Financial Performance - Annual net income of $1.6 billion and net operating income of $1.9 billion for 2025, with a net income return on equity (ROE) of 10.5% and net operating income ROE of 12.4%[1] - In Q4 2025, net income was $446 million, equating to $10.77 per diluted share, compared to a net loss of $593 million in Q4 2024[8] - The company reported a net income of $446 million for Q4 2025, a significant recovery from a net loss of $593 million in Q4 2024[50] - Net income for 2025 increased to $1,591 million, up from $1,373 million in 2024, representing a growth of 15.9%[53] - Comprehensive income for the year ended December 31, 2025, was $2,678 million, a significant increase from $1,169 million in 2024[50] Premiums and Underwriting - Total gross written premium for 2025 was $17.7 billion, reflecting a year-over-year decrease of 3.1% for the Group, 1.2% for Reinsurance, and 5.7% for Insurance on a comparable basis[4] - The Reinsurance segment reported gross written premium of $3.157 billion in Q4 2025, a decrease of 4.1% year-over-year[16] - Gross written premiums decreased by 3.6% year-over-year to approximately $3.2 billion, with notable growth in Property Catastrophe XOL (10.1%) and Financial Lines (10.2%) offset by declines in Casualty Pro-Rata (12.4%) and Casualty XOL (7.2%) [19] - For Q4 2025, gross written premiums in the insurance segment were $1.1 billion, reflecting a 20.1% decrease year-over-year, with significant declines in Property/Short Tail (29.5%) and Specialty Casualty (24.9%) [23] - Year-to-date gross written premium for the Group was $17,706 million in 2025, down 2.9% from $18,232 million in 2024[41] Ratios and Performance Metrics - Combined ratio for the Group was 98.6%, with 91.7% for Reinsurance and 114.6% for Insurance, indicating a focus on improving underwriting performance[4] - The attritional combined ratio for the Group improved to 89.9% in Q4 2025, down from 93.4% in Q4 2024, indicating enhanced underwriting discipline[13] - The combined ratio for the insurance segment was 117.0%, a decrease of 122.2 points year-over-year, while the attritional combined ratio was 104.1% [21] - The combined ratio for the Group was 98.4% for Q4 2025, down from 135.5% in Q4 2024, reflecting better underwriting performance[38] - The attritional combined ratio excluding profit commission for the Group was 89.4% for the year ended December 31, 2025, compared to 87.6% in 2024[39] Investment and Cash Flow - Net investment income increased by $170 million to a record $2.1 billion, contributing to strong financial results[4] - Net investment income increased to $562 million in Q4 2025 from $473 million in Q4 2024, representing a growth of 18.8%[50] - Operating cash flow for the year was $3.1 billion, which included the consideration paid for the adverse development cover[4] - Net cash provided by operating activities decreased to $3,068 million from $4,957 million, a decline of 38.1%[53] - The company experienced total net losses on investments of $143 million for the year 2025, compared to a gain of $19 million in 2024[50] Shareholder Returns and Equity - The company repurchased $797 million of common shares in 2025, reflecting a commitment to returning capital to shareholders[4] - Common share repurchases totaled $397 million during Q4 2025, representing 1,239,880 shares at an average price of $320.59 per share [31] - Shareholders' equity rose to $15.5 billion from $13.9 billion year-over-year, with a book value per share of $379.83 compared to $322.97 at the end of 2024 [31] - The annualized total shareholder return (TSR) is calculated based on year-to-date growth in book value per share and dividends, highlighting the company's commitment to shareholder value[48] - The company paid $335 million in dividends to shareholders, slightly up from $334 million in 2024[53] Losses and Reserves - Pre-tax net catastrophe losses were $200 million, primarily due to Hurricane Melissa and other mid-sized global events, down from $250 million in the prior-year quarter [19] - The reserve for losses and loss adjustment expenses rose to $34,312 million in 2025, compared to $29,889 million in 2024, marking an increase of 14.4%[51] - The attritional loss ratio increased by 10 basis points to 57.0%, while the attritional combined ratio improved by 140 basis points to 84.6% compared to the previous year [19] - The attritional loss ratio for the Reinsurance segment was 57.0% for Q4 2025, compared to 56.9% in Q4 2024, indicating a slight improvement[38] Other Notable Events - The company recognized a net pre-tax benefit of $127.3 million associated with the sale of its Commercial Retail Insurance Renewal Rights to AIG[8] - The company expects to recast the associated retail business into the Other segment following the sale of renewal rights for its commercial retail insurance business to AIG [26] - The company reported a non-cash limited partnership distribution of $8 million, down from $23 million in 2024[53] - The effect of exchange rate changes on cash resulted in a decrease of $28 million, contrasting with an increase of $16 million in 2024[53]

