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April 30, 2025 Reinsurance

First Quarter 2025 Financial Supplement

U.S. Markets via PUBT

‌Everest Group, Ltd.

Investor Financial Supplement

First Quarter 2025

‌EVEREST GROUP, LTD.

Investor Financial Supplement Table of Contents

Business Description
1. Reinsurance Segment 2
2. Insurance Segment 3
3. Other Segment 4
Financial Highlights 5
Income Statements
1. Consolidated Statement of Operations 6
2. Consolidated Segment Data 7
3. Reinsurance Segment Data 8
4. Total Reinsurance Gross Premiums Written by Segment by Line of Business 9
5. Insurance Segment Data 10
6. Total Insurance Gross Premiums Written by Segment by Line of Business 11
7. Other Segment Data 12
8. Net Investment Income 13
Balance Sheets
1. Consolidated Balance Sheets 14
2. Cash and Invested Assets:
  - Cash and Invested Assets Portfolio 15
  - Cash and Invested Assets Composition 16
  - Mortgage-Backed and Asset-Backed Securities Composition 17
Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures 18
Retuon Equity 19
Earnings Per Common Share 20
Non-GAAP Financial Measures 21

‌REINSURANCE SEGMENT‌

Our reinsurance segment writes worldwide property and casualty reinsurance and specialty lines of business on a treaty, facultative and large corporate risk basis.

Contracts can be written on a proportional ("pro-rata") or non-proportional ("excess of loss") basis. Pro-Rata contracts indemnify the reinsured for a percentage of losses in exchange for the same percentage of premium charged for the covered insurance contracts issued by the ceding company. Excess of loss ("XOL"), including stop loss, contracts indemnify the reinsured against a portion of losses related to specific claim event(s), generally subject to a deductible and a limit of coverage. Premiums collected for XOL contracts are not directly proportional to premiums collected by the reinsured.

Property Pro Rata Predominantly contracts providing coverage to cedents for property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils arising from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

Property Non-Cat XOL Predominantly contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils in excess of an agreed upon deductible up to a stated limit.

Property Cat XOL Predominantly contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from catastrophic losses, in excess of an agreed upon deductible up to a stated limit. The main perils covered include hurricane, earthquake, flood, convective storm and fire.

Casualty Pro Rata Predominantly contracts providing coverage to cedents for losses arising from, but not limited to, general liability, professional indemnity, product liability, workers' compensation, employers liability, aviation and auto liability from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.

Casualty XOL Predominantly contracts providing coverage to cedents for losses arising from, but not limited to, general liability, professional indemnity, product liability, workers' compensation, aviation and auto liability from their underlying portfolio of policies in excess of an agreed upon deductible up to a stated limit.

Financial Lines Predominantly contracts providing coverage to cedents for losses arising from political risk, credit, surety, mortgage and alternative risk lines of business on both a pro rata and excess of loss basis.

‌INSURANCE SEGMENT‌

Our insurance segment offers property and casualty insurance products on a worldwide basis. The following are the lines of business in our insurance segment:

Accident & Health

Predominantly includes policies covering Participant Accident, Short-Term Medical, and Medical Stop-Loss protection for employers with Self-funded medical plans.

Specialty Casualty

Predominantly includes policies covering General Liability (Premises/Operations and Products), Auto Liability, and Umbrella/Excess Liability.

Other Specialty

Predominantly includes policies covering specialty areas including but not limited to Surety, Trade Credit & Political Risk, Transactional Liability, Energy & Construction, and Aviation.

Professional Liability

Predominantly includes policies covering Directors & Officers Liability, Errors & Omissions, Cyber Liability, and other ancillary financial lines products.

Property / Short tail

Predominantly includes policies covering Property, Inland Marine, and other short-tail lines.

Workers Compensation

Predominantly includes policies covering Workers Compensation including both guaranteed cost and loss sensitive product offerings.

‌OTHER SEGMENT‌

Our other segment primarily includes the results of our sports and leisure business that was sold in October 2024, consisting of policies written prior to the sale and policies renewed and certain new business on the Company's paper post-sale. It also includes run-off asbestos and environmental exposures, certain discontinued insurance programs primarily written prior to 2012, and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but are responsible for the management of existing policies and settlement of related losses. The only noteworthy exception relates to a limited number of renewed and new policies written on the Company's paper by the purchaser of the sports and leisure business referred to above, for a finite period of time post-closing

‌EVEREST GROUP, LTD.‌

Supplemental GAAP Financial Information - Financial Highlights

(Dollars in millions, except per share amounts)

	Year-to-Date
	March 31,	March 31,		December 31,
HIGHLIGHTS:	2025	2024	Change	2024
REVENUE
Gross written premiums	$ 4,391	$ 4,411	(0.5)%	$ 18,232
Reinsurance	3,219	3,175	1.4%	12,941
Insurance	1,145	1,160	(1.3)%	5,078
Other	28	77		212
Net written premiums	3,735	3,900	(4.2)%	15,814
Reinsurance	2,811	2,942	(4.5)%	11,969
Insurance	896	897	-%	3,678
Other	27	61		167
Net premiums earned	3,852	3,652	5.5%	15,187
Reinsurance	2,905	2,728	6.5%	11,412
Insurance	913	871	4.9%	3,579
Other	33	52		197

FINANCIAL RATIOS:
Current year	61.3%	58.9%	2.3	59.8%
Prior year (14)	-%	-%	-	8.8%
Catastrophes	13.9%	2.3%	11.5	5.9%
Total loss ratio	75.1%	61.3%	13.9	74.4%
Commission and brokerage ratio	21.4%	21.4%	-	21.7%
Other underwriting expenses	6.2%	6.1%	0.1	6.2%
Combined ratio	102.7%	88.8%	13.9	102.3%
Attritional Ratios
Attritional loss ratio (1)	62.2%	58.9%	3.3	60.1%
Attritional combined ratio (1)(3)	90.2%	86.5%	3.8	88.1%

AFTER-TAX EARNINGS PER SHARE DATA: Net operating income (loss) (1) Per basic common share (1) Per diluted common share (1) Net income (loss) Per basic common share Per diluted common share Weighted average common shares outstanding Basic Diluted	276	709	(61.0)%	1,289
	6.45	16.32	(60.5)%	29.83
	6.45	16.32	(60.5)%	29.83
	210	733	(71.4)%	1,373
	4.90	16.87	(70.9)%	31.78
	4.90	16.87	(70.9)%	31.78
	42.3	42.9	(1.4)%	42.7
	42.3	42.9	(1.4)%	42.7

SHAREHOLDERS' RETURN
After-tax net operating income (loss) retuon average equity (annualized) (1)	7.5%	20.0%	(62.4)%	9.0%
Net income (loss) retuon average equity (annualized)	5.7%	20.6%	(72.3)%	9.6%
Total Shareholder Retu(TSR) (2)	5.6%	18.1%	(68.8)%	9.2%
Total Shareholders' equity	14,140	13,628	3.8%	13,875
Book value per common share outstanding (4)	332.39	313.55	6.0%	322.97
Book value per common share outstanding (excluding URA(D)) (1)	345.57	333.70	3.6%	342.74

INVESTMENT DATA:
Total assets	58,132	50,937	14.1%	56,341
Total investments and cash	42,628	38,148	11.7%	41,531
Pre-tax investment income	491	457	7.5%	1,954
Net gains (losses) on investments (pre-tax)	(7)	(7)	2.4%	19
Annualized retuon invested assets (1)	4.5%	4.7%	(3.5)%	4.9%
Book yield of fixed maturities	4.7%	4.7%	(0.9)%	4.7%

CASH FLOW INFORMATION:
Cash flow provided by operations	928	1,102	(15.8)%	4,957
Paid losses, net	1,755	1,502	16.9%	6,537
Paid cats, net	317	229	38.6%	693
Taxes paid (recovered)	1	16	(94.4)%	397

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 4,391	$ 4,671	$ 4,425	$ 4,725	$ 4,411	$ 4,323	$ 4,391	$ 4,180
3,219	3,291	3,265	3,209	3,175	2,894	3,198	2,747
1,145	1,350	1,110	1,459	1,160	1,371	1,124	1,347
28	29	50	57	77	57	68	86
3,735	4,026	3,805	4,084	3,900	3,861	3,866	3,674
2,811	3,019	2,975	3,033	2,942	2,754	2,989	2,621
896	984	789	1,009	897	1,063	825	987
27	23	41	42	61	44	52	66
3,852	3,925	3,918	3,693	3,652	3,578	3,513	3,251
2,905	2,983	2,970	2,731	2,728	2,616	2,593	2,364
913	900	898	910	871	905	861	830
33	43	50	52	52	57	59	57

61.3%	63.4%	58.0%	58.5%	58.9%	58.9%	58.9%	59.5%
-%	34.1%	-%	-%	-%	-0.1%	-%	-%
13.9%	8.8%	7.9%	4.1%	2.3%	4.3%	5.0%	0.8%
75.1%	106.3%	66.0%	62.6%	61.3%	63.0%	63.9%	60.3%
21.4%	23.0%	21.1%	21.4%	21.4%	23.8%	21.4%	21.1%
6.2%	6.2%	6.0%	6.3%	6.1%	6.3%	6.1%	6.3%
102.7%	135.5%	93.1%	90.3%	88.8%	93.2%	91.4%	87.7%
62.2%	63.9%	58.5%	58.8%	58.9%	59.0%	59.0%	59.5%
90.2%	93.4%	85.8%	86.6%	86.5%	89.3%	86.6%	86.8%

