Core Viewpoint - Everest Medicines has made a strategic equity investment of US$30.9 million in I-Mab, acquiring a 16.1% ownership stake, which aligns with its focus on next-generation oncology programs and enhances its presence in the U.S. market [1][4]. Investment Details - The investment will be made through the subscription of 15,846,154 American Depositary Shares (ADSs) at an offering price of $1.95 per ADS, contributing to total gross proceeds of approximately US$65 million for I-Mab [5]. - Following the investment, Everest will hold a total of 15,846,154 ADSs and 6,078,571 ordinary shares of I-Mab, representing approximately 16.1% of I-Mab's total issued share capital [5]. Clinical Development Synergies - I-Mab's bispecific antibody pipeline, particularly the 4-1BB receptor targeting platform, is complementary to Everest's existing mRNA cancer vaccines and in vivo CAR-T platform, potentially accelerating the development of pipeline products for both companies [2][3]. - The collaboration may leverage I-Mab's clinical translational capabilities in the U.S. and Everest's clinical capabilities in Asia, enhancing the global expansion of their respective product pipelines [3][4]. Product Pipeline - I-Mab's key pipeline products include Givastomig (Claudin 18.2 x 4-1BB bispecific antibody), which has shown an overall response rate (ORR) of 83% in a Phase 1b trial for first-line gastric cancers [1][9][13]. - Other notable candidates in I-Mab's pipeline include Ragistomig (PD-L1 x 4-1BB bispecific antibody) and Uliledlimab (CD73 antibody), indicating a strong focus on precision immuno-oncology agents [8][13]. Company Background - Everest Medicines is a biopharmaceutical company dedicated to discovering, developing, and commercializing innovative therapeutics, particularly in oncology, renal diseases, infectious diseases, and autoimmune disorders [11]. - I-Mab is a U.S.-based global biotech company focused on precision immuno-oncology, with a differentiated pipeline aimed at treating various cancers [8][13].

Core Insights - Everest Group, Ltd. reported second-quarter 2025 operating income of $17.36 per share, exceeding the Zacks Consensus Estimate by 14.7% and reflecting a 3% year-over-year increase [1] - The company's total operating revenues reached $4.5 billion, marking a 6.3% year-over-year increase and surpassing the consensus estimate by 2% [2] - Gross written premiums decreased by 0.7% year over year to $4.7 billion, driven by a 3.3% decline in the Insurance segment, partially offset by a 1.6% growth in the Reinsurance segment [2][8] Operational Update - Net investment income was reported at $532 million, a 0.7% increase year over year, attributed to a larger asset base and strong returns from fixed income and alternative investments [3] - Total claims and expenses rose 8.3% year over year to $3.6 billion, primarily due to higher incurred losses and various expenses [4] - Underwriting income increased by 7.5% year over year to $385 million [4] Segment Performance - The Reinsurance segment's gross written premiums were $3.2 billion, up 1.6% year over year, with notable growth in Property Catastrophe XOL and Property Pro-Rata [6] - The combined ratio for the Reinsurance segment improved by 330 basis points to 85.6, outperforming the Zacks Consensus Estimate [6] - The Insurance segment reported gross written premiums of $1.4 billion, down 3.3% year over year, with significant growth in Other Specialty and Accident and Health, but declines in Specialty Casualty and Workers' Compensation [7] Financial Update - As of the end of Q2 2025, Everest Group had total investments and cash of $44.3 billion, a 6.7% increase from the end of 2024 [8] - Shareholder equity increased by 7.9% from the end of 2024, with a book value per share of $358.08, up 10.8% [9] - Cash flow from operations was $1.1 billion, down 19.2% year over year, with dividends paid amounting to $84 million and share buybacks totaling $200 million [9]

