EVEREST GROUP, LTD.

EX-99.1 · eg-20260603_d2.htm iXBRL

Exhibit 99.1

 INTRODUCTORY NOTE
 Effective January 1, 2026, Everest Group, Ltd. (the "Company") changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy. This reflects the Company's effort to refocus capital on its core businesses, Reinsurance Treaty and Global Wholesale & Specialty, driven by recent strategic sale of the renewal rights for its Commercial Retail Insurance business in the majority of our geographic regions. As a result, the Company has recast certain information contained in its 2025 Annual Report on Form 10-K filed on February 26, 2026 ("2025 Form 10-K"), as described in Item 8.01 of this Current Report on Form 8-K, for the following:
 • The information set forth in the following sections under the heading of “Part I, Item 1. Business” in the 2025 Form 10-K is recast below under the heading of “Part I, Item 1. Business”:
 ◦ Business and Underwriting Strategy.
 ◦ Segments Overview.
 • The information set forth in the following sections under the heading of “Part II,Item7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Form 10-K are recast by the information in Exhibit 99.1 under the heading of “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations”:
 ◦ Overview.
 ◦ Financial Summary.
 ◦ Revenues.
 ◦ Claims and Expenses.
 ◦ Segment Results.
 ▪ Reinsurance Treaty.
 ▪ Global Wholesale & Specialty.
 ▪ Legacy.
 ◦ Financial Condition.
 ▪ Loss and LAE Reserves.
 • The information set forth in “Part II, Item 8. Financial Statements and Supplementary Data” of the 2025 Form 10-K is included in its entirety herein. The following sections have been recast below under the heading “Part II, Item 8. Financial Statements and Supplementary Data”:
 ◦ Footnote 1. Summary of Significant Accounting Policies
 ▪ M. Segmentation.
 ◦ Footnote 4. Reserve for Losses and LAE
 ◦ Footnote 7. Segment Reporting
 • The information set forth in “Part IV, Item 15. Exhibits, Financial Statement Schedules” of the 2025 Form 10-K and Schedule III - Supplemental Insurance Information has been recast by the information set forth below in Exhibit 99.1 under the heading “Part IV, Item 15. Exhibits, Financial Statement Schedules.”
 Those sections of the 2025 Form 10-K which have not been recast as set forth herein were not impacted by the change in the Company’s reportable segments described in this Current Report on Form 8-K and/or have already been updated through the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and are not included in this Current Report on Form 8-K.
 Accordingly, the recast information set forth in this Current Report on Form 8-K should be read in conjunction with the 2025 Form 10-K and the Company’s subsequently filed reports which contain more information. For developments since the filing of the fiscal year 2025 Form 10-K, refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and its Current Reports on Form 8-K filed subsequent to the fiscal year 2025 Form 10-K.

 Exhibit 99.1

 Safe Harbor Disclosure
 This report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may”, “will”, “should”, “could”, “anticipate”, “estimate”, “expect”, “plan”, “believe”, “predict”, “potential” and “intend”. Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those expressed in forward-looking statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements include, but are not limited to:
 • the effects of catastrophic events on our financial results;
 • losses from catastrophe exposure that exceed our projections;
 • insufficient reserves for losses and loss adjustment expenses (“LAE”) due to the impact of social inflation or other factors;
 • greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;
 • our failure to accurately assess underwriting risk and establish adequate premium rates;
 • decreases in pricing for property and casualty reinsurance and insurance;
 • our inability or failure to purchase adequate reinsurance;
 • our ability to maintain our financial strength ratings;
 • our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of the renewal rights for our Commercial Retail Insurance business;
 • the failure of our insureds, intermediaries and reinsurers to satisfy their obligations to us;
 • decline in our investment values and investment income due to exposure to financial markets conditions;
 • the failure to maintain enough cash to meet near-term financial obligations;
 • our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from subsidiaries in our holding company structure;
 • reduced net income and capital levels due to foreign currency exchange losses;
 • our sensitivity to unanticipated levels of inflation;
 • the effects of measures taken by domestic or foreign governments on our business, including but not limited to the impact of tariffs imposed or threatened by the U.S. or foreign governments;
 • our ability to attract and retain key executive officers and the executives and employees necessary to manage our business;
 • the effect of cybersecurity risks, including technology breaches, systems or operational failures by us or our third-party service providers, and regulatory and legislative developments related to cybersecurity on our business;
 • our dependence on brokers and agents for business development;
 • material variation of analytical models used in decision making from actual results;
 • the effects of business continuation risk on our operations;
 • the effect on our business of the highly competitive nature of our industry, including the effects of new entrants to, competing products for and consolidation in the (re)insurance industry;
 • an anti-takeover effect caused by insurance laws and provisions in the bye-laws of Group (as defined in Part I below);
 • the difficulty investors in Group may have in protecting their interests compared to investors in a U.S. corporation;
 • our failure to comply with insurance laws and regulations and other regulatory challenges;
 • the ability of Bermuda Re (as defined in Part I below) to obtain licenses or admittance in additional jurisdictions to develop its business;
 • the ability of Bermuda Re to arrange for security to back its reinsurance impacting its ability to write reinsurance;
 • changes in international and U.S. tax laws;
 • the effect on Group and/or Bermuda Re should it/they become subject to taxes in jurisdictions where not currently subject to taxation; and
 • the ability of subsidiary entities to pay dividends.
 The above list is not exhaustive. Please refer to the factors described under the caption ITEM 1A, “Risk Factors” and those risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 Exhibit 99.1

 PART I
 Unless otherwise indicated, all financial data in this document have been prepared using accounting principles generally accepted in the United States of America (“GAAP”). As used in this document, “Group” means Everest Group, Ltd.; “Bermuda Re” means Everest Reinsurance (Bermuda), Ltd.; “Holdings Ireland” means Everest Underwriting Group (Ireland) Limited; “Ireland Re” means Everest Reinsurance Company (Ireland), Designated Activity Company or “dac”; “Ireland Insurance” means Everest Insurance (Ireland), dac; “Holdings” means Everest Reinsurance Holdings, Inc.; “Everest Re” means Everest Reinsurance Company and its subsidiaries (unless the context otherwise requires); and the “Company”, “Everest”, “we”, “us” and “our” means Everest Group, Ltd. and its consolidated subsidiaries.
 Unless noted otherwise, all tabular dollar amounts are in millions of United States (“U.S.”) dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.

 ITEM 1.    BUSINESS

 Business and Underwriting Strategy.
 Everest Group, Ltd. trades on the New York Stock Exchange (“NYSE”) under the ticker symbol (NYSE: EG). The Company writes business on a worldwide basis for many different customers and lines of business, thereby obtaining a broad spread of risk. The Company is not substantially dependent on any single customer, small group of customers, line of business or geographic area. For the year ended December 31, 2025, no single customer (ceding company or insured) generated more than 3.6% of the Company’s gross written premiums. The Company believes that a reduction of business from any one customer would not have a material adverse effect on its future financial condition or results of operations.
 Approximately 65.9%, 27.0% and 7.1% of the Company’s 2025 gross written premiums were written in the broker reinsurance market, the insurance business and the direct reinsurance market, respectively.
 The broker reinsurance market consists of several substantial national and international brokers and a number of smaller specialized brokers. Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor does the Company commit in advance to accept any portion of a broker’s submitted business. Reinsurance business from any ceding company, whether new or renewal is subject to acceptance by the Company. Brokerage fees are generally paid by reinsurers. For the reinsurance business, the ten largest brokers accounted for an aggregate of approximately 60.9% of gross written premiums in 2025. The broker with the largest share of the company’s business, Marsh McLennan, accounted for approximately 22.4% of gross written premiums. The broker with the next-largest share, Aon, accounted for approximately 18.7% of gross written premiums. The Company believes that a reduction of business assumed from any one broker would not have a material adverse effect on the Company.
 The direct reinsurance market is an important distribution channel for Reinsurance Treaty business written by the Company. Direct placement of reinsurance enables the Company to access clients who prefer to place their reinsurance directly with reinsurers based upon the reinsurer’s in-depth understanding of the ceding company’s needs.
 The Company’s Global Wholesale & Specialty segment mainly writes commercial property and casualty business on an admitted and non-admitted basis. The business is written through wholesale brokers, surplus lines brokers and through program administrators. Effective October 26, 2025, the Company sold its renewals rights to certain lines of commercial property and casualty insurance business written through retail brokers. See the Our Operations section for further details of this transaction.
 It is our long-standing client and broker relationships that help us continue to grow and maintain our global leadership position. The Company continually evaluates each business relationship, including within its distribution channels bearing underwriting expertise and experience, performs analyses to evaluate financial security, monitors performance and adjusts underwriting decisions accordingly.
 The Company’s underwriting strategies seek to capitalize on what we believe are our global franchise, financial strength and capacity, stable and experienced management team, diversified product and distribution offerings, underwriting expertise and disciplined approach, efficient and low-cost operating structure and effective enterprise risk management practices. The Company’s underwriting strategies emphasize disciplined underwriting, prioritizing underwriting profitability over premium volume and flexibility to adjust and respond to changing market conditions. Key elements of these strategies, as applicable to the Reinsurance Treaty segment, include careful risk selection, appropriate pricing through strict underwriting discipline and adjustments to the Company’s business mix as market conditions change. We focus on (re)insuring companies that effectively manage their own underwriting cycle through proper analysis and
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 appropriate pricing of underlying risks and whose underwriting guidelines and performance are compatible with their and the Company’s objectives. Key elements of the Company’s underwriting strategies, as applicable to the Global Wholesale & Specialty segment, include expansion on what we believe to be the Company’s existing strengths in the primary insurance market, including its broad underwriting expertise, global presence, strong financial ratings and substantial capital, and facilitating adjustments to its mix of business by geographic region, line of business and type of coverage. These strategies allow the Company to fully participate in market opportunities that provide the greatest potential for underwriting profitability. The Company’s Reinsurance Treaty and Global Wholesale & Specialty core businesses allow the Company to execute its strategies by providing access to the global business markets. The Company carefully monitors its mix of business across all operations to seek to avoid unacceptable geographic or other risk concentrations.

 Segments Overview.
 Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business in certain geographic regions to American International Group, Inc. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.
 The Reinsurance Treaty segment writes worldwide property and casualty reinsurance and specialty lines of business through reinsurance brokers, as well as directly with ceding companies. Business is written in the United States, Bermuda and Ireland offices, as well as through branches in Canada, India, Singapore, the U.K. and Switzerland.
 The Global Wholesale & Specialty segment writes property and casualty insurance directly and through brokers, including for surplus lines and general agents within the United States, Bermuda, Canada, Europe, Singapore and South America through its offices in the United States, Bermuda, Singapore, the U.K., Ireland and branches located in the U.K., the Netherlands, France, Germany, Italy and Spain.
 Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. As a result, the Company has two reportable segments that actively sell products: Reinsurance Treaty and Global Wholesale & Specialty. The third reportable segment, Legacy, does not generally sell insurance or reinsurance products, but it is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.
 The three reportable segments are managed independently but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations. Management generally monitors and evaluates the financial performance of the three reportable segments based upon their underwriting results.
 Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. We measure our underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. For selected financial information regarding these segments, see ITEM 8, “Financial Statements and Supplementary Data - Note 7 of Notes to Consolidated Financial Statements” and ITEM 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operation - Segment Results”.

