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us-gaap:SubsequentEventMember 2025-10-26 2025-10-26
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

| X |  | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|  |  | For the quarterly period ended September 30, 2025
|  |  | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 1-15731
EVEREST GROUP, LTD.
(Exact name of registrant as specified in its charter)

Bermuda |  | 98-0365432
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

Seon Place – 4th Floor 141 Front Street PO Box HM 845 Hamilton Bermuda |  | HM 19
(Address of principal executive offices) |  | (Zip Code)

441-295-0006
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Class |  | Trading Symbol |  | Name of Exchange where Registered |  |
Common Shares, $0.01 par value |  | EG |  | New York Stock Exchange |  |

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes | X |  | No |

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes | X |  | No |

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | X |  | Accelerated filer |
Non-accelerated filer |  |  | Smaller reporting company |
|  |  | Emerging growth company |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes |  |  | No | X

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class |  |  |  |  |  | Number of Shares Outstanding at October 24, 2025
Common Shares, $0.01 par value |  |  |  |  |  | 41,978,058

Table of Contents
EVEREST GROUP, LTD.
Table of Contents
Form 10-Q

|  | Page
| PART I |
| FINANCIAL INFORMATION |
Item 1. | Financial Statements |
| Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 | 1
| Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (unaudited) | 2
| Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited) | 3
| Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited) | 4
| Notes to Consolidated Interim Financial Statements (unaudited) | 5
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 32
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 50
Item 4. | Controls and Procedures | 50
| PART II |
| OTHER INFORMATION |
Item 1. | Legal Proceedings | 51
Item 1A. | Risk Factors | 51
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 51
Item 3. | Defaults Upon Senior Securities | 51
Item 4. | Mine Safety Disclosures | 51
Item 5. | Other Information | 51
Item 6. | Exhibits | 52

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 those expressed in forward-looking statements. Important factors that could cause actual events or results to be materially different from our forward-looking statements 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 results;
•losses from catastrophe exposure that exceed our projections;
•insufficient reserves for losses and loss adjustment expenses (“LAE”) due to the impact of social inflation or other factors;
•greater-than-expected loss ratios on business written by us and adverse development on claim and/or claim expense liabilities related to business written by our insurance and reinsurance subsidiaries;
•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 adequate reinsurance;
•our ability to maintain our financial strength ratings;
•our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of the renewal rights for our retail commercial insurance business;
•the failure of our insureds, intermediaries and reinsurers to satisfy their obligations to us;
•decline in our investment values and investment income due to exposure to financial markets conditions;
•the failure to maintain enough cash to meet near-term financial obligations;
•our ability to pay dividends, interest and principal, which is dependent on our ability to receive dividends, loan payments and other funds from subsidiaries in our holding company structure;
•reduced net income and capital levels due to foreign currency exchange losses;
•our sensitivity to unanticipated levels of inflation;
•the effects of measures taken by domestic or foreign governments on our business, including but not limited to the impact of tariffs imposed or threatened by the U.S. or foreign governments;
•our ability to attract and retain key executive officers and the executives and employees necessary to manage our business;
•the effect of cybersecurity risks, including technology breaches or failure, and regulatory and legislative developments related to cybersecurity on our business;
•our dependence on brokers and agents for business development;
•material variation of analytical models used in decision making from actual results;
•the effects of business continuation risk on our operations;
•the effect on our business of the highly competitive nature of our industry, including the effects of new entrants to, competing products for and consolidation in the (re)insurance industry;
•an anti-takeover effect caused by insurance laws and provisions in the bye-laws of Group (as defined in Part I below);
•the difficulty investors in Group may have in protecting their interests compared to investors in a U.S. corporation;
•our failure to comply with insurance laws and regulations and other regulatory challenges;
•the ability of Bermuda Re (as defined in Part I below) to obtain licenses or admittance in additional jurisdictions to develop its business;
•the ability of Bermuda Re to arrange for security to back its reinsurance impacting its ability to write reinsurance;
•changes in international and U.S. tax laws;
•the effect on Group and/or Bermuda Re should it/they become subject to taxes in jurisdictions where not currently subject to taxation; and
•the ability of subsidiary entities to pay dividends.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EVEREST GROUP, LTD.
CONSOLIDATED BALANCE SHEETS

