | (0.8)% pts<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nPre-tax net catastrophe losses (2)<\/sup><\/td>\n | \n\n \n27<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n135<\/p>\n<\/td>\n | | \n\n \n80<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n190<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n\n| Pre-tax net Russia\/Ukraine losses<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n45<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n45<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Pre-tax net prior year reserve development<\/td>\n | | \n\n \n0<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n0<\/p>\n<\/td>\n | | \n\n \n(1)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n(2)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Notes<\/td>\n | | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n | <\/tr>\n \n(1)<\/sup> Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses, CECL and losses from the Russia\/Ukraine war<\/td>\n<\/tr>\n\n(2)<\/sup> Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Insurance Segment \u2013 Quarterly Highlights<\/b><\/p>\n\n- \nGross written premiums rose to $1.4 billion, a 14.1% increase year-over-year in constant dollars, a new quarterly record, led by a diversified mix of property, marine, aviation, energy and other specialty lines<\/p>\n<\/li>\n
- \nStrong cycle management delivered an underwriting profit of $64 million.<\/p>\n<\/li>\n
- \nCatastrophe losses were benign in the quarter demonstrating our de-risking actions on the portfolio.<\/p>\n<\/li>\n
- \nDisciplined expense management drove a total expense ratio of 28.3% with continued investment in global systems and our platform.<\/p>\n<\/li>\n
- \nPricing continues to exceed loss trend.<\/p>\n<\/li>\n<\/ul>\n
\n\n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Underwriting information – Insurance segment<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nQ2<\/b><\/td>\n | \u00a0<\/td>\n | Year to Date<\/b><\/td>\n | | \nYear on Year Change<\/b><\/td>\n<\/tr>\n\n| All values in USD millions except for percentages<\/b><\/td>\n | | \n\n 2023<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | \u00a0<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | | \nQ2<\/b><\/td>\n | Year to Date<\/b><\/td>\n<\/tr>\n\n| Gross written premium<\/td>\n | | \n\n \n1,414<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2,520<\/p>\n<\/td>\n | | \n\n \n1,246<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2,247<\/p>\n<\/td>\n | | \n\n \n13.5 %<\/p>\n<\/td>\n | \n \n12.2 %<\/p>\n<\/td>\n<\/tr>\n | \n| Net written premium<\/td>\n | | \n\n \n1,035<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1,910<\/p>\n<\/td>\n | | \n\n \n899<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1,630<\/p>\n<\/td>\n | | \n\n \n15.0 %<\/p>\n<\/td>\n | \n \n17.2 %<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Loss ratio<\/td>\n | | \n\n \n64.4%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n64.6%<\/p>\n<\/td>\n | | \n\n \n63.6%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n63.9%<\/p>\n<\/td>\n | | \n0.8 % pts<\/td>\n | 0.7 % pts<\/td>\n<\/tr>\n | \n| Commission and brokerage ratio<\/td>\n | | \n\n \n11.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n11.8%<\/p>\n<\/td>\n | | \n\n \n12.8%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n12.7%<\/p>\n<\/td>\n | | \n(1.0)% pts<\/td>\n | (0.9)% pts<\/td>\n<\/tr>\n | \n| Other underwriting expenses<\/td>\n | | \n\n \n16.5%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n16.2%<\/p>\n<\/td>\n | | \n\n \n15.1%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n15.2%<\/p>\n<\/td>\n | | \n1.4 % pts<\/td>\n | 1.0 % pts<\/td>\n<\/tr>\n | \n| Combined ratio<\/td>\n | | \n\n \n92.7%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n92.5%<\/p>\n<\/td>\n | | \n\n \n91.5%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n91.7%<\/p>\n<\/td>\n | | \n1.2 % pts<\/td>\n | 0.8 % pts<\/td>\n<\/tr>\n | \nAttritional combined ratio (1)<\/sup><\/td>\n | \n\n \n92.1%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n91.9%<\/p>\n<\/td>\n | | \n\n \n90.2%<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n90.6%<\/p>\n<\/td>\n | | \n1.9 % pts<\/td>\n | 1.3 % pts<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nPre-tax net catastrophe losses (2)<\/sup><\/td>\n | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2<\/p>\n<\/td>\n | | \n\n \n5<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n10<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n\n| Pre-tax net Russia\/Ukraine losses<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Pre-tax net prior year reserve development<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u2014<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n1<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Notes<\/td>\n | | \n | \n\u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n | | \n | \n | \n | <\/tr>\n \n| (1) Attritional ratios exclude catastrophe losses, net CAT reinstatement premiums earned, prior year development, COVID-19 losses, CECL and losses from the Russia\/Ukraine war<\/td>\n<\/tr>\n | \n| (2) Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums<\/td>\n<\/tr>\n | \n | <\/tr>\n<\/table>\nInvestments and Shareholders\u2019 Equity as of June 30, 2023<\/b><\/p>\n\n- \nTotal invested assets and cash of $33.6 billion versus $29.9 billion on December 31, 2022<\/p>\n<\/li>\n
- \nShareholders\u2019 equity of $10.9 billion vs. $8.4 billion on December 31, 2022, including $1.6 billion of unrealized net losses on AFS fixed maturity investments<\/p>\n<\/li>\n
- \nShareholders\u2019 equity excluding unrealized gains (losses) on AFS fixed maturity investments of $12.5 billion versus $10.1 billion on December 31, 2022<\/p>\n<\/li>\n
- \nBook value per share of $251.17 versus $215.54 at December 31, 2022<\/p>\n<\/li>\n
- \nBook value per share excluding unrealized gains (losses) on AFS fixed maturity investments of $288.64, versus $259.18 at December 31, 2022<\/p>\n<\/li>\n
- \nCommon share dividends declared and paid in the quarter of $1.65 per share equal to $72 million<\/p>\n<\/li>\n<\/ul>\n
