Fourth Quarter 2024 Cautionary Note On Forward-Looking Statements and Non-GAAP Measures This presentation and the accompanying remarks contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 ...

Financial Data and Key Metrics Changes - Everest reported gross written premiums of $4.7 billion, representing a 7.2% growth in constant dollars, excluding reinstatement premiums [30] - The combined ratio was 135.5% for the quarter, including unfavorable development of prior year loss reserves of $1.5 billion, contributing 37.6 percentage points to the combined ratio [30][31] - Operating income for the year was $1.3 billion, achieving a 9% operating return on equity [11] Business Line Data and Key Metrics Changes - In the reinsurance segment, gross premiums grew by 12.6% in constant dollars, driven by strong increases in property pro rata and property cat XOL [33] - The combined ratio for the reinsurance segment was 90.4% in the fourth quarter, compared to 78.9% in the prior year [34] - The insurance segment saw gross premiums written decrease by 1.6% in constant dollars to $1.4 billion, primarily due to actions taken to shed underperforming U.S. casualty business [37] Market Data and Key Metrics Changes - The global property cat reinsurance market remains attractive for Everest, with customers preferring to do more business with the company [20] - The average modeled loss costs for European cat exposure increased by about 10%, leading to a significant reduction in the number of deals [18] Company Strategy and Development Direction - The company is focused on maintaining underwriting discipline and cedent selection, having walked away from nearly $750 million in North American casualty quota share business [15] - Everest aims to increase scale in the 12 markets it operates in, without entering additional markets this year, to achieve greater premium leverage against expenses [23] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite the impact of reserve strengthening, highlighting strong income streams in reinsurance and investments [11] - The company anticipates that the California wildfires will serve as a reminder for property reinsurance underwriters to maintain pricing discipline [20] Other Important Information - The company strengthened current accident year losses by $229 million, with total strengthening of $1.7 billion for the full year [31] - Cash flow from operations was $780 million during the quarter and approximately $5 billion for the full year [45] Q&A Session Summary Question: How does the company plan to manage volatility in the insurance segment? - Management emphasized diligent P&L management and strategic use of outbound reinsurance to manage risk and volatility [51][52] Question: What is the framework for capital management activities? - The company highlighted a strong financial position and a focus on achieving mid-teens total shareholder return over the cycle, with plans for share repurchases [55][56] Question: What can be expected regarding the insurance segment loss ratio progress? - Management indicated that mix improvements and prudent reserve actions will positively impact the loss ratio in 2025 [60][61] Question: Why is the medical stop-loss business being exited? - The company non-renewed a major block in the medical stop-loss business due to difficulties, and the full impact will be seen over the year [71][72] Question: How does the company view the impact of wildfires on reinsurance pricing? - Management expects the wildfires to positively impact pricing, with increased demand for coverage from clients [82] Question: What is the expected effective tax rate for 2025? - The estimated effective tax rate for the group is projected to be in the range of 17% to 18% [109] Question: How is the company managing its engagement with cedents? - The company has been consistently ensuring high-quality data from cedents and engaging in direct discussions to understand trends affecting their portfolios [102][103]

Core Insights - Everest Group, Ltd. reported a fourth-quarter 2024 operating loss of $18.39 per share, which was wider than the Zacks Consensus Estimate of a loss of $16.65, compared to an operating income of $25.18 per share in the same quarter last year [1][3] Operational Update - Total operating revenues reached nearly $4.64 billion, marking a 26.7% year-over-year increase, driven by higher premiums and net investment income, surpassing the consensus mark by 4.4% [3] - Gross written premiums improved by 8% year-over-year to $4.7 billion, supported by strong growth in property and specialty lines, although partially offset by reductions in certain casualty lines [3] - Net investment income was $473 million, a 15.1% increase year-over-year, attributed to a larger asset base and strong core fixed income returns, although it fell short of the Zacks Consensus Estimate of $496 million [4] Claims and Expenses - Total claims and expenses surged by 59% to $5.4 billion, primarily due to higher incurred losses and various underwriting expenses, exceeding the estimate of $3.6 billion [5] - The pre-tax underwriting loss was $1.4 billion, a significant decline from the prior year's pre-tax underwriting income of $245 million, with the combined ratio deteriorating by 4,230 basis points to 135.5 [6] Segment Update - The Reinsurance segment's gross written premiums were $3.3 billion, up 12.6% year-over-year, driven by significant increases in Property Catastrophe XOL and Property ProRata, despite a decrease in Casualty Pro-Rata [7] - The Insurance segment generated gross written premiums of $1.3 billion, down 1.6% year-over-year, with notable growth in Property and Short Tail lines offset by declines in Accident and Health and Specialty Casualty [8] Financial Update - As of the end of the fourth quarter 2024, total investments and cash stood at $41.5 billion, an 11.8% increase from 2023, while shareholder equity rose by 5.1% to $13.9 billion [9] - Book value per share was $322.97, reflecting a 6.1% increase from the end of 2023, with an annualized net income return on equity of negative 15.7% compared to positive 23.8% in the previous year [10] Full-Year Highlights - For the full year 2024, operating income per share decreased by 55% year-over-year to $29.83, missing the Zacks Consensus Estimate by 23%, while total revenues increased by 18.5% to $17.28 billion, slightly beating the consensus estimate [11]