276	(780)	630	730	709	1,093	613	627
6.45	(18.39)	14.62	16.85	16.32	25.18	14.14	15.21
6.45	(18.39)	14.62	16.85	16.32	25.18	14.14	15.21
210	(593)	509	724	733	804	678	670
4.90	(13.96)	11.80	16.70	16.87	18.53	15.63	16.26
4.90	(13.96)	11.80	16.70	16.87	18.53	15.63	16.26
42.3	42.5	42.6	42.8	42.9	42.9	42.9	40.7
42.3	42.5	42.6	42.8	42.9	42.9	42.9	40.7

7.5%	(20.6)%	16.4%	19.7%	20.0%	32.4%	19.2%	21.8%
5.7%	(15.7)%	13.3%	19.6%	20.6%	23.8%	21.2%	23.3%
14,140	13,875	15,335	14,182	13,628	13,202	11,226	10,902
332.39	322.97	356.77	327.68	313.55	304.29	258.71	251.17
345.57	342.74	361.87	349.30	333.70	320.95	301.76	288.64

58,132	56,341	55,864	52,560	50,937	49,399	46,318	44,668
42,628	41,531	42,090	39,065	38,148	37,142	34,635	33,550
491	473	496	528	457	411	406	357
(7)	69	(27)	(17)	(7)	(255)	(31)	5
4.5%	5.1%	4.6%	5.2%	4.7%	1.7%	4.2%	4.2%
4.7%	4.7%	4.8%	4.8%	4.7%	4.7%	4.2%	3.9%

928	780	1,738	1,336	1,102	1,017	1,378	1,094
1,755	1,894	1,430	1,711	1,502	1,658	1,630	1,497
317	187	141	136	229	207	193	260
1	56	136	187	16	11	112	71

(Some amounts may not reconcile due to rounding.)

See Page 6 for footnotes 5

Year-to-Date
March 31, 2025	March 31, 2024	December 31, 2024
$ 3,852 $ 3,652		$ 15,187
491 457		1,954
(7) (7)		19
(73) 31		121
4,263	4,133	17,281
2,893	2,237	11,305
824	782	3,300
238	224	938
21	22	95
38	37	149
4,015	3,302	15,787
248	832	1,493
39	99	120
210	733	1,373

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31, September 30,	June 30,
2025	2024	2024	2024	2024	2023 2023	2023
$ 3,852	$ 3,925	$ 3,918	$ 3,693	$ 3,652	$ 3,578 $ 3,513	$ 3,251
491	473	496	528	457	411 406	357
(7)	69	(27)	(17)	(7)	(255) (31)	5
(73)	169	(102)	23	31	(75) 103	38
4,263	4,636	4,285	4,227	4,133	3,659 3,991	3,650
2,893	4,172	2,584	2,311	2,237	2,254 2,246	1,960
824	903	826	790	782	853 752	686
238	244	236	234	224	226 215	205
21	27	25	22	22	18 19	17
38	37	38	37	37	36 34	33
4,015	5,383	3,708	3,395	3,302	3,387 3,266	2,901
248	(748)	577	832	832	272 725	750
39	(155)	68	108	99	(532) 47	80
210	(593)	509	724	733	804 678	670

‌REVENUES:‌

Net premiums earned Net investment income

Total net gains (losses) on investments

Other income (expense) Total revenues

CLAIMS AND EXPENSES:

Incurred losses and loss adjustment expenses Commission, brokerage, taxes and fees

Other underwriting expenses Corporate expenses

Interest, fees and bond issue cost amortization expense Total claims and expenses

INCOME (LOSS) BEFORE TAXES

Income tax expense (benefit)

NET INCOME (LOSS)

(Some amounts may not reconcile due to rounding.)

(1)Denotes non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional information and available reconciliations. For net operating income (loss), net operating income (loss) retuon average equity (annualized) and book value per common share outstanding (excluding URA(D)), a reconciliation to the most comparable GAAP measure is included on the Retuon Equity page within this Investor Financial Supplement.

(2)Annualized Total Shareholder Retu("TSR") is calculated as year-to-date growth in book value per common share outstanding (excluding URA(D)) plus year-to-date dividends per share. Book value per common share outstanding (excluding URA(D)) is a non-GAAP measure. A reconciliation to the most comparable GAAP measure is included on the Retuon Equity page within this Investor Financial Supplement.

(3)The attritional combined ratio for the fourth quarter and year ended December 31, 2024 and fourth quarter 2023 included approximately $68 million and $94 million of profit commission related to loss reserves releases, respectively. Excluding this profit commission, the Group's attritional combined ratio would have been 91.6% and 87.6% for the fourth quarter and year end December 31, 2024, and 86.6% for the fourth quarter 2023.

(4)Book value per common share is calculated as reported end of period shareholders' equity divided by common shares outstanding.

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

		‌Year-to-Date‌
	March 31,	March 31,	December 31,
	2025	2024	2024
REVENUES:
Gross written premiums	$ 4,391	$ 4,411	$ 18,232
Net written premiums	3,735	3,900	15,814
Net premiums earned	$ 3,852	$ 3,652	$ 15,187
UNDERWRITING CLAIMS AND EXPENSES:
Incurred losses and LAE
Current year	2,359	2,152	9,074
Prior year (14)	-	-	1,337
Catastrophes	534	85	893
Incurred losses and loss adjustment expenses	2,893	2,237	11,305
Commission, brokerage, taxes and fees	824	782	3,300
Other underwriting expenses	238	224	938
UNDERWRITING INCOME (LOSS) (1)	(104)	409	(356)
KEY RATIOS
Loss Ratio:
Current year	61.3%	58.9%	59.8%
Prior year (14)	-%	-%	8.8%
Catastrophe	13.9%	2.3%	5.9%
Total loss ratio	75.1%	61.3%	74.4%
Commission and brokerage	21.4%	21.4%	21.7%
Other underwriting expenses	6.2%	6.1%	6.2%
Combined ratio	102.7%	88.8%	102.3%
Attritional Ratios Attritional loss ratio (1)	62.2%	58.9%	60.1%
Attritional combined ratio (1)(3)	90.2%	86.5%	88.1%
Net CAT reinstatement premiums earned	62	-	83
(Some amounts may not reconcile due to rounding.)

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31, September 30,	June 30,
2025	2024	2024	2024	2024	2023 2023	2023
$ 4,391	$ 4,671	$ 4,425	$ 4,725	$ 4,411	$ 4,323 $ 4,391	$ 4,180
3,735	4,026	3,805	4,084	3,900	3,861 3,866	3,674
$ 3,852	$ 3,925	$ 3,918	$ 3,693	$ 3,652	$ 3,578 $ 3,513	$ 3,251
2,359	2,489	2,274	2,160	2,152	2,107 2,071	1,933
-	1,337	-	-	-	(5) -	-
534	347	310	151	85	152 175	27
2,893	4,172	2,584	2,311	2,237	2,254 2,246	1,960
824	903	826	790	782	853 752	686
238	244	236	234	224	226 215	205
(104)	(1,394)	272	358	409	245 301	401
61.3%	63.4%	58.0%	58.5%	58.9%	58.9% 58.9%	59.5%
-%	34.1%	-%	-%	-%	-0.1% -%	-%
13.9%	8.8%	7.9%	4.1%	2.3%	4.3% 5.0%	0.8%
75.1%	106.3%	66.0%	62.6%	61.3%	63.0% 63.9%	60.3%
21.4%	23.0%	21.1%	21.4%	21.4%	23.8% 21.4%	21.1%
6.2%	6.2%	6.0%	6.3%	6.1%	6.3% 6.1%	6.3%
102.7%	135.5%	93.1%	90.3%	88.8%	93.2% 91.4%	87.7%
62.2%	63.9%	58.5%	58.8%	58.9%	59.0% 59.0%	59.5%
90.2%	93.4%	85.8%	86.6%	86.5%	89.3% 86.6%	86.8%
62	35	31	17	-	9 5	-

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

‌Reinsurance Segment‌
		Year-to-Date
	March 31,	March 31,	December 31,
	2025	2024	2024
REVENUES:
Gross written premiums	$ 3,219	$ 3,175	$ 12,941
Net written premiums	2,811	2,942	11,969
Net premiums earned	2,905	$ 2,728	$ 11,412
UNDERWRITING CLAIMS AND EXPENSES:
Incurred losses and LAE
Current year	1,700	1,560	6,456
Prior year (14)	-	-	(125)
Catastrophes	523	80	772
Total incurred losses and LAE	2,223	1,640	7,103
Commission, brokerage, taxes and fees	707	671	2,837
Other underwriting expenses	71	71	290
UNDERWRITING INCOME (LOSS) (1)	$ (96)	$ 347	$ 1,181
KEY RATIOS
Loss Ratio:
Current year	58.5%	57.2%	56.6%
Prior year (14)	-%	-%	-1.1%
Catastrophe	18.0%	2.9%	6.8%
Total Loss Ratio	76.5%	60.1%	62.2%
Commission and brokerage	24.3%	24.6%	24.9%
Other underwriting expenses	2.4%	2.6%	2.5%
Combined ratio	103.3%	87.3%	89.7%
Attritional Ratios Attritional loss ratio (1)	59.8%	57.2%	57.0%
Attritional combined ratio (1)(3)	87.1%	84.4%	84.6%
Net CAT reinstatement premiums earned	62	-	83

