HAMILTON, Bermuda--(BUSINESS WIRE)--Everest Group, Ltd. (NYSE: EG), a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions has announced the promotion of two key leaders in the Reinsurance Division, both effective immediately. Jill Beggs has been promoted to Reinsurance EVP and Chief Operating Officer of the Division. In this role, Ms. Beggs will manage the profitable growth of the division’s worldwide portfolio, including Global Treaty, F ...

Financial Data and Key Metrics Changes - Everest Group Ltd. achieved record annual results in 2023, with annual operating income and net income both exceeding $2.5 billion, representing a 21% growth in constant dollars, ending the year at nearly $17 billion in gross written premium [15][8][47] - Operating earnings per share reached $66.39, with an operating return on equity of 23.1% and a total shareholder return of 26.5% [8][15] - Book value per share improved by 44.3% from year-end 2022, ending the quarter at $304.29, and excluding net unrealized depreciation, it stood at $320.95, a 23.8% increase [25][15] Business Line Data and Key Metrics Changes - Reinsurance gross written premiums grew by 21.9% in constant dollars, driven by double-digit increases in various property lines, with a combined ratio of 78.8%, an improvement of 8 points from the prior year [9][15] - The attritional loss ratio improved to 62.6%, primarily due to a higher proportion of short tail lines within the portfolio [10][15] - The core portfolio achieved a broad-based 12% rate increase, with particularly strong pricing in marine, commercial auto, and general liability lines [6][15] Market Data and Key Metrics Changes - Market conditions remain strong, with no significant new capacity entering the market, leading to excellent conditions for upcoming renewals [4][15] - The company capitalized on the hard market to grow in attractive lines across its businesses, particularly in Property Cat globally [14][47] Company Strategy and Development Direction - The company is focused on disciplined international strategy, expanding its insurance platform across various regions, including Latin America, the UK, and Asia Pacific [18][15] - Everest aims to drive sustainable margin expansion while distinguishing itself as a preferred lead market platform [17][15] - The company has shifted to shorter tail lines with favorable pricing and a strong profit trajectory, enhancing its underwriting guidelines and risk selection parameters [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong overall reserve position and the ability to manage social inflation risks effectively [57][15] - The company anticipates continued excellent market conditions for upcoming renewals throughout 2024, supported by its capital strength and underwriting diversification [47][15] - Management highlighted the importance of maintaining a disciplined approach to underwriting and risk selection to ensure profitability [46][15] Other Important Information - The company recorded a net investment income increase of over $200 million year-over-year, totaling $411 million for the quarter, driven by higher assets under management and new money yields [23][15] - Everest successfully executed a strategy to sell lower yielding bonds, resulting in after-tax realized fixed income losses of approximately $210 million, while reinvesting in higher coupon bonds [51][15] Q&A Session Summary Question: Concerns about reserve strengthening in insurance - Management clarified that the reserve adjustments were primarily related to general liability and that they have been conservative in their loss picks since 2021, ensuring confidence in the current reserve levels [28][57] Question: Sustainability of pricing and terms in the reinsurance market - Management indicated that the market remains strong due to a persistent gap between supply and demand, with no significant new capital formation, which supports the sustainability of pricing [107][15] Question: Impact of social inflation on future objectives - Management expressed confidence in achieving their objectives despite potential social inflation pressures, citing a well-diversified portfolio and prudent risk management practices [116][15]

Everest Group, Ltd.’s (EG) fourth-quarter 2023 operating income of $25.18 per share beat the Zacks Consensus Estimate by 72.1%. The bottom line doubled year over year.Everest Group witnessed higher premiums across its reinsurance and insurance businesses and improved net investment income. Higher expenses and lower underwriting income partially offset the upside.Operational UpdateEverest Group’s total operating revenues of nearly $3.65 billion increased 12.3% year over year on higher premiums earned and net ...

For the quarter ended December 2023, Everest Group (EG) reported revenue of $3.66 billion, up 14.6% over the same period last year. EPS came in at $25.18, compared to $12.21 in the year-ago quarter.The reported revenue represents a surprise of -8.66% over the Zacks Consensus Estimate of $4.01 billion. With the consensus EPS estimate being $14.63, the EPS surprise was +72.11%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Stree ...

Everest Group (EG) came out with quarterly earnings of $25.18 per share, beating the Zacks Consensus Estimate of $14.63 per share. This compares to earnings of $12.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 72.11%. A quarter ago, it was expected that this reinsurance company would post earnings of $10.18 per share when it actually produced earnings of $14.14, delivering a surprise of 38.90%.Over the last four quarters, ...

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Everest Group, Ltd. (EG) is slated to report fourth-quarter 2023 earnings on Feb 7, after market close. The insurer delivered an earnings surprise in three of the last four quarters and missed in one, the average being 24.5%.Factors to ConsiderPremium growth is likely to have been driven by the solid performance of its Reinsurance segment, rate increases, exposure growth and strong underwriting. We expect net written premium to increase 8.3% to $3.4 billion in the fourth quarter.The Insurance segment is lik ...

Analysts on Wall Street project that Everest Group (EG) will announce quarterly earnings of $14.63 per share in its forthcoming report, representing an increase of 19.8% year over year. Revenues are projected to reach $4.01 billion, increasing 25.5% from the same quarter last year.The current level reflects a downward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projecti ...

Everest Group (EG) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 7, 2024, might help the stock move higher if these key numbers are better tha ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-15731 EVEREST GROUP, LTD. (Exact name of registrant as specified in its charter) Bermuda 98-0365432 (State or other jurisdiction of incorporation or organizat ...