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

资讯发布
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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楼。
联系方式
媒体：Dawn Lauer。 投资者：Matt Rohrmann
首席传媒官投资者关系主管
908.300.7670908.604.7343

珠穆朗玛峰报告2024年第三季度业绩
净利润为50900万美元，净营业收入为63000万美元
股东总回报率1 为 19.4%
年化YTD 17.8%净利润roe和18.7%净营运收入roe
百慕达汉密尔顿-（纽交所新闻）- 2024年10月30日- 全球领先的承保集团Everest Group, Ltd.（纽交所股票代码：EG），今天公布了其2024年第三季度业绩报告，为客户提供最佳的财产、意外伤害和特殊再保险以及保险解决方案。

2024年第三季度业绩亮点
•年化股东总回报率为19.4%; 今年迄今为止的年化收益率为17.8%净利润roe和18.7%净营业收入roe
•净利润为50900万美元；受逐步改善的核保利润率和稳健的净投资收益推动，净营业收入为63000万美元
•保单总保费达44亿美元，集团同比增长0.6%，再保险增长1.7%，保险在可比基础上下降2.1%；两个领域的财产和特殊险种均实现强劲的两位数增长，部分受到某些责任险种减少的抵消
•集团的综合赔付比为93.1%，再保险为91.8%，保险为97.1%
•集团的综合手续费率为85.8％，再保险为83.5％，保险为92.6％
•集团的税前承保收入为27200万美元，再保险为24500万美元，保险为2700万美元
•税前灾难损失净额为27900万美元，减去恢复和重置保费，相比2023年第三季度的17000万美元
•净投资收入从去年第三季度的40600万美元提升至49600万美元，这是由于资产基础增加以及强劲的核心固收投资回报所推动
•本季度运营现金流强劲，达17亿美元，2023年第三季度为14亿美元。


(1) 表示年化数字；代表总股东回报或"TSR"。 年化TSR的计算方法是截至今年来固定到期可供出售证券上的每普通股的账面价值增长，以及年初截至今日每股的分红派息。

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艾威斯特交出了又一个成功的季度，强劲的营运收入得益于坚实的核保业绩和健康的投资收益。这些成绩反映了我们的核保纪律和谨慎的风险管理，使公司能够在行业再次遭遇高于平均水平的灾难年度的情况下取得领先回报。根据艾威斯特总裁兼首席执行官胡安·C·安德拉德(Juan C. Andrade)的说法，“我们正在提供年化总股东回报率和约19%的营运股本回报率。”“作为领先的再保险市场，我们在吸引力强的业务领域实现了增长，预期回报最高。我们正在利用我们的特许价值，在持续有利的物业市场条件下，迎接截至1月1日续保日的市场条件。” 此外，我们继续通过在更有吸引力的物业和专业线业务中实现强劲的两位数增长来塑造我们的全球主要保险组合，同时在北美某些事故险线上保持谨慎。 随着我们进入年底阶段，我们继续专注于执行我们的策略。


2024年第三季度净利润及其他项目摘要
•50900万美元的净利润，相当于每股稀释后11.80美元，而2023年第三季度净利润为67800万美元，相当于每股稀释后15.63美元
•63000万美元的净营业收入，每股稀释股份为14.62美元，相比2023年第三季度的61300万美元的净营业收入，每股稀释股份为14.14美元
•GAAP综合赔付比为93.1%，包括7.9个百分点的灾难损失，较2023年第三季度的91.4%高，包括5.0个百分点的灾难损失； 在行业板块再次遭遇高于平均水平的灾难年背景下，天安继续成功管理波动性。

飓风密尔顿
•2024年第四季度，预税净灾难损失估计的区间为300至40000万美元，扣除预计的收回和恢复保费
•珠峰的损失估计基于保险行业板块损失区间在25亿到350亿美元之间

以下表格总结了公司的净利润和相关财务指标。
净利润和营业收入Q3本年度至今Q3本年度至今
所有数值均以美元百万计，除每股金额和百分比外2024202420232023
Everest Group
净利润（亏损）5091,9666781,713
每股摊薄净营业利润（亏损） (2)
6302,0706131,684
每股摊薄普通股净（亏）损11.8045.4015.6341.49
每股稀释普通股的净营业收入（亏损） (2)
14.6247.7914.1440.77
净利润（亏损）占平均净资产回报率（年化）13.3%17.8%21.2%19.7%
税后净营业收入（亏损）占平均净资产回报率（年化） (2)
16.4%18.7%19.2%19.3%
票据
(2) 表示非美国通用会计原则财务指标。请参阅"关于非美国通用会计原则财务指标的评论"以获取解释和调整。
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股东权益和每股账面价值Q3本年度至今Q3本年度至今
所有数值均以百万美元为单位，除每股金额和百分比外2024202420232023
期初股东权益14,18213,20210,9028,441
5091,9666781,713
变动-到期日修正,可供出售证券716503(242)(159)
分红派息给股东的现金流量净额(86)(249)(76)(212)
购买公司库存股(100)(200)——
股份的公开股权发行———1,445
其他114113(37)(1)
股东权益结尾15,33515,33511,22611,226
普通股股份数43.043.4
每股普通股的账面价值356.77258.71
净固定到期收益率减少：可供出售证券(5.11)(43.06)
每股普通股在未处理净固定到期收益率的情况下的账面价值 (3)
361.87301.76
调整后的BVPS变动，考虑了分红派息19.1%22.4%
总股东回报率（"TSR"）- 年化19.4%24.5%
常股分红派息 - 过去12个月7.506.70
票据
(3) 表示非GAAP财务指标。在上表中包括了与每股净值的调节，这是最接近的GAAP指标。有关更多信息，请参阅"关于非GAAP财务指标的评论"。


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以下信息总结了公司的承保结果，以综合基础和分部 - 再保险和保险，同时通过分部对结果进行了评论选择性评论。
承销信息 - 珠穆朗玛集团Q3本年度至今Q3本年度至今同比变化
所有数值均以美元百万为单位，除了百分比2024202420232023Q3本年度至今
已批准保费4,42513,5614,39112,3140.8%10.1%
净批准保费3,80511,7893,86610,870(1.6)%8.5%
损失比例：
当期年度58.0%58.5%58.9%59.4%（0.9）百分点（0.9）百分点
原年度—%—%—%—%— 百分点— 百分点
灾难7.9%4.9%5.0%3.2%2.9 点1.6 点
总损失比率66.0%63.3%63.9%62.6%2.0 点0.7 点
佣金和券商比率21.1%21.3%21.4%21.3%（0.3）点— 点
其他承保费用6.0%6.2%6.1%6.3%(0.1) 点(0.1) 点
综合赔付率93.1%90.8%91.4%90.1%1.6 点0.6 点
累计合并赔付比率 (4)
85.8%86.3%86.6%87.0%(0.8) 点(0.7) 点
税前净灾难损失 (5)
279499170307
税前净不利（有利）前期准备金发展————
票据
(4) 事故率不包括灾难损失、净灾害重购保费、前期发展、COVID-19 损失以及俄罗斯/乌克兰战争造成的损失。事故综合比率是一项非通用会计准则财务指标。请参阅“有关非通用会计准则财务指标的注解”了解具体解释和调节。
(5) 税前净灾难损失已扣除再保险和重购保费后。


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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