Quarter-to-Date
March 31,	December 31, September 30,	June 30,	March 31,	December 31, September 30,	June 30,
2025	2024 2024	2024	2024	2023 2023	2023
$ 3,219	$ 3,291 $ 3,265	$ 3,209	$ 3,175	$ 2,894 $ 3,198	$ 2,747
2,811	3,019 2,975	3,033	2,942	2,754 2,989	2,621
$ 2,905	$ 2,983 $ 2,970	$ 2,731	$ 2,728	$ 2,616 $ 2,593	$ 2,364
1,700	1,677 1,672	1,547	1,560	1,506 1,486	1,362
-	(125) -	-	-	(401) -	-
523	285 270	137	80	144 165	27
2,223	1,837 1,942	1,684	1,640	1,249 1,651	1,389
707	784 710	672	671	742 643	579
71	75 73	72	71	66 64	61
$ (96)	$ 286 $ 245	$ 303	$ 347	$ 559 $ 234	$ 335
58.5%	56.2% 56.3%	56.7%	57.2%	57.6% 57.3%	57.6%
-%	-4.2% -%	-%	-%	-15.3% -%	-%
18.0%	9.6% 9.1%	5.0%	2.9%	5.5% 6.4%	1.2%
76.5%	61.6% 65.4%	61.7%	60.1%	47.8% 63.7%	58.8%
24.3%	26.3% 23.9%	24.6%	24.6%	28.3% 24.8%	24.5%
2.4%	2.5% 2.5%	2.6%	2.6%	2.5% 2.5%	2.6%
103.3%	90.4% 91.8%	88.9%	87.3%	78.6% 91.0%	85.8%
59.8%	56.9% 56.9%	57.0%	57.2%	57.8% 57.4%	57.6%
87.1%	86.0% 83.5%	84.4%	84.4%	88.7% 84.8%	84.7%
62	35 31	17	-	9 5	-

(Some amounts may not reconcile due to rounding.)

(3)The attritional combined ratio for the fourth quarter and year ended December 31, 2024 and fourth quarter 2023 included approximately $68 million and $94 million of profit commission related to loss reserves releases, respectively. Excluding this profit commission, the Reinsurance Segment's attritional combined ratio would have been 83.7% and 84.0% for the fourth quarter and year ended December 31, 2024, respectively and 85.1% for the fourth quarter 2023.

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

		‌Year-to-Date‌
	March 31,	March 31,	December 31,
	2025	2024	2024
Gross Written Premium by Line of Business Property Pro Rata	$ 1,207	$ 1,082	$ 4,461
Property Non-Catastrophe XOL	185	171	675
Property Catastrophe XOL	591	462	2,133
Casualty Pro Rata	700	894	3,278
Casualty XOL	333	364	1,605
Financial lines	203	202	790
	$ 3,219	$ 3,175	$ 12,941
Percentage of Gross Written Premium by Line of Business Property Pro Rata	37.5%	34.1%	34.5%
Property Non-Catastrophe XOL	5.7%	5.4%	5.2%
Property Catastrophe XOL	18.4%	14.6%	16.5%
Casualty Pro Rata	21.7%	28.2%	25.3%
Casualty XOL	10.4%	11.5%	12.4%
Financial lines	6.3%	6.4%	6.1%
	100.0%	100.0%	100.0%

(Some amounts may not reconcile due to rounding.)

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 1,207	$ 1,173	$ 1,120	$ 1,085	$ 1,082	$ 979	$ 940	$ 826
185	155	158	191	171	162	181	201
591	600	559	512	462	365	486	394
700	737	786	860	894	795	847	719
333	404	456	380	364	386	485	393
203	221	185	181	202	207	260	215
$ 3,219	$ 3,291	$ 3,265	$ 3,209	$ 3,175	$ 2,894	$ 3,198	$ 2,747
37.5%	35.7%	34.3%	33.8%	34.1%	33.8%	29.4%	30.1%
5.7%	4.7%	4.8%	6.0%	5.4%	5.6%	5.7%	7.3%
18.4%	18.2%	17.1%	15.9%	14.6%	12.6%	15.2%	14.3%
21.7%	22.4%	24.1%	26.8%	28.2%	27.5%	26.5%	26.2%
10.4%	12.3%	14.0%	11.8%	11.5%	13.3%	15.2%	14.3%
6.3%	6.7%	5.7%	5.6%	6.4%	7.2%	8.1%	7.8%
100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

‌Insurance Segment‌
		Year-to-Date
	March 31,	March 31,	December 31,
	2025	2024	2024
REVENUES:
Gross written premiums	$ 1,145	$ 1,160	$ 5,078
Net written premiums	896	897	3,678
Net premiums earned	$ 913	$ 871	$ 3,579
UNDERWRITING CLAIMS AND EXPENSES:
Incurred losses and LAE
Current year	630	546	2,443
Prior year (14)	-	-	1,059
Catastrophes	10	5	120
Total incurred losses and LAE	640	551	3,622
Commission, brokerage, taxes and fees	113	104	439
Other underwriting expenses	165	145	615
UNDERWRITING INCOME (LOSS) (1)	$ (5)	$ 71	$ (1,097)
KEY RATIOS
Loss Ratio:
Current year	69.0%	62.7%	68.3%
Prior year (14)	-%	-%	29.6%
Catastrophe	1.1%	0.6%	3.4%
Total Loss Ratio	70.1%	63.2%	101.2%
Commission and brokerage	12.3%	11.9%	12.3%
Other underwriting expenses	18.1%	16.7%	17.2%
Combined ratio	100.5%	91.9%	130.7%
Attritional Ratios Attritional loss ratio (1)	68.8%	62.7%	68.1%
Attritional combined ratio (1)	99.1%	91.3%	97.5%
Net CAT reinstatement premiums earned	-	-	-

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 1,145	$ 1,350	$ 1,110	$ 1,459	$ 1,160	$ 1,371	$ 1,124	$ 1,347
896	984	789	1,009	897	1,063	825	987
$ 913	$ 900	$ 898	$ 910	$ 871	$ 905	$ 861	$ 830
630	758	565	574	546	564	543	532
-	1,059	-	-	-	293	-	(7)
10	61	40	15	5	8	10	-
640	1,877	605	588	551	865	553	525
113	114	110	111	104	105	101	102
165	161	154	154	145	150	142	135
$ (5)	$ (1,252)	$ 28	$ 56	$ 71	$ (216)	$ 66	$ 69
69.0%	84.2%	62.9%	63.0%	62.7%	62.3%	63.0%	64.1%
-%	117.7%	-%	-%	-%	32.4%	-%	-0.9%
1.1%	6.7%	4.5%	1.6%	0.6%	0.9%	1.2%	-%
70.1%	208.7%	67.4%	64.7%	63.2%	95.6%	64.2%	63.2%
12.3%	12.6%	12.3%	12.2%	11.9%	11.6%	11.8%	12.3%
18.1%	17.9%	17.2%	16.9%	16.7%	16.6%	16.5%	16.3%
100.5%	239.2%	96.9%	93.8%	91.9%	123.8%	92.4%	91.7%
68.8%	84.0%	62.7%	63.0%	62.7%	62.3%	63.0%	64.1%
99.1%	114.4%	92.0%	92.1%	91.3%	90.6%	91.2%	92.6%
-	-	-	-	-	-	-	-

(Some amounts may not reconcile due to rounding.)

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

		‌Year-to-Date‌
	March 31,	March 31,	December 31,
	2025	2024	2024
Gross Written Premium by Line of Business Accident and Health	$ 89	$ 90	$ 369
Specialty Casualty	287	344	1,429
Other Specialty	130	112	552
Professional Liability	163	181	873
Property/Short Tail	389	327	1,472
Workers' Compensation	85	106	384
	$ 1,145	$ 1,160	$ 5,078
Percentage of Gross Written Premium by Line of Business Accident and Health	7.8%	7.8%	7.3%
Specialty Casualty	25.1%	29.7%	28.1%
Other Specialty	11.4%	9.7%	10.9%
Professional Liability	14.3%	15.6%	17.2%
Property/Short Tail	34.0%	28.2%	29.0%
Workers' Compensation	7.5%	9.1%	7.6%
	100.0%	100.0%	100.0%

(Some amounts may not reconcile due to rounding.)