| September 30, |  | December 31,
(In millions of U.S. dollars, except par value per share) | 2025 |  | 2024
| (unaudited) |  |
ASSETS: |  |  |
Fixed maturities - available for sale, at fair value | $ | 33,912 |  |  | $ | 28,908 |
(amortized cost: 2025, $34,049; 2024, $29,934, credit allowances: 2025, $(51); 2024, $(36)) |  |  |
Fixed maturities - held to maturity, at amortized cost |  |  |
(fair value: 2025, $613; 2024, $759, net of credit allowances: 2025, $(6); 2024, $(8)) | 604 |  |  | 757 |
Equity securities, at fair value | 177 |  |  | 217 |
Other invested assets | 5,709 |  |  | 5,392 |
Short-term investments | 3,890 |  |  | 4,707 |
Cash | 1,539 |  |  | 1,549 |
Total investments and cash | 45,831 |  |  | 41,531 |
Accrued investment income | 421 |  |  | 368 |
Premiums receivable (net of credit allowances: 2025, $(68); 2024, $(54)) | 6,017 |  |  | 5,378 |
Reinsurance paid loss recoverables (net of credit allowances: 2025, $(48); 2024, $(41)) | 378 |  |  | 207 |
Reinsurance unpaid loss recoverables | 3,511 |  |  | 2,915 |
Funds held by reinsureds | 1,256 |  |  | 1,218 |
Deferred acquisition costs | 1,542 |  |  | 1,461 |
Prepaid reinsurance premiums | 926 |  |  | 869 |
Income tax asset, net | 1,009 |  |  | 1,223 |
Other assets (net of credit allowances: 2025, $(10); 2024, $(9)) | 1,348 |  |  | 1,171 |
TOTAL ASSETS | $ | 62,240 |  |  | $ | 56,341 |
LIABILITIES: |  |  |
Reserve for losses and loss adjustment expenses | $ | 33,742 |  |  | $ | 29,889 |
Unearned premium reserve | 7,489 |  |  | 7,324 |
Funds held under reinsurance treaties | 16 |  |  | 27 |
Amounts due to reinsurers | 1,084 |  |  | 701 |
Losses in course of payment | 228 |  |  | 241 |
Senior notes | 2,351 |  |  | 2,350 |
Long-term notes | 218 |  |  | 218 |
Borrowings from FHLB | 1,019 |  |  | 1,019 |
Accrued interest on debt and borrowings | 43 |  |  | 22 |
Unsettled securities payable | 17 |  |  | 84 |
Other liabilities | 658 |  |  | 590 |
Total liabilities | 46,864 |  |  | 42,466 |
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; 74.4 (2025) and 74.3 (2024) |  |  |
outstanding before treasury shares | 1 |  |  | 1 |
Additional paid-in capital | 3,835 |  |  | 3,812 |
Accumulated other comprehensive income (loss), net of deferred income tax expense (benefit) |  |  |
of $(43) at 2025 and $(177) at 2024 | (154) |  |  | (1,138) |
Treasury shares, at cost; 32.5 shares (2025) and 31.3 shares (2024) | (4,508) |  |  | (4,108) |
Retained earnings | 16,202 |  |  | 15,309 |
Total shareholders' equity | 15,375 |  |  | 13,875 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 62,240 |  |  | $ | 56,341 |

The accompanying notes are an integral part of the consolidated financial statements.
1

