Everest Group (EG) FY2024 10-K Annual Report
Everest Group (EG) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 27, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Everest Group FY2024 10-K Analysis
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
Everest Group FY2024 Key Financial MetricsXBRL
Revenue
$17.3B
▲ +18.5% YoY
Net Income
$1.4B
▼ -45.5% YoY
Net Margin
7.9%
▼ -931bp YoY
ROE
9.9%
▼ -917bp YoY
Total Assets
$56.3B
▲ +14.1% YoY
EPS (Diluted)
$31.78
▼ -47.2% YoY
Operating Cash Flow
$5.0B
▲ +8.9% YoY
Source: XBRL data from Everest Group FY2024 10-K filing on SEC EDGAR. All figures in USD.
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