In its recent 10-Q report, EVEREST GROUP, formerly known as Everest Re Group, Ltd., revealed its operations in the insurance and reinsurance sectors. The company, founded in 1973 and headquartered in Hamilton, Bermuda, operates in the United States, Europe, and internationally. It provides a wide range of insurance and reinsurance products, including property and casualty reinsurance, treaty and facultative reinsurance, and specialty lines of business, among others.
The 10-Q report provides an in-depth analysis of the company's financial condition and results of operations for the three and six months ended June 30, 2025. The report indicates that Everest Group is a leading financial services institution, focused on value creation for its shareholders while diversifying its portfolio and geographic presence. The company serves a diverse group of clients worldwide, offering extensive product and distribution capabilities, a strong balance sheet, and access to world-class talent.
In terms of financial performance, Everest Group reported a gross written premium of $4.7 billion for the three months ended June 30, 2025, a slight decrease of 0.9% compared to the same period in 2024. The net written premiums increased by 0.8% to $4.1 billion for the same period. Revenues from premiums earned showed a significant increase of 8.1% to $3.99 billion for the three months ended June 30, 2025, compared to $3.69 billion in the corresponding period of 2024.
The company's incurred losses and loss adjustment expenses increased by 7.0% to $2.5 billion for the three months ended June 30, 2025, compared to $2.3 billion for the same period in 2024. Commission, brokerage, taxes, and fees also saw an 11.5% increase to $880 million for the three months ended June 30, 2025, compared to $790 million for the same period in 2024.
Overall, Everest Group reported a net income of $680 million for the three months ended June 30, 2025, reflecting a 6.0% decrease compared to the same period in 2024. The company's total assets increased by 7.4% to $60.5 billion at June 30, 2025, compared to $56.3 billion at December 31, 2024. Shareholders' equity also saw a notable increase of 8.2% to $15.0 billion at June 30, 2025, compared to $13.9 billion at December 31, 2024.
The report also highlighted the formation of a new "Other" segment in 2024, primarily consisting of the results of the company's sports and leisure business sold in October 2024. This segment also includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.
The market has reacted to these announcements by moving the company's shares -1.33% to a price of $331.34. Check out the company's full 10-Q submission here.
