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Everest Group
Everest Group (EG) investor relations material
Everest Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
2025 was a transformational year, marked by simplification, reserve risk reduction, portfolio reshaping, and balance sheet strengthening, including the sale of commercial retail insurance renewal rights and a $1.2B adverse development cover.
Net operating income for 2025 was $1.9 billion, with net income of $1.6 billion and record net investment income of $2.1 billion, driven by higher AUM and strong alternative returns.
Operating ROE reached 12.4% and TSR was 13.1% for the year, with book value per share rising to $379.83.
Management team was strengthened with new executives, focusing on rigorous execution and a sharpened underwriting focus.
Financial highlights
Gross written premiums for 2025 were $17.7 billion, down 3.1% year-over-year; Q4 premiums were $4.3 billion, down 8.6%.
Q4 net operating income was $549 million, with an operating ROE of 14.2%.
Combined ratio for 2025 was 98.4% (Group), with attritional combined ratio at 89.9%; Q4 combined ratio was 98.4%.
Net investment income hit a record $2.1 billion for the year; Q4 investment income was $562 million.
Book value per share ended at $379.83, up from $322.97 at year-end 2024.
Outlook and guidance
Expense ratio expected to trend from 6-7% at the start of 2026 toward the lower end of 6% by 2027.
Company expects to re-segment its businesses in 1Q 2026 to reflect the sale of commercial retail insurance renewal rights and focus on global wholesale and specialty insurance.
Combined ratio for GW&S expected to stabilize in the mid-90s as business mix shifts toward more short-tail lines.
Share repurchases will remain a priority, with a $200 million quarterly floor and willingness to exceed this amount.
Approximately $150 million in restructuring charges anticipated in 2026 related to the exit from commercial retail insurance.
Insurance segment margin improvement timeline
What balance sheet benefits does the ADC provide?
What is the strategy behind Reinsurance GWP shifts?
What drives elevated 2026 share repurchases?
How will property cat capacity shift in 2026?
How will GW&S improve underwriting profitability?
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Next Everest Group earnings date
Q1 202630 Apr, 2026
Everest Group
Next Everest Group earnings date
Q1 202630 Apr, 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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