Table of Contents
EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions of U.S. dollars, except per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
| (unaudited) |  | (unaudited)
REVENUES: |  |  |  |  |  |  |
Premiums earned | $ | 3,855 |  |  | $ | 3,918 |  |  | $ | 11,698 |  |  | $ | 11,262 |
Net investment income | 540 |  |  | 496 |  |  | 1,563 |  |  | 1,481 |
Net gains (losses) on investments | (47) |  |  | (27) |  |  | (59) |  |  | (50) |
Other income (expense) | (29) |  |  | (102) |  |  | (129) |  |  | (48) |
Total revenues | 4,319 |  |  | 4,285 |  |  | 13,073 |  |  | 12,645 |
CLAIMS AND EXPENSES: |  |  |  |  |  |  |
Incurred losses and loss adjustment expenses | 2,837 |  |  | 2,584 |  |  | 8,203 |  |  | 7,132 |
Commission, brokerage, taxes and fees | 890 |  |  | 826 |  |  | 2,595 |  |  | 2,398 |
Other underwriting expenses | 258 |  |  | 236 |  |  | 750 |  |  | 694 |
Corporate expenses | 27 |  |  | 25 |  |  | 79 |  |  | 69 |
Interest, fees and bond issue cost amortization expense | 38 |  |  | 38 |  |  | 114 |  |  | 112 |
Total claims and expenses | 4,050 |  |  | 3,708 |  |  | 11,740 |  |  | 10,404 |
INCOME (LOSS) BEFORE TAXES | 269 |  |  | 577 |  |  | 1,332 |  |  | 2,241 |
Income tax expense (benefit) | 14 |  |  | 68 |  |  | 187 |  |  | 275 |
NET INCOME (LOSS) | $ | 255 |  |  | $ | 509 |  |  | $ | 1,145 |  |  | $ | 1,966 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Unrealized appreciation (depreciation) ("URA(D)") of securities arising during the period | 129 |  |  | 704 |  |  | 714 |  |  | 477 |
Reclassification adjustment for realized losses (gains) included in net income (loss) | 37 |  |  | 30 |  |  | 48 |  |  | 44 |
Total URA(D) of securities arising during the period | 165 |  |  | 734 |  |  | 762 |  |  | 521 |
Foreign currency translation and other adjustments | 1 |  |  | 83 |  |  | 230 |  |  | 45 |
Reclassification adjustment for amortization of net (gain) loss included in net income (loss) | — |  |  | — |  |  | (8) |  |  | 24 |
Total benefit plan net gain (loss) for the period | — |  |  | — |  |  | (8) |  |  | 24 |
Total other comprehensive income (loss), net of tax | 167 |  |  | 816 |  |  | 984 |  |  | 590 |
COMPREHENSIVE INCOME (LOSS) | $ | 422 |  |  | $ | 1,325 |  |  | $ | 2,129 |  |  | $ | 2,556 |
EARNINGS PER COMMON SHARE: |  |  |  |  |  |  |
Basic | $ | 6.09 |  |  | $ | 11.80 |  |  | $ | 27.06 |  |  | $ | 45.40 |
Diluted | 6.09 |  |  | 11.80 |  |  | 27.06 |  |  | 45.40 |

The accompanying notes are an integral part of the consolidated financial statements.
2

Table of Contents
EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS’ EQUITY