 Reinsurance Treaty Segment.

 Overview
 Reinsurance is an arrangement in which an (re)insurance company, the reinsurer, agrees to indemnify another insurance or reinsurance company, the ceding company, against all or a portion of the risks underwritten by the ceding company under one or more insurance and/or reinsurance contracts. Reinsurance can provide a ceding company with several benefits, including a reduction in its net liability on individual risks or classes of risks, catastrophe protection from large
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 Exhibit 99.1

 and/or multiple losses and/or a reduction in operating leverage as measured by the ratio of net premiums and reserves to capital. Reinsurance also provides a ceding company with additional underwriting capacity by permitting it to accept larger risks and write more business than would be acceptable relative to the ceding company’s financial resources. Reinsurance does not discharge the ceding company from its liability to policyholders; rather, it reimburses the ceding company for covered losses.
 Treaty reinsurance obligates the ceding company to cede and the reinsurer to assume a specified portion of a type or category of risks insured by the ceding company. Treaty reinsurers do not separately evaluate each of the individual risks assumed under their treaties; instead, the reinsurer evaluates portfolio level exposure based on information provided by the ceding company.
 Treaty reinsurance can be written on either a pro rata basis or an excess of loss basis. Under pro rata reinsurance, the ceding company and the reinsurer share the premiums as well as the losses and expenses in an agreed proportion. Under excess of loss reinsurance, the reinsurer indemnifies the ceding company against all or a specified portion of losses and expenses in excess of a specified dollar amount, known as the ceding company's retention or reinsurer's attachment point, generally subject to a negotiated reinsurance contract limit.
 In pro rata reinsurance, the reinsurer generally pays the ceding company a ceding commission. The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (such as commissions, premium taxes, assessments and miscellaneous administrative expenses, and may contain profit sharing provisions, whereby the ceding commission is adjusted based on loss experience). Premiums paid by the ceding company to a reinsurer for excess of loss reinsurance are not directly proportional to the premiums that the ceding company receives because the reinsurer does not assume a proportionate risk. There is usually no ceding commission on treaty excess of loss reinsurance.
 Reinsurers may purchase reinsurance to cover their own risk exposure. Reinsurance of a reinsurer's business is called a retrocession. Reinsurance companies cede risks under retrocessional agreements to other reinsurers, known as retrocessionaires, for reasons similar to those that cause insurers to purchase reinsurance: to reduce net liability on individual or classes of risks, protect against catastrophic losses, stabilize financial ratios and obtain additional underwriting capacity. All the Company’s reinsurance and retrocessional agreements transfer significant reinsurance risk and therefore, are accounted for as reinsurance in accordance with U.S. GAAP guidance.
 For the year ended December 31, 2025, the Company’s Reinsurance Treaty segment wrote $11.7 billion of gross written premiums. Our Reinsurance Treaty segment is comprised of property and casualty reinsurance and specialty lines of business and large corporate risk basis, including:
 • Property Pro Rata business, which accounted for 36.8% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils arising from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.
 • Property Catastrophe Excess of Loss (“XOL”) business, which accounted for 20.1% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from catastrophic losses, in excess of an agreed upon deductible up to a stated limit. The main perils covered include hurricane, earthquake, flood, convective storm and fire.
 • Property Non-Catastrophe XOL business, which accounted for 5.0% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for a portion of property damage and related losses, which may include business interruption and other non-property losses, resulting from natural or man-made perils in excess of an agreed upon deductible up to a stated limit.
 • Casualty Pro Rata business, which accounted for 23.3% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses primarily arising from general liability, professional indemnity, product liability, workers' compensation, employer’s liability, aviation and auto liability from their underlying portfolio of policies at an agreed upon percentage for both premium and loss.
 • Casualty XOL business, which accounted for 7.1% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses primarily arising from general liability, professional indemnity,
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 Exhibit 99.1

 product liability, workers' compensation, aviation and auto liability from their underlying portfolio of policies in excess of an agreed upon deductible up to a stated limit.
 • Financial Lines business, which accounted for 7.6% of reinsurance gross written premiums, consists predominantly of contracts providing coverage to cedents for losses arising from political risk, credit, surety, mortgage and alternative risk lines of business on both a pro rata and excess of loss basis.

 Products
 Our Reinsurance Treaty segment provides treaty reinsurance on either a pro rata or an excess of loss basis to insurance companies across the globe. Our company provides products for the following lines of business:
 • Property provides protection for property damage and other related losses covered in the underlying insurance policies. Losses might arise from property loss or property damage, as well as other related risks, such as business interruption and other non-property losses that arise from the covered peril. Perils covered by such policies may be natural or man-made and include hurricanes, tornadoes, hail, windstorms, earthquakes, freezes, floods, explosions and fires.
 • Catastrophe is a specific line of property reinsurance that provides protection against catastrophic losses from natural perils such as hurricanes, windstorms, earthquakes, floods, tornadoes and fires.
 • Casualty provides protection for losses covered in liability or casualty insurance policies. Typical lines covered by the underlying insurers can be general liability, workers’ compensation, automobile liability, umbrella and excess casualty.
 • Mortgage reinsurance provides protection in the U.S. and internationally on private mortgage insurance policies as well as participating in Government Sponsored Entities (i.e. Fannie Mae & Freddie Mac) credit risk-sharing transactions. Reinsurance coverage is provided on a proportional and non-proportional basis. We participate regularly in both Fannie Mae & Freddie Mac single family and multifamily risk sharing programs.
 • Marine provides protection for property damages, physical loss or liability affecting the marine business, which includes losses relating to cargo ships, hull, recreational craft, inland marine and offshore energy. Perils can be natural or man-made and include storms, sinking/stranding, pollution, fire, explosion and accidents.
 • Aviation provides protection cover for aircrafts, airline, aerospace and other general aviation risks.
 • Engineering provides protection for construction and machinery risks including testing, setting up of machinery, operational failures, incidents affecting plant and equipment, business interruption and other mechanical failures. This class also covers property and liability exposures related to construction sites.
 • Professional Lines provides protection for losses arising from employment, practices and coverage of risks, such as director’s and officer’s liability, employment litigation liability, medical malpractice, professional indemnity, environmental liability, omission of insurance and cyber liability.
 • Credit and Surety provides protection for losses arising from insurance products, offering payments in the event of default from a borrower. Losses may arise from surety bonds issued by insurers as required by regulators or guarantors. For example, mortgage insurance provides coverage for losses related to credit risk.
 • Motor provides protection to insurance companies offering motor liability and property damage. Losses may affect the underlying insured party or other claimants.
 • Agriculture/Crop provides protection for risks associated with agriculture and production of food. Underlying insurance contracts might offer contracts covering against natural or man-perils, such as hail, storms and floods, and might cover crop yields or price deviation from set amounts.
 • Political Violence provides protection against damages resulting from various perils, such as terrorism, sabotage, strikes, riots, insurrection, revolution, coup and war. Losses might occur due to property damage resulting from such perils, business interruption, cyber/malicious attack, event cancellation or construction delays.
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 Exhibit 99.1

 Global Wholesale & Specialty Segment.

 Overview
 Everest’s Global Wholesale & Specialty segment sells a comprehensive range of Property & Casualty and Accident & Health products through various forms of brokers and agents on a worldwide basis. We underwrite a global portfolio with a diverse mix of clients. Our Global Wholesale & Specialty segment operates through both North America and International markets.
 In 2025, the Company’s Global Wholesale & Specialty segment wrote $3.5 billion of gross written premiums. The Global Wholesale & Specialty portfolio writes a broad suite of tailored products and services, including:
 • Property/Short-Tail business, which accounted for 30.6% of Global Wholesale & Specialty gross written premiums, consists predominantly of policies covering Property, Inland Marine and other short-tail lines.
 • Specialty Casualty business, which accounted for 30.3% of Global Wholesale & Specialty gross written premiums, consists predominantly of policies covering General Liability (Premises/Operations and Products), Auto Liability and Umbrella/Excess Liability.
 • Other Specialty business, which accounted for 13.4% of Global Wholesale & Specialty gross written premiums, consists predominantly of policies covering specialty areas including, but not limited to, Surety, Trade Credit & Political Risk, Political Violence & Terrorism, Marine, Energy & Construction and Aviation.
 • Accident and Health business, which accounted for 12.6% of Global Wholesale & Specialty gross written premiums, consists predominantly of policies covering Accident, Medical Stop-Loss, Short-Term Medical and Supplemental Health.
 • Professional Liability business, which accounted for 10.0% of Global Wholesale & Specialty gross written premiums, consists predominantly of policies covering Directors & Officers Liability, Errors & Omissions, Cyber Liability and other ancillary financial lines products.
 • Workers’ Compensation business, which accounted for 3.1% of Global Wholesale & Specialty gross written premiums, consists predominantly of policies covering Workers’ Compensation, including both guaranteed cost and loss sensitive product offerings.

 Products
 The Global Wholesale & Specialty segment writes property, casualty and specialty insurance products, which are aligned with the lines of business described within the Global Wholesale & Specialty Segment Overview. These products are written through primary and wholesale distribution channels, as well as through brokers, including for surplus lines and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America.

 Legacy Segment.

 Overview
 Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026.
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 Exhibit 99.1

 PART II

 ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 Overview.
 Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.
 Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business in certain geographic regions to American International Group, Inc. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.
 Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. As a result, the Company has two reportable segments that actively sell products: Reinsurance Treaty and Global Wholesale & Specialty. The third reportable segment, Legacy, does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.
 Our net income of $1.6 billion for the year ended December 31, 2025 is inclusive of unfavorable development of prior-year loss reserves of $657 million primarily driven by our Legacy Segment. Our net income of $1.4 billion for the year ended December 31, 2024 is inclusive of unfavorable development of prior-year loss reserves of $1.5 billion primarily driven by our Legacy Segment. We have significantly strengthened our U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent and investing in our platform as we head into 2026. In addition, we have entered into an adverse development reinsurance agreement reinsuring potential adverse loss development for accident years 2024 and prior arising out of North American liabilities within our Global Wholesale & Specialty and Legacy Segments and sold the renewal rights to certain lines of Commercial Retail Insurance business. Refer to management’s discussion of consolidated and segment results below.
 The following is a discussion and analysis of our results of operations, financial condition and liquidity and capital resources for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements and related notes, under ITEM 8 of this Form 10-K. Comparisons between 2024 and 2023, except Segment recast impacted sections, have been omitted from this Form 10-K but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024.
 All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.
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 Exhibit 99.1

 Financial Summary.
 We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:

 Years Ended December 31, Percentage Increase/(Decrease)
 (Dollars in millions) 2025 2024 2023 2025/2024 2024/2023
 Gross written premiums $ 17,706  $ 18,232  $ 16,637  (2.9) % 9.6  %
 Net written premiums 15,513  15,814  14,730  (1.9) % 7.4  %

 REVENUES:
 Premiums earned $ 15,560  $ 15,187  $ 13,443  2.5  % 13.0  %
 Net investment income 2,124  1,954  1,434  8.7  % 36.3  %
 Net gains (losses) on investments (143) 19  (276) NM NM
 Other income (expense) (45) 121  (14) NM NM
 Total revenues 17,496  17,281  14,587  1.2  % 18.5  %