Financial Data and Key Metrics Changes - The company reported net operating income of $734 million and an annualized operating return on equity (ROE) of nearly 20% [5][20] - The combined ratio was 90.4%, reflecting strong underwriting profit of $385 million [5][20] - Net investment income was robust at $532 million, supported by favorable private equity performance [7][26] Business Line Data and Key Metrics Changes - Reinsurance generated a profit of $436 million, up $133 million from the prior year, with a combined ratio of 85.6% [7][22] - Insurance recorded an underwriting loss of $18 million with a combined ratio of 102% and an attritional loss ratio of 68.7% [12][24] - Gross written premiums for reinsurance increased by 1.6% in constant dollars, while insurance premiums decreased by 3.3% [20][23] Market Data and Key Metrics Changes - Casualty premiums declined by 7.3%, while primary casualty rates are rising [9][13] - International insurance business grew at a rate of 23% this quarter, with improving margins [16] - Property premiums increased by approximately 8% year over year, with property cat XOL growing over 15% [8][15] Company Strategy and Development Direction - The company is focused on reshaping its portfolio, particularly in the U.S. casualty business, while expanding in property, Asia, and Latin America [10][11] - The strategy includes a one renewal approach in U.S. casualty to improve portfolio quality and profitability [12][19] - The company aims to optimize its share in attractive programs with core seeds, leveraging deep relationships [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the reinsurance business's ability to deliver strong results regardless of external conditions [12][18] - The company is optimistic about the future, focusing on executing across both businesses and managing the cycle with discipline [19] - Management noted that the current pricing environment remains favorable, with strong returns expected from property cat [44][62] Other Important Information - The company repurchased $200 million worth of shares in the second quarter, returning $400 million to shareholders year to date [17][28] - The operating income tax rate was 16.4%, slightly below the working assumption of 17% to 18% for the year [28] Q&A Session Summary Question: What is the outlook for the underlying loss ratio in insurance? - Management indicated that the risk margin is necessary due to legal uncertainties, and the mix of business will impact the overall loss ratio positively over time [32][33] Question: Can you provide insights on accident and health growth? - The company is focusing on accident business growth, particularly in business travel and participant accident coverage, which has shown strong performance [39][41] Question: What are the competitive dynamics in the reinsurance renewals? - Management noted that pricing was flat in June renewals and slightly down in July, but terms and conditions remained stable, indicating discipline in the market [42][43] Question: How is the company managing its expense ratio? - Management expects the expense ratio to improve post-remediation of the casualty book, with a focus on scaling the international business [120][121] Question: What is the company's stance on PMLs and capital deployment? - Management believes the current market is still hard, and they are comfortable deploying capital at attractive rates while remaining within risk guidelines [62][63] Question: How is the company addressing the California workers' comp market? - The company has reduced its exposure in California and is only writing comp when part of a broader portfolio, focusing on overall market recovery [112][113]

Financial Data and Key Metrics Changes - The company reported net operating income of $734 million and an annualized operating return on equity (ROE) of nearly 20% for the second quarter of 2025 [5][21] - The combined ratio was 90.4%, reflecting strong underwriting performance and light catastrophe losses [21][22] - Net investment income was strong at $532 million, supported by favorable private equity performance [5][27] Business Line Data and Key Metrics Changes - Underwriting profit totaled $385 million with a combined ratio of 90.4% [5] - Reinsurance generated a profit of $436 million, up $133 million from the prior year, with a combined ratio of 85.6% [7][23] - Insurance recorded an underwriting loss of $18 million with a combined ratio of 102% [13][24] - Gross written premiums for reinsurance increased by 1.6% in constant dollars, while insurance gross written premiums decreased by 3.3% [21][24] Market Data and Key Metrics Changes - The company experienced a 1.1% increase in reinsurance gross written premiums, while insurance premiums declined by 3.3% [21][24] - International insurance business grew at a rate of 23% this quarter, with improving margins [17] - Property premiums increased by 5% globally, with 21% growth internationally, offsetting a 2% decline in North America [16] Company Strategy and Development Direction - The company is focused on reshaping its portfolio, particularly in the U.S. casualty business, and is committed to disciplined growth [12][19] - The strategy includes expanding in U.S. property, Asia, and