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions of U.S. dollars, except dividends per share amounts) | 2025 |  | 2024 |  | 2025 |  | 2024
| (unaudited) |  | (unaudited)
COMMON SHARES (shares outstanding): |  |  |  |  |  |  |
Balance beginning of period | 41.9 |  |  | 43.3 |  |  | 43.0 |  |  | 43.4 |
Issued (redeemed) during the period, net | — |  |  | — |  |  | 0.2 |  |  | 0.1 |
Treasury shares acquired | — |  |  | (0.3) |  |  | (1.2) |  |  | (0.5) |
Balance end of period | 42.0 |  |  | 43.0 |  |  | 42.0 |  |  | 43.0 |
COMMON SHARES (par value): |  |  |  |  |  |  |
Balance beginning of period | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Issued during the period, net | — |  |  | — |  |  | — |  |  | — |
Balance end of period | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
ADDITIONAL PAID-IN CAPITAL: |  |  |  |  |  |  |
Balance beginning of period | 3,818 |  |  | 3,785 |  |  | 3,812 |  |  | 3,773 |
Share-based compensation plans | 17 |  |  | 14 |  |  | 24 |  |  | 26 |
Balance end of period | 3,835 |  |  | 3,799 |  |  | 3,835 |  |  | 3,799 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS), NET OF DEFERRED INCOME TAXES: |  |  |  |  |  |  |
Balance beginning of period | (321) |  |  | (1,160) |  |  | (1,138) |  |  | (934) |
Net increase (decrease) during the period | 167 |  |  | 816 |  |  | 984 |  |  | 590 |
Balance end of period | (154) |  |  | (344) |  |  | (154) |  |  | (344) |
RETAINED EARNINGS: |  |  |  |  |  |  |
Balance beginning of period | 16,030 |  |  | 15,565 |  |  | 15,309 |  |  | 14,270 |
Net income (loss) | 255 |  |  | 509 |  |  | 1,145 |  |  | 1,966 |
Dividends declared ($2.00 per share in 3Q 2025 and $6.00 per share YTD in 2025; |  |  |  |  |  |  |
$2.00 per share in 3Q 2024 and $5.75 per share YTD in 2024) | (84) |  |  | (86) |  |  | (253) |  |  | (249) |
Balance, end of period | 16,202 |  |  | 15,988 |  |  | 16,202 |  |  | 15,988 |
TREASURY SHARES AT COST: |  |  |  |  |  |  |
Balance beginning of period | (4,508) |  |  | (4,008) |  |  | (4,108) |  |  | (3,908) |
Purchase of treasury shares | — |  |  | (100) |  |  | (400) |  |  | (200) |
Balance end of period | (4,508) |  |  | (4,108) |  |  | (4,508) |  |  | (4,108) |
TOTAL SHAREHOLDERS' EQUITY, END OF PERIOD | $ | 15,375 |  |  | $ | 15,335 |  |  | $ | 15,375 |  |  | $ | 15,335 |

The accompanying notes are an integral part of the consolidated financial statements.
3

Table of Contents
EVEREST GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS

| Nine Months Ended September 30,
(In millions of U.S. dollars) | 2025 |  | 2024
| (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
Net income (loss) | $ | 1,145 |  |  | $ | 1,966 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Decrease (increase) in premiums receivable | (417) |  |  | (529) |
Decrease (increase) in funds held by reinsureds, net | (43) |  |  | (99) |
Decrease (increase) in reinsurance recoverables | (266) |  |  | (112) |
Decrease (increase) in income taxes | 80 |  |  | (65) |
Decrease (increase) in prepaid reinsurance premiums | 77 |  |  | (201) |
Increase (decrease) in reserve for losses and loss adjustment expenses | 3,086 |  |  | 2,605 |
Increase (decrease) in unearned premiums | (48) |  |  | 767 |
Increase (decrease) in amounts due to reinsurers | 213 |  |  | 278 |
Increase (decrease) in losses in course of payment | (23) |  |  | 86 |
Change in equity adjustments in limited partnerships | (242) |  |  | (236) |
Distribution of limited partnership income | 128 |  |  | 106 |
Change in other assets and liabilities, net | (204) |  |  | (376) |
Non-cash compensation expense | 43 |  |  | 49 |
Amortization of bond premium (accrual of bond discount) | (122) |  |  | (113) |
Net (gains) losses on investments | 59 |  |  | 50 |
Net cash provided by (used in) operating activities | 3,466 |  |  | 4,177 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
Proceeds from fixed maturities matured/called/repaid - available for sale | 3,376 |  |  | 2,692 |
Proceeds from fixed maturities sold - available for sale | 933 |  |  | 4,322 |
Proceeds from fixed maturities matured/called/repaid - held to maturity | 156 |  |  | 129 |
Proceeds from fixed maturities sold - held to maturity | 10 |  |  | — |
Proceeds from equity securities sold | 55 |  |  | 15 |
Distributions from other invested assets | 266 |  |  | 289 |
Cost of fixed maturities acquired - available for sale | (8,021) |  |  | (9,069) |
Cost of fixed maturities acquired - held to maturity | (6) |  |  | (46) |
Cost of equity securities acquired | (2) |  |  | (35) |
Cost of other invested assets acquired | (406) |  |  | (438) |
Net change in short-term investments | 945 |  |  | (1,724) |
Net change in unsettled securities transactions | (66) |  |  | 321 |
Net cash provided by (used in) investing activities | (2,759) |  |  | (3,545) |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
Common shares issued (redeemed) during the period for share-based compensation, net of expense | (19) |  |  | (23) |
Purchase of treasury shares | (400) |  |  | (200) |
Dividends paid to shareholders | (253) |  |  | (249) |
Cost of shares withheld on settlements of share-based compensation awards | (20) |  |  | (23) |
Net cash provided by (used in) financing activities | (693) |  |  | (495) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (24) |  |  | 25 |
Net increase (decrease) in cash | (10) |  |  | 162 |
Cash, beginning of period | 1,549 |  |  | 1,437 |
Cash, end of period | $ | 1,539 |  |  | $ | 1,599 |
SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
Income taxes paid (recovered) | $ | 98 |  |  | $ | 340 |
Interest paid | 91 |  |  | 90 |
NON-CASH TRANSACTIONS: |  |  |
Non-cash limited partnership distribution | $ | 8 |  |  | $ | 23 |