Financial Performance - Annual net income of $1.4 billion and net operating income of $1.3 billion for 2024[1] - Net loss of $593 million for Q4 2024, compared to net income of $804 million in Q4 2023[13] - After-tax net operating income for Q4 2024 was $(780) million, translating to $(18.39) per diluted share, compared to $1,093 million or $25.18 per diluted share in Q4 2023[34] - Net income decreased to $1,373 million in 2024 compared to $2,517 million in 2023, a decline of 45.4%[50] - The company reported a comprehensive loss of $1,387 million for the quarter, compared to a comprehensive income of $2,041 million in the same quarter of 2023[48] Premiums and Underwriting - Total gross written premium reached $18.2 billion, reflecting a year-over-year growth of 9.1%[5] - Gross written premiums increased by 13.7% year-over-year to $3,291 million in Q4 2024, and by 12.9% to $12,941 million year-to-date[20] - Net written premiums rose by 9.6% to $3,019 million in Q4 2024, and by 10.8% to $11,969 million year-to-date[20] - Gross written premium for the Group increased by 8.0% to $4,671 million in Q4 2024 from $4,323 million in Q4 2023[40] - For the year-to-date 2024, gross written premium for the Group rose by 9.6% to $18,232 million compared to $16,637 million in 2023[40] Loss Ratios and Claims - Combined ratio for the Group was 102.3%, with 89.7% for Reinsurance and 130.7% for Insurance, including actions to strengthen U.S. casualty reserves[5] - The total loss ratio for Q4 2024 was 61.6%, an increase of 13.8 percentage points compared to the prior year[20] - The combined ratio for the Insurance segment was 239.2% in Q4 2024, an increase of 115.4 percentage points from the prior year[22] - The Other segment reported an underwriting loss of $429 million in Q4 2024, with total incurred losses and LAE of $457 million[25] - Current accident year losses increased by $229 million for the Group, with $206 million in Insurance and $22 million in Other[8] Investment Income - Net investment income increased to approximately $2 billion, a company record, up over $500 million from the previous year[5] - The net investment income for the quarter was $473 million, compared to $411 million in the same quarter of 2023, reflecting a growth of 15.1%[48] - After-tax net gains on investments for Q4 2024 were $56 million, or $1.33 per diluted share, compared to a loss of $(220) million or $(5.06) per diluted share in Q4 2023[34] - The company reported an after-tax net foreign exchange income of $132 million, or $3.10 per diluted share, in Q4 2024, compared to an expense of $(69) million or $(1.60) per diluted share in Q4 2023[34] Shareholder Metrics - Total shareholder return (TSR) was 9.2% for the year[14] - Shareholders' equity increased to $13.9 billion as of December 31, 2024, compared to $13.2 billion a year earlier[31] - Book value per share rose to $322.97 from $304.29 at the end of 2023[31] - The average adjusted shareholders' equity for the quarter was $15,140 million, up from $13,509 million in the same quarter of the previous year, an increase of 12.1%[42] - Dividends paid to shareholders increased to $334 million in 2024 from $288 million in 2023, an increase of 16.0%[50] Assets and Liabilities - Total assets increased to $56,341 million in 2024 from $49,399 million in 2023, representing a growth of 14.8%[49] - Total liabilities rose to $42,466 million in 2024, up from $36,197 million in 2023, reflecting an increase of 17.8%[49] - The reserve for losses and loss adjustment expenses increased to $29,889 million in 2024, up from $24,604 million in 2023, a rise of 21.5%[49] - The total claims and expenses for the twelve months ended December 31, 2024, amounted to $15,787 million, up from $12,432 million in 2023, an increase of 27.5%[48] Cash Flow - Cash flows from operating activities increased to $4,957 million in 2024, up from $4,553 million in 2023, an increase of 8.9%[50] - Net cash used in investing activities was $(4,478) million in 2024, compared to $(5,902) million in 2023, indicating a reduction in cash outflow of 24.0%[50] Ratios and Performance Indicators - The attritional combined ratio for Q4 2024 was 91.6%, including 5.8 points of 2024 accident year loss reserve strengthening[6] - The attritional loss ratio for Q4 2024 was 63.9% for the Group, a decrease from 59.0% in Q4 2023, indicating improved underwriting performance[36] - The combined ratio for Q4 2024 was 135.5% for the Group, up from 93.2% in Q4 2023, reflecting increased losses and expenses[36] - The net operating income return on equity (ROE) is calculated to provide better comparability by removing variability in assessing operational results[41] - The attritional combined ratio excluding profit commission for the Group was 83.7% in Q4 2024, compared to 85.1% in Q4 2023, indicating a slight improvement[36]