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 89	$ 82	$ 110	$ 87	$ 90	$ 130	$ 152	$ 139
287	341	311	432	344	426	331	415
130	199	120	121	112	145	102	96
163	232	189	271	181	244	188	240
389	397	299	450	327	300	246	338
85	100	81	97	106	126	106	118
$ 1,145	$ 1,350	$ 1,110	$ 1,459	$ 1,160	$ 1,371	$ 1,124	$ 1,347
7.8%	6.0%	9.9%	6.0%	7.8%	9.5%	13.5%	10.3%
25.1%	25.2%	28.1%	29.6%	29.7%	31.1%	29.4%	30.8%
11.4%	14.7%	10.8%	8.3%	9.7%	10.6%	9.0%	7.2%
14.3%	17.2%	17.1%	18.6%	15.6%	17.8%	16.7%	17.9%
34.0%	29.4%	26.9%	30.8%	28.2%	21.9%	21.9%	25.1%
7.5%	7.4%	7.3%	6.7%	9.1%	9.2%	9.4%	8.8%
100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Year-to-Date

March 31,

2025

March 31,

2024

$ 77

$ 52

- 46

December 31,

2024

$ 28

$ 33

$ 212

167

$ 197

175

403

580

$ (3) $ (8)

$ (440)

Quarter-to-Date

March 31,

2025

December 31, September 30, June 30,

2024 2024 2024

$ 29 $ 50 $ 57

23 41 42

$ 43 $ 50 $ 52

53 37 39

403 - -

1 - -

457 37 39

5 5 7

8 8 8

$ (429) $ (1) $ (2)

March 31,

2024

December 31, September 30,

2023 2023

$ 57 $ 68

44 52

$ 57 $ 59

38 42

102 -

- -

140 43

6 7

10 9

$ (99) $ 1

June 30,

2023

$ 28

$ 33

$ 77

$ 52

$ 86

$ 57

$ (3)

$ (8)

$ (3)

‌Other Segment‌

REVENUES:

Gross written premiums Net written premiums

Net premiums earned

UNDERWRITING CLAIMS AND EXPENSES:

Incurred losses and LAE Current year

Prior year (14)

Catastrophes

Total incurred losses and LAE Commission, brokerage, taxes and fees Other underwriting expenses

UNDERWRITING INCOME (LOSS) (1)

(Some amounts may not reconcile due to rounding.)

(14)Development on prior year catastrophe losses have been reclassed out of the catastrophes incurred loss line to the prior year incurred losses & LAE line.

Year-to-Date
March 31,	March 31,	December 31,
2025	2024	2024
$ 386	$ 352	$ 1,481
1	1	3
48	38	195
25	54	206
30	20	104
490	465	1,989
12	6	26
-	-	(1)
502	470	2,013
11	13	59
$ 491	$ 457	$ 1,954

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31, September 30,	June 30,
2025	2024	2024	2024	2024	2023 2023	2023
$ 386	$ 382	$ 378	$ 369	$ 352	$ 331 $ 299	$ 276
1	-	1	1	1	1 1	1
48	60	54	43	38	48 41	34
25	22	36	94	54	24 60	53
30	19	36	30	20	17 15	6
490	483	504	537	465	421 416	369
12	6	5	9	6 -	2 5	2 -
-	(1)	1	-	6 -	(1) -	2 -
502	488	510	545	470	423 420	371
11	15	13	18	13	12 14	14
$ 491	$ 473	$ 496	$ 528	$ 457	$ 411 $ 406	$ 357

‌NET INVESTMENT INCOME‌

Fixed maturities Equity securities

Short-term investments and cash Other invested assets

Limited partnerships Other

Gross investment income before adjustments

Funds held interest income (expense)

Future policy benefit reserve income (expense) Gross investment income

Investment expenses

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ (1)	$ 15	$ (9)	$ 4	$ 2	$ 12	$ 2	$ -
(2)	2	5	(5)	(2)	4	(16)	8
(4)	53	(25)	(15)	(7)	(271)	(19)	(3)
-	-	-	-	1	-	1	-
-	(1)	1	(1)	-	-	-	-
-	-	1	-	-	-	-	-
(5)	52	(24)	(15)	(6)	(271)	(18)	(3)
$ (7)	$ 69	$ (27)	$ (17)	$ (7)	$ (255)	$ (31)	$ 5

		Year-to-Date
March 31,		March 31,	December 31,
ET GAINS (LOSSES) ON INVESTMENTS2025		2024	2024
Credit allowance on fixed maturity securities	$ (1)	$ 2		$ 13
Gains (losses) from fair value adjustment on public equities Net realized gains (losses) from dispositions: Fixed maturities	(2) (4)	(2) (7)		(1) 6
Equity securities	-	1		1
Other Invested Assets	-	-		(1)
Short-term investments	-	-		1
Total net realized gains (losses) from dispositions	(5)	(6)		7
Total net gains (losses) on investments	$ (7)	$ (7)		$ 19

Net investment income

(Some amounts may not reconcile due to rounding.)

‌Supplemental GAAP Financial Information - Consolidated Balance Sheets‌

March 31,	December 31,	September 30,	June 30,	March 31	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 31,824	$ 28,908	$ 30,479	$ 29,031	$ 28,297	$ 27,740	$ 25,159	$ 24,489
695	757	780	787	840	855	789	798
168	217	230	219	216	188	166	259
5,425	5,392	5,071	4,994	4,854	4,794	4,353	4,262
2,949	4,707	3,931	2,464	2,397	2,127	2,403	1,675
1,567	1,549	1,599	1,570	1,544	1,437	1,765	2,067
42,628	41,531	42,090	39,065	38,148	37,142	34,635	33,550
391	368	380	360	327	324	298	266
5,619	5,378	5,372	5,403	5,101	4,768	4,426	4,263
377	207	239	254	233	164	226	201
3,175	2,915	2,276	2,151	2,084	2,098	2,196	2,175
1,237	1,218	1,229	1,189	1,155	1,135	1,097	1,075
1,494	1,461	1,475	1,422	1,331	1,247	1,156	1,086
845	869	952	806	702	713	756	692
1,126	1,223	863	927	823	868	500	399
1,239	1,171	986	983	1,033	941	1,029	961
$ 58,132	$ 56,341	$ 55,864	$ 52,560	$ 50,937	$ 49,399	$ 46,318	$ 44,668
31,512	29,889	27,480	25,853	25,211	24,604	23,833	23,405
7,253	7,324	7,462	7,313	6,826	6,622	6,295	5,943
9	27	16	13	11	24	28	25
781	701	979	869	716	650	795	678
275	241	259	289	168	171	330	150
2,350	2,350	2,350	2,349	2,349	2,349	2,348	2,348
218	218	218	218	218	218	218	218
1,019	1,019	819	819	819	819	519	519
43	22	43	22	43	22	41	19
7	84	434	175	403	137	200	21
526	590	469	458	543	582	486	440
43,993	42,466	40,529	38,378	37,308	36,197	35,092	33,766
1	1	1	1	1	1	1	1
3,799	3,812	3,799	3,785	3,768	3,773	3,762	3,753
(786)	(1,138)	(344)	(1,160)	(1,125)	(934)	(2,171)	(1,883)
(4,308)	(4,108)	(4,108)	(4,008)	(3,943)	(3,908)	(3,908)	(3,908)
15,434	15,309	15,988	15,565	14,927	14,270	13,542	12,940
14,140	13,875	15,335	14,182	13,628	13,202	11,226	10,902
$ 58,132	$ 56,341	$ 55,864	$ 52,560	$ 50,937	$ 49,399	$ 46,318	$ 44,668
$ 332.39	$ 322.97	$ 356.77	$ 327.68	$ 313.55	$ 304.29	$ 258.71	$ 251.17
345.57	342.74	361.87	349.30	333.70	320.95	301.76	288.64
15.4%	15.6%	14.3%	15.3%	15.8%	16.3%	18.6%	19.1%

(Dollars in millions, except per share amounts)

ASSETS:

Fixed maturities - available for sale, at fair value

Fixed maturities - held to maturity, at amortized cost, net of credit allowances Equity securities, at fair value

Other invested assets Short-term investments Cash

Total investments and cash Accrued investment income Premiums receivable

Reinsurance paid loss recoverables Reinsurance unpaid loss recoverables Funds held by reinsureds

Deferred acquisition costs Prepaid reinsurance premiums Income tax asset, net

Other assets TOTAL ASSETS

LIABILITIES:

Reserve for losses and loss adjustment expenses Unearned premium reserve

Funds held under reinsurance treaties Amounts due to reinsurers

Losses in course of payment Senior notes

Long-term notes Borrowings from FHLB

Accrued interest on debt and borrowings Unsettled securities payable

Other liabilities Total liabilities

SHAREHOLDERS' EQUITY:

Common shares Additional paid-in capital

Accumulated other comprehensive income (loss) Treasury shares, at cost

Retained earnings

TOTAL SHAREHOLDERS' EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Book value per common share outstanding (4)

Book value per common share outstanding (excluding URA(D)) (1)

Debt to total capital (5)

(Some amounts may not reconcile due to rounding.)

(4)Book value per common share is calculated as reported end of period shareholders' equity divided by common shares outstanding.

(5)The debt to total capital ratio is calculated by dividing debt, excluding borrowings from FHLB, by total capital. Total capital represents the sum of total shareholders' equity and debt.

