Short answer
Everest Group (EG) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $17.3B (+18.5% year over year) and net income of $1.4B.
- Top risk flagged: Regulatory/legal risk from A.M. Best rating below A-, triggering reinsurance contract terminations and collateral requirements
FY2024 key financial metrics · XBRL
- Revenue
- $17.3B
- +18.5% YoY
- Net income
- $1.4B
- −45.5% YoY
- EPS (diluted)
- $31.78
- −47.2% YoY
- ROE
- 9.9%
- −9.2 pp YoY
- Operating cash flow
- $5.0B
- +8.9% YoY
Source: XBRL data from the Everest Group (EG) FY2024 10-K on SEC EDGAR. USD.
Everest Group FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: global underwriting of property and casualty reinsurance and insurance via brokers, direct placement, with diversified geographic and product portfolio
- New segment created in Q4 2024: "Other" for run-off business including sports and leisure sold October 2024, asbestos/environmental exposures, and discontinued lines
- Strategic shift: realignment of accident and health products from Reinsurance to Insurance segment for management emphasis, effective Q4 2023
- Gross written premiums $18.2B in 2024; 71% reinsurance, 28% insurance, 1% Other; broker reinsurance market 64.8% of premiums; total employees increased to 3,037 as of Feb 2025
- Noteworthy fact: ongoing enterprise-wide colleague development initiatives launched in 2024, including a new next-generation skills program and expansion of early career rotational placements
Management Discussion & Analysis
- Revenue $17.3B in 2024, up 18.5% YoY from $14.6B; gross written premiums $18.2B (+9.6%), net written premiums $15.8B (+7.4%)
- Operating combined ratio 102.3% in 2024 vs 90.9% in 2023; loss ratio 74.4% vs 62.7%, commission ratio 21.7% vs 22.0%, other underwriting expense ratio 6.2% vs 6.3%
- Best segment: Reinsurance premiums earned $11.4B (+16.5%), underwriting gain $1.2B; worst: Other segment with significant prior year adverse development losses impacting net income
- Net income $1.4B in 2024, down 45.4% from $2.5B in 2023 due to $1.6B lower underwriting income; net investment income $2.0B (+36.3%)
- Shareholder dividends $334M, share repurchases $200M, capex in IT and cybersecurity increased; management notes potential Bermuda deferred tax asset risk due to new OECD guidance
Risk Factors
- Regulatory/legal risk from A.M. Best rating below A-, triggering reinsurance contract terminations and collateral requirements
- Geopolitical risk exposure: 29.1% of coverages and 22.7% of investments in non-U.S. currencies (Euro, GBP, CAD) impacting net income via FX fluctuations
- Operational risk: Key-person dependency with recent CEO transition in January 2025 from Juan Andrade to James Williamson
- Competitive risk from pricing cycles and global reinsurers including Lloyd’s underwriting syndicates, impacting premium rates and market share
- Financial risk: $1.7 billion pre-tax loss reserve increase in Q4 2024 due to U.S. casualty lines and social inflation effects
Generated from the filing text; verify against the original. How to read a 10-K
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