Latin America while reducing exposure in U.S. casualty [12][19] - The company aims to optimize its share in attractive programs with core clients, leveraging its strong relationships [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the reinsurance business's ability to deliver strong results regardless of external conditions [13] - The company is optimistic about the quality of its casualty portfolio improving, which is expected to lead to more consistent profitability over time [19] - Management noted that the current market conditions are favorable for deploying capital into well-structured accounts [58][59] Other Important Information - The company repurchased $200 million worth of shares in the second quarter, totaling $400 million year-to-date [18][28] - The operating income tax rate for 2025 was 16.4%, slightly below the working assumption of 17% to 18% [27][28] Q&A Session Summary Question: What is the outlook for the underlying loss ratio in insurance? - Management indicated that the risk margin is necessary due to legal uncertainties, and the mix of business will impact the overall loss ratio positively over time [31][32] Question: How is the company approaching international investments? - Management acknowledged that international growth is lumpier but emphasized leveraging existing infrastructure to improve the expense ratio over time [34] Question: What are the dynamics in the accident and health market? - The company is focusing on accident coverage rather than health, with strong growth in accident business both domestically and internationally [37][38] Question: Can you elaborate on the reinsurance renewals and competitive environment? - Management noted that pricing was flat during renewals, with terms and conditions holding steady, indicating discipline in the market [40][41] Question: How does the company view the current pricing environment? - Management clarified that while rates have softened slightly, the market remains strong, and they are comfortable deploying capital at current pricing levels [58][59] Question: What is the company's strategy regarding PMLs? - Management stated that they are increasing net PMLs due to favorable pricing dynamics and are confident in the risk-reward trade-off [59][60] Question: What is the status of the London court decision? - Management believes the issue is resolved barring any unexpected legal shifts, and it does not relate to previous reserve actions [95][96]

Financial Performance - Net investment income reached $532 million for the second quarter of 2025[18], driven by higher assets under management and strong alternative investment returns[18, 23] - The company's combined ratio was 904%[18], resulting in underwriting income of $385 million[18] - Net operating income for the second quarter of 2025 was $734 million[21, 66], and $1010 million year-to-date[21, 66] - The company repurchased $200 million of common shares during the quarter[34] - Total Shareholder Return (TSR) was 148% annualized for the first half of 2025[19, 33, 61] Reinsurance Division - Reinsurance gross written premiums (GWP) year-to-date reached $6463 million[25], a 16% increase compared to $6385 million in the same period of 2024[25] - The attritional combined ratio for reinsurance improved to 845% year-to-date[28] Insurance Division - Insurance gross written premiums (GWP) year-to-date were $2559 million[31], a decrease of 33% on a constant dollar basis[32] - The insurance division's attritional combined ratio increased to 994% year-to-date[31] Capital and Risk Management - Shareholders' equity stood at $153 billion[33], excluding $252 million of unrealized losses on fixed maturity portfolio[33] - The company's invested assets totaled $443 billion[33, 57], with 87% in fixed income and cash/short-term securities[57]

Everest Group (EG) reported $4.49 billion in revenue for the quarter ended June 2025, representing a year-over- year increase of 6.3%. EPS of $17.36 for the same period compares to $16.85 a year ago. The reported revenue represents a surprise of +2.03% over the Zacks Consensus Estimate of $4.4 billion. With the consensus EPS estimate being $15.14, the EPS surprise was +14.66%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

Everest Group (EG) came out with quarterly earnings of $17.36 per share, beating the Zacks Consensus Estimate of $15.14 per share. This compares to earnings of $16.85 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Everest Group, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $4.49 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate ...