‌EVEREST GROUP, LTD.‌

Supplemental GAAP Financial Information - Cash and Invested Assets Portfolio

(Dollars in millions)

At March 31, 2025 At December 31, 2024

Cost or Amortized Cost

Allowance for Expected Credit Losses

Unrealized Gains

Unrealized Losses

Fair Value or Net Carrying Value

Percentage

Fair Value or Net Carrying Value

Percentage

Fixed Maturities, available for sale, at fair value
U.S. Treasury securities and obligations of U.S. government agencies and corporations	$ 624	$ -	$ 3	$ (22) $	604	1.4%		$ 669	1.6%
Obligations of U.S. states and political subdivisions	74	-	-	(6)	68	0.2%		70	0.2%
Corporate Securities	8,884	(36)	85	(247)	8,686	20.4%		7,010	16.9%
Asset-backed Securities Mortgage-backed securities	5,588	-	25	(22)	5,591	13.1%		5,982	14.4%
Commercial	957	-	3	(54)	906	2.1%		900	2.2%
Agency Residential	5,561	-	36	(221)	5,377	12.6%		4,931	11.9%
Non-agency Residential	1,452	-	23	(4)	1,471	3.5%		1,289	3.1%
Foreign government securities	2,381	-	17	(129)	2,269	5.3%		2,196	5.3%
Foreign corporate securities	6,984	-	85	(216)	6,853	16.1%		5,861	14.1%
Total fixed maturities, available for sale, at fair value	32,505	(37)	277	(921)	31,824	74.7%		28,908	69.6%
Fixed maturities, held to maturity, at amortized cost
Corporate Securities	169	(2)	-	-	167	0.4%		174	0.4%
Asset-backed Securities Mortgage-backed securities	435	(4)	-	-	431 -	1.0%		480	1.2%
Commercial	15	-	-	-	15	-%		20	-%
Foreign corporate securities	84	(1)	-	-	83	0.2%		83	0.2%
Total fixed maturities, held to maturity, at amortized cost	703	(8)	-	-	695	1.6%		757	1.8%
Total equity securities, at fair value	168	-	-	-	168	0.4%		217	0.5%
Other investments					5,425	12.7%		5,392	13.0%
Short-term investments					2,949	6.9%		4,707	11.3%
Total investments					41,061	96.3%		39,982	96.3%
Cash and cash equivalents					1,567	3.7%		1,549	3.7%
Total cash and invested assets $ 42,628						100.0%	$ 41,531		100.0%

(Some amounts may not reconcile due to rounding.)

March 31,	December 31, September 30, June 30,			March 31	December 31, September 30, June 30,
2025	202420242024			2024	202320232023
Fair Value %	Fair Value %Fair Value %Fair Value %			Fair Value %	Fair Value %Fair Value %Fair Value %
1.4%	1.6% 1.7% 2.6%			2.6%	2.7% 3.3% 3.4%
0.2%	0.2% 0.2% 0.3%			0.3%	0.3% 1.1% 1.2%
20.4%	16.9% 19.5% 20.4%			20.7%	19.8% 20.8% 21.0%
13.1%	14.4% 14.1% 13.6%			13.9%	15.1% 15.3% 14.5%
2.1%	2.2% 2.2% 2.4%			2.6%	2.7% 3.0% 2.9%
12.6%	11.9% 10.8% 12.1%			12.0%	12.6% 9.6% 10.1%
3.5%	3.1% 3.2% 2.4%			1.8%	1.2% 0.6% 0.2%
5.3%	5.3% 5.6% 5.7%			5.6%	5.3% 4.8% 4.8%
16.1%	14.1%15.2%14.7%			14.7%	14.9%14.6%14.9%
74.7%	69.6% 72.4% 74.3%			74.2%	74.7% 73.0% 73.0%
0.4%	0.4% 0.4% 0.4%			0.5%	0.4% 0.4% 0.4%
1.0%	1.2% 1.2% 1.3%			1.5%	1.6% 1.7% 1.8%
-%	-% -% 0.1%			0.1%	0.1% -% -%
0.2%	0.2%0.2%0.2%			0.2%	0.2%0.1%0.1%
1.6%	1.8% 1.9% 2.0%			2.2%	2.3% 2.3% 2.4%
0.4%	0.5% 0.5% 0.6%			0.6%	0.5% 0.5% 0.8%
12.7%	13.0% 12.0% 12.8%			12.7%	12.9% 12.6% 12.7%
6.9%	11.3%9.3%6.3%			6.3%	5.7%6.9%5.0%
96.3%	96.3% 96.2% 96.0%			96.0%	96.1% 94.9% 93.8%
3.7%	3.7%3.8%4.0%			4.0%	3.9%5.1%6.2%
100.0%	100.0%100.0%100.0%			100.0%	100.0%100.0%100.0%
1.9%	2.3% 2.3% 3.4%			3.4%	3.5% 4.3% 4.5%
21.4%	23.4% 24.3% 22.8%			22.9%	22.2% 22.0% 32.9%
27.5%	28.0% 26.6% 28.4%			28.3%	29.0% 26.0% 13.3%
32.7%	27.7% 28.9% 27.5%			27.2%	25.5% 26.3% 26.9%
13.8%	15.0% 14.1% 13.5%			13.6%	14.6% 14.6% 15.2%
2.8%	3.6%3.8%4.4%			4.6%	5.2%6.8%7.2%
100.0%	100.0%100.0%100.0%			100.0%	100.0%100.0%100.0%
3.5%	3.7% 3.3% 4.9%			5.0%	4.4% 6.3% 6.5%
32.9%	28.8% 28.0% 24.5%			23.7%	24.2% 31.0% 31.2%
15.9%	15.4% 18.9% 20.4%			20.6%	19.1% 16.1% 16.2%
5.3%	6.3% 7.3% 8.3%			9.0%	9.0% 6.4% 6.9%
42.4%	45.9%42.5%41.8%			41.6%	43.3%40.1%39.2%
100.0%	100.0%100.0%100.0%			100.0%	100.0%100.0%100.0%
4.5% 4.7% 3.3 AA-	4.9% 4.7% 3.1 AA-	4.8% 4.8% 3.1 AA-	4.9% 4.8% 3.4 AA-	4.7% 4.7% 3.4 AA-	3.3% 4.7% 3.3 AA-	3.9% 4.2% 2.7 AA-	3.7% 3.9% 2.9 A+

‌Supplemental GAAP Financial Information - Cash and Invested Assets Composition‌

CASH AND INVESTED ASSETS PORTFOLIO

Fixed maturity securities - available for sale

U.S. Treasury securities and obligations of U.S. government agencies and corporations Obligations of U.S. states and political subdivisions

Corporate Securities Asset-backed Securities

Mortgage-backed securities Commercial

Agency Residential Non-agency Residential

Foreign government securities Foreign corporate securities

Total fixed maturity securities - available for sale Fixed maturity securities - held to maturity

Corporate Securities Asset-backed Securities

Mortgage-backed securities Commercial

Foreign corporate securities

Total fixed maturity securities - held to maturity Equity securities

Other investments Short-term investments

Total Investments

Cash and cash equivalents Total Cash and Invested Assets

CREDIT QUALITY OF FIXED MATURITIES

U.S. government and agency AAA

AA A BBB

Below BBB Total

MATURITY PROFILE OF FIXED MATURITIES (6)

Within one year

From one to five years From five to ten years Above ten years

Asset-backed and mortgage-backed securities Total

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS

Annualized retuon invested assets (1)

Book yield of fixed maturities Average duration of fixed maturities Average credit quality

(Some amounts may not reconcile due to rounding.)

(6)The amortized cost and market value of fixed maturity securities are shown by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

‌At March 31, 2025‌
Available for sale, at fair value	Agencies	AAA	AA	A	BBB	Non-Investment Grade	Total
ABS	$ -	$ 1,690	$ 455	$ 1,404	$ 1,769	$ 273	$ 5,591
Commercial MBS	-	784	64	52	5	-	906
Agency-Residential MBS	5,377	-	-	-	-	-	5,377
Non-agency Residential MBS	-	1,365	97	5	3	-	1,471
Total mortgage-backed and asset-backed securities,
available for sale, at fair value	$ 5,377	$ 3,839	$ 616	$ 1,462	$ 1,777	$ 273	$ 13,344
Percentage of total	40.3%	28.8%	4.6%	11.0%	13.3%	2.0%	100.0%
Held to maturity, at amortized cost	Agencies	AAA	AA	A	BBB	Non-Investment Grade	Total
ABS	$ -	$ 39	$ 78	$ 161	$ 138	$ 15	$ 431
Commercial MBS	-	8	4	3	-	-	15
Total mortgage-backed and asset-backed securities,
held to maturity, at amortized cost	$ -	$ 47	$ 83	$ 163	$ 138	$ 15	$ 446
Percentage of total	-%	10.5%	18.5%	36.6%	31.0%	3.4%	100.0%
At December 31, 2024
Available for sale, at fair value	Agencies	AAA	AA	A	BBB	Non-Investment Grade	Total
ABS	$ -	$ 1,898	$ 509	$ 1,465	$ 1,757	$ 353	$ 5,982
Commercial MBS	-	776	68	52	5	-	900
Agency-Residential MBS	4,931	-	-	-	-	-	4,931
Non-agency Residential MBS	-	1,199	81	6	4	-	1,289
Total mortgage-backed and asset-backed securities,
available for sale, at fair value	$ 4,931	$ 3,872	$ 658	$ 1,522	$ 1,765	$ 353	$ 13,102
Percentage of total	37.6%	29.6%	5.0%	11.6%	13.5%	2.7%	100.0%
Held to maturity, at amortized cost	Agencies	AAA	AA	A	BBB	Non-Investment Grade	Total
ABS	$ -	$ 58	$ 83	$ 180	$ 143	$ 15	$ 480
Commercial MBS	-	8	6	5	2	-	20
Total mortgage-backed and asset-backed securities,
held to maturity, at amortized cost	$ - $ 67		$ 89	$ 184	$ 145	$ 15	$ 500
Percentage of total	-% 13.3%		17.8%	36.9%	29.0%	3.0%	100.0%

