Everest Group Reports Q1 2026 Results
Everest Group Ltd. reported its first quarter 2026 results.
A spokesperson said, “Everest Group, Ltd. [NYSE: EG], a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions, today reported its first quarter 2026 results.
First Quarter 2026 Highlights
- “Net income of $653 million, equal to $16.21 per diluted share versus first quarter 2025 net income of $210 million, equal to $4.90 per diluted share
- “Net operating income of $648 million, equal to $16.08 per diluted share versus first quarter 2025 net operating income of $276 million, equal to $6.45 per diluted share
- “Total Shareholder Return of 16.1% annualized1; Annualized 16.8% Net Income ROE and 16.7% Net Operating Income ROE
- “$3.6 billion in gross written premium, a year-over-year decrease of 18.5% for the Group, a decrease of 8.5% for Reinsurance Treaty, and an increase of 1.6% for Global Wholesale & Specialty on a comparable basis; a decrease of 6.4% when excluding Legacy segment
- “Combined ratios of 91.2% for the Group, 87.2% for Reinsurance Treaty and 96.8% for Global Wholesale & Specialty
- “Attritional combined ratios of 88.5% for the Group, 85.0% for Reinsurance Treaty, and 92.6% for Global Wholesale & Specialty
- “Net favorable development of approximately $33 million in prior year loss reserves, resulting in a 0.9-point decrease on the combined ratio for the Group, driven by short tail lines.
- “Pre-tax underwriting income [loss] of $316 million for the Group, $315 million for Reinsurance Treaty, $23 million for Global Wholesale & Specialty, and [$22] million for Legacy
- “$130 million of pre-tax catastrophe losses net of recoveries and reinstatement premiums for the Group versus $472 million in Q1 2025. Reinstatement premiums were $0 in Q1 2026 and $62 million in the prior year first quarter.
- “Net investment income increased to $567 million versus $491 million in the prior year quarter, driven by strong alternative investment returns.
- “Operating cashflow for the quarter of $649 million versus $928 million in Q1 2025
“Everest delivered a strong start to the year as the strategy we implemented to improve our return profile and capital efficiency is becoming evident in our results. Solid contributions from underwriting and investment income drove an annualized operating ROE of 16.7% and supported accelerated share repurchases,” said Jim Williamson, Everest President and CEO. “Our new structure provides greater clarity on the earnings power across Everest. The Reinsurance Treaty team continues to operate with a relentless focus on bottom-line results, with strong and disciplined execution of the January and April first renewals. Our Global Wholesale & Specialty team continues to tactically improve the quality of the portfolio and expand in markets where we have durable competitive advantages, which we believe positions the business for increased profitability. As we look forward through 2026, we are focused on executing against our strategy, centered around underwriting discipline and accelerating capital return.”
A spokesperson added, “Summary of First Quarter 2026 Net Income and Other Items
- “Net income of $653 million, equal to $16.21 per diluted share, versus first quarter 2025 net income of $210 million, equal to $4.90 per diluted share
- “Net operating income of $648 million, equal to $16.08 per diluted share, versus first quarter 2025 net operating income of $276 million, equal to $6.45 per diluted share
- “Everest recognized a net pre-tax expense of $81.0 million included in other income [expense] primarily associated with the sale of the renewal rights to the Commercial Retail Insurance business in certain geographic regions to AIG.
- “Operating income tax rate of 11.7% versus first quarter 2025 operating income tax rate of 16.1%. The operating income tax rate in the first quarter 2026 benefited the takedown of an accrual of UK Pillar II tax due to the UK updating its tax laws in 1Q to conform with the most recent OECD guidance.”