Executive Summary & Key Highlights [Second Quarter 2025 Performance Overview](index=1&type=section&id=1.1%20Second%20Quarter%202025%20Performance%20Overview) Everest Group reported strong Q2 2025 results with net income of $680 million and net operating income of $734 million, achieving annualized ROEs of 18.2% and 19.6% respectively | Metric | Q2 2025 (USD millions / %) | Q2 2024 (USD millions / %) | | :----------------------------------- | :----------------------- | :----------------------- | | Net Income | 680 | 724 | | Net Operating Income | 734 | 730 | | Annualized Net Income ROE | 18.2% | 19.6% | | Annualized Net Operating Income ROE | 19.6% | 19.7% | | Gross Written Premium (Group) | 4,700 (approx) | 4,725 | | Combined Ratio (Group) | 90.4% | 90.3% | | Underwriting Income (Group) | 385 | 358 | | Net Investment Income | 532 | 528 | | Operating Cashflow | 1,100 (approx) | 1,300 (approx) | - Gross written premium for the Group decreased by **0.7%** year-over-year, with Reinsurance increasing by **1.6%** and Insurance decreasing by **3.3%** on a comparable basis[3](index=3&type=chunk) - Aviation losses associated with the Russia / Ukraine war contributed **2.5 points** to the Group's combined ratio[3](index=3&type=chunk) - Net favorable development of approximately **$39 million** in prior year loss reserves in Reinsurance, resulting in a **1.0 point** decrease on the Group's combined ratio[3](index=3&type=chunk) [CEO Commentary](index=3&type=section&id=1.2%20CEO%20Commentary) CEO Jim Williamson highlighted strong Q2 performance driven by both underwriting and net investment income, resulting in an approximate 20% operating ROE - Everest delivered a strong second quarter, with solid contributions from both underwriting income and net investment income, resulting in an annualized operating ROE of approximately **20%**[4](index=4&type=chunk) - The Reinsurance business continues to deliver outstanding results, further supported by favorable reserve development this quarter[4](index=4&type=chunk) - In Insurance, the execution of the '1-Renewal Strategy' is nearly complete, positioning the portfolio to generate improved results over time[4](index=4&type=chunk) Consolidated Financial Results [Net Income and Operating Income](index=3&type=section&id=2.1%20Net%20Income%20and%20Operating%20Income) Everest Group reported Q2 2025 net income of $680 million ($16.10 per diluted share) and net operating income of $734 million ($17.36 per diluted share) Net Income and Operating Income Summary | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (USD millions) | | :----------------------------------- | :--------------------- | :--------------------- | :------------------------ | | Net income (loss) | 680 | 724 | (44) | | Net operating income (loss) | 734 | 730 | 4 | | Net income (loss) per diluted common share | 16.10 | 16.70 | (0.60) | | Net operating income (loss) per diluted common share | 17.36 | 16.85 | 0.51 | | Net income (loss) return on average equity (annualized) | 18.2% | 19.6% | (1.4) pts | | After-tax net operating income (loss) return on average equity (annualized) | 19.6% | 19.7% | (0.1) pts | [Shareholders' Equity and Book Value per Share](index=4&type=section&id=2.2%20Shareholders'%20Equity%20and%20Book%20Value%20per%20Share) Shareholders' equity increased to **$15.0 billion** at June 30, 2025, from **$13.9 billion** at December 31, 2024, with book value per common share rising to **$358.08** Shareholders' Equity and Book Value per Share | Metric | June 30, 2025 (USD millions / share) | Dec 31, 2024 (USD millions / share) | Change (USD millions / share / pts) | | :-------------------------------------------------------------------- | :--------------------------------- | :--------------------------------- | :---------------------------------- | | Ending shareholders' equity | 15,019 | 13,875 | 1,144 | | Shareholders' equity excluding URA(D) on fixed maturity, available for sale securities | 15,272 | 14,700 (adjusted beginning of period) | 572 | | Book value per common share outstanding | 358.08 | 322.97 | 35.11 | | Book value per common share outstanding excluding URA(D) | 364.10 | 342.74 | 21.36 | | Common share repurchases (Q2 2025) | 200.0 | 65 (Q2 2024) | 135 | | Common share dividends paid (Q2 2025) | 84.0 | 86 (Q2 2024) | (2) | | Total Shareholder Return ("TSR") - Annualized (YTD 2025) | 14.8% | 20.0% (YTD 