Everest Group, Ltd. has reported full-year 2025 gross written premium (GWP) of $17.7 billion, down 3.1% year-over-year, as the reinsurer and specialty insurer continued to pull back from selected casualty and retail lines in favor of margin and balance sheet strength.
On a comparable basis, GWP declined 1.2% in reinsurance and 5.7% in insurance. Despite the contraction, Everest delivered a 2025 total shareholder return of 13.1%, with a net income return on equity (ROE) of 10.5% and operating income ROE of 12.4%. The group’s combined ratio for the year was 98.6%, including 91.7% in reinsurance and 114.6% in insurance, with attritional combined ratios of 89.6% for the group, 85.5% for reinsurance, and 100.7% for insurance.
Pre-tax catastrophe losses, net of recoveries and reinstatement premiums, were US$757 million versus $810 million in 2024, reflecting another year of elevated cat activity. Net investment income increased by US$170 million to a record US$2.1 billion, driven by a larger asset base and stronger fixed income and alternative returns, in line with the broader lift many global re/insurers have seen from higher interest rates since 2022.
Operating cash flow for 2025 was $3.1 billion, including payments related to Everest’s adverse development cover (ADC). The group also repurchased $797 million of common shares over the year.
“In 2025 we took deliberate actions to simplify the business, improve the return profile, and strengthen the company’s balance sheet,” said Jim Williamson, Everest president and CEO. He pointed to a “sharpened underwriting focus” in reinsurance and a more targeted approach in the global wholesale and specialty insurance business.
In the fourth quarter, Everest reported net income of $446 million and net operating income of $549 million, a sharp turnaround from the prior-year quarter’s losses, which were hit by heavy reserve strengthening. Q4 GWP fell 8.6% to US$4.3 billion, including a 3.6% decrease in Reinsurance and a 20.1% drop in Insurance on a comparable basis, as cuts in casualty outweighed double-digit specialty growth.
The group’s Q4 combined ratio was 98.4%, with Reinsurance at 91.2% and Insurance at 117.0%. Operating cash flow for the quarter was negative $398 million, reflecting ADC-related payments.
From a market perspective, Everest’s results reflect several sector-wide themes. Property-catastrophe reinsurance pricing has remained firm since 2019, with reinsurers pushing for higher attachments and tighter wordings in response to secondary perils, inflation, and capital volatility. That environment has supported sub‑95% combined ratios for disciplined global reinsurers, and Everest’s reinsurance performance places it in that cohort.
By contrast, long-tail casualty business continues to challenge carriers due to social inflation and uncertainty over post-pandemic claims trends. Many groups have responded with portfolio reshaping, reserve actions, and use of ADCs to ring‑fence legacy exposures. Everest’s shrinking primary book, use of an ADC, and sale of commercial retail renewal rights to AIG are consistent with that de-risking trend.
As of December 31, 2025, Everest’s invested assets and cash stood at $45.4 billion and shareholders’ equity at $15.5 billion. The group has been using its improved earnings power to grow capital and return cash to shareholders via buybacks, while absorbing restructuring and legacy costs.
