Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K R Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 ¨ 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 organization) (I ...

Hamilton, Bermuda-based Everest Group, Ltd. (EG) provides property, casualty, and specialty reinsurance and insurance solutions. It is valued at a market cap of $14.4 billion. This insurance company has underperformed the broader market over the past 52 weeks. Shares of EG have gained 1.3% over this time frame, while the broader S&P 500 Index ($SPX) has soared 11.7%. Meanwhile, on a YTD basis, the stock is up marginally, in line with SPX. More News from Barchart Zooming in further, EG has outpaced the ...

SAN DIEGO--(BUSINESS WIRE)---- $EG #EverestGroup--Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Everest Group, Ltd. (NYSE: EG). The investigation focuses on Everest's executive officers and whether investor losses may be recovered under federal securities laws. What if I purchased Everest Group securities? If you purchased Everest Group securities and suffered losses on your investment, join our investigation now: Click here to join the investigation. Or for more informati ...

Core Insights - Everest Group, Ltd. reported a fourth-quarter 2025 operating income of $13.26 per share, missing the Zacks Consensus Estimate by 0.8%, but showing a recovery from a loss of $18.39 in the previous year [1][7] - The company benefited from a strong Reinsurance segment and solid core fixed-income investment returns, although these positives were partially offset by weak performance in insurance businesses, higher expenses, and underwriting losses [1] Financial Performance - Total operating revenues for Q4 2025 were nearly $4.4 billion, a decline of 4.6% year over year, but exceeded the Zacks Consensus Estimate by 2.7% [4] - Gross written premiums fell 8.6% year over year to $4.3 billion, with strong growth in specialty lines offset by targeted reductions in casualty lines [4][7] - Net investment income rose 18.8% year over year to $562 million, significantly surpassing both the estimate of $330.6 million and the Zacks Consensus Estimate of $456.4 million [5][10] - Total claims and expenses decreased by 28.1% to $3.9 billion, primarily due to lower incurred losses and loss adjustment expenses [5] Segment Analysis - The Reinsurance segment generated gross written premiums of $3.2 billion, down 3.6% year over year, reflecting lower volumes in certain lines [8] - The Insurance segment posted gross written premiums of $1.1 billion, down 19.7% year over year, with declines in several lines offsetting higher premiums in Accident and Health [9] Capital and Equity - Everest Group ended Q4 2025 with total investments and cash of $45.4 billion, up 9.4% from the end of 2024 [10] - Shareholders' equity rose 11.4% year over year to $15.5 billion, and book value per share increased 10.8% to $379.7 [10] Full-Year Highlights - For the full year 2025, operating income per share surged 49.3% year over year to $44.54, beating estimates by 2.9% [12] - Total revenues rose 1.24% year over year to $17.5 billion, roughly in line with the Zacks Consensus Estimate [12] - Gross written premiums fell 2.9% year over year to $17.7 billion, lower than the estimate of $18.2 billion [12]

Financial Data and Key Metrics Changes - Gross written premiums for Q4 2025 were $4.3 billion, an 8.6% decrease in constant dollars, primarily due to the exit from the commercial retail business and targeted reductions in U.S. casualty lines [13][4] - Net investment income increased to $562 million, significantly up from the prior year, driven by growth in the fixed income portfolio and strong performance from limited partnerships [21][4] - The combined ratio for the quarter was 98.4%, including $216 million of catastrophe losses and $122 million of adverse development cover premium [14][4] - Operating return on equity (ROE) was 14.2%, with a total shareholder return (TSR) of 13.1% for the year [12][3] Business Line Data and Key Metrics Changes - The reinsurance business generated $255 million of underwriting income, with a combined ratio of 91.2%, reflecting strong underwriting discipline [5][16] - Gross written premiums in the reinsurance segment decreased by 3.6% in constant dollars, while property cat excess of loss (XOL) grew by 10.1% when excluding reinstatement premiums [16][17] - The insurance segment saw gross premiums written decrease by 20.1% in constant dollars to $1.1 billion, with growth in accident and health offset by lower retention in the commercial retail business [17][18] Market Data and Key Metrics Changes - Property catastrophe rates decreased by an average of 10% globally during the January 1 renewals, while the company managed to limit its premium decline to just under 1% [5][30] - The attritional loss ratio improved to 68.6% in the insurance segment, reflecting disciplined underwriting despite elevated risks in the U.S. casualty lines [19][18] Company Strategy and Development Direction - The company has focused on simplifying operations, reducing reserve risk, and strengthening its balance sheet, positioning itself for improved performance and consistent returns [3][4] - The divestiture of the commercial retail business is expected to create short-term pressure on the expense ratio, but the company anticipates a return to historical levels in the coming quarters [8][15] - The Global Wholesale and Specialty platform is expected to become a more significant part of the earnings mix, with a focus on expertise-driven underwriting and strong distribution relationships [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite a challenging market, noting that the stock price does not reflect the firm's value [11][12] - The company expects to continue share repurchases as a primary use of excess capital, with plans to maintain a quarterly floor for buybacks [23][40] - Management highlighted the importance of maintaining underwriting profitability over growth in size, emphasizing a focus on bottom-line results [54][56] Other Important Information - The company completed all reserve studies for the year, indicating a robust position in the reinsurance division driven by short-tail and specialty lines [10][20] - The company anticipates approximately $150 million in restructuring charges throughout 2026 related to the exit from the commercial retail insurance business [15][16] Q&A Session Summary Question: What is the expected expense ratio for the Global Wholesale and Specialty business? - The company expects the expense ratio to be elevated at 6%-7% for the year, potentially decreasing to the lower end of 6% by 2027, with a target of 12%-13% for the Global Wholesale and Specialty segment [27][28] Question: How does the company view reinsurance pricing trends? - Management anticipates continued pressure on reinsurance pricing, with property cat rates expected to decline further, but remains confident in achieving rate adequacy where they choose to participate [30][31] Question: What is the company's approach to capital deployment and buybacks? - The company views share repurchases as an attractive use of excess capital, especially given the current stock price discount to book value, and plans to continue buybacks throughout 2026 [39][40] Question: Is the company considering M&A opportunities? - While the company has the capacity for M&A, any potential transactions would need to compete with the high return on capital from share repurchases, and would likely be small and aligned with existing strategic goals [71][72]