 CLAIMS AND EXPENSES:
 Incurred losses and loss adjustment expenses 10,859  11,305  8,427  (3.9) % 34.1  %
 Commission, brokerage, taxes and fees 3,461  3,300  2,952  4.9  % 11.8  %
 Other underwriting expenses 1,029  938  846  9.7  % 10.9  %
 Corporate expenses 109  95  73  14.6  % 30.5  %
 Interest, fees and bond issue cost amortization expense 151  149  134  0.9  % 11.1  %
 Total claims and expenses 15,609  15,787  12,432  (1.1) % 27.0  %

 INCOME (LOSS) BEFORE TAXES 1,887  1,493  2,154  26.4  % (30.7) %
 Income tax expense (benefit) 296  120  (363) NM NM
 NET INCOME (LOSS) $ 1,591  $ 1,373  $ 2,517  15.9  % (45.4) %

 RATIOS: Point Change
 Loss ratio 69.8  % 74.4  % 62.7  % (4.6) 11.7 
 Commission and brokerage ratio 22.2  % 21.7  % 22.0  % 0.5  (0.3)
 Other underwriting expense ratio 6.6  % 6.2  % 6.3  % 0.4  (0.1)
 Combined ratio 98.6  % 102.3  % 90.9  % (3.7) 11.4 

 At December 31, Percentage Increase/(Decrease)
 (Dollars in millions, except per share amounts) 2025 2024 2023 2025/2024 2024/2023
 Balance sheet data:
 Total investments and cash $ 45,429  $ 41,531  $ 37,142  9.4  % 11.8  %
 Total assets 62,514  56,341  49,399  11.0  % 14.1  %
 Loss and loss adjustment expense reserves 34,312  29,889  24,604  14.8  % 21.5  %
 Total debt 3,589  3,587  3,385  —  % 6.0  %
 Total liabilities 47,054  42,466  36,197  10.8  % 17.3  %
 Shareholders' equity 15,461  13,875  13,202  11.4  % 5.1  %
 Book value per share 379.83 322.97 304.29 17.6  % 6.1  %

 (NM - not meaningful)
 (Some amounts may not reconcile due to rounding.)

 Revenues.
 Gross Written Premiums.
 Gross written premiums decreased by 2.9% to $17.7 billion in 2025, compared to $18.2 billion in 2024, reflecting a $479 million, or 15.7% decrease in business within the Legacy segment, a $156 million, or 4.3% decrease in our Global Wholesale & Specialty business, partially offset by a $109 million, or 0.9% increase in our Reinsurance Treaty business. The decrease in Global Wholesale & Specialty premiums reflects portfolio actions in international facultative business and premium reduction in Singapore, offset by growth in North America programs, Specialty and accident and health businesses. The decrease in Legacy premiums was primarily driven by portfolio actions across US commercial retail insurance lines and Latin America as well as remaining lines of business that have been previously discontinued. The increase in Reinsurance Treaty premiums was primarily due to Property lines of business, partially offset by underwriting actions on the US-exposed Casualty business.
 7

 Exhibit 99.1

 Gross written premiums increased by 9.6% to $18.2 billion in 2024, compared to $16.6 billion in 2023, reflecting a $1.4 billion, or 13.6% increase in our Reinsurance Treaty business, $117 million, or 4.0% increase in our Legacy business, and $95 million, or 2.7%, increase in our Global Wholesale & Specialty business. The increase in Reinsurance Treaty premiums reflects growth across multiple lines of business, particularly property pro rata business and property catastrophe excess of loss business. The increase in Global Wholesale & Specialty premiums reflects growth in property/short tail business and other specialty business. The increase in Legacy is primarily driven by growth in International retail business, partially offset by portfolio actions taken on accident and health, workers’ compensation and specialty casualty lines of business.
 Net Written Premiums.
 Net written premiums decreased by 1.9% to $15.5 billion in 2025, compared to $15.8 billion in 2024, which is consistent with the change in gross written premiums. Net written premiums increased by 7.4% to $15.8 billion in 2024, compared to $14.7 billion in 2023. The current year over prior year increase remained relatively consistent with the percentage increase in gross written premiums.
 Net Earned Premiums.
 Premiums earned increased by 2.5% to $15.6 billion in 2025, compared to $15.2 billion in 2024. Premiums earned increased by 13.0% to $15.2 billion in 2024, compared to $13.4 billion in 2023. The change in premiums earned relative to net written premiums was primarily the result of timing; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.
 Other Income (Expense).
 We recorded other expense of $45 million and other income of $121 million in 2025 and 2024, respectively. The change was primarily the result of fluctuations in foreign currency exchange rates, in particular, the movement in the Euro and British Pound Sterling, partially offset by the gain from the sale of the renewal rights. We recorded other income of $121 million and other expense of $14 million in 2024 and 2023, respectively. The change was primarily the result of fluctuations in foreign currency exchange rates, gain on the sale of the sports and leisure business and gain from pension plan curtailment in 2024. We recognized foreign currency exchange income of $58 million in 2024 and foreign currency exchange expense of $24 million in 2023. Additionally, we recognized a $40 million gain on the sale of our sports and leisure business, including renewal rights, sold during the fourth quarter and a $10 million pension plan curtailment gain.
 The following table shows the components of other income (expense) for the periods indicated:

 Years ended December 31,
 (Dollars in millions) 2025 2024 2023
 Mt. Logan cell income $ 7  $ 8  $ 8 
 Foreign currency exchange income (expense) (210) 58  (24)
 Gain on pension plan settlement 27  10  — 
 Gain (loss) from sale of renewal rights 127  —  — 
 Gain (loss) from sale of sports and leisure business —  40  — 
 Other 3  6  2 
 Total other income (expense) $ (45) $ 121  $ (14)

 8

 Exhibit 99.1

 Claims and Expenses.
 Incurred Losses and Loss Adjustment Expenses (“LAE”). The following table presents our incurred losses and LAE for the periods indicated:

 Years Ended December 31,
 (Dollars in millions) Current
Year Ratio %/
Pt Change Prior
Years Ratio %/
Pt Change Total
Incurred Ratio %/
Pt Change
 2025
 Attritional $ 9,382  60.3  % $ 751  4.8  % $ 10,133  65.1  %
 Catastrophes 819  5.3  % (94) (0.6) % 726  4.7  %
 Total $ 10,202  65.6  % $ 657  4.2  % $ 10,859  69.8  %

 2024
 Attritional $ 9,074  59.8  % $ 1,475  9.7  % $ 10,550  69.5  %
 Catastrophes 893  5.9  % (138) (0.9) % 755  5.0  %
 Total $ 9,967  65.6  % $ 1,337  8.8  % $ 11,305  74.4  %

 2023
 Attritional $ 7,963  59.2  % $ (5) —  % $ 7,958  59.2  %
 Catastrophes 470  3.5  % —  —  % 470  3.5  %
 Total $ 8,432  62.7  % $ (5) —  % $ 8,427  62.7  %

 Variance 2025/2024
 Attritional $ 308  0.5   pts $ (725) (4.9)  pts $ (417) (4.3)  pts
 Catastrophes (73) (0.6)  pts 45  0.3   pts (29) (0.3)  pts
 Total $ 234  (0.1)  pts $ (680) (4.6)  pts $ (446) (4.6)  pts

 Variance 2024/2023
 Attritional $ 1,112  0.5   pts $ 1,481  9.8   pts $ 2,592  10.3   pts
 Catastrophes 423  2.4   pts (138) (0.9)  pts 285  1.5   pts
 Total $ 1,535  2.9   pts $ 1,342  8.8   pts $ 2,877  11.7   pts

 (Some amounts may not reconcile due to rounding.)
 Incurred losses and LAE decreased by 3.9% to $10.9 billion in 2025, compared to $11.3 billion in 2024, primarily due to a decrease in unfavorable development on prior year attritional losses of $725 million and a decrease of $73 million in current year catastrophe losses, partially offset by an increase of $308 million in current year attritional losses and a decrease in favorable development on prior year catastrophe losses of $45 million.
 Incurred losses and LAE increased by 34.1% to $11.3 billion in 2024, compared to $8.4 billion in 2023, primarily due to an increase of $1.1 billion in current year attritional losses, an increase of $423 million in current year catastrophe losses and unfavorable development on prior year attritional losses of $1.5 billion, partially offset by favorable development on prior year catastrophe losses of $138 million.
 The increase in the 2025 current year attritional losses was mainly due to the strengthening of U.S. casualty reserves. The increase in the 2024 current year attritional losses was mainly due to the impact of the increase in premiums earned, changes in the mix of business and strengthening of current accident year U.S. casualty reserves by $206 million.
 Unfavorable development on prior year attritional losses was $751 million in 2025 compared to unfavorable development of $1.5 billion in 2024 and favorable development of $5 million in 2023. The net unfavorable development on prior year attritional reserves of $751 million in 2025 is comprised of $577 million of unfavorable development in our Legacy segment which was driven by elevated loss experience in excess casualty and U.S. Liability lines primarily on accident years 2022-2024, sports and leisure lines of businesses, as well as $86 million of prior year losses related to the adverse development cover (“ADC”), and $65 million of unfavorable development on prior years attritional losses from the Global Wholesale & Specialty segment due to $36 million of prior year losses related to the ADC and reserve strengthening in international facultative, surety and aviation lines of business. In addition, the Reinsurance Treaty segment recorded $110 million of unfavorable development on prior year, primarily related to aviation losses associated with the Russia/Ukraine war and casualty reserves, partially offset by favorable development booked on well-seasoned reserves in the property and mortgage lines.
 9