2024) | (5.2) pts | [Consolidated Underwriting Performance](index=5&type=section&id=2.3%20Consolidated%20Underwriting%20Performance) The Group's underwriting income for Q2 2025 was $385 million, with a combined ratio of 90.4%, a slight increase of 0.1 points year-over-year Consolidated Underwriting Information | Metric | Q2 2025 (USD millions / %) | Q2 2024 (USD millions / %) | YoY Change (points / %) | | :----------------------------------- | :----------------------- | :----------------------- | :---------------------- | | Gross written premium | 4,680 | 4,725 | (0.9)% | | Net written premium | 4,119 | 4,084 | 0.8% | | Total Loss ratio | 61.9% | 62.6% | (0.7) pts | | Current year Loss ratio | 60.0% | 58.5% | 1.5 pts | | Prior year Loss ratio | (1.0)% | —% | (1.0) pts | | Russia/Ukraine war losses (Loss Ratio) | 2.5% | —% | 2.5 pts | | Combined ratio | 90.4% | 90.3% | 0.1 pts | | Attritional combined ratio | 88.6% | 86.6% | 2.0 pts | | Pre-tax underwriting income (loss) | 385 | 358 | 27 | | Pre-tax net catastrophe losses | 20 | 135 | (115) | | Pre-tax net Russia/Ukraine war losses | 98 | — | 98 | | Pre-tax net favorable prior year reserve development | (39) | — | (39) | [Investment Income and Cash Flow](index=1&type=section&id=2.4%20Investment%20Income%20and%20Cash%20Flow) Net investment income for Q2 2025 increased slightly to $532 million, while operating cash flow was $1.1 billion, and total invested assets grew to $44.3 billion Investment Income and Cash Flow Summary | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (USD millions) | | :----------------------------------- | :--------------------- | :--------------------- | :------------------------ | | Net investment income | 532 | 528 | 4 | | Operating cashflow | 1,100 (approx) | 1,300 (approx) | (200) | | Total invested assets and cash (as of June 30, 2025) | 44,300 | 41,531 (Dec 31, 2024) | 2,769 | Segment-Specific Underwriting Performance [Reinsurance Segment Highlights](index=6&type=section&id=3.1%20Reinsurance%20Segment%20Highlights) The Reinsurance segment reported a 1.1% increase in gross written premium to $3.24 billion and a strong combined ratio of 85.6%, improving by 3.3 points year-over-year Reinsurance Underwriting Information | Metric | Q2 2025 (USD millions / %) | Q2 2024 (USD millions / %) | YoY Change (points / %) | | :----------------------------------- | :----------------------- | :----------------------- | :---------------------- | | Gross written premium | 3,243 | 3,209 | 1.1% | | Net written premium | 3,077 | 3,033 | 1.4% | | Total Loss ratio | 58.3% | 61.7% | (3.4) pts | | Current year Loss ratio | 56.4% | 56.7% | (0.3) pts | | Prior year Loss ratio | (1.3)% | —% | (1.3) pts | | Russia/Ukraine war losses (Loss Ratio) | 3.2% | —% | 3.2 pts | | Combined ratio | 85.6% | 88.9% | (3.3) pts | | Attritional combined ratio | 84.1% | 84.4% | (0.3) pts | | Pre-tax net prior year reserve development | (39) | — | (39) | | Pre-tax net Russia/Ukraine war losses | 98 | — | 98 | - Gross written premiums increased **1.6%** on a comparable basis, primarily led by a **15.2%** increase in Property Catastrophe XOL and an **8.5%** increase in Property Pro-Rata, partially offset by a **14.9%** decrease in Casualty Pro-Rata[16](index=16&type=chunk) - Aviation losses associated with the Russia / Ukraine war of **$98 million** contributed **3.2 points** to the Reinsurance combined ratio[16](index=16&type=chunk) - Catastrophe losses were benign in the quarter, compared to **$120 million** in the prior year quarter[16](index=16&type=chunk) [Insurance Segment Highlights](index=7&type=section&id=3.2%20Insurance%20Segment%20Highlights) The Insurance segment's gross written premium decreased by 3.1% to $1.41 billion, reflecting strategic portfolio shaping, while its combined ratio deteriorated to 102.0% Insurance Underwriting Information | Metric | Q2 2025 (USD millions / %) | Q2 2024 (USD millions / %) | YoY Change (points / %) | | :----------------------------------- | :----------------------- | :----------------------- | :---------------------- | | Gross written premium | 1,414 | 1,459 | (3.1)% | | Net written premium | 1,022 | 1,009 | 1.3% | | Total Loss ratio | 69.9% | 64.7% | 5.2 pts | | Current year Loss ratio | 68.9% | 63.0% | 5.9 pts | | Combined ratio | 102.0% | 93.8% | 8.2 pts | | Attritional combined ratio | 100.7% | 92.1% | 8.6 pts | - Gross written premiums