Financial Data and Key Metrics Changes - Gross written premiums for Q4 2025 were $4.3 billion, an 8.6% decrease in constant dollars, primarily due to the exit from the commercial retail business and targeted reductions in U.S. casualty lines [16][5] - Net investment income increased to $562 million, significantly up from the prior year, driven by growth in the fixed income portfolio and strong performance from limited partnerships [24][5] - The combined ratio for the quarter was 98.4%, including $216 million of catastrophe losses and $122 million of adverse development cover premium [6][16] - Operating return on equity (ROE) was 14.2%, with a total shareholder return (TSR) of 13.1% for the year [15][4] Business Line Data and Key Metrics Changes - The reinsurance business generated $255 million of underwriting income, with gross written premiums decreasing by 3.6% in constant dollars [19][7] - The insurance segment saw gross written premiums decrease by 20.1% in constant dollars to $1.1 billion, with growth in accident and health and other specialty lines offset by lower retention in the commercial retail business [21][10] - The attritional combined ratio improved to 89.9%, reflecting strong underlying performance despite challenges in the casualty lines [17][6] Market Data and Key Metrics Changes - Property catastrophe rates decreased by an average of 10% globally during the January 1 renewals, while the company managed to bind over $6.3 billion of premium, down just under 1% from expiring [7][8] - The company retained over 95% of enforced premium with top-tier accounts while selectively reducing exposure to less profitable deals [8][9] - The global specialty book is now approximately $2 billion in premium, with an attritional loss ratio in the mid-80s [8][11] Company Strategy and Development Direction - The company focused on simplifying operations, reducing reserve risk, and strengthening the balance sheet, positioning itself for improved performance and consistent returns [4][15] - The divestiture of the commercial retail business is expected to create short-term pressure on the group expense ratio, but this is anticipated to subside in the coming quarters [10][9] - The Global Wholesale and Specialty platform is positioned to generate reasonable underwriting profits, with a focus on expertise-driven underwriting discipline and strong distribution relationships [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite a challenging market, noting that the stock price does not reflect the firm's value [14][15] - The company expects to continue share repurchases as a use of excess capital, with $400 million repurchased in Q4 and an additional $100 million in January 2026 [25][26] - Management anticipates a lower growth environment in 2026, which will reduce pressure to support significant growth [42][43] Other Important Information - The company completed all reserve studies for the year, with a robust position in reinsurance driven by short-tail and specialty lines [13][23] - The attritional loss ratio improved to 68.6% in the insurance segment, while the underwriting-related expense ratio increased due to lower casualty net earned premium growth [22][21] - The company expects approximately $150 million in restructuring charges throughout 2026 related to the exit from the commercial retail insurance business [18][19] Q&A Session Summary Question: What is the expected expense ratio for the Global Wholesale and Specialty business? - The company expects the expense ratio to be in the 6%-7% range for the year, potentially settling at the lower end of 6% by 2027 [30][31] Question: How does the company view reinsurance pricing trends? - Management anticipates rates on property CAT to decline in the 10%-15% range, with a focus on maintaining adequate returns on capital [34][35] Question: What is the company's approach to capital deployment and buybacks? - The capital position is strong, and management plans to continue share buybacks as a primary use of excess capital, especially given the current valuation [42][43] Question: Is the company considering M&A opportunities? - While the company has the capacity for M&A, any potential transactions would need to compete with the value of share repurchases and would likely be small and strategic [77][78] Question: How does the company view its future in the insurance segment? - Management emphasizes that profitability, rather than size, will be the measure of success in the insurance segment, with a focus on underwriting profits [59][60]

