Cash and Cash Equivalents [USD, Thousands]

Accounts Receivable [USD, Thousands]

Accrued Expenses [USD, Thousands]

Long-term Debt [USD, Thousands]

Shareholders' Equity [USD, Thousands]

Retained Earnings [USD, Thousands]

Common Stock [USD, Thousands]

Additional Paid-in Capital [USD, Thousands]

ec544c5f15c42686c9e83b81207b50cdf51ee210a9b315838e25112fdd616943

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

6c957e38a3324868df0c7ca7128e2a7d1bf1546f7775dbad596e831623e738b0

Reinsurance

- Premiums Earned

- Net Investment Income

Insurance

Net Investment Income

Net Gains (Losses)

Other Income (Expense)

U.S. Reinsurance

International

Bermuda

Mt. Logan Re

Other

Total Revenue

70ab29dab6ab9d3178238108cbf5516e799caefff8705d68ab0d228c27c33f9a

United States

Europe

All other regions

Domestic

Total Gross Written Premiums

- U.S. Reinsurance

- Insurance

United Kingdom

43df1055a38f702f68aa12fded36dd5c67a98450271a98000d11001c9a6579b4

8b5f04c93efb1674cc066392535f293c6c3b4ae6cfaed62af0339017396c905f

Premiums earned (USD, millions)

Net investment income (USD, millions)

Net gains (losses) on investments (USD, millions)

Other income (expense) (USD, millions)

Total revenues (USD, millions)

Incurred losses and loss adjustment expenses (USD, millions)

Commission, brokerage, taxes and fees (USD, millions)

Other underwriting expenses (USD, millions)

Corporate expenses (USD, millions)

Interest, fees and bond issue cost amortization expense (USD, millions)

Total claims and expenses (USD, millions)

Income (loss) before taxes (USD, millions)

Income tax expense (benefit) (USD, millions)

NET INCOME (LOSS) (USD, millions)

09ee0dfd49a72d2b3883239b4c539824445776bd50f6d5fedb721e637af15697

The significant negative income tax expense (benefit) in **Q4 2023** was primarily driven by **deferred tax benefits** stemming from the Bermuda Corporate Income Tax Act of 2023, which resulted in a net deferred benefit of **$578 million** due to the revaluation of assets and liabilities (Economic Transition Adjustment).  **[0001095073-24-000020_everestgroupltdannualrep.htm:85]** **[0001095073-24-000009_eg-20231231.htm:68]**  Additionally, factors such as the **geographic distribution of pre-tax income** (which affected the effective tax rate due to varying statutory rates, tax-exempt income, and foreign tax credits) and the **impact of catastrophe losses and net capital gains (losses)** further contributed to the significant income tax benefit observed in Q4 2023.  **[0001095073-24-000009_eg-20231231.htm:68]** 

Why was Income tax expense so negative in Q4 2023?

The low **Income before taxes** in Q4 2023 was primarily due to several significant factors. **Higher catastrophe losses** increased drastically to **$143 million** (compared to **$15 million** the previous year) and drove a rise in the **GAAP combined ratio** to **93.2%** from **87.8%**. In addition, the company incurred **after-tax realized fixed income losses of approximately $210 million** from selling lower-yielding bonds and faced **higher operating expenses**, including a **2.2 percentage point increase in the commission and brokerage ratio**. Finally, there were substantial **investment losses of $(255) million**, a sharp decline compared to the gains reported earlier. These factors collectively contributed to the significantly lower Income before taxes in Q4 2023.  **[0001095073-24-000005_earningsrelease-exx9914q20.htm:2]** **[0001095073-24-000005_earningsrelease-exx9914q20.htm:7]** **[EG_3372584_8]** 

Why was Income before taxes so low in Q4 2023?

The large loss on investments in Q4 2023 was primarily driven by **$292 million in realized losses from the disposition of fixed maturity securities** during the period, which was a key factor in the decline. This was partially offset by a **$7 million decrease in the allowance for credit losses**, yet the net impact was still substantial due to the magnitude of the realized losses.  **[0001095073-24-000009_eg-20231231.htm:70]** **[0001095073-24-000020_everestgroupltdannualrep.htm:88]** **[0001095073-24-000020_everestgroupltdannualrep.htm:154]** 

What drove the large loss on investments in Q4 2023?

Based on the documents, **Total Revenues** in **Q4 2023** are described as having increased due to factors such as **higher net investment income**, growth in premiums earned, strategic portfolio adjustments, and favorable market conditions.  **[EG_3372584_8]** **[0001095073-24-000005_earningsrelease-exx9914q20.htm:1]**  The documents do not provide any explanation for a decline in **Total Revenues** in Q4 2023.

Why did Total Revenues decline in Q4 2023?

The decline in **net income** in Q3 2024 was primarily due to **higher catastrophe losses** (increasing by **$109 million** from $170 million in Q3 2023 to $279 million in Q3 2024), a **worsening combined ratio** (rising from **91.4%** to **93.1%**), a significant shift from **other income** of **$103 million** in Q3 2023 to **other expense** of **($102 million)** in Q3 2024, and a continued impact from **net investment losses** (which, while slightly less severe, still contributed negatively).  **[0001095073-24-000042_earningsrelease-exx991q320.htm:1]** **[0001095073-24-000042_earningsrelease-exx991q320.htm:14]** **[0001095073-24-000042_earningsrelease-exx991q320.htm:0]** **[0001095073-24-000046_eg-20240930.htm:45]** 

Why did Net Income drop in Q3 2024?

d9afb488ef8d6513a347552506b812e0918e68d9cfe4027ef71a763d9c4854df

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

79f12decf7ea6dc40d5c1791c345ab534dc8e006e8d4b191282aa75f9ffb4639

46755ae7a85c40c8a95eb2e69451c8abb9df6aaa8503b1cedf8e625f86637289

Fixed maturities - available for sale, at fair value (USD, millions)

Fixed maturities - held to maturity, at amortized cost (USD, millions)

Equity securities, at fair value (USD, millions)

Other invested assets (USD, millions)

Short-term investments (USD, millions)

Cash (USD, millions)

Total investments and cash (USD, millions)

Accrued investment income (USD, millions)

Premiums receivable (net of credit allowances) (USD, millions)

Reinsurance paid loss recoverables (net of credit allowances) (USD, millions)

Reinsurance unpaid loss recoverables (USD, millions)

Funds held by reinsureds (USD, millions)

Deferred acquisition costs (USD, millions)

Prepaid reinsurance premiums (USD, millions)

Income tax asset, net (USD, millions)

Other assets (net of credit allowances) (USD, millions)

TOTAL ASSETS (USD, millions)

Reserve for losses and loss adjustment expenses (USD, millions)

Unearned premium reserve (USD, millions)

Funds held under reinsurance treaties (USD, millions)

Amounts due to reinsurers (USD, millions)

Losses in course of payment (USD, millions)

Senior notes (USD, millions)

Long-term notes (USD, millions)

Borrowings from FHLB (USD, millions)

Accrued interest on debt and borrowings (USD, millions)

Unsettled securities payable (USD, millions)

Other liabilities (USD, millions)

Total liabilities (USD, millions)

Common shares, outstanding before treasury shares (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) (USD, millions)

Treasury shares, at cost (USD, millions)

Retained earnings (USD, millions)

Total shareholders' equity (USD, millions)

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (USD, millions)

47a1ec9ad6da4a0b22d42747b2dc8f410854fa2faf1b898731375d4404feff71

Everest Group Ltd (EG)

Financials