Everest Group (EG) Q3 2026 earnings summary

Executive summary

• Q3 net income was $233M, or $6.12 per diluted share; adjusted after-tax net operating income was $290M, or $7.62 per share.

• Q3 net unfavorable prior-year reserve development was $268M, adding 8.5 points to the Core combined ratio; gross casualty reserves were strengthened by ~$600M.

• Record Q3 net investment income of $634M rose from $540M YoY, supported by alternative investment returns.

• YTD net income was $1.445B and adjusted after-tax net operating income was $1.620B; annualized Q3 TSR was 14.2%.

• Priorities include disciplined underwriting, cautious reserve estimates, selective capital deployment and shareholder returns, with a mid-teens TSR target over the cycle.

Financial highlights

• Q3 GWP was $3.742B, down 14.5% reported; Core GWP was $3.663B, down 4.0% on a comparable basis.

• Q3 net premiums earned were $3.156B versus $3.855B YoY; total revenue was $3.713B versus $4.319B.

• YTD net income was $1.445B versus $1.145B YoY; adjusted after-tax net operating income was $1.620B versus $1.326B.

• Q3 net investment income reached a record $634M; YTD net investment income was $1.725B.

Outlook and guidance

• Focus is on disciplined underwriting, risk-adjusted Core growth, proactive capital deployment and share repurchases; target mid-teens TSR over the cycle.

• Reinsurance Treaty plans to navigate the market cycle with underwriting discipline; Global Wholesale & Specialty is pursuing profitable specialty growth and targeted international markets.

• New money yields exceed portfolio yield; the investment portfolio is diversified and liquid, with strong credit quality.