 Exhibit 99.1

 The unfavorable development on prior year attritional losses of $1.5 billion in 2024 is comprised of $1.1 billion of unfavorable development on prior year’s attritional losses from a combination of social inflation and portfolio concentrations in certain U.S. casualty lines and $403 million of unfavorable development on prior year’s attritional losses related to certain sports and leisure lines for accident years 2019 through 2023, including A&E reserve strengthening of $54 million. The unfavorable development on prior year attritional loss of $1.5 billion was primarily driven by our Legacy segment.
 The current year catastrophe losses of $819 million in 2025 related primarily to the 2025 Southern California wildfires ($512 million), Hurricane Melissa ($159 million), the 2025 Australian Storms ($47 million), Myanmar earthquake ($28 million), Typhoon Ragasa ($20 million) and the 2025 U.S. September floods ($19 million), with the remaining losses resulting from various events.
 The $893 million of current year catastrophe losses in 2024 related primarily to Hurricane Milton ($320 million), Hurricane Helene ($94 million), Hurricane Beryl ($64 million), Hurricane Debby ($56 million), the 2024 European flood Boris ($56 million), the 2024 Baltimore bridge collapse ($55 million), the third quarter 2024 Calgary Alberta storms ($54 million), the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($32 million), the 2024 Germany floods ($31 million), the 2024 New Caledonia Riots ($31 million) and the 2024 Taiwan earthquake ($27 million), with the remaining losses resulting from various events. For 2025, the favorable development on prior year catastrophe losses of $94 million was mainly related to reserves released related to the 2022 Hurricane Ian event.
 The current year catastrophe losses of $470 million in 2023 related primarily to the 2023 Turkey earthquakes ($103 million), Hurricane Otis ($100 million), the 2023 Italy convective storm ($57 million), the 2023 New Zealand storms ($45 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($32 million) and Hurricane Idalia ($23 million), with the remaining losses resulting from various events.
 Catastrophe losses and loss expenses typically have a material effect on our incurred losses and LAE results and can vary significantly from period to period. Losses from natural catastrophes contributed 5.3 percentage points to the combined ratio in 2025, 5.9 percentage points in 2024 and 3.5 percentage points in 2023.
 Refer to the “Ratios” section for loss ratio analysis discussion.
 Commission, Brokerage, Taxes and Fees.
 Commission, brokerage, taxes and fees increased by 4.9% to $3.5 billion for the year ended December 31, 2025 compared to $3.3 billion for the year ended December 31, 2024. The increase was primarily due to the impact of the increase in premiums earned and changes in the mix of business. Commission, brokerage, taxes and fees increased by 11.8% to $3.3 billion for the year ended December 31, 2024 compared to $3.0 billion for the year ended December 31, 2023. The increase was primarily due to the impact of the increase in premiums earned and changes in the mix of business. Refer to the “Ratios” section for commission and brokerage ratio analysis discussion.
 Other Underwriting Expenses.
 Other underwriting expenses were $1.0 billion and $938 million in 2025 and 2024, respectively. The increase in other underwriting expenses was mainly due to growth in business as well as strategic actions taken in Global Wholesale & Specialty and Legacy operations. Other underwriting expenses were $938 million and $846 million in 2024 and 2023, respectively. The increase in other underwriting expenses was mainly due to growth in business as well as the build out of our insurance operations, including an expansion of the international platform. Refer to the “Ratios” section for other underwriting expense ratio analysis discussion.
 Corporate Expenses.
 Corporate expenses, which are general operating expenses that are not allocated to segments, were $109 million and $95 million for the years ended December 31, 2025 and 2024, respectively. The increase in 2025 compared to 2024 was primarily due to an increase in other professional services related to consulting fees for corporate initiatives and an increase in lease rent expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $95 million and $73 million for the years ended December 31, 2024 and 2023, respectively. The increase in 2024 compared to 2023 was primarily due to information management related costs, including the acceleration of
 10

 Exhibit 99.1

 cybersecurity, corporate applications and infrastructure investments as well as an increase in compensation costs due to increased headcount from the prior year.
 Interest, Fees and Bond Issue Cost Amortization Expense.
 Interest, fees and other bond amortization expense was $151 million and $149 million in 2025 and 2024, respectively. The increase was primarily driven by higher interest costs on the Federal Home Loan Bank of New York (“FHLBNY”), partially offset by the change in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly per the note agreement. The floating rate was 6.50% as of December 31, 2025, compared to 7.17% as of December 31, 2024.
 Interest, fees and other bond amortization expense was $149 million and $134 million in 2024 and 2023, respectively. The increase was primarily driven by higher interest costs resulting from additional borrowing from on the FHLBNY, partially offset by the change in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly per the note agreement. The floating rate was 7.17% as of December 31, 2024, compared to 8.03% as of December 31, 2023.
 Income Tax Expense (Benefit).
 Income tax expense was $296 million and $120 million in 2025 and 2024, respectively, while in 2023, income tax resulted in a benefit of $363 million.
 An income tax expense/benefit is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates. The tax benefit in 2023 was primarily due to the implementation of the provisions of the Bermuda Corporate Income Act of 2023 (the “2023 Act”).
 On December 27, 2023, the Government of Bermuda enacted the 2023 Act, which will apply a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment” (the “ETA”), which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the Organisation for Economic Co-operation and Development (the “OECD”) issued guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends the 2023 Act in response to this guidance, the exact impact of such an amendment is uncertain, but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.
 On July 4, 2025, the One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of the One Big Beautiful Bill.
 On January 20, 2025, President Trump issued a memorandum announcing that the OECD framework has “no force or effect in the United States” and disavowing any commitments previously made by the United States with respect to the framework. The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are “extraterritorial or disproportionately affect American companies.” The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States’ response to these rules could cause uncertainties to and increases in our income taxes.
 On January 5, 2026, the OECD released administrative guidance containing the side-by-side (“SbS”) package on the OECD’s global minimum tax. The SbS administrative guidance introduced, among other things, new safe harbors, including a SbS safe harbor for multi-national groups headquartered in certain eligible jurisdictions, now limited to the US. Qualification for this safe harbor would exempt companies from the OECD global minimum tax. We expect additional administrative guidance in the future providing implementation guidance on the SbS. Accordingly, the OECD’s global minimum tax could be subject to further changes that will continue to cause uncertainties related to income taxes payable by the Company.
 11

 Exhibit 99.1

 Segment Results.
 Our three reportable segments, Reinsurance Treaty, Global Wholesale & Special, and Legacy, each have executive leadership who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of the Company, who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.
 Effective January 1, 2026, the Company changed its reportable segments, previously reported as Reinsurance and Insurance, to Reinsurance Treaty, Global Wholesale & Specialty, and Legacy, following the sale of the renewal rights for its Global Commercial Retail Insurance business in certain geographic regions to American International Group, Inc. This new segment presentation reflects the Company's sharpened focus on its core global Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positions the Company for strong performance across market cycles. Accordingly, the Company revised the presentation of its reportable segments to appropriately reflect how the business segments are now managed.
 Our Legacy segment primarily includes the divested and held-for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. As a result, the Company has two reportable segments that actively sell products: Reinsurance Treaty and Global Wholesale & Specialty. The third reportable segment, Legacy, does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026. These segment presentation changes have been reflected retrospectively. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results.
 Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures. The Company does not review and evaluate the financial results of its segments based upon balance sheet data.
 The following discusses the underwriting results for each of our segments for the periods indicated.

 Reinsurance Treaty.
 The following table presents the underwriting results and ratios for the Reinsurance Treaty segment for the periods indicated:

 Years Ended December 31, 2025/2024 2024/2023
 (Dollars in millions) 2025 2024 2023 Variance % Change Variance % Change
 Gross written premiums $ 11,656  $ 11,547  $ 10,163  $ 109  0.9  % $ 1,384  13.6  %
 Net written premiums 10,625  10,578  9,507  47  0.4  % 1,071  11.3  %

 Premiums earned $ 10,496  $ 10,103  $ 8,663  $ 393  3.9  % $ 1,440  16.6  %
 Incurred losses and LAE 6,679  6,220  4,953  460  7.4  % 1,266  25.6  %
 Commission and brokerage 2,672  2,564  2,293  108  4.2  % 271  11.8  %
 Other underwriting expenses 243  243  213  —  —  % 29  13.7  %
 Underwriting gain (loss) $ 902  $ 1,077  $ 1,204  $ (175) (16.3) % $ (127) (10.5) %

 Point Chg Point Chg
 Loss ratio 63.6  % 61.6  % 57.2  % 2.1  4.4 
 Commission and brokerage ratio 25.5  % 25.4  % 26.5  % 0.1  (1.1)
 Other underwriting expense ratio 2.3  % 2.4  % 2.5  % (0.1) (0.1)
 Combined ratio 91.4  % 89.3  % 86.1  % 2.1  3.2 

 (NM, not meaningful)
 12

 Exhibit 99.1

 (Some amounts may not reconcile due to rounding.)
 Gross Written Premiums.
 Gross written premiums increased by 0.9% to $11.7 billion in 2025 from $11.5 billion in 2024. The increase in gross written premiums was primarily due to Property lines of business, partially offset by underwriting actions on U.S.-exposed Casualty business. Gross written premiums increased by 13.6% to $11.5 billion in 2024 from $10.2 billion in 2023. The increase in gross written premiums reflects growth across multiple lines of business, particularly property pro rata business and property catastrophe excess of loss business.
 Net Written Premiums.
 Net written premiums increased by 0.4% to $10.6 billion in 2025, compared to $10.6 billion in 2024. The current year over prior year increase is aligned with gross written premium, with differences being due to cessions. Net written premiums increased by 11.3% to $10.6 billion in 2024, compared to $9.5 billion in 2023. The 2024 over 2023 increase remained relatively consistent with the percentage increase in gross written premiums with minor changes driven by hedging.
 Earned Written Premiums.
 Premiums earned increased by 3.9% to $10.5 billion in 2025, compared to $10.1 billion in 2024, primarily driven by increased property pro rata business written that was recorded over the prior quarters which are now being earned, partially offset by casualty pro rata lines. Premiums earned increased by 16.6% to $10.1 billion in 2024, compared to $8.7 billion in 2023. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.
 Incurred Losses and LAE.
 The following table presents the incurred losses and LAE for the Reinsurance Treaty segment for the periods indicated:

 Years Ended December 31,
 (Dollars in millions) Current
Year Ratio %/
Pt Change Prior
Years Ratio %/
Pt Change Total
Incurred Ratio %/
Pt Change
 2025
 Attritional $ 5,928  56.5  % $ 110  1.0  % 6,037  57.5  %
 Catastrophes 725  6.9  % (83) (0.8) % 642  6.1  %
 Total segment $ 6,653  63.4  % $ 26  0.3  % $ 6,679  63.6  %

 2024
 Attritional $ 5,614  55.6  % $ 15  0.1  % $ 5,629  55.7  %
 Catastrophes 725  7.2  % (135) (1.3) % 590  5.8  %
 Total segment $ 6,339  62.7  % $ (120) (1.2) % $ 6,220  61.6  %

 2023
 Attritional $ 4,909  56.7  % $ (364) (4.2) % $ 4,546  52.5  %
 Catastrophes 404  4.7  % 4  —  % 408  4.7  %
 Total segment $ 5,313  61.4  % $ (360) (4.2) % $ 4,953  57.2  %

 Variance 2025/2024
 Attritional $ 314  0.9   pts $ 94  0.9   pts $ 408  1.8   pts
 Catastrophes —  (0.3)  pts 51  0.5   pts 51  0.3   pts
 Total segment $ 314  0.6   pts $ 146  1.4   pts $ 460  2.1   pts

 Variance 2024/2023
 Attritional $ 705  (1.1)  pts $ 379  4.4   pts $ 1,084  3.2   pts
 Catastrophes 322  2.5   pts (139) (1.4)  pts 183  1.1   pts
 Total segment $ 1,027  1.3   pts $ 240  3.0   pts $ 1,266  4.3   pts