分组1 - Everest Group is expected to report quarterly earnings of $12.63 per share, reflecting a year-over-year increase of +168.7%, while revenues are projected to be $4.31 billion, down 7.1% from the previous year [3] - The consensus EPS estimate has been revised 0.18% higher in the last 30 days, indicating a slight positive adjustment by analysts [4] - The Most Accurate Estimate for Everest Group is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.65%, suggesting a bearish outlook from analysts [11] 分组2 - Historically, Everest Group has only beaten consensus EPS estimates once in the last four quarters, with a significant miss of -43.69% in the last reported quarter [12][13] - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, particularly when combined with a favorable Zacks Rank [9] - Enact Holdings, another company in the insurance industry, is expected to post earnings of $1.09 per share, with revenues projected to be $316.18 million, up 2.3% from the previous year, and an Earnings ESP of +3.23% indicating a likely earnings beat [17][18][19]

Core Insights - Vulcan Value Partners reported positive results across all its investment strategies for Q4 2025, with notable year-to-date returns despite overvalued markets [1] - The firm emphasizes a disciplined investment approach, prioritizing safety and long-term gains over short-term performance, drawing parallels to the late 1990s dot-com bubble [1] Investment Strategies Performance - Large Cap Composite (Net) returned -1.5% in Q4 and 7.9% YTD - Small Cap Composite (Net) gained 3.2% in Q4 and 9.5% YTD - Focus Composite (Net) returned 0.1% in Q4 and 7.1% YTD - Focus Plus Composite (Net) returned 0.1% in Q4 and 6.2% YTD - All-Cap Composite (Net) returned 1.3% in Q4 and 10.7% YTD [1] Company Highlight: Everest Group, Ltd. - Everest Group, Ltd. (NYSE:EG) was added to Vulcan's Small-Cap strategy during Q4 2025, with a market capitalization of $3.101 billion [2] - The stock traded between $302.44 and $372.00 over the past 52 weeks, closing at $327.10 on January 26, 2026 [2] - The one-month return for Everest Group was -4.15%, while it gained 7.28% over the last three months [2] Historical Context and Valuation - Vulcan Value Partners has a long history with Everest Group, having previously owned it for 11 years before selling in 2020 to focus on companies with larger margins of safety [3] - The firm repurchased Everest Group in Q3 2023 for its Large Cap strategy and again in its Small Cap strategy due to its undervaluation [3] - Despite steady value per share growth, Everest Group's stock price declined in 2024 and 2025, allowing for repurchase at a discount to tangible book value [3] - The company is utilizing its free cash flow for stock repurchases, positively impacting value per share growth [3]

Core Insights - ZS has been recognized as a Leader in the 2025 Life Sciences AI and Analytics Services for Commercial PEAK Matrix® by Everest Group, achieving the highest placement among evaluated providers [1][2] Group 1: Evaluation and Recognition - The 2025 report assessed 30 organizations based on market impact, vision, and capability, with ZS receiving the top position in the Leader category [2] - Leaders in this category are defined by their comprehensive support across commercial activities, including launch planning, pricing, omnichannel marketing, sales enablement, and patient engagement [3] Group 2: ZS's Strengths and Capabilities - ZS's strengths include advanced applications of AI and analytics, with case studies demonstrating their expertise in these areas [4] - The ZAIDYN® platform from ZS provides advanced analytics, recommendations, and insights to enhance field execution and customer engagement strategies [7] - ZS employs a consulting-led approach that combines technology with advisory expertise to support problem definition and cross-functional use case development [7] Group 3: Client Engagement and Market Insights - ZS has a broad client coverage, working with organizations ranging from emerging biotech firms to global pharmaceutical companies [7] - An example of ZS's impact includes a global pharmaceutical company utilizing an AI-enabled training simulator for personalized feedback in commercial training [7] - ZS assisted a medtech company in analyzing consumer behavior in a declining product category, leading to a refreshed commercial strategy and improved customer engagement [7]

Core Insights - Insurity has been recognized as a Leader in the Underwriting Orchestration for Property and Casualty (P&C) Insurance – Products PEAK Matrix® Assessment 2025 by Everest Group [1] Group 1: Recognition and Evaluation - The evaluation by Everest Group assessed a broad range of criteria including product capabilities, vision and strategy, market impact, and overall value [1]