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 involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include 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, pandemic, regulatory and legal uncertainties and other factors described in 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.<\/i><\/p>\n About Everest<\/span><\/p>\n\nEverest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers\u2019 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.<\/p>\n \nEverest common stock (NYSE: EG) is a component of the S&P 500 index.<\/p>\n \nAdditional information about Everest, our people, and our products can be found on our website at www.everestglobal.com<\/a>.<\/p>\n\nA conference call discussing the results will be held at 8:00 a.m. Eastern Time on July 27, 2023. The call will be available on the Internet through the Company\u2019s website at https:\/\/www.everestglobal.com\/investor-relations<\/a>.<\/p>\n\nRecipients are encouraged to visit the Company\u2019s website to view supplemental financial information on the Company\u2019s results. The supplemental information is located at www.everestglobal.com<\/a> in the \u201cInvestors\/Financials\/Quarterly Results\u201d section of the website. The supplemental financial information may also be obtained by contacting the Company directly.<\/p>\n\n_______________________________________________<\/p>\n \nThe Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:<\/p>\n \n\n | \n | \n | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| (Dollars in millions, except per share amounts)<\/td>\n | | \nThree Months Ended June 30,<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | Six Months Ended June 30,<\/td>\n<\/tr>\n | \n | \n\n \n2023<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2022<\/p>\n<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | \n \n2023<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n2022<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n(unaudited)<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | (unaudited)<\/td>\n<\/tr>\n | \n | \n | \nAmount<\/td>\n | \u00a0<\/td>\n | Per Diluted
Share<\/td>\n | \u00a0<\/td>\n | Amount<\/td>\n | \u00a0<\/td>\n | Per Diluted
Share<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | Amount<\/td>\n | \u00a0<\/td>\n | Per Diluted
Share<\/td>\n | \u00a0<\/td>\n | Amount<\/td>\n | \u00a0<\/td>\n | Per Diluted
Share<\/td>\n<\/tr>\n | \n| After-tax operating income (loss)<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n627<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n15.21<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n386<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n9.79<\/p>\n<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,070<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n26.61<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n792<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n20.10<\/p>\n<\/td>\n<\/tr>\n | \n| After-tax net gains (losses) on investments<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.11<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(189)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4.79)<\/p>\n<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.25<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(312)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7.93)<\/p>\n<\/td>\n<\/tr>\n | \n| After-tax net foreign exchange income (expense)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n39<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.94<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(74)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.88)<\/p>\n<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(45)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.12)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(59)<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1.49)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n670<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n16.26<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n123<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n3.11<\/p>\n<\/td>\n | \u00a0<\/td>\n | | \n\u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,035<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n25.74<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n420<\/p>\n<\/td>\n | \u00a0<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n10.67<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | | \n\u00a0<\/td>\n | \u00a0<\/td>\n<\/tr>\n | \n| (Some amounts may not reconcile due to rounding.)<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n<\/tr>\n<\/table>\n \nAlthough net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company\u2019s 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 is 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\u2019s 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 operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company\u2019s performance.<\/p>\n –Financial Details Follow–<\/b><\/p>\n\n\n| EVEREST GROUP, LTD.<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| CONSOLIDATED STATEMENTS OF OPERATIONS<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| AND COMPREHENSIVE INCOME (LOSS)<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nThree Months Ended<\/td>\n | | \nSix Months Ended<\/td>\n<\/tr>\n | \n | \n | \nJune 30,<\/td>\n | | \nJune 30,<\/td>\n<\/tr>\n | \n| (Dollars in millions, except per share amounts)<\/td>\n | | \n\n \n2023<\/p>\n<\/td>\n | | \n\n \n2022<\/p>\n<\/td>\n | | \n\n \n2023<\/p>\n<\/td>\n | | \n\n \n2022<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n(unaudited)<\/td>\n | | \n(unaudited)<\/td>\n<\/tr>\n | \n| REVENUES:<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Premiums earned<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n3,251<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2,916<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n6,352<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n5,708<\/p>\n<\/td>\n<\/tr>\n | \n| Net investment income<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n357<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n226<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n617<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n469<\/p>\n<\/td>\n<\/tr>\n | \n| Total net gains (losses) on investments<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(236)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(390)<\/p>\n<\/td>\n<\/tr>\n | \n| Other income (expense)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n38<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(71)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(42)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(56)<\/p>\n<\/td>\n<\/tr>\n | \n| Total revenues<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,650<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,835<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6,936<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,731<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| CLAIMS