Everest reported net profit of $1.59 billion in 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 operations.
The company also reported total written premiums for the year of US$17.7 billion, down 3.1% at the group level, with reinsurance premiums down 1.2% and insurance premiums down 5.7%.
However, Everest’s combined ratio improved to 98.6%, of which reinsurance was 91.7% and insurance was 114.6%, both better than the previous year.
Everest reported pre-tax underwriting income of $60 million, including reinsurance underwriting income of $255 million, insurance underwriting losses of $161 million and other underwriting losses of $34 million.
Meanwhile, the company’s pre-tax catastrophe losses in 2025, excluding recovery expenses and reinstatement premiums, were $757 million, down from $810 million in 2024.
In addition to increasing net operating income by $1.9 billion, Everest also repurchased $797 million of common stock in 2025.
Everest President and CEO Jim Williamson commented: “In 2025, we took thoughtful actions to simplify the business, improve our returns and strengthen the company’s balance sheet.
“These actions enhance our financial flexibility and support our intent to return capital to shareholders, as reflected in the share repurchases executed during the quarter.
“Our strengthened underwriting focus has enabled Everest to deliver attractive margins. The reinsurance team continued to execute with the discipline of a top global reinsurer, executing good renewals on January 1, appropriately navigating the market cycle.
“In our insurance business, which focuses on global wholesale and specialty insurance, we target businesses where Everest has expertise and competitive advantage.
“We continue 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.”
In the fourth quarter of 2025, Everest reported a net profit of $446 million, a sharp reversal from a net loss of $593 million in the fourth quarter of 2024.
During the quarter, the company also paid $122 million in premiums on the second tier of adverse development coverage (ADC) it secured in October with support from Longtail Re.
The payment was distributed across the business, with $105 million recorded in the insurance segment and $17 million recorded in other segments.
In addition, Everest recognized a pre-tax net gain of $127.3 million recorded in other income (expense) related to the sale of its commercial retail insurance renewal rights to AIG.
Broken down by market segment, Everest reported total reinsurance premiums of approximately $3.2 billion in the fourth quarter of 2025, a decrease of 3.6% from the fourth quarter of 2024.
“Our preferred market position allows us to adjust underwriting to maximize expected profitability from renewal on January 1, 2026,” the company said.
Reinsurance’s pre-tax net catastrophe losses totaled $200 million in the quarter, driven primarily by Hurricane Melissa and several medium-sized events around the world, compared with $250 million in the fourth quarter of 2024.
In insurance, total written premiums fell 20.1% year over year to $1.1 billion as Everest continued to strategically adjust its portfolio. The insurance industry’s pre-tax net catastrophe losses were $16 million in the fourth quarter of 2025, a decrease of $45 million from the fourth quarter of 2024.