‌Net Probable Maximum Losses as of January 1, 2025 (7)‌

ESTIMATED NET EXPOSURES

Zone	Peril	1 in 20 5.0%	% of Common Shareholders' Equity	1 in 50 2.0%	% of Common Shareholders' Equity	1 in 100 1.0%	% of Common Shareholders' Equity	1 in 250 0.4%	% of Common Shareholders' Equity	1 in 500 0.2%	% of Common Shareholders' Equity
Net of Cession: (8)
Southeast U.S.	Wind	$ 920	6.6 %	$ 1,509	10.9 %	$ 2,174	15.7 %	$ 2,661	19.2 %	$ 2,873	20.7 %
California	Earthquake	227	1.6 %	1,038	7.5 %	1,791	12.9 %	2,535	18.3 %	2,829	20.4 %
Texas	Wind	205	1.5 %	508	3.7 %	921	6.6 %	1,717	12.4 %	2,432	17.5 %
Net Economic Loss: (9)
Southeast U.S.	Wind	$ 640	4.6 %	$ 1,029	7.4 %	$ 1,523	11.0 %	$ 1,866	13.5 %	$ 2,049	14.8 %
California	Earthquake	176	1.3 %	742	5.3 %	1,322	9.5 %	1,842	13.3 %	2,073	14.9 %
Texas	Wind	153	1.1 %	375	2.7 %	665	4.8 %	1,219	8.8 %	1,740	12.5 %

The Company focuses on potential losses that could result from any single event or series of events as part of its evaluation and monitoring of its aggregate exposures to catastrophic events. Accordingly, the Company employs various techniques to estimate the amount of loss it could sustain from any single catastrophic event or series of events in various geographic areas. These techniques range from deterministic approaches, such as tracking aggregate limits exposed in catastrophe-prone zones and applying reasonable damage factors, to modeled approaches that attempt to scientifically measure catastrophe loss exposure using sophisticated Monte Carlo simulation techniques that forecast frequency and severity of potential losses on a probabilistic basis.

Projected catastrophe losses are generally summarized in terms of the probable maximum loss ("PML"). The Company defines PML as its anticipated loss, taking into account contract terms and limits, caused by a single catastrophe affecting a broad contiguous geographic area, such as that caused by a hurricane or earthquake. The PML will vary depending upon the modeled simulated losses and the make-up of the in force book of business. The projected severity levels are described in terms of "retuperiods", such as "100-year events" and "250-year events". For example, a 100-year PML is the estimated loss to the current in-force portfolio from a single event which has a 1% probability of being exceeded in a twelve month period. In other words, it corresponds to a 99% probability that the loss from a single event will fall below the indicated PML. It is important to note that PMLs are estimates. Modeled events are hypothetical events produced by a stochastic model. As a result, there can be no assurance that any actual event will align with the modeled event or that actual losses from events similar to the modeled events will not vary materially from the modeled event PML.

Management estimates that the projected net economic loss from its largest 100-year event in a given zone represents approximately 11.0% of its December 31, 2024 shareholders' equity. Economic loss is the PML exposure, net of third party reinsurance, reduced by estimated reinstatement premiums to renew coverage and estimated income taxes. The impact of income taxes on the PML depends on the distribution of the losses by corporate entity, which is also affected by inter-affiliate reinsurance. Management also monitors and controls its largest PMLs at multiple points along the loss distribution curve, such as loss amounts at the 20, 50, 100, 250 and 500 year retuperiods. This process enables management to identify and control exposure accumulations and to integrate such exposures into enterprise risk, underwriting and capital management decisions.

The Company believes that its methods of monitoring, analyzing and managing catastrophe exposures provide a credible risk management framework, which is integrated with its enterprise risk management, underwriting and capital management plans. However, there is much uncertainty and imprecision inherent in the catastrophe models and the catastrophe loss estimation process generally. As a result, there can be no assurance that the Company will not experience losses from individual events that exceed the PML or other retuperiod projections, perhaps by a material amount. Nor can there be assurance that the Company will not experience events impacting multiple zones, or multiple severe events that could, in the aggregate, exceed the Company's PML expectations by a significant amount.

(7)PML exposures will be updated bi-annually (at January 1 and July 1 each year).

(8)Net of Cession is defined as the Company's PML exposure, net of third party reinsurance including catastrophe industry loss warranty cover at various retuperiods for its top three zones/perils based on loss projection data as of January 1, 2025.

(9)Net Economic Loss is defined as PML exposures, net of third party reinsurance including catastrophe industry loss warranty cover, reinstatement premiums and estimated income taxes, for the top three zones/perils based on loss projection data as of January 1, 2025.

Year-to-Date
March 31,	March 31,	December 31,
2025	2024	2024
$ 13,875	$ 13,202	$ 13,202
849	723	723
$ 14,724	$ 13,925	$ 13,925
$ 14,140	$ 13,628	$ 13,875
561	876	849
$ 14,700	$ 14,504	$ 14,724
$ 14,712	$ 14,214	$ 14,325
$ 276	$ 709	$ 1,289
(6)	(6)	12
(60)	30	72
$ 210	$ 733	$ 1,373
7.5%	20.0%	9.0%
(0.2)%	(0.2)%	0.1%
(1.6)%	0.8%	0.5%
5.7%	20.6%	9.6%
42.5	43.5	43.0
332.39	313.55	322.97
345.57	333.70	342.74
5.6%	18.1%	9.2%

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 13,875	$ 15,335	$ 14,182	$ 13,628	$ 13,202	$ 11,226	$ 10,902	$ 9,014
849	220	936	876	723	1,868	1,627	1,459
$ 14,724	$ 15,555	$ 15,118	$ 14,504	$ 13,925	$ 13,094	$ 12,529	$ 10,473
$ 14,140	$ 13,875	$ 15,335	$ 14,182	$ 13,628	$ 13,202	$ 11,226	$ 10,902
561	849	220	936	876	723	1,868	1,627
$ 14,700	$ 14,724	$ 15,555	$ 15,118	$ 14,504	$ 13,925	$ 13,094	$ 12,529
$ 14,712	$ 15,140	$ 15,336	$ 14,811	$ 14,214	$ 13,509	$ 12,811	$ 11,501
$ 276	$ (780)	$ 630	$ 730	$ 709	$ 1,093	$ 613	$ 627
(6)	56	(25)	(14)	(6)	(220)	(27)	4
(60)	132	(97)	7	30	(69)	91	39
$ 210	$ (593)	$ 509	$ 724	$ 733	$ 804	$ 678	$ 670
7.5%	(20.6)%	16.4%	19.7%	20.0%	32.4%	19.2%	21.8%
(0.2)%	1.5%	(0.6)%	(0.4)%	(0.2)%	(6.5)%	(0.8)%	0.2%
(1.6)%	3.5%	(2.5)%	0.2%	0.8%	(2.1)%	2.9%	1.3%
5.7%	(15.7)%	13.3%	19.6%	20.6%	23.8%	21.2%	23.3%
42.5	43.0	43.0	43.3	43.5	43.4	43.4	43.4
332.39	322.97	356.77	327.68	313.55	304.29	258.71	251.17
345.57	342.74	361.87	349.30	333.70	320.95	301.76	288.64

‌RETURN ON EQUITY:‌

Beginning of period shareholders' equity Net unrealized depreciation (appreciation)

of fixed maturity, available for sale securities Adjusted beginning of period shareholders' equity

End of period shareholders' equity

Net unrealized depreciation (appreciation)

of fixed maturity, available for sale securities Adjusted end of period shareholders' equity

Average adjusted shareholders' equity

After-tax net operating income (loss) (10)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

Retuon equity (annualized)

After-tax net operating income (loss) (10)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

Common shares outstanding

Book value per common share outstanding (4)

Book value per common share outstanding (excluding URA(D)) (11)

Total Shareholder Retu(TSR) (2)

(Some amounts may not reconcile due to rounding.)

(4)Book value per common share is calculated as reported end of period shareholders' equity divided by common shares outstanding.

(10)After-tax net operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense). A reconciliation of net income, the most comparable GAAP measure, to after-tax net operating income is presented above. After-tax net operating income (loss) retuon average equity (annualized) is calculated by dividing after-tax net operating income (loss) by average shareholders' equity, adjusted for average net unrealized depreciation (appreciation) ("URA(D)") of fixed maturity, available for sale securities. The Company believes net operating income ROE is a useful measure for management and investors as it allows for better comparability and removes variability when assessing the results of operations. A reconciliation of Net Operating Income ROE and Net Income ROE is also shown above.