decreased **3.3%** on a comparable basis as the company continued to strategically shape the portfolio, executing on its strategy to improve business mix and portfolio quality in North America[20](index=20&type=chunk) - Growth in Other Specialty (**39.7%**) and Accident and Health (**24.1%**) was offset by decreases in Specialty Casualty (**27.3%**) due to the '1-Renewal Strategy' and Workers' Compensation (**7.2%**)[20](index=20&type=chunk) - The '1-Renewal Strategy' is on track to be completed in **3Q'25**[20](index=20&type=chunk) [Other Segment Performance](index=8&type=section&id=3.3%20Other%20Segment%20Performance) The Other segment reported an underwriting loss of $33 million in Q2 2025, a significant increase from a $2 million loss in Q2 2024 Other Segment Underwriting Information | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (USD millions) | | :----------------------- | :--------------------- | :--------------------- | :------------------------ | | Gross written premium | 22 | 57 | (35) | | Net written premium | 20 | 42 | (22) | | Underwriting income (loss) | (33) | (2) | (31) | - Gross written premiums reflect a limited number of renewed and new policies written on the Company's paper by the purchaser of the sports and leisure business, for a finite period of time post-closing[22](index=22&type=chunk) - The segment included current accident year losses from intellectual property business that the company has exited[22](index=22&type=chunk) Company Information & Disclosures [About Everest Group, Ltd.](index=9&type=section&id=4.1%20About%20Everest%20Group%2C%20Ltd.) Everest Group, Ltd. (NYSE: EG) is a global underwriting leader providing property, casualty, and specialty reinsurance and insurance solutions - Everest Group, Ltd. is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions[25](index=25&type=chunk) - The company is known for a **50-year** track record of disciplined underwriting, capital and risk management[25](index=25&type=chunk) - Everest common stock (NYSE: EG) is a component of the S&P 500 index[26](index=26&type=chunk) [Forward-Looking Statements](index=9&type=section&id=4.2%20Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, including economic conditions, industry trends, and regulatory changes - This news release contains forward-looking statements intended to be covered by safe harbor provisions[24](index=24&type=chunk) - Actual results may differ materially from those contained in forward-looking statements due to risks and uncertainties including general economic conditions, industry conditions, adequacy of reserves, underwriting risk, competition, investment market fluctuations, catastrophes, pandemics, and regulatory uncertainties[24](index=24&type=chunk) - The Company undertakes no obligation to publicly update or revise any forward-looking statements[24](index=24&type=chunk) Non-GAAP Financial Measures and Reconciliations [After-tax Net Operating Income (Loss) Reconciliation](index=10&type=section&id=5.1%20After-tax%20Net%20Operating%20Income%20(Loss)%20Reconciliation) After-tax net operating income (loss) is a non-GAAP measure that excludes after-tax net gains (losses) on investments and foreign exchange from net income (loss) - After-tax net operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense)[31](index=31&type=chunk) - This non-GAAP measure is presented to facilitate a deeper understanding of the profitability drivers of the business and is considered a useful supplement to GAAP information[29](index=29&type=chunk)[33](index=33&type=chunk) After-tax Net Operating Income (Loss) Reconciliation | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | | :----------------------------------- | :--------------------- | :--------------------- | | After-tax net operating income (loss) | 734 | 730 | | After-tax net gains (losses) on investments | (3) | (14) | | After-tax net foreign exchange income (expense) | (50) | 7 | | Net income (loss) | 680 | 724 | [Attritional Loss Ratio and Attritional Combined Ratio Reconciliation](index=11&type=section&id=5.2%20Attritional%20Loss%20Ratio%20and%20Attritional%20Combined%20Ratio%20Reconciliation) Attritional ratios are non-GAAP measures that adjust standard loss and combined ratios by excluding volatile or non-recurring events for better comparability - Attritional loss ratio and attritional combined ratio are defined as the loss