AI English summary of an SEC filing — figures as filed
Everest Group EGEverest Group said its 2024 net income of $1.4 billion includes unfavorable development of prior-year loss reserves of $1.5 billion. Net income for 2023 was $2.5 billion, and the company cited a decrease in underwriting income of $1.6 billion as a factor in the decline.
Key points
AI summaryEverest Group said its 2024 net income of $1.4 billion includes unfavorable development of prior-year loss reserves of $1.5 billion. Net income for 2023 was $2.5 billion, and the company cited a decrease in underwriting income of $1.6 billion as a factor in the decline.
Everest Group said gross written premiums in 2024 increased 9.6% to $18.2 billion, compared with $16.6 billion in 2023. The combined ratio rose 11.4 points to 102.3% in 2023, compared with 90.9% in the prior year.
Everest Group said incurred losses and LAE in 2024 increased 34.1% to $11.3 billion, compared with $8.4 billion in 2023. Current year catastrophe losses were $893 million, of which Hurricane Milton accounted for $320 million.
Everest Group said net investment income in 2024 increased 36.3% to $2.0 billion, compared with $1.4 billion in 2023. Shareholders' equity as of December 31, 2024 increased $673 million to $13.9 billion, partially offset by dividends of $334 million and share repurchases of $200 million.
Key figures
Fiscal year ended December 31, 2024
- Revenue
- $17.3B
- Net income
- $1.4B
- EPS
- $31.78
- Operating cash flow
- $5.0B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Net Income $1.4 billion and Unfavorable Prior-Year Loss Reserve Development $1.5 billion
Everest Group said its 2024 net income of $1.4 billion includes unfavorable development of prior-year loss reserves of $1.5 billion. Net income for 2023 was $2.5 billion, and the company cited a decrease in underwriting income of $1.6 billion as a factor in the decline.
Source · Based on the MD&A text of the filing
Gross Written Premiums $18.2 billion, Combined Ratio 102.3%
Everest Group said gross written premiums in 2024 increased 9.6% to $18.2 billion, compared with $16.6 billion in 2023. The combined ratio rose 11.4 points to 102.3% in 2023, compared with 90.9% in the prior year.
Source · Based on the MD&A text of the filing
Incurred Losses and LAE $11.3 billion, Current Year Catastrophe Losses $893 million
Everest Group said incurred losses and LAE in 2024 increased 34.1% to $11.3 billion, compared with $8.4 billion in 2023. Current year catastrophe losses were $893 million, of which Hurricane Milton accounted for $320 million.
Source · Based on the MD&A text of the filing
Net Investment Income $2.0 billion, Shareholders' Equity $13.9 billion
Everest Group said net investment income in 2024 increased 36.3% to $2.0 billion, compared with $1.4 billion in 2023. Shareholders' equity as of December 31, 2024 increased $673 million to $13.9 billion, partially offset by dividends of $334 million and share repurchases of $200 million.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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