Everest has reported net income of $1.59 billion for 2025, up from $1.37 billion in 2024, while net investment income climbed to a record $2.1 billion, as the group sharpened its underwriting focus and streamlined its business.
The firm also posted $17.7 billion in gross written premiums for the year, a 3.1% decline at the Group level, with premiums down 1.2% in Reinsurance and 5.7% in Insurance on a comparable basis.
However, Everest’s combined ratio improved to 98.6%, including 91.7% for Reinsurance and 114.6% for Insurance, each better than the prior year.
Everest reported pre-tax underwriting income of $60 million, comprising $255 million in Reinsurance, an underwriting loss of $161 million in Insurance, and a $34 million loss in Other.
Meanwhile, the firm’s pre-tax catastrophe losses, net of recoveries and reinstatement premiums, in 2025 were $757 million, down from $810 million in 2024.
Alongside improved net operating income of $1.9 billion, Everest additionally repurchased $797 million of common shares in 2025.
Jim Williamson, Everest President and CEO, commented, “In 2025, we took deliberate actions to simplify the business, improve the return profile, and strengthen the Company’s balance sheet.
“These actions have increased our financial flexibility and support our intention to return capital to shareholders, as reflected in the share repurchases executed during the quarter.
“Our sharpened underwriting focus positions Everest to deliver attractive margins. The Reinsurance team continued to execute with the discipline expected of a top-tier global reinsurer, delivering a well-executed January 1 renewal, appropriately navigating the market cycle.
“In our Insurance business, focused on Global Wholesale and Specialty, we’re targeting lines where Everest has expertise and a competitive advantage.
“We continued to attract world-class senior leadership talent who share our culture of ownership and accountability and are committed to driving consistent and sustained shareholder returns.”
For Q4 2025, Everest reported a net income of $446 million, a significant turnaround from a net loss of $593 million in Q4 2024.
During the quarter, the company also paid $122 million in premium consideration for the second layer of the Adverse Development Cover (ADC) it secured in October, backed by Longtail Re.
This payment was allocated across the business, with $105 million recorded in the Insurance segment and $17 million in the Other segment.
Breaking down Q4 2025 by segment, Everest reported Reinsurance gross written premiums of approximately $3.2 billion, down 3.6% from Q4 2024.
“Our preferred market position allowed us to shape our underwriting to maximise expected profitability for Jan. 1, 2026 renewals,” the firm said.
Pre-tax net catastrophe losses in Reinsurance totalled $200 million during the quarter, primarily driven by Hurricane Melissa and several mid-sized events globally, compared with $250 million in Q4 2024.
In the Insurance segment, gross written premiums fell 20.1% year-over-year on a comparable basis, to $1.1 billion, as Everest continued to shape its portfolio strategically. Q4 2025 pre-tax net catastrophe losses in Insurance were $16 million, down $45 million from Q4 2024.
