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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company operates through two operating segments. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda, and Ireland offices, as well as, through branches in Canada, Singapore, the UK and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Bermuda, Canada, Chile, Singapore, the UK, Ireland, and branches located in the UK, the Netherlands, France, Germany and Spain. The two 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. Our two operating segments 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 Everest Group, Ltd., 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. During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively. The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and loss adjustment expenses (“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 following tables present the underwriting results for our segments for the periods indicated:
| Year Ended December 31, 2023
(Dollars in millions) | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 11,460 |  |  | $ | 5,177 |  |  | $ | 16,637 |
Net written premiums | 10,802 |  |  | 3,929 |  |  | 14,730 |
Premiums earned | $ | 9,799 |  |  | $ | 3,644 |  |  | $ | 13,443 |
Incurred losses and LAE | 5,696 |  |  | 2,732 |  |  | 8,427 |
Commission and brokerage | 2,520 |  |  | 432 |  |  | 2,952 |
Other underwriting expenses | 255 |  |  | 591 |  |  | 846 |
Underwriting gain (loss) | $ | 1,328 |  |  | $ | (109) |  |  | $ | 1,219 |
Net investment income |  |  |  |  | 1,434 |
Net gains (losses) on investments |  |  |  |  | (276) |
Corporate expenses |  |  |  |  | (73) |
Interest, fee and bond issue cost amortization expense |  |  |  |  | (134) |
Other income (expense) |  |  |  |  | (14) |
Income (loss) before taxes |  |  |  |  | $ | 2,154 |
| Year Ended December 31, 2022
(Dollars in millions) | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 9,248 |  |  | $ | 4,704 |  |  | $ | 13,952 |
Net written premiums | 8,919 |  |  | 3,426 |  |  | 12,344 |
Premiums earned | $ | 8,598 |  |  | $ | 3,189 |  |  | $ | 11,787 |
Incurred losses and LAE | 5,966 |  |  | 2,134 |  |  | 8,100 |
Commission and brokerage | 2,116 |  |  | 413 |  |  | 2,528 |
Other underwriting expenses | 217 |  |  | 464 |  |  | 682 |
Underwriting gain (loss) | $ | 300 |  |  | $ | 178 |  |  | $ | 477 |
Net investment income |  |  |  |  | 830 |
Net gains (losses) on investments |  |  |  |  | (455) |
Corporate expenses |  |  |  |  | (61) |
Interest, fee and bond issue cost amortization expense |  |  |  |  | (101) |
Other income (expense) |  |  |  |  | (102) |
Income (loss) before taxes |  |  |  |  | $ | 588 |
| Year Ended December 31, 2021
(Dollars in millions) | Reinsurance |  | Insurance |  | Total
Gross written premiums | $ | 9,018 |  |  | $ | 4,032 |  |  | $ | 13,050 |
Net written premiums | 8,488 |  |  | 2,958 |  |  | 11,446 |
Premiums earned | $ | 7,708 |  |  | $ | 2,698 |  |  | $ | 10,406 |
Incurred losses and LAE | 5,543 |  |  | 1,848 |  |  | 7,391 |
Commission and brokerage | 1,833 |  |  | 376 |  |  | 2,209 |
Other underwriting expenses | 198 |  |  | 385 |  |  | 583 |
Underwriting gain (loss) | $ | 135 |  |  | $ | 89 |  |  | $ | 224 |
Net investment income |  |  |  |  | 1,165 |
Net gains (losses) on investments |  |  |  |  | 258 |
Corporate expenses |  |  |  |  | (68) |
Interest, fee and bond issue cost amortization expense |  |  |  |  | (70) |
Other income (expense) |  |  |  |  | 37 |
Income (loss) before taxes |  |  |  |  | $ | 1,546 |
The following table below presents gross written premiums by geographic region. Allocations have been made on the basis of location of risk.
| United States |  | Europe |  | All other
2023 | 58 | % |  | 24 | % |  | 18 | %
2022 | 63 | % |  | 22 | % |  | 15 | %
2021 | 64 | % |  | 20 | % |  | 15 | %
Approximately 20.4%, 20.0% and 20.5% of the Company’s gross written premiums in 2023, 2022 and 2021, respectively, were sourced through the Company’s largest intermediary.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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