 (Some amounts may not reconcile due to rounding.)
 13

 Exhibit 99.1

 Incurred losses increased by 7.4% to $6.7 billion in 2025, compared to $6.2 billion in 2024. The increase was primarily due to an increase of $314 million in current year attritional losses, an increase in unfavorable development on prior year attritional reserves of $94 million and a decrease in favorable development on prior year catastrophe losses of $51 million.
 Incurred losses increased by 25.6% to $6.2 billion in 2024, compared to $5.0 billion in 2023. The increase was primarily due to an increase of $705 million in current year attritional losses, an increase of $322 million in current year catastrophe losses and a decrease of favorable development on prior year attritional reserves ($15 million unfavorable in 2024 compared to favorable $364 million in 2023), partially offset by favorable development on prior year catastrophe losses of $139 million.
 The increase in 2025 current year attritional losses was mainly related to the impact of the increase in premiums earned, the impact of the Washington D.C. aviation accident during the first quarter and reserve strengthening on the U.S. casualty business. The unfavorable development on prior year attritional reserves was mainly driven by aviation losses associated with the Russia/Ukraine war and casualty reserves, partially offset by favorable development booked on well-seasoned reserves in the property and mortgage lines.
 The increase in 2024 current year attritional losses was mainly related to the impact of the increase in premiums earned. Additionally, during 2024, prior year U.S. casualty reserves were strengthened by $640 million. This reserve strengthening was mostly offset by favorable development on well-seasoned reserves in property and mortgage lines. The 2023 prior year favorable development of $364 million is primarily driven by a combination of well-seasoned mortgage and short-tail business.
 The current year catastrophe losses of $725 million in 2025 related primarily to the 2025 Southern California wildfires ($487 million), Hurricane Melissa ($117 million), the 2025 Australian Storms ($47 million), Myanmar earthquake ($20 million) and Typhoon Ragasa ($20 million), with the remaining losses resulting from various events.
 The $725 million of current year catastrophe losses in 2024 related primarily to Hurricane Milton ($261 million), Hurricane Helene ($57 million), Hurricane Debby ($55 million), Hurricane Beryl ($51 million), the 2024 European flood Boris ($50 million), the 2024 Baltimore bridge collapse ($50 million), the third quarter 2024 Calgary Alberta floods ($45 million) and the 2024 New Caledonia Riots ($31 million), the 2024 Germany floods ($28 million), the 2024 Dubai floods ($28 million), the 2024 Brazil Floods ($25 million), and the 2024 Taiwan earthquake ($24 million), with the remaining losses resulting from various events.
 The $404 million of current year catastrophe losses in 2023 related primarily to the 2023 Turkey earthquakes ($95 million), Hurricane Otis ($66 million), the 2023 Italy convective storm ($57 million), the 2023 New Zealand storms ($42 million), the 2023 Morocco earthquake ($40 million), the 2023 Hawaii wildfire ($25 million) and Hurricane Idalia ($22 million), with the remaining losses resulting from various events.
 For 2025, the favorable development on prior year catastrophe losses of $83 million was mainly related to reserves released related to the 2022 Hurricane Ian and older well-seasoned catastrophe events. For 2024, the favorable development on prior year catastrophe losses of $135 million was mainly related to 2022 Hurricane Ian and older well-seasoned catastrophe events. For 2023, the unfavorable development on prior year catastrophe losses of $4 million.
 Segment Expenses.
 Commission and brokerage expense increased by 4.2% to $2.7 billion in 2025, compared to $2.6 billion in 2024. The increase was mainly due to the impact of the increase in premiums earned, contingent commissions and changes in the mix of business. The other underwriting expenses remained relatively flat at $243 million to prior year due to expense management. Commission and brokerage expense increased by 11.8% to $2.6 billion in 2024, compared to $2.3 billion in 2023. The increase was mainly due to the impact of the increase in premiums earned and changes in the mix of business. Segment other underwriting expenses increased to $243 million in 2024 from $213 million in 2023. The increase was in line with growth in the business and necessary support functions.
 14

 Exhibit 99.1

 Global Wholesale & Specialty.
 The following table presents the underwriting results and ratios for the Global Wholesale & Specialty segment for the periods indicated:

 Years Ended December 31, 2025/2024 2024/2023
 (Dollars in millions) 2025 2024 2023 Variance % Change Variance % Change
 Gross written premiums $ 3,481  $ 3,637  $ 3,542  $ (156) (4.3) % $ 95  2.7  %
 Net written premiums 2,894  3,054  3,015  (161) (5.3) % 40  1.3  %

 Premiums earned $ 2,927  $ 2,889  $ 2,686  $ 38  1.3  % $ 203  7.6  %
 Incurred losses and LAE 1,967  2,053  1,789  (86) (4.2) % 264  14.7  %
 Commission and brokerage 596  551  482  45  8.2  % 68  14.1  %
 Other underwriting expenses 330  250  235  80  31.8  % 16  6.6  %
 Underwriting gain (loss) $ 35  $ 36  $ 180  $ (1) (2.1) % $ (144) (80.0) %

 Point Chg Point Chg
 Loss ratio 67.2  % 71.0  % 66.6  % (3.9) 4.4 
 Commission and brokerage ratio 20.3  % 19.1  % 18.0  % 1.3  1.1 
 Other underwriting expense ratio 11.3  % 8.7  % 8.7  % 2.6  — 
 Combined ratio 98.8  % 98.8  % 93.3  % —  5.5 

 (Some amounts may not reconcile due to rounding.)
 Gross Written Premiums.
 Gross written premiums decreased by 4.3% to $3.5 billion in 2025, compared to $3.6 billion in 2024. The decrease reflects portfolio actions in international facultative business, partially offset by growth in North America Specialty and Accident & Health businesses. Gross written premiums increased by 2.7% to $3.6 billion in 2024, compared to $3.5 billion in 2023. The increase in insurance premiums reflects growth property/short tail business and other specialty business.
 Net Written Premiums.
 Net written premiums decreased by 5.3% to $2.9 billion in 2025, compared to $3.1 billion in 2024. The decrease in net written is due to the reduction in gross written premium partially offset by business mix. Net written premiums increased by 1.3% to $3.1 billion in 2024, compared to $3.0 billion in 2023. The increase in net written premiums compared to the increase in gross written premiums was mainly due to mix of business.
 Earned Written Premiums.
 Premiums earned increased by 1.3% to $2.9 billion in 2025, compared to $2.9 billion in 2024. Premiums earned increased by 7.6% to $2.9 billion in 2024, compared to $2.7 billion in 2023. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in the prior year is being earned through the current year period; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.
 15

 Exhibit 99.1

 Incurred Losses and LAE. The following table presents the incurred losses and LAE for the Global Wholesale & Specialty segment for the periods indicated:

 Years Ended December 31,
 (Dollars in millions) Current
Year Ratio %/
Pt Change Prior
Years Ratio %/
Pt Change Total
Incurred Ratio %/
Pt Change
 2025
 Attritional $ 1,859  63.5  % $ 65  2.2  % $ 1,923  65.7  %
 Catastrophes 54  1.8  % (10) (0.4) % 43  1.4  %
 Total segment $ 1,912  65.3  % $ 54  1.9  % $ 1,967  67.2  %

 2024
 Attritional $ 1,790  61.9  % $ 169  5.8  % $ 1,958  67.7  %
 Catastrophes 98  3.4  % (3) (0.1) % 95  3.3  %
 Total segment $ 1,887  65.3  % $ 165  5.7  % $ 2,053  71.0  %

 2023
 Attritional $ 1,661  61.8  % $ 72  2.7  % $ 1,733  64.5  %
 Catastrophes 51  1.9  % 5  0.2  % 56  2.1  %
 Total segment $ 1,712  63.7  % $ 77  2.9  % $ 1,789  66.6  %

 Variance 2025/2024
 Attritional $ 69  1.6   pts $ (104) (3.6)  pts $ (35) (2.0)  pts
 Catastrophes (44) (1.6)  pts (7) (0.3)  pts (52) (1.9)  pts
 Total segment $ 25  —   pts $ (111) (3.9)  pts $ (86) (3.9)  pts

 Variance 2024/2023
 Attritional $ 129  0.1   pts $ 96  3.1   pts $ 225  3.2   pts
 Catastrophes 46  1.5   pts (8) (0.3)  pts 39  1.2   pts
 Total segment $ 175  1.6   pts $ 88  2.9   pts $ 264  4.5   pts

 (Some amounts may not reconcile due to rounding.)
 Incurred losses and LAE decreased by 4.2% to $2.0 billion in 2025, compared to $2.1 billion in 2024. The decrease was mainly due to a decrease in unfavorable development on prior years attritional losses of $104 million, a decrease in current year catastrophe losses of $44 million and an increase in favorable development on prior year’s catastrophe losses of $7 million, partially offset by an increase of $69 million in current year attritional losses.
 Incurred losses and LAE increased by 14.7% to $2.1 billion in 2024, compared to $1.8 billion in 2023. The increase was mainly due to unfavorable development on prior year’s attritional losses of $96 million, an increase of $129 million in current year attritional losses and an increase in current year catastrophe losses of $46 million, partially offset by favorable development on prior years catastrophe losses of 8 million.
 The increase in 2025 and 2024 current year attritional losses of $69 million and $129 million, respectively, were driven by more prudent loss selections across North America Casualty lines of business. The 2025 unfavorable development on prior years attritional losses of $65 million were primarily due $36 million of prior year losses related to the ADC and reserve strengthening in international Facultative lines of business. The 2024 unfavorable development on prior years attritional losses of $169 million were primarily due to portfolio concentrations in certain U.S. casualty lines.
 The current year catastrophe losses of $54 million in 2025 primarily related to Hurricane Melissa ($29 million) and the 2025 Southern California wildfires ($18 million), with the remaining losses resulting from other events.
 The current year catastrophe losses of $98 million in 2024 primarily related to Hurricane Milton ($39 million), Hurricane Helene ($19 million), the 2024 Brazil floods and Hurricane Beryl ($10 million) with the remaining losses resulting from various events.
 The current year catastrophe losses of $51 million in 2023 primarily related to Hurricane Otis ($34 million) and the 2023 Turkey earthquakes ($8 million), with the remaining losses resulting from various events.
 For 2025, the favorable development on prior year catastrophe losses of $10 million was related to multiple events from 2024 and prior. The development on prior year catastrophe losses on 2024 and 2023 are not deemed significant.
 16

 Exhibit 99.1

 Segment Expenses.
 Commission and brokerage increased by 8.2% to $596 million in 2025, compared to $551 million in 2024. Segment other underwriting expenses increased to $330 million in 2025, compared to $250 million in 2024. The change in commission and brokerage expenses is driven by mix of business as the international portfolio increases which carries a higher net commission rate. The increase in other underwriting expenses was mainly driven by investment in people and technology. Commission and brokerage increased by 14.1% to $551 million in 2024, compared to $482 million in 2023. Segment other underwriting expenses increased by 6.6% to $250 million in 2024, compared to $235 million in 2023. These increases were mainly due to the impact of the increase in premiums earned and increased expenses related to the build out of the insurance business, including an expansion of the international insurance platform.

