Everest Group, Ltd. ( (EG) ) has released its Q4 earnings. Here is a breakdown of the information Everest Group, Ltd. presented to its investors.
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Everest Group, Ltd., a global leader in property, casualty, and specialty reinsurance and insurance, reported its financial results for the fourth quarter and full year of 2024, highlighting its strategic initiatives and financial performance in a challenging market environment.
Everest Group’s full-year 2024 results showcased a net income of $1.4 billion and net operating income of $1.3 billion, despite the impact of significant reserve strengthening in U.S. casualty lines. The company achieved a total shareholder return of 9.2% and saw a 9.1% year-over-year growth in gross written premiums to $18.2 billion. Reinsurance operations led the growth with a 12.2% increase, while the insurance segment grew by 4.0%.
Key financial metrics for the year included a record net investment income of approximately $2 billion and robust operating cash flow of $5 billion. Despite a challenging fourth quarter resulting in a net loss of $593 million, Everest demonstrated resilience with strong reinsurance performance and strategic actions to fortify reserves. The combined ratio for the group stood at 135.5% for the quarter, primarily due to prior-year loss reserve developments and catastrophe losses.
The company highlighted its strategic focus on strengthening its U.S. casualty reserves, which impacted quarterly results but aligns with its long-term growth trajectory. Additionally, Everest’s reinsurance segment experienced significant growth in property catastrophe and specialty lines, while continuing to optimize its insurance portfolio.
Looking ahead, Everest remains committed to executing its strategic initiatives and enhancing its operational strength to deliver attractive returns. The company is optimistic about its transformation efforts in North America and the value proposition of its reinsurance franchise, positioning itself for sustainable growth in the coming years.
