Short answer
Everest Group (EG) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $17.5B (+1.2% year over year) and net income of $1.6B.
- Top risk flagged: Reserve strengthening of $657M pre-tax in 2025, driven by adverse development in excess casualty and U.S. liability lines (accident years 2022–2024) exacerbated by social inflation and third-party litigation funding
FY2025 key financial metrics · XBRL
- Revenue
- $17.5B
- +1.2% YoY
- Net income
- $1.6B
- +15.9% YoY
- EPS (diluted)
- $37.80
- +18.9% YoY
- ROE
- 10.3%
- +0.4 pp YoY
- Operating cash flow
- $3.1B
- −38.1% YoY
Source: XBRL data from the Everest Group (EG) FY2025 10-K on SEC EDGAR. USD.
Everest Group FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global re/insurance underwriter generating $17.7B gross written premiums in 2025, ~72.4% Reinsurance and ~27.1% Insurance
- Major strategic pivot: sold renewal rights for ~$2B of retail commercial insurance to AIG for $301M aggregate ($252M US/APAC + $49M EU), sharpening focus on wholesale/specialty and reinsurance
- Adverse development cover (ADC) executed Oct 2025: $1.2B gross limit covering North American Insurance/Other segment reserves for accident years 2024 and prior; $1,253M already ceded by year-end
- All three major rating agencies (A.M. Best, S&P, Moody's) revised outlook from stable to negative in late 2025, flagging elevated risk despite affirmed A+/A1 ratings
- 3,064 employees as of Feb 2026; Bermuda 15% corporate income tax regime effective Jan 2025, with OECD guidance restricting ETA deferred tax benefit utilization to ~20% of original amounts
Management Discussion & Analysis
- Revenue $17.5B total, up 1.2% YoY; premiums earned $15.6B (+2.5%), net investment income $2.1B (+8.7%)
- Combined ratio 98.6% vs 102.3%; loss ratio 69.8% vs 74.4%; commission ratio 22.2% vs 21.7%; expense ratio 6.6% vs 6.2%
- Reinsurance best segment: combined ratio 91.7% vs 89.7%, GWP $12.8B; Insurance worst: combined ratio 114.6% vs 130.7%, GWP $4.8B (-5.7%)
- Capital return: $797M share repurchases, $335M dividends; operating cash flow $3.1B vs $5.0B in 2024
- Key risks: ADC cover ($1.2B gross limit) entered Oct 2025; sold renewal rights to AIG (~$2B GWP) for $301M; ongoing social inflation exposure in U.S. casualty; Bermuda tax uncertainty under OECD Pillar Two
Risk Factors
- Reserve strengthening of $657M pre-tax in 2025, driven by adverse development in excess casualty and U.S. liability lines (accident years 2022–2024) exacerbated by social inflation and third-party litigation funding
- BMA's Amendment Act may subject Everest to new group-level solvency, capital, and consolidated reporting requirements with 12-month compliance transition period
- OECD Pillar Two guidance (Jan 2025) restricts use of Bermuda Corporate Income Tax ETA deferred tax asset to ~20% of original amount, valid only through 2026
- 31.7% of premiums written in non-U.S. currencies and 26.9% of investment portfolio in non-U.S. currency assets, creating material FX exposure
- Key-person risk elevated: 2025 saw multiple executive leadership changes; Bermuda work permits for professional staff expire between June 2027 and March 2030
Generated from the filing text; verify against the original. How to read a 10-K
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