 Legacy.
 The Legacy segment includes the results of commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on the Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for a finite period in 2026.
 The following table presents the underwriting results and ratios for the Legacy segment for the periods indicated:

 Years Ended December 31, 2025/2024 2024/2023
 (Dollars in millions) 2025 2024 2023 Variance % Change Variance % Change
 Gross written premiums $ 2,569  $ 3,048  $ 2,931  $ (479) (15.7) % $ 117  4.0  %
 Net written premiums 1,994  2,182  2,209  (187) (8.6) % (27) (1.2) %

 Premiums earned $ 2,137  $ 2,194  $ 2,094  $ (57) (2.6) % $ 101  4.8  %
 Incurred losses and LAE 2,213  3,032  1,685  (819) (27.0) % 1,347  80.0  %
 Commission and brokerage 193  185  176  8  4.1  % 9  5.2  %
 Other underwriting expenses 457  445  398  12  2.6  % 47  11.9  %
 Underwriting gain (loss) $ (726) $ (1,468) $ (165) $ 743  (50.6) % $ (1,303) NM

 (Some amounts may not reconcile due to rounding.)
 Premiums.
 Gross Written Premium decreased by 15.7% to $2.6 billion in 2025, compared to $3.0 billion in 2024 due to intentional portfolio actions across US and Latin America commercial retail lines. Net written premiums decreased by 8.6% to $2.0 billion in 2025, compared to $2.2 billion in 2024 in line with topline reduction on certain run-off lines, mix of business and change in treaty structure in certain lines of business. Premiums earned decreased by 2.6% to $2.1 billion in 2025, compared to $2.2 billion in 2024, in line with top line expectations. Gross written premiums increased by 4.0% to $3.0 billion in 2024, compared to $2.9 billion in 2023. Net written premiums remained constant at $2.2 billion in 2024, compared to $2.2 billion in 2023. Premiums earned increased by 4.8% to $2.2 billion in 2024, compared to $2.1 billion in 2023.
 17

 Exhibit 99.1

 Incurred Losses and LAE.
 The following table presents the incurred losses and LAE for the Legacy segment for the periods indicated:

 Years Ended December 31,
 (Dollars in millions) Current
Year Ratio %/
Pt Change Prior
Years Ratio %/
Pt Change Total
Incurred Ratio %/
Pt Change
 2025
 Attritional $ 1,596  74.7  % $ 577  27.0  % $ 2,172  74.7  %
 Catastrophes 41  1.9  % —  —  % 41  1.9  %
 Total segment $ 1,636  76.6  % $ 577  27.0  % $ 2,213  103.6  %

 2024
 Attritional $ 1,671  76.1  % $ 1,292  58.9  % $ 2,962  76.1  %
 Catastrophes 70  3.2  % —  —  % 70  3.2  %
 Total segment $ 1,741  79.3  % $ 1,291  58.9  % $ 3,032  138.2  %

 2023
 Attritional $ 1,393  66.5  % $ 286  13.7  % $ 1,679  66.1  %
 Catastrophes 15  0.7  % (9) (0.4) % 6  0.3  %
 Total segment $ 1,408  67.2  % $ 277  13.2  % $ 1,685  80.4  %

 Variance 2025/2024
 Attritional $ (75) (1.4)  pts $ (715) (58.9)  pts $ (790) (60.3)  pts
 Catastrophes (29) (1.3)  pts —  —   pts (29) (1.3)  pts
 Total segment $ (104) (2.7)  pts $ (715) (31.9)  pts $ (819) (34.6)  pts

 Variance 2024/2023
 Attritional $ 278  9.6   pts $ 1,006  45.2   pts $ 1,284  54.8   pts
 Catastrophes 55  2.5   pts 8  0.4   pts 64  2.9   pts
 Total segment $ 333  12.1   pts $ 1,014  45.6   pts $ 1,347  57.7   pts

 (Some amounts may not reconcile due to rounding.)
 Incurred losses and LAE decreased by 27.0% to $2.2 billion in 2025, compared to $3.0 billion in 2024. The decrease was mainly due to a decrease in unfavorable development on prior years attritional losses of $715 million, a decrease of $75 million in current year attritional losses and a decrease in current year catastrophe losses of $29 million.
 Incurred losses and LAE increased by 80.0% to $3.0 billion in 2024, compared to $1.7 billion in 2023. The increase was mainly due to an increase in unfavorable development on prior year’s attritional losses of $1.0 billion.
 The 2025 unfavorable development on prior years attritional losses of $577 million which was driven by elevated loss experience in excess casualty and U.S. Liability lines primarily on accident years 2022 through 2024, sports and leisure lines of businesses, as well as $86 million of prior year losses related to the ADC. The 2024 unfavorable development on prior year attritional losses of $1.3 billion was mainly related to North America casualty lines for accident years 2019 through 2023 that were impacted by social inflation, including Asbestos and Environmental (“A&E”) reserve strengthening of $54 million. The 2023 unfavorable development on prior year attritional losses of $286 million is mainly related to casualty lines for accident years 2016 through 2019 that were impacted by social inflation.
 The current year catastrophe losses of $41 million in 2025 primarily related to Hurricane Melissa ($13 million), the 2025 wind storms ($10 million), the first quarter 2025 Myanmar earthquake ($8 million) and the 2025 Southern California wildfires ($8 million), with the remaining losses resulting from other events.
 The $70 million of current year catastrophe losses in 2024 primarily related to Hurricane Milton ($20 million), Hurricane Helene ($18 million), and the third quarter 2024 Calgary Alberta floods ($9 million) with the remaining losses resulting from various events.
 The current year catastrophe losses of $15 million in 2023 primarily related to the 2023 Hawaii wildfire ($5 million) and the 2023 December U.S. East Coast flooding ($3 million), with the remaining losses resulting from various events.
 18

 Exhibit 99.1

 Segment Expenses.
 Commission and brokerage increased by 4.1% to $193 million in 2025, compared to $185 million in 2024. Segment other underwriting expenses increased to $457 million in 2025, compared to $445 million in 2024. The increase in other underwriting expenses was mainly due to the impact of strategic actions in Legacy operations due to investment in commercial retail business platform, people and technology prior to sale of the business.
 Commission and brokerage increased by 5.2% to $185 million in 2024, compared to $176 million in 2023. Segment other underwriting expenses increased to $445 million in 2024, compared to $398 million in 2023. These increases were mainly due to the impact of the increase in premiums earned and increased expenses related to the build out of the insurance business, including the international insurance platform.

 FINANCIAL CONDITION

 Loss and LAE Reserves. Gross loss and LAE reserves totaled $34.3 billion and $29.9 billion at December 31, 2025 and 2024, respectively.
 The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and incurred but not reported (“IBNR”) reserves, for the periods indicated:

 At December 31, 2025
 (Dollars in millions) Case
Reserves IBNR
Reserves Total
Reserves % of
Total
 Reinsurance Treaty $ 6,223  $ 13,830  $ 20,053  58.4  %
 Global Wholesale & Specialty 1,715  4,220  5,935  17.3  %
 Legacy (1)
 2,264  6,060  8,324  24.3  %
 Total $ 10,201  $ 24,110  $ 34,312  100.0  %

 (Some amounts may not reconcile due to rounding.)
 (1) Reserves for A&E exposures are included within Legacy. At December 31, 2025, A&E Case and IBNR reserves totaled $150 million and $59 million, respectively.

 At December 31, 2024
 (Dollars in millions) Case
Reserves IBNR
Reserves Total
Reserves % of
Total
 Reinsurance Treaty $ 5,770  $ 11,598  $ 17,368  58.1  %
 Global Wholesale & Specialty 1,500  3,519  5,019  16.8  %
 Legacy (1)
 2,001  5,502  7,502  25.1  %
 Total $ 9,270  $ 20,619  $ 29,889  100.0  %

 (Some amounts may not reconcile due to rounding.)
 (1) Reserves for A&E exposures are included within Legacy. At December 31, 2024, A&E Case and IBNR reserves totaled $149 million and $111 million, respectively.

 Changes in premiums earned and business mix, reserve refinement, catastrophe losses and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.
 Our carried loss and LAE reserves represent management’s best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities and in the aggregate. In order to set appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of such process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates, which are subject to variation, which may be significant.
 19

 Exhibit 99.1

 There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.
 We have included ranges for loss reserve estimates determined by our actuaries, which have been developed through a combination of objective and subjective criteria. Our presentation of this information may not be directly comparable to similar presentations of other companies as there are no consistently applied actuarial or accounting standards governing such presentations. Our recorded reserves are an aggregation of our best point estimates for approximately 250 reserve groups and reflect our best point estimate of our liabilities. Our actuarial methodologies develop point estimates rather than ranges and the ranges are developed subsequently based upon historical and prospective variability measures.
 The following table below represents the reserve levels and ranges for each of our business segments for the period indicated:

 Outstanding Reserves and Ranges By Segment (1)

 At December 31, 2025
 (Dollars in millions) As
Reported Low
Range % Low
Range High
Range % High
Range
 Gross Reserves By Segment
 Reinsurance Treaty $ 20,053  (6.1) % $ 18,825  6.1  % $ 21,282 
 Global Wholesale & Specialty 5,935  (9.2) % 5,388  9.2  % 6,482 
 Legacy 8,114  (9.2) % 7,366  9.2  % 8,862 
 Total Gross Reserves (excluding A&E) 34,102  (7.4) % 31,579  7.4  % 36,626 
 A&E (Legacy Segment) 209  (21.6) % 164  21.6  % 254 
 Total Gross Reserves $ 34,312  (7.5) % 31,743  7.5  % 36,880 

 (Some amounts may not reconcile due to rounding.)
 (1) There can be no assurance that reserves will not ultimately exceed the indicated ranges requiring additional income (loss) statement expense.
 The size of the range is dependent upon the level of confidence associated with the reserve estimates. Within each range, management’s best estimate of loss reserves is based upon the point estimate derived by our actuaries in detailed reserve studies. Such ranges are necessarily subjective due to the lack of generally accepted actuarial standards with respect to their development. There can be no assurance that our claim obligations will not vary outside of these ranges.
 Additional losses, including those relating to latent injuries, and other exposures, which are as yet unrecognized, the type or magnitude of which cannot be foreseen by us or the reinsurance and insurance industry generally, may emerge in the future. Such future emergence, to the extent not covered by existing retrocessional contracts, could have material adverse effects on our future financial condition, results of operations and cash flows.
 A&E Exposures. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The results of run-off A&E exposures are included within the Company’s Legacy segment.
 With respect to asbestos only, at December 31, 2025, we had net asbestos loss reserves of $170 million, or 87.9%, of total net A&E reserves, all of which was for assumed business. At December 31, 2025, we had gross asbestos loss reserves of $186 million, or 88.8% of total gross A&E reserves, all of which was for assumed business. See Note 4 of the Notes to the Consolidated Financial Statements for a summary of A&E Exposures.
 Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management’s best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.
 Industry analysts use the “survival ratio” to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company’s current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 4.7 years at December 31, 2025. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore, may not be indicative of the timing of future payments.
 20

 Exhibit 99.1

 ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 The financial statements and schedules listed in the accompanying Index to Consolidated Financial Statements, Notes and Schedules on page F-1 are filed as part of this report.
 21

 Exhibit 99.1

 PART IV

 ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 22

 Exhibit 99.1

 EVEREST GROUP, LTD.
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, NOTES AND SCHEDULES

 Pages

 Report of Independent Registered Public Accounting Firm (PCAOB FIRM ID 185, 238 )
 F-2

 Consolidated Financial Statements
 Consolidated Balance Sheets at December 31, 2025 and 2024
 F-5

 Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2025 , 2024 and 2023
 F-6

 Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2025 , 2024 and 2023
 F-7

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 , 2024 and 2023
 F-8

 Notes to Consolidated Financial Statements

 1. Summary of Significant Accounting Policies
 F-9

 2. Investments
 F-16

 3. Fair Value
 F-23

 4. Reserve for Losses and LAE
 F-27

 5. Reinsurance
 F-42

 6. Sale of Renewal Rights
 F-43

 7. Segment Reporting
 F-44

 8. Credit Facilities
 F-46

 9. Senior Notes
 F-50

 10. Long-Term Subordinated Notes
 F-50

 11. Collateralized Reinsurance, Trust Agreements and Other Restricted Assets
 F-51

 12. Commitments and Contingencies
 F-52

 13. Leases
 F-53

 14. Other Comprehensive Income (Loss)
 F-54

 15. Share-Based Compensation Plans
 F-55

 16. Employee Benefit Plans
 F-57

 17. Income Taxes
 F-62

 18. Dividend Restrictions and Statutory Financial Information
 F-67

 19. Subsequent Events
 F-68

 Financial Statement Schedules

 I Summary of Investments Other Than Investments in Related Parties at December 31, 2025
 S-1