ratio and 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[34](index=34&type=chunk) - These adjusted ratios are useful to management and investors because they provide for better comparability and more accurately measure the Company's underlying underwriting performance[34](index=34&type=chunk) Attritional Ratios Reconciliation (Group) | Metric | Q2 2025 Group (%) | Q2 2024 Group (%) | YoY Change (points) | | :---------------------- | :---------------- | :---------------- | :--------------- | | Loss ratio | 61.9% | 62.6% | (0.7) | | Attritional loss ratio | 60.1% | 58.8% | 1.3 | | Combined ratio | 90.4% | 90.3% | 0.1 | | Attritional combined ratio | 88.6% | 86.6% | 2.0 | [Gross Written Premium on a Comparable Basis Reconciliation](index=12&type=section&id=5.3%20Gross%20Written%20Premium%20on%20a%20Comparable%20Basis%20Reconciliation) Gross written premium on a comparable basis is a non-GAAP measure that adjusts reported gross written premium for constant currency effects and excludes reinstatement premiums - Gross written premium on a comparable basis reflects constant currency basis and excludes reinstatement premiums[36](index=36&type=chunk) - This measure is provided to investors as a useful supplement to GAAP information concerning the Company's performance[36](index=36&type=chunk) Gross Written Premium Reconciliation (Comparable Basis) | Segment | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (%) | | :----------------------------------- | :--------------------- | :--------------------- | :------------- | | Group Gross Written Premium (GAAP) | 4,680 | 4,725 | (0.9)% | | Group Gross Written Premium (Comparable Basis) | 4,678 | 4,709 | (0.7)% | | Reinsurance Gross Written Premium (GAAP) | 3,243 | 3,209 | 1.1% | | Reinsurance Gross Written Premium (Comparable Basis) | 3,241 | 3,191 | 1.6% | | Insurance Gross Written Premium (GAAP) | 1,414 | 1,459 | (3.1)% | | Insurance Gross Written Premium (Comparable Basis) | 1,414 | 1,462 | (3.3)% | [Net Operating Income Return On Equity ("ROE") Reconciliation](index=13&type=section&id=5.4%20Net%20Operating%20Income%20Return%20On%20Equity%20(%22ROE%22)%20Reconciliation) Net Operating Income ROE is a non-GAAP measure used to assess operational results with better comparability by removing investment-related variability - 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[37](index=37&type=chunk) - This measure is useful for management and investors as it allows for better comparability and removes variability when assessing the results of operations[37](index=37&type=chunk) Return on Equity (Annualized) | Metric (Annualized) | Q2 2025 (%) | Q2 2024 (%) | YoY Change (points) | | :----------------------------------- | :---------- | :---------- | :--------------- | | After-tax net operating income (loss) ROE | 19.6% | 19.7% | (0.1) | | Net income (loss) ROE | 18.2% | 19.6% | (1.4) | [Underwriting Income Reconciliation](index=14&type=section&id=5.5%20Underwriting%20Income%20Reconciliation) Underwriting income is a non-GAAP measure representing net premiums earned less incurred losses and expenses, useful for evaluating core business segment performance - Underwriting income is calculated as net premiums earned, less incurred losses and loss adjustment expenses, commission, brokerage, taxes and fees, and other underwriting expenses[39](index=39&type=chunk) - 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[39](index=39&type=chunk) Underwriting Income (Loss) by Segment | Segment | Q2 2025 (USD millions) | Q2 2024 (USD millions) | YoY Change (USD millions) | | :----------------------- | :--------------------- | :--------------------- | :------------------------ | | Consolidated Group | 385 | 358 | 27 | | Reinsurance | 436 | 303 | 133 | | Insurance | (18) | 56 | (74) | | Other | (33) | (2) | (31) | [Book Value per Common Share Outstanding Excluding URA(D) Reconciliation](index=14&type=section&id=5.6%20Book%20Value%20per%20Common%20Share%20Outstanding%20Excluding%20URA(D)%20Reconciliation) This non-GAAP measure shows shareholder returns per share, adjusted for investment volatility, by excluding unrealized appreciation (depreciation) on fixed maturity securities - Book value per common share outstanding excluding net unrealized appreciation (depreciation) on fixed maturity, available for sale securities ("URA(D)") is calculated as reported shareholders' equity less