AND EXPENSES:<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Incurred losses and loss adjustment expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,960<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,876<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,927<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,666<\/p>\n<\/td>\n<\/tr>\n | \n| Commission, brokerage, taxes and fees<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n686<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n630<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,347<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,236<\/p>\n<\/td>\n<\/tr>\n | \n| Other underwriting expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n205<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n170<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n405<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n331<\/p>\n<\/td>\n<\/tr>\n | \n| Corporate expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n17<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n36<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n29<\/p>\n<\/td>\n<\/tr>\n | \n| Interest, fees and bond issue cost amortization expense<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n33<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n24<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n65<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n48<\/p>\n<\/td>\n<\/tr>\n | \n| Total claims and expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,901<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,715<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,779<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,310<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| INCOME (LOSS) BEFORE TAXES<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n750<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n119<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,157<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n421<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax expense (benefit)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n80<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(4)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n122<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| NET INCOME (LOSS)<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n670<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n123<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,035<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n420<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Other comprehensive income (loss), net of tax:<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Unrealized appreciation (depreciation) (“URA(D)”) on securities arising during the period<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(169)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(732)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n77<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,548)<\/p>\n<\/td>\n<\/tr>\n | \n| Reclassification adjustment for realized losses (gains) included in net income (loss)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n<\/tr>\n | \n| Total URA(D) on securities arising during the period<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(167)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(717)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n82<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,528)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Foreign currency translation adjustments<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(28)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n30<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(62)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Reclassification adjustment for amortization of net (gain) loss included in net income (loss)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n<\/tr>\n | \n| Total benefit plan net gain (loss) for the period<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n<\/tr>\n | \n| Total other comprehensive income (loss), net of tax<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(168)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(744)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n113<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,588)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| COMPREHENSIVE INCOME (LOSS)<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n502<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(621)<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,148<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n(1,168)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| EARNINGS PER COMMON SHARE:<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n16.26<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n3.11<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n25.74<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n10.67<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n16.26<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3.11<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n25.74<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10.67<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| EVEREST GROUP, LTD.<\/td>\n | | \n | \n | \n | <\/tr>\n \n| CONSOLIDATED BALANCE SHEETS<\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nJune 30,<\/td>\n | | \nDecember 31,<\/td>\n<\/tr>\n | \n| (Dollars and share amounts in millions, except par value per share)<\/td>\n | | \n\n \n2023<\/p>\n<\/td>\n | | \n\n \n2022<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n(unaudited)<\/td>\n | | \n | <\/tr>\n \n| ASSETS:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Fixed maturities – available for sale, at fair value<\/td>\n | | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| (amortized cost: 2023, $26,372; 2022, $24,191, credit allowances: 2023, ($63); 2022, ($54))<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n24,489<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n22,236<\/p>\n<\/td>\n<\/tr>\n | \n| Fixed maturities – held to maturity, at amortized cost<\/td>\n | | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| (fair value: 2023, $781; 2022, $821, net of credit allowances: 2023 ($8); 2022, ($9))<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n798<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n839<\/p>\n<\/td>\n<\/tr>\n | \n| Equity securities, at fair value<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n259<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n281<\/p>\n<\/td>\n<\/tr>\n | \n| Other invested assets<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,262<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,085<\/p>\n<\/td>\n<\/tr>\n | \n| Short-term investments<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,675<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,032<\/p>\n<\/td>\n<\/tr>\n | \n| Cash<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,067<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,398<\/p>\n<\/td>\n<\/tr>\n | \n| Total investments and cash<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n33,550<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n29,872<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued investment income<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n266<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n217<\/p>\n<\/td>\n<\/tr>\n | \n| Premiums receivable (net of credit allowances: 2023, ($34); 2022, ($29))<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,263<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,619<\/p>\n<\/td>\n<\/tr>\n | \n| Reinsurance paid loss recoverables (net of credit allowances: 2023, ($24); 2022, ($23))<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n201<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n136<\/p>\n<\/td>\n<\/tr>\n | \n| Reinsurance unpaid loss recoverables<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,175<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,105<\/p>\n<\/td>\n<\/tr>\n | \n| Funds held by reinsureds<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,075<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,056<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred acquisition costs<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,086<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n962<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid reinsurance premiums<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n692<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n610<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax asset, net<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n399<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n459<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets (net of credit allowances: 2023, ($7); 2022, ($5))<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n961<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n930<\/p>\n<\/td>\n<\/tr>\n | \n| TOTAL ASSETS<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n44,668<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n39,966<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| LIABILITIES:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Reserve for losses and loss adjustment expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23,405<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n22,065<\/p>\n<\/td>\n<\/tr>\n | \n| Future policy benefit reserve<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n28<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n29<\/p>\n<\/td>\n<\/tr>\n | \n| Unearned premium reserve<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,943<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,147<\/p>\n<\/td>\n<\/tr>\n | \n| Funds held under reinsurance treaties<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n25<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n<\/tr>\n | \n| Amounts due to reinsurers<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n678<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n567<\/p>\n<\/td>\n<\/tr>\n | \n| Losses in course of payment<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n150<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n74<\/p>\n<\/td>\n<\/tr>\n | \n| Senior notes<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,348<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,347<\/p>\n<\/td>\n<\/tr>\n | \n| Long-term notes<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n218<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n218<\/p>\n<\/td>\n<\/tr>\n | \n| Borrowings from FHLB<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n519<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n519<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued interest on debt and borrowings<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n19<\/p>\n<\/td>\n<\/tr>\n | \n| Unsettled securities payable<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n21<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| Other liabilities<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n412<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n526<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n33,766<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n31,525<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| SHAREHOLDERS’ EQUITY:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Preferred shares, par value: $0.01; 50.0 shares authorized; no shares issued and outstanding<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n<\/tr>\n | \n| Common shares, par value: $0.01; 200.0 shares authorized; (2023) 74.2 and (2022) 69.9 outstanding before treasury shares<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n<\/tr>\n | \n| Additional paid-in capital<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,753<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,302<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($247) at 2023 and ($250) at 2022<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,883)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,996)<\/p>\n<\/td>\n<\/tr>\n | \n| Treasury shares, at cost; 30.8 (2023) and 30.8 shares (2022)<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,908)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,908)<\/p>\n<\/td>\n<\/tr>\n | \n| Retained earnings<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,940<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,042<\/p>\n<\/td>\n<\/tr>\n | \n| Total shareholders’ equity<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,902<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,441<\/p>\n<\/td>\n<\/tr>\n | \n| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n44,668<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n39,966<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | 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