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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT |
| December 31,
(Dollars and share amounts in millions, except par value per share) | 2023 |  | 2022
ASSETS: |  |  |
Fixed maturities - available for sale (amortized cost: 2023, $0; 2022, $0) | $ | — |  |  | $ | — |
Other invested assets (cost: 2023, $38; 2022, $0) | 38 |  |  | — |
Cash | 9 |  |  | 22 |
Investment in subsidiaries, at equity in the underlying net assets | 14,832 |  |  | 11,116 |
Long-term notes receivable, affiliated | 50 |  |  | — |
Accrued investment income | 2 |  |  | — |
Receivable from subsidiaries | 13 |  |  | 11 |
Other assets | 46 |  |  | 43 |
TOTAL ASSETS | $ | 14,989 |  |  | $ | 11,192 |
LIABILITIES: |  |  |
Long-term notes payable, affiliated | $ | 1,773 |  |  | $ | 2,738 |
Due to subsidiaries | 8 |  |  | 4 |
Other liabilities | 6 |  |  | 9 |
Total liabilities | 1,787 |  |  | 2,751 |
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; (2023) 74.2 and (2022) 69.9 outstanding before treasury shares | 1 |  |  | 1 |
Additional paid-in capital | 3,773 |  |  | 2,302 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($99) at 2023 and $(250) at 2022 | (934) |  |  | (1,996) |
Treasury shares, at cost; 30.8 shares (2023) and 30.8 shares (2022) | (3,908) |  |  | (3,908) |
Retained earnings | 14,270 |  |  | 12,042 |
Total shareholders' equity | 13,202 |  |  | 8,441 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 14,989 |  |  | $ | 11,192 |
(Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF OPERATIONS
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
(Dollars in millions) |  |  |  |  |
REVENUES: |  |  |  |  |
Net investment income | $ | 4 |  |  | $ | — |  |  | $ | — |
Other income (expense) | 8 |  |  | — |  |  | — |
Net income (loss) of subsidiaries | 2,641 |  |  | 648 |  |  | 1,416 |
Total revenues | 2,653 |  |  | 648 |  |  | 1,416 |
EXPENSES: |  |  |  |  |
Interest expense - affiliated | 87 |  |  | 13 |  |  | 6 |
Other expenses | 49 |  |  | 38 |  |  | 31 |
Total expenses | 136 |  |  | 51 |  |  | 37 |
INCOME (LOSS) BEFORE TAXES | 2,517 |  |  | 597 |  |  | 1,379 |
NET INCOME (LOSS) | $ | 2,517 |  |  | $ | 597 |  |  | $ | 1,379 |
Other comprehensive income (loss) of subsidiaries, net of tax | 1,063 |  |  | (2,008) |  |  | (523) |
COMPREHENSIVE INCOME (LOSS) | $ | 3,580 |  |  | $ | (1,411) |  |  | $ | 856 |
(Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
(Dollars in millions, except share amounts) | 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net income (loss) | $ | 2,517 |  |  | $ | 597 |  |  | $ | 1,379 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in retained (earnings) deficit of subsidiaries | (2,641) |  |  | (648) |  |  | (1,416) |
Cash dividends received from subsidiaries | 365 |  |  | 476 |  |  | 320 |
Change in other assets and liabilities, net | (8) |  |  | 28 |  |  | 3 |
Increase (decrease) in due to/from affiliates | 2 |  |  | 2 |  |  | 8 |
Amortization of bond premium (accrual of bond discount) | — |  |  | — |  |  | — |
Net (gains) losses on investments | — |  |  | — |  |  | — |
Non-cash compensation expense | 3 |  |  | 2 |  |  | 2 |
Net cash provided by (used in) operating activities | 238 |  |  | 457 |  |  | 296 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Additional investment in subsidiaries | (377) |  |  | (824) |  |  | (120) |
Proceeds from fixed maturities matured/called - available for sale | — |  |  | — |  |  | — |
Proceeds from fixed maturities sold - available for sale | 23 |  |  | — |  |  | — |
Distribution from other invested assets | 441 |  |  | 237 |  |  | 607 |
Cost of fixed maturities acquired - available for sale | (23) |  |  | — |  |  | — |
Cost of other invested assets acquired | (479) |  |  | (26) |  |  | (535) |
Net change in short-term investments | — |  |  | — |  |  | — |
Proceeds from repayment of long term notes receivable - affiliated | 50 |  |  | — |  |  | — |
(Issuance) of long term notes receivable - affiliated | (100) |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | (465) |  |  | (613) |  |  | (48) |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Common shares issued during the period, net | 23 |  |  | 26 |  |  | 27 |
