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Everest Group (EG) investor relations material
Everest Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Announced exit from global retail insurance and sale of renewal rights for U.S., UK, European, and Asia-Pacific commercial retail insurance to AIG, transferring ~$2B in gross written premiums and supporting a strategic shift to core reinsurance and specialty insurance businesses.
Established a $1.2B adverse development cover (ADC) for North America insurance reserves for accident years 2024 and prior, enhancing reserve certainty and reducing future reserve volatility.
Streamlined operating model and strengthened balance sheet position the company for consistent, improved performance, with capital redeployment and increased flexibility.
Net income for Q3 2025 was $255M, down from $509M in Q3 2024, reflecting lower underwriting results and reserve strengthening; net operating income was $316M, down from $630M last year.
Annualized total shareholder return reached 12.3%, with net income ROE at 6.6% and net operating income ROE at 8.2%.
Financial highlights
Group gross written premium was $4.4B for the quarter, down 1.2% year-over-year; gross written premiums for 3Q25 YTD totaled $13.4B, compared to $16.6B in 2024.
Combined ratio for the quarter was 103.4%, up 10.3 points from Q3 2024, mainly due to reserve strengthening and prior year loss development.
Net investment income rose to $540M, driven by higher assets under management and strong alternative asset returns.
Book value per share ended the quarter at $366.22, up 15.2% from year-end 2024 (adjusted for dividends).
Operating cash flow for the quarter was $1.5B.
Outlook and guidance
Strategic focus is shifting toward reinsurance and wholesale/specialty insurance, with capital redeployment expected from the retail commercial insurance renewal rights sale.
Targeting mid-teens total shareholder return over the cycle, supported by a streamlined business and capital deployment.
Capital relief from the retail exit and ADC expected to become more visible in the back half of 2026.
Share repurchases expected to resume meaningfully as capital is unlocked.
Market conditions in reinsurance, especially CAT-exposed lines, expected to remain favorable through January 2026 renewals.
Timing of retail business sale charge
Drivers of elevated US casualty losses?
Near-term capital allocation priorities?
What is ADC's annual net investment income impact?
How will Wholesale & Specialty grow organically?
What is the capital return outlook for shareholders?
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Next Everest Group earnings date
Q4 20254 Feb, 2026
Next Everest Group earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
Everest Group Ltd (formerly Everest Re Group, Ltd.), through its subsidiaries, provides reinsurance and insurance products globally. It primarily operates through Everest Reinsurance America LLC, Everest Reinsurance Singapore, Ltd., Everest Reinsurance (Europe) plc, Everest Insurance Company LLC, and Everest Re Insurance Limited. Everest Re Group, Ltd, offers property and casualty reinsurance products, including specialty property and casualty lines of business; life reinsurance products; general insurance products; and aviation coverage. It serves property and casualty insurers, primary and excess/reinsurance treaty markets, as well as other insurance companies and intermediaries. Everest Re Group, Ltd. is headquartered in Hamilton, Bermuda.
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