Everest Group, Ltd. reported its financial results for the first quarter of 2025, revealing a net income of $210 million, a significant decrease of 71.4% compared to $733 million in the same period last year. The company's total revenues increased by 3.1% to $4.263 billion, driven primarily by a 5.5% rise in earned premiums, which reached $3.852 billion. However, incurred losses and loss adjustment expenses surged by 29.4% to $2.893 billion, contributing to a combined ratio of 102.7%, up from 88.8% in the prior year.
The company experienced a slight decline in gross written premiums, which fell by 0.5% to $4.391 billion, largely due to a decrease in the Other segment, which includes run-off business. Net written premiums also decreased by 4.2% to $3.735 billion, reflecting higher cessions of catastrophe excess of loss contracts. The increase in earned premiums was attributed to timing differences, as premiums are recognized over the coverage period.
In terms of operational metrics, Everest Group's total assets grew by 3.2% to $58.132 billion, while total liabilities increased by 3.6% to $43.993 billion. The reserve for losses and loss adjustment expenses rose by 5.4% to $31.512 billion, reflecting increased underlying exposure due to premium growth. The company’s shareholders' equity also saw a modest increase of 1.9% to $14.140 billion, bolstered by unrealized gains on investments and net income.
Strategically, Everest Group continues to focus on expanding its insurance business and enhancing its global platform. The company has made significant investments in its international insurance operations, which contributed to the growth in premiums earned. Additionally, the company repurchased 574,000 shares at a cost of $200 million during the quarter, reflecting its commitment to returning value to shareholders. Looking ahead, Everest Group anticipates continued challenges from catastrophe losses but remains optimistic about its operational resilience and market position.
About EVEREST GROUP, LTD.
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