Everest Group reported net operating income of $549 million in the fourth quarter of 2025, equivalent to $13.26 per diluted share, missing the consensus estimate of $13.36. This compares with a net operating loss of $780 million, or $18.39 per share, in the same quarter last year. On a GAAP basis, net income swung from a loss of $593 million (–$13.96 per share) in Q4 2024 to a profit of $446 million ($10.77 per share) in Q4 2025. The turnaround was driven in part by a $127.3 million pre-tax gain on the sale of commercial retail insurance renewal rights and a significant reduction in reserve development, but underwriting income of $60 million remained modest relative to last year’s adverse results.

Gross written premium for the quarter totaled $4.3 billion, down 8.6% year-over-year, reflecting targeted pulls back in U.S. casualty lines and a softening rate environment in certain markets. Net written premium fell 3.0% to $3.9 billion. The Group’s combined ratio improved to 98.4% from 135.5% a year ago, driven by lower catastrophe losses of $216 million (versus $312 million in Q4 2024) and a reduction in unfavorable prior-year reserve development to $120 million from $1.34 billion. Attritional combined ratio tightened to 89.9% from 93.4%, reflecting disciplined underwriting in reinsurance and specialty businesses.

Net investment income rose 19% to a record $562 million in the quarter, fueled by a larger asset base and strong returns on core fixed income and alternative investments. For the full year, investment income increased by $170 million to $2.1 billion. Operating cash flow for the quarter was negative $398 million, impacted by $122 million paid for the second layer of adverse development cover, yet full-year cash flow remained robust at $3.1 billion. Share repurchases totaled $797 million in 2025, and the company achieved a 13.1% total shareholder return, underscoring management’s commitment to capital discipline and shareholder distributions.