 II Condensed Financial Information of Registrant:

 Balance Sheets as of December 31, 2025 and 2024
 S-2

 Statements of Operations for the Years Ended December 31, 2025 , 2024 and 2023
 S-3

 Statements of Cash Flows for the Years Ended December 31, 2025 , 2024 and 2023
 S-4

 Notes to Condensed Financial Information
 S-5

 III Supplementary Insurance Information as of and for the Years Ended December 31, 2025 , 2024 and 2023
 S-7

 IV Reinsurance for the Years Ended December 31, 2025 , 2024 and 2023
 S-8

 Schedules other than those listed above are omitted for the reason that they are not applicable or the information is otherwise contained in the Financial Statements.
 F-1

 Exhibit 99.1

 Report of Independent Registered Public Accounting Firm
 To the Board of Directors and Shareholders
 Everest Group, Ltd.:
 Opinion on the Consolidated Financial Statements
 We have audited the accompanying consolidated balance sheets of Everest Group, Ltd. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes and financial statement schedules listed in the index appearing on page F-1 (collectively, the consolidated financial statements).
 In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
 We also have audited the adjustments to the 2023 consolidated financial statements to retrospectively apply the change in segment composition, as described in Note 7. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2023 consolidated financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a whole.
 Basis for Opinion
 These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.
 Estimate of the reserve for losses and loss adjustment expenses
 As discussed in Notes 1G and 4 to the consolidated financial statements, the reserve for losses and loss adjustment expenses represents the Company’s best estimate of the ultimate liability for reported and unreported claims for both its insurance and reinsurance businesses. The Company uses a variety of statistical and actuarial techniques to develop estimates of ultimate losses and loss adjustment expenses by underwriting or accident year, sorted by exposure groupings. The Company considers many factors when setting reserves including: (1) exposure base and projected ultimate premium; (2) expected loss ratios; (3) actuarial methodologies and assumptions; (4) current legal interpretations
 F-2

 Exhibit 99.1

 of coverage and liability; and (5) economic conditions. The Company’s reserve for losses and loss adjustment expenses as of December 31, 2025 was $34,312 million.
 We identified the evaluation of the estimate of the reserve for losses and loss adjustment expenses as a critical audit matter. Evaluation of the estimate required subjective auditor judgment and the involvement of actuarial professionals with specialized skills and knowledge to assess the methods and assumptions used to estimate the reserve for losses and loss adjustment expenses.
 The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process for estimating the reserve for losses and loss adjustment expenses. This included controls related to the selection of methodologies and certain assumptions used to derive the Company’s estimate. We involved actuarial professionals with specialized skills and knowledge who assisted in:
 • assessing the Company’s actuarial methodologies and assumptions used in estimating the reserve for losses and loss adjustment expenses by comparing the Company’s methodologies to generally accepted actuarial methods and evaluating the assumptions used based on actuarial judgment, company history, and industry practices
 • evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by comparing each one to an independently developed range of reasonable estimates
 • evaluating the Company’s estimated reserve for losses and loss adjustment expenses for certain lines of business by assessing management’s methods and assumptions used to derive their loss estimates
 • evaluating the Company’s process for estimating the reserve for losses and loss adjustment expenses for catastrophic events
 • developing an overall range of reserve estimates to assess the position of the Company’s recorded reserve for losses and loss adjustment expenses relative to the range.
 /s/ KPMG LLP
 We have served as the Company’s auditor since 2024.
 New York, New York
 February 26, 2026, except for the effects of the change in segment reporting discussed in Notes 1, 4 and 7, and in Schedule III to the consolidated financial statements, as to which the date is June 3, 2026.

 F-3

 Exhibit 99.1

 Report of Independent Registered Public Accounting Firm
 To the Board of Directors and Shareholders of Everest Group, Ltd.
 Opinion on the Financial Statements
 We have audited the consolidated statements of operations and comprehensive income (loss), of changes in shareholders’ equity and of cash flows of Everest Group, Ltd. and its subsidiaries (the “Company”) for the year ended December 31, 2023, including the related notes and schedules of condensed financial information of the registrant, supplementary insurance information and reinsurance for the year ended December 31, 2023 listed in the index appearing on page F-1 (collectively referred to as the “consolidated financial statements”), before the effects of the adjustments to retrospectively reflect the January 1, 2026 change in the composition of reportable segments described in Note 7. In our opinion, the consolidated financial statements for the year ended December 31, 2023, before the effects of the adjustments to retrospectively reflect the January 1, 2026 change in the composition of reportable segments described in Note 7, present fairly, in all material respects, the results of operations and cash flows of the Company in conformity with accounting principles generally accepted in the United States of America (the 2023 financial statements before the effects of the adjustments discussed in Note 7 are not presented herein).
 We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively reflect the January 1, 2026 change in the composition of reportable segments described in Note 7 and accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.
 Basis for Opinion
 These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
 Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
 /s/PricewaterhouseCoopers LLP
 New York, New York
 February 28, 2024, except for the changes in segment presentation discussed in Note 7 (not presented herein) to the consolidated financial statements appearing under Item 15 of the Company’s 2025 Annual Report on Form 10-K, as to which the date is February 27, 2025
 We served as the Company's auditor from 1996 to 2024.
 F-4

 Table of Contents

 EVEREST GROUP, LTD.
 CONSOLIDATED BALANCE SHEETS

 December 31,
 (In millions of U.S. dollars, except par value per share) 2025 2024
 ASSETS:
 Fixed maturities - available for sale, at fair value
 $ 34,573   $ 28,908  
 (amortized cost: 2025, $ 34,620 ; 2024, $ 29,934 , credit allowances: 2025, $( 68 ); 2024, $( 36 ))

 Fixed maturities - held to maturity, at amortized cost

 (fair value: 2025, $ 576 ; 2024, $ 759 , net of credit allowances: 2025, $( 6 ); 2024, $( 8 ))
 567   757  
 Equity securities, at fair value 180   217  
 Other invested assets 5,796   5,392  
 Short-term investments 2,994   4,707  
 Cash 1,318   1,549  
 Total investments and cash 45,429   41,531  
 Accrued investment income 436   368  
 Premiums receivable (net of credit allowances: 2025, $( 94 ); 2024, $( 54 ))
 5,727   5,378  
 Reinsurance paid loss recoverables (net of credit allowances: 2025, $( 57 ); 2024, $( 41 ))
 142   207  
 Reinsurance unpaid loss recoverables 4,968   2,915  
 Funds held by reinsureds 1,326   1,218  
 Deferred acquisition costs 1,546   1,461  
 Prepaid reinsurance premiums 653   869  
 Income tax asset, net 915   1,223  
 Other assets (net of credit allowances: 2025, $( 17 ); 2024, $( 9 ))
 1,372   1,171  
 TOTAL ASSETS $ 62,514   $ 56,341  

 LIABILITIES:
 Reserve for losses and loss adjustment expenses $ 34,312   $ 29,889  
 Unearned premium reserve 7,275   7,324  
 Funds held under reinsurance treaties 267   27  
 Amounts due to reinsurers 642   701  
 Losses in course of payment 151   241  
 Senior notes 2,352   2,350  
 Long-term notes 218   218  
 Borrowings from FHLB 1,019   1,019  
 Accrued interest on debt and borrowings 21   22  
 Unsettled securities payable —   84  
 Other liabilities 797   590  
 TOTAL LIABILITIES 47,054   42,466  

 Commitments and contingencies (Note 12)

 SHAREHOLDERS' EQUITY:
 Preferred shares, par value: $ 0.01 ; 50.0 shares authorized; no shares issued and outstanding
 —   —  
 Common shares, par value: $ 0.01 ; 200.0 shares authorized; 74.4 (2025) and 74.3 (2024)

 outstanding before treasury shares
 1   1  
 Additional paid-in capital 3,852   3,812  
 Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit)

 of $( 23 ) at 2025 and $( 177 ) at 2024
 ( 52 ) ( 1,138 )
 Treasury shares, at cost: 33.7 shares (2025) and 31.3 shares (2024)
 ( 4,906 ) ( 4,108 )
 Retained earnings 16,565   15,309  
 Total shareholders' equity 15,461   13,875  
 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 62,514   $ 56,341  

 The accompanying notes are an integral part of the consolidated financial statements.
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 EVEREST GROUP, LTD.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 AND COMPREHENSIVE INCOME (LOSS)

 Years Ended December 31,
 (In millions of U.S. dollars, except per share amounts) 2025 2024 2023
 REVENUES:
 Premiums earned $ 15,560   $ 15,187   $ 13,443  
 Net investment income 2,124   1,954   1,434  
 Total net gains (losses) on investments ( 143 ) 19   ( 276 )
 Other income (expense) ( 45 ) 121   ( 14 )
 Total revenues 17,496   17,281   14,587  

 CLAIMS AND EXPENSES:
 Incurred losses and loss adjustment expenses 10,859   11,305   8,427  
 Commission, brokerage, taxes and fees 3,461   3,300   2,952  
 Other underwriting expenses 1,029   938   846  
 Corporate expenses 109   95   73  
 Interest, fees and bond issue cost amortization expense 151   149   134  
 Total claims and expenses 15,609   15,787   12,432  

 INCOME (LOSS) BEFORE TAXES 1,887   1,493   2,154  
 Income tax expense (benefit) 296   120   ( 363 )

 NET INCOME (LOSS) $ 1,591   $ 1,373   $ 2,517  

 Other comprehensive income (loss), net of tax:
 Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period 740   ( 97 ) 743  
 Reclassification adjustment for realized losses (gains) included in net income (loss) 114   ( 12 ) 244  
 Total URA(D) on securities arising during the period 854   ( 109 ) 986  

 Foreign currency translation and other adjustments 242   ( 128 ) 59  

 Benefit plan actuarial net gain (loss) for the period ( 9 ) 34   15  
 Reclassification adjustment for amortization of net (gain) loss included in net income (loss) ( 1 ) ( 1 ) 2  
 Total benefit plan net gain (loss) for the period ( 10 ) 33   17  
 Total other comprehensive income (loss), net of tax 1,086   ( 204 ) 1,063  

 COMPREHENSIVE INCOME (LOSS) $ 2,678   $ 1,169   $ 3,580  

 EARNINGS PER COMMON SHARE:
 Basic $ 37.80   $ 31.78   $ 60.19  
 Diluted 37.80   31.78   60.19  

 The accompanying notes are an integral part of the consolidated financial statements.
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 EVEREST GROUP, LTD.
 CONSOLIDATED STATEMENTS OF
 CHANGES IN SHAREHOLDERS’ EQUITY

 Years Ended December 31,
 (In millions of U.S. dollars, except dividends per share amounts) 2025 2024 2023
 COMMON SHARES (shares outstanding):
 Balance beginning of period 43.0   43.4   39.2  
 Issued (redeemed) during the period, net 0.1   0.1   4.2  
 Treasury shares acquired ( 2.4 ) ( 0.5 ) —  
 Balance end of period 40.7   43.0   43.4  

 COMMON SHARES (par value):
 Balance beginning of period $ 1   $ 1   $ 1  
 Issued during the period, net —  —  — 
 Balance end of period 1   1   1  

 ADDITIONAL PAID-IN CAPITAL:
 Balance beginning of period 3,812   3,773   2,302  
 Public offering of shares —   —   1,445  
 Share-based compensation plans 40   39   26  
 Balance end of period 3,852   3,812   3,773  

