Everest Group (EG) Q1 2026 earnings summary

Executive summary

• Achieved strong underwriting and investment results in Q1 2026, driving a 16.1% total shareholder return and 16.7% operating ROE year-to-date.

• Net income rose to $653 million ($16.21 per diluted share), up from $210 million ($4.90 per share) year-over-year.

• Completed strategic actions including the sale of commercial retail insurance renewal rights and purchase of a $1.2B adverse development cover, streamlining operations and strengthening the balance sheet.

• Re-segmented business to focus on core Reinsurance Treaty and Global Wholesale & Specialty Insurance, enhancing operational alignment and capital flexibility.

• $331 million of common shares were repurchased during the quarter.

Financial highlights

• Net operating income for Q1 2026 was $648M, up from $276M in Q1 2025; net income reached $653M.

• Gross written premiums (GWP) for the quarter were $3.6B, down 18.5% year-over-year, reflecting the impact of divestitures and portfolio repositioning.

• Combined ratio improved to 91.2% from 102.7% in Q1 2025; attritional combined ratio was 88.5%.

• Net investment income hit a record $567M for the quarter.

• Book value per share excluding unrealized losses rose to $393.02, with $15.7B in shareholders’ equity.

Outlook and guidance

• Targeting mid-teens total shareholder return over the cycle, supported by a more focused and agile business model.

• Expecting approximately $150M in restructuring charges in 2026 related to the exit from commercial retail insurance.

• Management remains focused on underwriting discipline and accelerating capital return.

• Strategic execution is expected to drive increased profitability through 2026.

• Continued focus on profitable growth in core reinsurance and specialty lines, with improved risk-adjusted returns.