Proceeds from public offering of common shares | 1,445 |  |  | — |  |  | — |
Purchase of treasury shares | — |  |  | (61) |  |  | (225) |
Dividends paid to shareholders | (288) |  |  | (255) |  |  | (247) |
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated | (965) |  |  | 465 |  |  | 200 |
Net cash provided by (used in) financing activities | 215 |  |  | 175 |  |  | (245) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | — |
Net increase (decrease) in cash | (13) |  |  | 19 |  |  | 2 |
Cash, beginning of period | 22 |  |  | 3 |  |  | 1 |
Cash, end of period | $ | 9 |  |  | $ | 22 |  |  | $ | 3 |
Non-Cash Transactions: |  |  |  |  |
Dividend of 4,297,463 shares of Everest Group, Ltd. (“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary | $ | — |  |  | $ | 1,405 |  |  | $ | — |
Issuance of $1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings | — |  |  | 1,773 |  |  | — |
Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd. | — |  |  | 3,178 |  |  | — |
(Some amounts may not reconcile due to rounding.) See notes to consolidated financial statements. SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL INFORMATION 1.)The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and related notes of Everest Group, Ltd. and its subsidiaries. 2.)Everest Group, Ltd. entered into a $300 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of December, 2019. The note was scheduled to pay interest annually at a rate of 1.69% and was scheduled to mature in December 2028. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd. 3.)Everest Group, Ltd. entered into a $200 million long-term note agreement with Everest Reinsurance Company, an affiliated company, as of August 2021. The note was scheduled to pay interest annually at a rate of 1.00% and was scheduled to mature in August 2030. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd. 4.)Everest Group, Ltd. entered into a $215 million long-term-note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of June 2022. The note was scheduled to pay interest annually at a rate of 3.11% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd. 5.)Everest Group, Ltd. entered into a $125 million long-term note agreement with Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in June 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd. 6.)Everest Group, Ltd. entered into a $125 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2022. The note was scheduled to pay interest annually at a rate of 4.34% and was scheduled to mature in December 2052. However, the note was paid off in full in May 2023 and is no longer outstanding as of December 31, 2023. At December 31, 2022, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd. 7.)Everest Group, Ltd. entered into a $1.8 billion long-term note agreement with Everest Preferred International Holdings, an affiliated company, as of December 2022. The note will pay interest annually at a rate of 4.34% and is scheduled to mature in December 2052. At December 31, 2023, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd. 8.)Everest Group, Ltd. issued a $100 million long-term note agreement to Everest Reinsurance Bermuda, an affiliated company, as of May 2023. The note will pay interest annually at a rate of 3.72% and is scheduled to mature in May 2053. Everest Reinsurance Bermuda repaid $50 million to Everest Group, Ltd. in September 2023 which leaves $50 million outstanding as of December 31, 2023. At December 31, 2023, this transaction was included within long-term notes receivable, affiliated in the condensed balance sheets of Everest Group, Ltd. 9.)Everest Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, Ltd. (“Mt. Logan Re”), an affiliated entity. On the condensed balance sheets, investments in Mt. Logan Re valued at $46 million and $65 million as of December 31, 2023 and 2022, respectively, have been recorded within other assets. On the condensed statements of operations, income (expense) of $8.5 million, $(0.9) million and $(1.3) million for the years ended December 31, 2023, 2022 and 2021, respectively, have been recorded in other income (expense).

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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