URA(D), divided by common shares outstanding[41](index=41&type=chunk) - 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[41](index=41&type=chunk) Book Value per Common Share Outstanding | Metric | June 30, 2025 (USD) | Dec 31, 2024 (USD) | Change (USD) | | :-------------------------------------------------------------------- | :------------------ | :----------------- | :----------- | | Book value per common share outstanding | 358.08 | 322.97 | 35.11 | | Book value per common share outstanding excluding URA(D) | 364.10 | 342.74 | 21.36 | [Annualized Total Shareholder Return Reconciliation](index=14&type=section&id=5.7%20Annualized%20Total%20Shareholder%20Return%20Reconciliation) Annualized Total Shareholder Return (TSR) is a non-GAAP measure providing a comprehensive view of shareholder returns, adjusted for investment volatility - Annualized 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[42](index=42&type=chunk) - This measure provides a comprehensive view of shareholder returns, adjusted for investment volatility[42](index=42&type=chunk) Annualized Total Shareholder Return | Metric | YTD 2025 (%) | YTD 2024 (%) | YoY Change (points) | | :----------------------------------- | :----------- | :----------- | :--------------- | | Total Shareholder Return ("TSR") - Annualized | 14.8% | 20.0% | (5.2) | Consolidated Financial Statements (GAAP) [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=15&type=section&id=6.1%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) This statement presents the company's revenues, claims and expenses, and net income (loss) for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Operations and Comprehensive Income (Loss) | Metric | Q2 2025 (USD millions) | Q2 2024 (USD millions) | | :----------------------------------- | :--------------------- | :--------------------- | | Premiums earned | 3,991 | 3,693 | | Net investment income | 532 | 528 | | Total revenues | 4,491 | 4,227 | | Incurred losses and loss adjustment expenses | 2,472 | 2,311 | | Total claims and expenses | 3,676 | 3,395 | | Income (loss) before taxes | 815 | 832 | | Net income (loss) | 680 | 724 | | Comprehensive income (loss) | 1,145 | 688 | | Diluted Earnings Per Common Share | 16.10 | 16.70 | [Consolidated Balance Sheets](index=16&type=section&id=6.2%20Consolidated%20Balance%20Sheets) The consolidated balance sheet provides a snapshot of Everest Group's financial position as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheets | Metric | June 30, 2025 (USD millions) | Dec 31, 2024 (USD millions) | | :----------------------------------- | :----------------------------- | :----------------------------- | | Total investments and cash | 44,300 | 41,531 | | Total assets | 60,519 | 56,341 | | Reserve for losses and loss adjustment expenses | 32,476 | 29,889 | | Unearned premium reserve | 7,643 | 7,324 | | Total liabilities | 45,500 | 42,466 | | Total shareholders' equity | 15,019 | 13,875 | [Consolidated Statements of Cash Flows](index=17&type=section&id=6.3%20Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statement of cash flows details the cash generated and used by Everest Group's operating, investing, and financing activities Consolidated Statements of Cash Flows | Metric | Six Months Ended June 30, 2025 (USD millions) | Six Months Ended June 30, 2024 (USD millions) | | :----------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash provided by (used in) operating activities | 2,007 | 2,439 | | Net cash provided by (used in) investing activities | (1,014) | (2,016) | | Net cash provided by (used in) financing activities | (608) | (305) | | Net increase (decrease) in cash | 352 | 133 | | Cash, end of period | 1,902 | 1,570 |

Key Takeaways The combined ratio is expected to improve, reflecting rate increases and exposure growth.Share buybacks are likely to have supported earnings.Net written premiums are expected to rise 6.6%, led by Reinsurance and Insurance segment strength.Everest Group, Ltd. (EG) is expected to register an improvement in its top line but a decline in its bottom line when it reports second-quarter 2025 results on July 30, after the closing bell.The Zacks Consensus Estimate for EG’s second-quarter revenues is p ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Everest Group (EG) reports results for the quarter ended June 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. ...