 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES:
 Balance beginning of period ( 1,138 ) ( 934 ) ( 1,996 )
 Net increase (decrease) during the period 1,086   ( 204 ) 1,063  
 Balance end of period ( 52 ) ( 1,138 ) ( 934 )

 RETAINED EARNINGS:
 Balance beginning of period 15,309   14,270   12,042  
 Net income (loss) 1,591   1,373   2,517  
 Dividends declared ($ 8.00 per share 2025, $ 7.75 per share 2024 and $ 6.80 per share 2023)
 ( 335 ) ( 334 ) ( 288 )
 Balance end of period 16,565   15,309   14,270  

 TREASURY SHARES AT COST:
 Balance beginning of period ( 4,108 ) ( 3,908 ) ( 3,908 )
 Purchase of treasury shares ( 797 ) ( 200 ) —  
 Balance end of period ( 4,906 ) ( 4,108 ) ( 3,908 )

 TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD $ 15,461   $ 13,875   $ 13,202  

 The accompanying notes are an integral part of the consolidated financial statements.
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 EVEREST GROUP, LTD.
 CONSOLIDATED STATEMENTS OF CASH FLOWS

 Years Ended December 31,
 (In millions of U.S. dollars) 2025 2024 2023
 CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income (loss) $ 1,591   $ 1,373   $ 2,517  
 Adjustments to reconcile net income to net cash provided by operating activities:
 Decrease (increase) in premiums receivable ( 116 ) ( 715 ) ( 1,064 )
 Decrease (increase) in funds held by reinsureds, net 138   ( 81 ) ( 66 )
 Decrease (increase) in reinsurance recoverables ( 1,453 ) ( 1,091 ) 143  
 Decrease (increase) in income taxes 150   ( 277 ) ( 559 )
 Decrease (increase) in prepaid reinsurance premiums 360   ( 232 ) ( 46 )
 Increase (decrease) in reserve for losses and loss adjustment expenses 3,602   5,612   2,256  
 Increase (decrease) in unearned premiums ( 278 ) 809   1,387  
 Increase (decrease) in amounts due to reinsurers ( 235 ) 135   18  
 Increase (decrease) in losses in course of payment ( 98 ) 75   93  
 Change in equity adjustments in limited partnerships ( 364 ) ( 261 ) ( 168 )
 Distribution of limited partnership income 195   163   120  
 Change in other assets and liabilities, net ( 463 ) ( 431 ) ( 339 )
 Non-cash compensation expense 61   63   49  
 Amortization of bond premium (accrual of bond discount) ( 166 ) ( 167 ) ( 64 )
 Net (gains) losses on investments 143   ( 19 ) 276  
 Net cash provided by (used in) operating activities 3,068   4,957   4,553  

 CASH FLOWS FROM INVESTING ACTIVITIES:
 Proceeds from fixed maturities matured/called/repaid - available for sale 4,497   3,783   2,310  
 Proceeds from fixed maturities sold - available for sale 1,571   6,257   3,849  
 Proceeds from fixed maturities matured/called/repaid - held to maturity 199   157   105  
 Proceeds from fixed maturities sold - held to maturity 10   —   —  
 Proceeds from equity securities sold 56   37   126  
 Distributions from other invested assets 334   409   245  
 Cost of fixed maturities acquired - available for sale ( 10,364 ) ( 11,563 ) ( 10,653 )
 Cost of fixed maturities acquired - held to maturity ( 7 ) ( 49 ) ( 112 )
 Cost of equity securities acquired ( 9 ) ( 50 ) ( 17 )
 Cost of other invested assets acquired ( 507 ) ( 936 ) ( 902 )
 Net change in short-term investments 1,875   ( 2,494 ) ( 1,034 )
 Net change in unsettled securities transactions ( 83 ) ( 27 ) 181  
 Proceeds from sale of renewal rights 331   —   —  
 Net cash provided by (used in) investing activities ( 2,096 ) ( 4,478 ) ( 5,902 )

 CASH FLOWS FROM FINANCING ACTIVITIES:
 Common shares issued (redeemed) during the period for share-based compensation, net of expense ( 21 ) ( 24 ) ( 23 )
 Proceeds from public offering of common shares —   —   1,445  
 Purchase of treasury shares ( 797 ) ( 200 ) —  
 Dividends paid to shareholders ( 335 ) ( 334 ) ( 288 )

 Net FHLB borrowings (repayments) —   200   300  
 Cost of shares withheld on settlements of share-based compensation awards ( 22 ) ( 25 ) ( 24 )
 Net cash provided by (used in) financing activities ( 1,175 ) ( 383 ) 1,409  

 EFFECT OF EXCHANGE RATE CHANGES ON CASH ( 28 ) 16   ( 23 )

 Net increase (decrease) in cash ( 231 ) 112   38  
 Cash, beginning of period 1,549   1,437   1,398  
 Cash, end of period $ 1,318   $ 1,549   $ 1,437  

 SUPPLEMENTAL CASH FLOW INFORMATION:
 Income taxes paid (recovered) $ 150   $ 397   $ 196  
 Interest paid 150   147   130  

 NON-CASH TRANSACTIONS:

 Non-cash limited partnership distribution $ 8   $ 23   $ —  

 The accompanying notes are an integral part of the consolidated financial statements.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 Years Ended December 31, 2025, 2024 and 2023

 1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 A. Business and Basis of Presentation.
 Everest Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets.  As used in this document, “Company” means Group and its subsidiaries.
 In October 2025, the Company entered into definitive agreements to sell the renewal rights for certain lines of the Commercial Retail Insurance business in the U.S., U.K., E.U. and Asia Pacific American International Group, Inc. See Note 6 of the Notes to these Consolidated Financial Statements for more information. Additionally, effective October 1, 2025, the Company entered into adverse development reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company. See Note 4 of the Notes to these Consolidated Financial Statements for more information.
 The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  The statements include all of the following domestic and foreign direct and indirect subsidiaries of Group:  Everest International Reinsurance, Ltd. (“Everest International”), Everest Compañia de Seguros Generales Colombia S.A., Mt. Logan Re, Ltd. (“Mt. Logan Re”), Mt. Logan Insurance Managers, Ltd., Mt. Logan Management, Ltd., Everest International Holdings (Bermuda), Ltd. (“International Holdings”), Everest Corporate Member Limited, Everest Managing Agency Limited, Everest Service Company (U.K.), Ltd., Mt. Logan Capital Management, Ltd., Everest Preferred International Holdings, Ltd. (“Preferred International”), Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), Everest Re Advisors, Ltd., Everest Advisors (U.K.), Ltd., Everest Compañia de Seguros Generales Chile S.A. (“Everest Chile”), Compañia de Seguros Generales Everest Mexico S.A. de C.V., Everest Underwriting Group (Ireland) Limited (“Holdings Ireland”), Everest Global Services, Inc. (“Global Services”), Everest Insurance Company of Canada (“Everest Canada”), Premiere Insurance Underwriting Services (“Premiere”), Everest Dublin Insurance Holdings Limited (“Everest Dublin Holdings”), Everest Insurance (Ireland), dac (“Ireland Insurance”), Everest Reinsurance Company (Ireland), dac (“Ireland Re”), Everest Reinsurance Holdings, Inc. (“Holdings”), Salus Systems, LLC (“Salus”), Everest International Assurance, Ltd. (“Everest Assurance”), EverSports & Entertainment Insurance, Inc. (“EverSports”), SIG Sports, Leisure and Entertainment Risk Purchasing Group LLC (“Specialty RPG”), Mt. McKinley Managers, L.L.C., Everest Specialty Underwriters Services, LLC, Everest Reinsurance Company (“Everest Re”), Everest National Insurance Company (“Everest National”), Everest Reinsurance Company - Escritório de Representa ção No Brasil Ltda., Mt. Whitney Securities, LLC, Everest Indemnity Insurance Company (“Everest Indemnity”), Everest Denali Insurance Company (“Everest Denali”), Everest Premier Insurance Company (“Everest Premier”), Everest Security Insurance Company (“Everest Security”), Everest, Consultoría, Administración y Back Office, Sociedad de Responsabilidad Limitada de Capital Variable and Everest Servicios Colombia S.A.S.   All intercompany accounts and transactions have been eliminated. All amounts are reported in United States (“U.S.”) dollars.
 The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.
 Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2025 presentation.
 B. Investments and Cash.
 Fixed maturity securities designated as available for sale reflect unrealized appreciation and depreciation, as a result of changes in fair value during the period, in shareholders’ equity, net of income taxes in “accumulated other comprehensive income (loss)” in the consolidated balance sheets. The Company reviews all of its fixed maturity, available for sale securities whose fair value has fallen below their amortized cost at the time of review. The Company then assesses whether the decline in value is due to non-credit related or credit related factors. In making its assessment, the
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 Company evaluates the current market and interest rate environment as well as specific issuer information. Generally, a change in a security’s value caused by a change in the market, interest rate or foreign exchange environment does not constitute a credit impairment, but rather a non-credit related decline in fair value. Non-credit related declines in fair value are recorded as unrealized losses in accumulated other comprehensive income (loss). If the Company intends to sell the impaired security or is more likely than not to be required to sell the security before an anticipated recovery in value, the Company records the entire impairment in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). If the Company determines that the decline is credit related and the Company does not have the intent to sell the security; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, the Company establishes a credit allowance equal to the estimated credit loss and is recorded in net gains (losses) on investments in the Company’s consolidated statements of operations and comprehensive income (loss). The determination of credit related or non-credit related impairment is first based on an assessment of qualitative factors, which may determine that a qualitative analysis is sufficient to support the conclusion that the present value of expected cash flows equals or exceeds the security’s amortized cost basis. However, if the qualitative assessment suggests a credit loss may exist, a quantitative assessment is performed, and the amount of the allowance for a given security will generally be the difference between a discounted cash flow model and the Company’s carrying value. The Company will adjust the credit allowan…

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EX-23.1
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 EX-23.1

 Exhibit 23.1
 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 We consent to the incorporation by reference in the registration statements on Form S-3 (No. 333-282149) and Forms S-8 (Nos. 333-289357; 333-238962; 333-169698; 333-105483; and 333-97049) of our report dated February 26, 2026, except for the effects of the change in segment reporting discussed in Notes 1, 4, and 7 and in Schedule III, as to which the date is June 3, 2026, with respect to the consolidated financial statements of Everest Group, Ltd.
 /s/ KPMG LLP
 New York, New York
 June 3, 2026

EX-23.2 · eg-20251231xexx232recastco.htm

EX-23.2
 3
 eg-20251231xexx232recastco.htm
 EX-23.2

 Exhibit 23.2
 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-282149) and Forms S-8 (Nos. 333-289357; 333-238962; 333-169698; 333-105483; and 333-97049) of Everest Group, Ltd. of our report dated February 28, 2024, except for the changes in segment presentation discussed in Note 7 (not presented herein) to the consolidated financial statements appearing under Item 15 of the Company’s 2025 Annual Report on Form 10-K, as to which the date is February 27, 2025, relating to the financial statements and financial statement schedules, which appears in Everest Group, Ltd.'s Current Report on Form 8-K dated June 3, 2026.
 /s/ PricewaterhouseCoopers LLP
 New York, NY
 June 3, 2026