Core Insights - FPT has been recognized as a Major Contender in the Everest Group Banking IT Services PEAK Matrix® Assessment 2025, marking its first appearance in this industry benchmark [1] Group 1: Company Positioning - The assessment evaluated 41 providers in the banking IT services sector [1] - Providers are categorized into Leaders, Major Contenders, Aspirants, and Star Performers based on their capabilities [1] Group 2: Evaluation Criteria - The evaluation criteria include the ability to support modernization, adopt agentic AI in a responsible and scalable manner, and assist banks [1]

Core Viewpoint - Everest Group, Ltd. has appointed Christopher Kujawa as Executive Vice President and Chief Human Resources Officer, effective January 20, 2026, succeeding Gail Van Beveren [1] Company Summary - Christopher Kujawa will report to Jim Williamson, President and CEO, and will be part of Everest's Executive Leadership Team [1]

Core Insights - FPT has been recognized as a Major Contender in the Everest Group Digital Transformation Services for Mid-market Enterprises PEAK Matrix® Assessment 2025 [1] - The assessment evaluates 24 global providers of digital transformation services specifically targeting mid-market enterprises [1] - Providers are categorized into Leaders, Major Contenders, Aspirants, and Star Performers based on their market impact, vision, and capabilities [1]

Core Insights - Firstsource Solutions Limited has been recognized as a Leader and Star Performer in the Everest Group Banking Operations – Services PEAK Matrix® Assessment 2025 and as a Leader in the NelsonHall NEAT 2025 evaluation for GenAI & Process Automation in Banking [1][2] Group 1: Recognition and Validation - The recognitions highlight Firstsource's capability to deliver regulated, outcome-oriented banking operations at scale, leveraging AI, automation, and deep domain expertise across various banking functions [2][6] - The Everest Group assessment attributes Firstsource's leadership to its comprehensive banking operations coverage, strong automation, AI, and workflow orchestration, along with sustained investments in platforms, data, and analytics [4][5] Group 2: Strategic Direction and Offerings - Firstsource is transitioning from labor-centric models to AI-native, outcome-driven operations, reinforcing its commitment to scale Gen AI and automation across banking workflows [3][7] - The company's UnBPO™ and BPaaS approaches, combined with agentic AI, are facilitating banks in moving from pilot projects to enterprise production, enhancing decision-making, compliance, and customer outcomes [4][5] Group 3: Market Position and Capabilities - Firstsource's capabilities in fraud management and onboarding, along with tools like AI Coach and QC Copilot, have contributed to its recognition as a Leader and Star Performer [6] - The company is positioned as a trusted partner for banks aiming to modernize operations with secure, production-grade AI and automation, addressing the pressures to reduce cost-to-serve and modernize legacy workflows [7]

Company Overview - Everest Group, Ltd. rebranded from Everest Re in 2023 to reflect its expansion beyond reinsurance into a broader underwriting platform, offering property, casualty, and specialty reinsurance and insurance products [1] - Headquartered in Hamilton, Bermuda, Everest Group has an estimated market capitalization of nearly $14 billion, allowing it to operate in over 100 countries across six continents, thus diversifying its exposures and accessing global premium pools [2] Financial Performance - The upcoming Q4 fiscal 2025 earnings release is scheduled for February 2, with analysts projecting diluted EPS of $12.59, a significant increase of 168.5% from the $18.39 loss per share reported a year earlier [3] - Analysts expect a meaningful rebound in fiscal 2025, with consensus forecasts for diluted EPS of $43.86, representing a 47% year-over-year growth, and a further 26% increase to $55.24 anticipated for fiscal 2026 [4] Stock Performance - Over the past 52 weeks, Everest Group shares have declined by 7.9%, but are 1.4% higher on a year-to-date basis, indicating tentative stabilization, while the S&P 500 Index advanced by 16.9% during the same period [5] - On October 28, 2025, shares dropped 11.4% following weaker-than-expected Q3 2025 results, with revenue increasing marginally to $4.32 billion but missing expectations of $4.45 billion [6] - Profitability was a concern as adjusted EPS fell by 48.4% year-over-year to $7.54 per share, significantly below analyst estimates of $13.39 [6] Underwriting and Investment Income - Underwriting was a primary drag on performance, with the combined ratio worsening to 103%, indicating that claims and expenses exceeded premiums [7] - Net premiums earned fell by 1.6% to $3.86 billion, also missing analyst forecasts, although investment income rose to $540 million from $496 million in the prior year's period, providing some support [7]