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SEGMENT REPORTING
 12 Months Ended
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)ReinsuranceInsuranceTotal
Gross written premiums$11,460 $5,177 $16,637 
Net written premiums10,802 3,929 14,730 
Premiums earned$9,799 $3,644 $13,443 
Incurred losses and LAE5,696 2,732 8,427 
Commission and brokerage2,520 432 2,952 
Other underwriting expenses255 591 846 
Underwriting gain (loss)$1,328 $(109)$1,219 
Net investment income1,434 
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)ReinsuranceInsuranceTotal
Gross written premiums$9,248 $4,704 $13,952 
Net written premiums8,919 3,426 12,344 
Premiums earned$8,598 $3,189 $11,787 
Incurred losses and LAE5,966 2,134 8,100 
Commission and brokerage2,116 413 2,528 
Other underwriting expenses217 464 682 
Underwriting gain (loss)$300 $178 $477 
Net investment income830 
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)ReinsuranceInsuranceTotal
Gross written premiums$9,018 $4,032 $13,050 
Net written premiums8,488 2,958 11,446 
Premiums earned$7,708 $2,698 $10,406 
Incurred losses and LAE5,543 1,848 7,391 
Commission and brokerage1,833 376 2,209 
Other underwriting expenses198 385 583 
Underwriting gain (loss)$135 $89 $224 
Net investment income1,165 
Net gains (losses) on investments258 
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 StatesEuropeAll other
202358 %24 %18 %
202263 %22 %15 %
202164 %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.