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SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II — CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED BALANCE SHEETS
December 31,
(Dollars and share amounts in millions, except par value per share)20242023
ASSETS:
Other invested assets (cost: 2024, $63; 2023, $38)
$63 $38 
Short-term investments8 — 
Cash5 9 
Investment in subsidiaries, at equity in the underlying net assets15,329 14,832 
Long-term notes receivable, affiliated600 50 
Accrued investment income— 2 
Receivable from subsidiaries17 13 
Other assets37 46 
TOTAL ASSETS$16,059 $14,989 
LIABILITIES:
Long-term notes payable, affiliated$2,173 $1,773 
Due to subsidiaries9 8 
Other liabilities2 6 
Total liabilities2,184 1,787 
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 
Additional paid-in capital3,812 3,773 
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) of ($177) at 2024 and $(99) at 2023
(1,138)(934)
Treasury shares, at cost; 31.3 shares (2024) and 30.8 shares (2023)
(4,108)(3,908)
Retained earnings15,309 14,270 
Total shareholders' equity13,875 13,202 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$16,059 $14,989 
(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,
202420232022
(Dollars in millions)
REVENUES:
Net investment income$5 $4 $— 
Other income (expense)7 8 — 
Net income (loss) of subsidiaries1,510 2,641 648 
Total revenues1,522 2,653 648 
EXPENSES:
Interest expense - affiliated77 87 13 
Other expenses71 49 38 
Total expenses148 136 51 
INCOME (LOSS) BEFORE TAXES1,373 2,517 597 
NET INCOME (LOSS)$1,373 $2,517 $597 
Other comprehensive income (loss) of subsidiaries, net of tax(204)1,063 (2,008)
COMPREHENSIVE INCOME (LOSS)$1,169 $3,580 $(1,411)
(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)202420232022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$1,373 $2,517 $597 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in retained (earnings) deficit of subsidiaries(1,510)(2,641)(648)
Cash dividends received from subsidiaries969 365 476 
Change in other assets and liabilities, net7 (8)28 
Increase (decrease) in due to/from affiliates(3)2 2 
Non-cash compensation expense2 3 2 
Net cash provided by (used in) operating activities839 238 457 
CASH FLOWS FROM INVESTING ACTIVITIES:
Additional investment in subsidiaries(161)(377)(824)
Proceeds from fixed maturities sold - available for sale— 23 — 
Distribution from other invested assets826 441 237 
Cost of fixed maturities acquired - available for sale— (23)— 
Cost of other invested assets acquired(852)(479)(26)
Net change in short-term investments(8)— — 
Proceeds from repayment of long term notes receivable - affiliated50 50 — 
(Issuance) of long term notes receivable - affiliated(600)(100)— 
Net cash provided by (used in) investing activities(745)(465)(613)
CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period, net36 23 26 
Proceeds from public offering of common shares— 1,445 — 
Purchase of treasury shares(200)— (61)
Dividends paid to shareholders(334)(288)(255)
Proceeds from issuance (cost of repayment) of long term notes payable - affiliated400 (965)465 
Net cash provided by (used in) financing activities(98)215 175 
EFFECT OF EXCHANGE RATE CHANGES ON CASH— — — 
Net increase (decrease) in cash(4)(13)19 
Cash, beginning of period9 22 3 
Cash, end of period$5 $9 $22 
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.
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.
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.
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.
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.
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, 2024, 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 and $50 million in May 2024 and the note is no longer outstanding as of December 31, 2024.
9.)Everest Group, Ltd. issued a $600 million long-term note agreement to Everest Reinsurance Holdings, Inc., an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes receivable, affiliated in the condensed balance sheets of Everest Group, Ltd.
10.)Everest Group, Ltd. entered into a $100 million long-term note agreement with Everest International Reinsurance, an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.
11.)Everest Group, Ltd. entered into a $300 million long-term note agreement with Everest Reinsurance Bermuda, an affiliated company, as of December 2024. The note will pay interest annually at a rate of 4.30% and is scheduled to mature in December 2027. At December 31, 2024, this transaction was included within long-term notes payable, affiliated in the condensed balance sheets of Everest Group, Ltd.
12.)Everest Group, Ltd. has invested funds in the segregated accounts of Mt. Logan Re, an affiliated entity. On the condensed balance sheets, investments in Mt. Logan Re valued at $39 million and $46 million as of December 31,
2024 and 2023, respectively, have been recorded within other assets. On the condensed statements of operations, income (expense) of $8 million, $8 million and $(1) million for the years ended December 31, 2024, 2023 and 2022, respectively, have been recorded in other income (expense).