Everest Group, Ltd. Files Q2 2024 10-Q

TL;DR

Everest Group's Q2 10-Q is in. Financials look solid, check the details.

AI Summary

Everest Group, Ltd. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the insurance and reinsurance markets.

Why It Matters

This filing provides investors and analysts with crucial financial data and insights into Everest Group's performance and strategic positioning in the insurance sector for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q2 2024 — Quarterly Period (Financial reporting period)
• 20240630 — End of Period Date (Specific date for financial reporting)

Key Players & Entities

• EVEREST GROUP, LTD. (company) — Filer
• 20240630 (date) — Period of Report
• 20240802 (date) — Filing Date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
• HAMILTON (location) — Business Address City
• WARREN (location) — Mail Address City

FAQ

Key Financial Figures

• $0.01 — hange where Registered Common Shares, $0.01 par value EG New York Stock Exchange

Filing Documents

• eg-20240630.htm (10-Q) — 2731KB
• eg-20240630xexx105.htm (EX-10.5) — 308KB
• eg-20240630xexx311.htm (EX-31.1) — 9KB
• eg-20240630xexx312.htm (EX-31.2) — 9KB
• eg-20240630xexx321.htm (EX-32.1) — 7KB
• image_0.jpg (GRAPHIC) — 34KB
• 0001095073-24-000037.txt ( ) — 14158KB
• eg-20240630.xsd (EX-101.SCH) — 63KB
• eg-20240630_cal.xml (EX-101.CAL) — 101KB
• eg-20240630_def.xml (EX-101.DEF) — 332KB
• eg-20240630_lab.xml (EX-101.LAB) — 773KB
• eg-20240630_pre.xml (EX-101.PRE) — 584KB
• eg-20240630_htm.xml (XML) — 3159KB

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 4 Notes to Consolidated Interim Financial Statements (unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 49 Table of Contents 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 our expectations. Important factors that could cause actual events or results to be materially different from our expectations are discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC") including, but not limited to, those described under the caption "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K (the "Form 10-K filing"). These include: the effects of catastrophic events on our financial statements; losses from catastrophe exposure that exceed our projections; information regarding our reserves for losses and loss adjustment expenses ("LAE"); 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 reinsurance; our ability to maintain our financial strength ratings; the failure of our insured, intermediaries and reinsurers to satisfy their obli

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS EVEREST GROUP, LTD. CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (In millions of U.S. dollars, except par value per share) (unaudited) ASSETS: Fixed maturities - available for sale, at fair value $ 29,031 $ 27,740 (amortized cost: 2024, $ 30,134 ; 2023, $ 28,568 , credit allowances: 2024, $( 42 ); 2023, $( 48 )) Fixed maturities - held to maturity, at amortized cost (fair value: 2024, $ 788 ; 2023, $ 854 , net of credit allowances: 2024, $( 8 ); 2023, $( 8 )) 787 855 Equity securities, at fair value 219 188 Other invested assets 4,994 4,794 Short-term investments 2,464 2,127 Cash 1,570 1,437 Total investments and cash 39,065 37,142 Accrued investment income 360 324 Premiums receivable (net of credit allowances: 2024, $( 45 ); 2023, $( 41 )) 5,403 4,768 Reinsurance paid loss recoverables (net of credit allowances: 2024, $( 29 ); 2023, $( 26 )) 254 164 Reinsurance unpaid loss recoverables 2,151 2,098 Funds held by reinsureds 1,189 1,135 Deferred acquisition costs 1,422 1,247 Prepaid reinsurance premiums 806 713 Income tax asset, net 927 868 Other assets (net of credit allowances: 2024, $( 9 ); 2023, $( 9 )) 983 941 TOTAL ASSETS $ 52,560 $ 49,399 LIABILITIES: Reserve for losses and loss adjustment expenses $ 25,853 $ 24,604 Unearned premium reserve 7,313 6,622 Funds held under reinsurance treaties 13 24 Amounts due to reinsurers 869 650 Losses in course of payment 289 171 Senior notes 2,349 2,349 Long-term notes 218 218 Borrowings from FHLB 819 819 Accrued interest on debt and borrowings 22 22 Unsettled securities payable 175 137 Other liabilities 458 582 Total liabilities 38,378 36,197 Commitments and contingencies (Note 11) 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; (2024) 74.3 and (2023) 74.2 outstanding before treasury shares 1 1

View Full Filing

View this 10-Q filing on SEC EDGAR