Group 1 - Everest Group (NYSE: EG) has underperformed over the past year, with a 4% decline in share price, missing out on a broader equity rally [1] - The company's valuation is considered cheap, but disappointing underwriting results have negatively impacted overall performance [1] - The company has over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories [1]

Core Viewpoint - Everest Group, Ltd. is expected to report its fourth-quarter 2024 earnings on February 3, with a mixed performance in previous quarters, beating estimates in three out of the last four quarters while missing in one [1] Premium Growth - The growth in net written premiums is anticipated to be driven by strong performance in the Reinsurance and Insurance segments, with an expected increase of 18.2% to $4.5 billion in the fourth quarter [2] - The Insurance segment is projected to benefit from increases in property, short tail business, specialty casualty business, and new business, with premiums earned expected to rise 4.3% to $1 billion [2] Reinsurance Segment - The Reinsurance segment is expected to show solid international growth, with premiums earned anticipated to improve by 14.5% to $3 billion in the fourth quarter [3] Investment Income - Net investment income is likely to increase by 2.1% year-over-year to $419.5 million, although the Zacks Consensus Estimate is higher at $495 million, indicating a 20.4% increase from the previous year [4] Revenue Expectations - Total revenues for the quarter are expected to reach $4.44 billion, reflecting a 21.3% increase from the year-ago figure, driven by higher net written premiums and net investment income [5] Underwriting Results - Despite potential volatility from catastrophe losses, underwriting results are expected to benefit from rate increases and exposure growth, with a projected combined ratio of 89.8, significantly better than the Zacks Consensus Estimate of 105 [6] - Underwriting income from the Insurance segment is estimated at $161.9 million, while the Reinsurance segment is expected to contribute $245.4 million [7] Claims and Expenses - Total claims and expenses are projected to increase by 7.9% to $3.6 billion, primarily due to higher incurred losses and various underwriting expenses [7] Loss Ratio and Share Buybacks - The attritional loss ratio is expected to improve due to contributions from both segments and disciplined underwriting practices, with share buybacks anticipated to positively impact the bottom line [8] Earnings Predictions - The Zacks Consensus Estimate for fourth-quarter earnings per share is pegged at a loss of $5.77, indicating a significant decrease of 122.9% from the year-ago quarter [8] Earnings ESP and Zacks Rank - Everest Group has an Earnings ESP of -43.22%, indicating a lower likelihood of an earnings beat, with the Most Accurate Estimate at a loss of $8.26 compared to the Zacks Consensus Estimate [10] - The company currently holds a Zacks Rank of 4 (Sell) [11]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Everest Group despite higher revenues, with actual results being crucial for stock price movement [1][2]. Company Summary - Everest Group is expected to report a quarterly loss of $5.77 per share, reflecting a year-over-year change of -122.9% [3]. - Revenues are projected to be $4.44 billion, which is an increase of 21.3% from the previous year [3]. - The consensus EPS estimate has been revised down by 7.56% over the last 30 days, indicating a bearish sentiment among analysts [4]. - The Most Accurate Estimate for Everest Group is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -43.22% [10][11]. Earnings Surprise History - In the last reported quarter, Everest Group had an expected EPS of $11.91 but delivered $14.62, achieving a surprise of +22.75% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [13]. Industry Context - In the Zacks Insurance - Multi line industry, The Hartford is expected to post earnings of $2.67 per share, indicating a year-over-year change of -12.8% [17]. - The Hartford's revenue is expected to be $4.77 billion, up 10.6% from the previous year [17]. - The consensus EPS estimate for The Hartford has been revised down by 0.5% over the last 30 days, resulting in an Earnings ESP of -3.21% [18].

Rockville, Maryland, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Zyter|TruCare, a leading, clinically driven healthcare services and technology provider, proudly announces its recognition as a Major Contender in Everest Group’s Patient and Member Engagement Platforms PEAK Matrix® Assessment 2024. This acknowledgment underscores the company's commitment to developing tailored healthcare solutions that enhance patient experiences and outcomes.  Everest Group's comprehensive evaluation of 20 leading providers in the pat ...

A month has gone by since the last earnings report for Everest Group (EG) . Shares have added about 9.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Everest Group due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Everest Group Q3 Earnings, Revenues Miss on Higher ...

WINDSOR, Conn., Nov. 26, 2024 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced SS&C Blue Prism has been named a process orchestration Leader in the Everest Group Process Orchestration Products PEAK Matrix® Assessment 2024."SS&C Blue Prism has reinforced its position as a Leader for the second consecutive year on Everest Group's Process Orchestration Products PEAK Matrix® Assessment 2024. The depth and breadth of its product capabilities, a unified platform approach, investment ...