Financial Data and Key Metrics Changes - For Q4 2025, gross written premiums were $4.3 billion, an 8.6% decrease in constant dollars, primarily due to the exit from the commercial retail business and targeted reductions in U.S. casualty lines [15][4] - Net investment income increased to $562 million, significantly up from the prior year, driven by growth in the fixed income portfolio and strong performance from limited partnerships [22][4] - The combined ratio for the quarter was 98.4%, including $216 million of catastrophe losses and $122 million of adverse development cover premium [15][4] - The attritional combined ratio improved to 89.9%, reflecting the underlying strength of the book and focus on margin development [16][4] Business Line Data and Key Metrics Changes - The reinsurance business generated $255 million of underwriting income, with a disciplined approach leading to strong performance [5][4] - Gross written premiums in reinsurance decreased by 3.6% in constant dollars, while property cat XOL grew by 10.1% when excluding reinstatement premiums [18][4] - In the insurance segment, gross premiums written decreased by 20.1% in constant dollars to $1.1 billion, with growth in accident and health offset by lower retention in the commercial retail business [19][4] Market Data and Key Metrics Changes - Market conditions softened in the January 1 renewals, with property cat rates down an average of 10% globally, while remaining above required technical prices [5][4] - The company retained over 95% of enforced premium with top-tier accounts, while selectively reducing exposure to less profitable deals [6][4] - Attractive opportunities were noted in Asia, particularly in the new India branch and targeted specialty lines [7][4] Company Strategy and Development Direction - The company simplified operations, reduced reserve risk, reshaped the portfolio, and strengthened the balance sheet in 2025, positioning itself for improved performance [3][4] - The divestiture of the commercial retail business is expected to create short-term pressure on the group expense ratio, but this is anticipated to subside in future quarters [9][4] - The focus will be on driving underwriting income growth rather than merely increasing top-line revenue, with a broad appetite for various risks while maintaining depth in expertise [59][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite challenges in the operating environment, including social inflation and legal system abuses [11][4] - The stock price does not reflect the company's value, leading to prioritization of share repurchases as a use of excess capital [12][4] - The company expects to generate significant levels of net income in 2026, supporting ongoing buybacks and capital management strategies [41][4] Other Important Information - The company completed all reserve studies for the year, with robust positions in reinsurance driven by short-tail and specialty lines [21][4] - The attritional loss ratio improved to 68.6% in the insurance segment, with a disciplined approach to setting loss picks in U.S. casualty lines [20][4] - The company plans to report three segments beginning in 2026: treaty reinsurance, global wholesale and specialty insurance, and the other segment encompassing the exited commercial retail business [21][4] Q&A Session Summary Question: What is the expected expense ratio for the Global Wholesale and Specialty business? - Management expects the expense ratio to be on the lower end of 6% as they enter 2027, with significant improvements anticipated over time [29][30] Question: How does the company view reinsurance pricing and market share? - Management anticipates rates to remain under pressure, with a focus on maintaining adequate returns rather than pursuing market share aggressively [32][40] Question: What is the company's capital position and approach to buybacks? - The capital position is strong, with expectations for significant excess capital to support ongoing buybacks, particularly given the current discounted share price [41][42] Question: Is the company considering M&A opportunities? - While M&A is an option, any potential transactions would need to compete with the high return on capital from share repurchases, and would likely be small and strategic [76][77]

Investor Presentation Fourth Quarter 2025 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 b ...

Financial Performance - Everest Group reported $4.42 billion in revenue for the quarter ended December 2025, reflecting a year-over-year decline of 4.6% [1] - The EPS for the same period was $13.26, a significant improvement from -$18.39 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $4.31 billion, resulting in a surprise of +2.69% [1] - The company experienced an EPS surprise of -0.75%, with the consensus EPS estimate being $13.36 [1] Key Metrics - The total loss ratio for reinsurance was 63.6%, slightly above the average estimate of 61% from three analysts [4] - The combined ratio for reinsurance was reported at 91.2%, compared to the average estimate of 88.9% [4] - The total loss ratio for insurance was 81.5%, significantly higher than the estimated 71.9% [4] - The combined ratio for insurance was 117%, compared to the average estimate of 102.1% [4] - Net investment income was $562 million, surpassing the average estimate of $456.36 million, marking an 18.8% increase year-over-year [4] - Premiums earned were $3.86 billion, slightly below the average estimate of $3.95 billion, representing a -1.6% change year-over-year [4] - Net premiums earned in insurance were $946 million, exceeding the average estimate of $938.22 million, reflecting a +5.1% change year-over-year [4] - Net premiums earned in reinsurance were $2.9 billion, below the average estimate of $2.98 billion, indicating a -2.9% change year-over-year [4] Stock Performance - Shares of Everest Group have returned -0.8% over the past month, while the Zacks S&P 500 composite increased by +0.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Everest Group reported quarterly earnings of $13.26 per share, missing the Zacks Consensus Estimate of $13.36 per share, compared to a loss of $18.39 per share a year ago, representing an earnings surprise of -0.75% [1] - The company posted revenues of $4.42 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.69%, but down from year-ago revenues of $4.64 billion [2] - Over the last four quarters, Everest Group has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] 分组2 - The current consensus EPS estimate for the coming quarter is $14.45 on revenues of $4.48 billion, and for the current fiscal year, it is $54.80 on revenues of $16.99 billion [7] - The Zacks Industry Rank for Insurance - Multi line is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The estimate revisions trend for Everest Group was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]