(11)Book value per common share outstanding excluding net unrealized appreciation (depreciation) of fixed maturity, available for sale securities ("URA(D)") is calculated as reported shareholders' equity less URA(D), divided by common shares outstanding. Book value per common share outstanding is the most comparable GAAP measure. The Company believes this metric is useful to management and investors as it shows the value of shareholder returns on a per share basis after eliminating the variability of investments held at fair value. A reconciliation of book value per common share outstanding (excluding URA(D)) and book value per share is shown above.

Year-to-Date
March 31,	March 31,	December 31,
2025	2024	2024
$ 210	$ 733	$ 1,373
(85)	(76)	(334)
125	657	1,039
98.9%	98.9%	98.8%
123	649	1,027
84	75	331
$ 208	$ 725	$ 1,358
42.3	42.9	42.7
-	-	-
42.3	42.9	42.7
$ 4.90	$ 16.87	$ 31.78
$ 4.90	$ 16.87	$ 31.78
42.3	42.9	42.7
42.8	43.4	43.2
98.9%	98.9%	98.8%

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
$ 210	$ (593)	$ 509	$ 724	$ 733	$ 804	$ 678	$ 670
(85)	(86)	(86)	(87)	(76)	(76)	(76)	(72)
125	(678)	423	637	657	728	602	599
98.9%	100.0%	98.8%	98.8%	98.9%	98.9%	98.9%	98.8%
123	(678)	418	630	649	720	595	591
84	85	85	86	75	75	75	71
$ 208	$ (593)	$ 503	$ 715	$ 725	$ 795	$ 671	$ 662
42.3	42.5	42.6	42.8	42.9	42.9	42.9	40.7
-	-	-	-	-	-	-	-
42.3	42.5	42.6	42.8	42.9	42.9	42.9	40.7
$ 4.90	$ (13.96)	$ 11.80	$ 16.70	$ 16.87	$ 18.53	$ 15.63	$ 16.26
$ 4.90	$ (13.96)	$ 11.80	$ 16.70	$ 16.87	$ 18.53	$ 15.63	$ 16.26
42.3	42.5	42.6	42.8	42.9	42.9	42.9	40.7
42.8	42.5	43.1	43.4	43.4	43.4	43.4	41.2
98.9%	100.0%	98.8%	98.8%	98.9%	98.9%	98.9%	98.8%

‌Net income (loss) per share: Numerator‌

Net income (loss)

Less: dividends declared - common shares and unvested common shares Undistributed earnings

Percentage allocated to common shareholders (A)

Add: dividends declared - common shareholders

Numerator for basic and diluted earnings per common share

Denominator

Denominator for basic earnings per weighted-average common shares Effect of dilutive securities:

Options

Denominator for diluted earnings per adjusted weighted-average common shares

Per common share net income (loss) Basic

Diluted

(A)Basic weighted-average common shares outstanding

Basic weighted-average common shares outstanding and unvested common shares expected to vest

Percentage allocated to common shareholders

(Some amounts may not reconcile due to rounding.)

‌EVEREST GROUP, LTD.‌

Supplemental GAAP Financial Information - Non-GAAP Financial Measures

Comments on Non-GAAP Financial Measures

In this Investor Financial Supplement, the Company has included certain non-GAAP financial measures. The Company uses these non-GAAP financial measures to facilitate a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. The Company believes that such measures are important to investors and other interested persons, and that these measures are a useful supplement to GAAP information concerning the Company's performance. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company's financial measures prepared in accordance with generally accepted accounting principles ("GAAP").

A reconciliation of the non-GAAP financial measures to the most comparable corresponding GAAP financial measure is included on the following pages, unless included previously within this document.

‌EVEREST GROUP, LTD.

Supplemental GAAP Financial Information - Non-GAAP Financial Measures

(Dollars in millions, except per share amounts)

After-tax Net Operating Income (Loss) and After-tax Net Operating Income (Loss) Per Diluted Share

After-tax net operating income (loss) (also referred to in this Investor Financial Supplement as net operating income) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense).

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company's insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period are not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company's success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax net operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax net operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company's performance.

Year-to-Date
March 31,	March 31,	December 31,
2025	2024	2024
276	709	1,289
(6)	(6)	12
(60)	30	72
$ 210	$ 733	$ 1,373
6.45	16.32	29.83
(0.14)	(0.13)	0.28
(1.41)	0.69	1.67
$ 4.90	$ 16.87	$ 31.78

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31, September 30,	June 30,
2025	2024	2024	2024	2024	2023 2023	2023
276	(780)	630	730	709	1,093 613	627
(6)	56	(25)	(14)	(6)	(220) (27)	4
(60)	132	(97)	7	30	(69) 91	39
$ 210	$ (593)	$ 509	$ 724	$ 733	$ 804 $ 678	$ 670
6.45	(18.39)	14.62	16.85	16.32	25.18 14.14	15.21
(0.14)	1.33	(0.57)	(0.32)	(0.13)	(5.06) (0.61)	0.11
(1.41)	3.10	(2.24)	0.17	0.69	(1.60) 2.10	0.94
$ 4.90	$ (13.96)	$ 11.80	$ 16.70	$ 16.87	$ 18.53 $ 15.63	$ 16.26

Amount:

After-tax net operating income (loss)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

Per Diluted Share:

After-tax net operating income (loss)

After-tax net gains (losses) on investments

After-tax net foreign exchange income (expense) Net income (loss)

March 31,

2025

March 31,

2024

December 31,

2024

76.5 %

(18.0)%

1.3 %

- %

59.8 %

60.1 %

(2.9)%

- %

57.2 %

62.2 %

(6.8)%

0.4 %

1.1 %

- %

57.0 %

70.1 %

(1.1)%

- %

- % (0.2)%

68.8 %

63.2 %

(0.6)%

- %

62.7 %

101.2 %

(3.4)%

- % (29.6)%

- % (0.1)%

68.1 %

75.1 %

(13.9)%

1.0 %

- %

62.2 %

61.3 %

(2.3)%

- %

58.9 %

74.4 %

(5.9)%

0.3 %

(8.8)%

- %

60.1 %

Year-to-Date

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
76.5 %	61.6 %	65.4 %	61.7 %	60.1 %	47.8 %	63.7 %	58.8 %
(18.0)%	(9.6)%	(9.1)%	(5.0)%	(2.9)%	(5.5)%	(6.4)%	(1.2)%
1.3 %	0.7 %	0.6 %	0.3 %	- %	0.2 %	0.1 %	- %
- %	4.2 %	- %	- %	- %	14.9 %	- %	- %
- %	- %	- %	- %	- %	0.4 %	- %	- %
- %	- %	- %	- %	- %	- %	- %	- %
59.8 %	56.9 %	56.9 %	57.0 %	57.2 %	57.8 %	57.4 %	57.6 %
70.1 %	208.7 %	67.4 %	64.7 %	63.2 %	95.6 %	64.2 %	63.2 %
(1.1)%	(6.7)%	(4.5)%	(1.6)%	(0.6)%	(0.9)%	(1.2)%	- %
- %	- %	- %	- %	- %	- %	- %	- %
- %	(117.7)%	- %	- %	- %	(32.4)%	- %	0.9 %
- %	- %	- %	- %	- %	- %	- %	- %
(0.2)%	(0.3)%	(0.2)%	- %	- %	- %	- %	- %
68.8 %	84.0 %	62.7 %	63.0 %	62.7 %	62.3 %	63.0 %	64.1 %
75.1 %	106.3 %	66.0 %	62.6 %	61.3 %	63.0 %	63.9 %	60.3 %
(13.9)%	(8.8)%	(7.9)%	(4.1)%	(2.3)%	(4.3)%	(5.0)%	(0.8)%
1.0 %	0.6 %	0.5 %	0.3 %	- %	0.1 %	0.1 %	- %
- %	(34.1)%	- %	- %	- %	(0.2)%	- %	- %
- %	- %	- %	- %	- %	0.3 %	- %	- %
- %	- %	(0.1)%	- %	- %	- %	- %	- %
62.2 %	63.9 %	58.5 %	58.8 %	58.9 %	59.0 %	59.0 %	59.5 %

‌The loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, divided by net premiums earned. The attritional loss ratio is defined as the loss ratio, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, prior year development, COVID-19 losses and losses from the Russia/Ukraine war. The Company believes the attritional loss ratio is useful to management and investors because the adjusted ratio provides for better comparability and more accurately measure the Company's underlying underwriting performance. The following table is a reconciliation of the loss ratio and attritional loss ratio for the periods noted:

Reinsurance:

Loss ratio

Adjustment for catastrophe losses Adjustment for reinstatement premiums Adjustment for prior year development (12)Adjustment for Russia/Ukraine war losses Adjustment for other items

Attritional loss ratio

Insurance:

Loss ratio

Adjustment for catastrophe losses Adjustment for reinstatement premiums Adjustment for prior year development (12)Adjustment for Russia/Ukraine war losses Adjustment for other items

Attritional loss ratio

Group:

Loss ratio

Adjustment for catastrophe losses Adjustment for reinstatement premiums Adjustment for prior year development (12)Adjustment for Russia/Ukraine war losses Adjustment for other items

Attritional loss ratio

(12)Prior-year development includes the impact of COVID-19 losses.

‌The combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses, commission and brokerage expenses, and other underwriting expenses, divided by net premiums earned. The attritional combined ratio is defined as the combined ratio, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, prior year development, COVID-19 losses and losses from the Russia/Ukraine war. The Company believes the combined attritional ratio is useful to management and investors because the adjusted ratio provides for better comparability and more accurately measure the Company's underlying underwriting performance. The following table is a reconciliation of the combined ratio and attritional combined ratio for the periods noted:

		Year-to-Date
	March 31,	March 31,	December 31,
	2025	2024	2024
Reinsurance:
Combined ratio	103.3 %	87.3 %	89.7 %
Adjustment for catastrophe losses	(18.0)%	(2.9)%	(6.8)%
Adjustment for reinstatement premiums	1.9 %	- %	0.6 %
Adjustment for prior year development (12)	- %	- %	1.1 %
Adjustment for Russia/Ukraine war losses	- %	- %	- %
Adjustment for other items	- %	- %	- %
Attritional combined ratio	87.1 %	84.4 %	84.6 %
Insurance:
Combined ratio	100.5 %	91.9 %	130.7 %
Adjustment for catastrophe losses	(1.1)%	(0.6)%	(3.4)%
Adjustment for reinstatement premiums Adjustment for prior year development (12)	- % - %	- % - %	- % (29.6)%
Adjustment for Russia/Ukraine war losses	- %	- %	- %
Adjustment for other items	(0.3)%	- %	(0.2)%
Attritional combined ratio	99.1 %	91.3 %	97.5 %
Group:
Combined ratio	102.7 %	88.8 %	102.3 %
Adjustment for catastrophe losses	(13.9)%	(2.3)%	(5.9)%
Adjustment for reinstatement premiums	1.5 %	- %	0.5 %
Adjustment for prior year development (12)	- %	- %	(8.8)%
Adjustment for Russia/Ukraine war losses	- %	- %	- %
Adjustment for other items	(0.1)%	- %	- %
Attritional combined ratio	90.2 %	86.5 %	88.1 %

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
103.3 %	90.4 %	91.8 %	88.9 %	87.3 %	78.6 %	91.0 %	85.8 %
(18.0)%	(9.6)%	(9.1)%	(5.0)%	(2.9)%	(5.5)%	(6.4)%	(1.2)%
1.9 %	1.0 %	0.9 %	0.5 %	- %	0.3 %	0.2 %	- %
- %	4.2 %	- %	- %	- %	14.9 %	- %	- %
- %	- %	- %	- %	- %	0.4 %	- %	- %
- %	- %	- %	- %	- %	- %	- %	- %
87.1 %	86.0 %	83.5 %	84.4 %	84.4 %	88.7 %	84.8 %	84.7 %
100.5 %	239.2 %	96.9 %	93.8 %	91.9 %	123.8 %	92.4 %	91.7 %
(1.1)%	(6.7)%	(4.5)%	(1.6)%	(0.6)%	(0.9)%	(1.2)%	- %
- %	- %	- %	- %	- %	- %	- %	- %
- %	(117.7)%	- %	- %	- %	(32.4)%	- %	0.9 %
- %	- %	- %	- %	- %	- %	- %	- %
(0.3)%	(0.4)%	(0.4)%	- %	- %	0.1 %	(0.1)%	- %
99.1 %	114.4 %	92.0 %	92.1 %	91.3 %	90.6 %	91.2 %	92.6 %
102.7 %	135.5 %	93.1 %	90.3 %	88.8 %	93.2 %	91.4 %	87.7 %
(13.9)%	(8.8)%	(7.9)%	(4.1)%	(2.3)%	(4.3)%	(5.0)%	(0.8)%
1.5 %	0.8 %	0.7 %	0.4 %	- %	0.2 %	0.1 %	- %
- %	(34.1)%	- %	- %	- %	(0.2)%	- %	- %
- %	- %	- %	- %	- %	0.3 %	- %	- %
(0.1)%	(0.1)%	(0.1)%	- %	- %	- %	- %	- %
90.2 %	93.4 %	85.8 %	86.6 %	86.5 %	89.3 %	86.6 %	86.8 %

(12)Prior-year development includes the impact of COVID-19 losses.

‌Underwriting Income

Underwriting income is calculated as net premiums earned, less (1) incurred losses and loss adjustment expenses, (2) commission, brokerage, taxes and fees, and (3) other underwriting expenses. Net income (loss) is the most comparable GAAP measure. The Company believes underwriting income is a useful measure for management and investors when assessing the performance of the Company's reinsurance and insurance business segments. Refer to Reinsurance Segment Data, Insurance Segment Data and Other Segment Data pages for a reconciliation of segment underwriting income. A reconciliation of Group Underwriting Income and Net Income is shown below.

Year-to-Date
March 31,	March 31,	December 31,
2025	2024	2024
3,852	3,652	15,187
2,893	2,237	11,305
824	782	3,300
238	224	938
$ (104)	$ 409	$ (356)
491	457	1,954
(7)	(7)	19
(21)	(22)	(95)
(38)	(37)	(149)
(73)	31	121
(39)	(99)	(120)
$ 210	$ 733	$ 1,373

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31, September 30,	June 30,
2025	2024	2024	2024	2024	2023 2023	2023
3,852	3,925	3,918	3,693	3,652	3,578 3,513	3,251
2,893	4,172	2,584	2,311	2,237	2,254 2,246	1,960
824	903	826	790	782	853 752	686
238	244	236	234	224	226 215	205
$ (104)	$ (1,394)	$ 272	$ 358	$ 409	$ 245 $ 301	$ 401
491	473	496	528	457	411 406	357
(7)	69	(27)	(17)	(7)	(255) (31)	5
(21)	(27)	(25)	(22)	(22)	(18) (19)	(17)
(38)	(37)	(38)	(37)	(37)	(36) (34)	(33)
(73)	169	(102)	23	31	(75) 103	38
(39)	155	(68)	(108)	(99)	532 (47)	(80)
$ 210	$ (593)	$ 509	$ 724	$ 733	$ 804 $ 678	$ 670

Group

Net premiums earned

Less: Incurred losses and LAE

Less: Commission, brokerage, taxes and fees Less: Other underwriting expenses

Underwriting income (loss)

Net investment income

Net gains (losses) on investments Corporate expenses

Interest, fee and bond issue cost amortization expense Other income (expense)

Income tax benefit (expense) Net income (loss)

‌Annualized Retuon Invested Assets

Annualized retuon invested assets is calculated as the sum of pre-tax net investment income and net gains (losses) on investments, divided by the sum of current year and prior year-end average fixed maturity securities excluding URA(D) (1), cash and short-term investments (2), equity securities (3) and other invested assets (4). For quarter-to-date periods, the average is calculated based on the current year and prior quarter amounts. The Company believes annualized retuon invested assets is a useful measure for management and investors when assessing the financial returns generated by the Company's investment portfolio. The calculation of annualized retuon invested assets is shown below.

Quarter-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
491	473	496	528	457	411	406	357
(7)	69	(27)	(17)	(7)	(255)	(31)	5
$ 484	$ 542	$ 469	$ 511	$ 450	$ 156	$ 375	$ 362
31,909	31,069	31,180	30,492	29,740	28,705	27,571	26,559
5,387	5,893	4,782	3,966	3,731	3,866	3,955	3,193
193	224	225	218	202	177	213	255
5,409	5,232	5,033	4,924	4,824	4,573	4,307	4,209
$ 42,897	$ 42,417	$ 41,220	$ 39,600	$ 38,497	$ 37,321	$ 36,045	$ 34,215
4.5%	5.1%	4.6%	5.2%	4.7%	1.7%	4.2%	4.2%

Numerator:

Net investment income

Net gains (losses) on investments Total Investment Returns

Denominator:

Average fixed maturity securities (13)Average cash and short-term investments Average equity securities

Average other invested assets

Year-to-Date
March 31,	December 31,	September 30,	June 30,	March 31,	December 31,	September 30,	June 30,
2025	2024	2024	2024	2024	2023	2023	2023
491	1,954	1,481	985	457	1,434	1,023	617
(7)	19	(50)	(24)	(7)	(276)	(21)	10
$ 484	$ 1,973	$ 1,431	$ 961	$ 450	$ 1,157	$ 1,001	627
31,909	30,015	30,428	30,127	29,740	27,176	26,505	26,042
5,387	4,910	4,547	3,799	3,731	2,997	3,299	3,086
193	203	209	204	202	235	224	270
5,409	5,093	4,933	4,894	4,824	4,440	4,219	4,174
$ 42,897	$ 40,222	$ 40,118	$ 39,024	$ 38,497	$ 34,847	$ 34,247	33,571
4.5%	4.9%	4.8%	4.9%	4.7%	3.3%	3.9%	3.7%

Total average investments and cash Annualized retuon invested assets

Numerator:

Net investment income

Net gains (losses) on investments Total Investment Returns

Denominator:

Average fixed maturity securities (13)Average cash and short-term investments Average equity securities

Average other invested assets

Total average investments and cash Annualized retuon invested assets

(13)Year-to-date average fixed maturity securities are calculated using average current year and prior year-end available for sale and held to maturity fixed maturity securities at amortized cost, net of credit allowances. Quarter-to-date average fixed maturities are calculated using average current year and prior quarter available for sale and held to maturity fixed maturity securities at amortized cost, net of credit allowances.

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Everest Group Ltd. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 20:17 UTC.

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