The accompanying notes are an integral part of the consolidated financial statements.
4

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NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
For the Three and Nine Months Ended September 30, 2025 and 2024
1.GENERAL
Everest Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and other international markets. As used in this document, “Company” and “Everest” mean Group and its subsidiaries.
Unless noted otherwise, all tabular dollar amounts are in millions of United States (“U.S.”) dollars (“U.S. dollars” or “$”). Some amounts may not reconcile due to rounding.
2.BASIS OF PRESENTATION
The unaudited consolidated financial statements of the Company as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2024 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three and nine months ended September 30, 2025 and 2024 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2024, 2023 and 2022, included in the Company’s most recent Form 10-K filing.
The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.
All intercompany accounts and transactions have been eliminated.
Adoption of New Accounting Standards
The Company did not adopt any new accounting standards that had a material impact during the three and nine months ended September 30, 2025.
Future Adoption of Recently Issued Accounting Standards
The Company assessed the adoption impacts of recently issued accounting standards that are effective after 2025 by the Financial Accounting Standards Board (“FASB”) on the Company’s consolidated financial statements. Additionally, the Company assessed whether there have been material updates to previously issued accounting standards that are effective after 2025. There were no accounting standards identified, other than those directly referenced below, that are expected to have a material impact to Group.
Improvements to Income Tax Disclosures. In December 2023, the FASB issued Accounting Standard Update No. 2023-09, which requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued Accounting Standard Update No. 2024-03, which requires additional disclosure about specific expense categories included in the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods
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beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.
3.INVESTMENTS
The tables below present the amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) (“URA(D)”) and fair value of fixed maturity securities - available for sale for the periods indicated:

| At September 30, 2025
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 770 |  |  | $ | — |  |  | $ | 4 |  |  | $ | (22) |  |  | 752 |
Obligations of U.S. states and political subdivisions | 55 |  |  | — |  |  | — |  |  | (6) |  |  | 49 |
Corporate securities | 9,734 |  |  | (38) |  |  | 199 |  |  | (189) |  |  | 9,705 |
Asset-backed securities | 5,049 |  |  | (14) |  |  | 23 |  |  | (15) |  |  | 5,044 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Agency commercial | 402 |  |  | — |  |  | 9 |  |  | (1) |  |  | 409 |
Non-agency commercial | 907 |  |  | — |  |  | 4 |  |  | (39) |  |  | 872 |
Agency residential | 5,594 |  |  | — |  |  | 68 |  |  | (178) |  |  | 5,484 |
Non-agency residential | 1,562 |  |  | — |  |  | 35 |  |  | (1) |  |  | 1,595 |
Foreign government securities | 2,534 |  |  | — |  |  | 35 |  |  | (100) |  |  | 2,470 |
Foreign corporate securities | 7,443 |  |  | — |  |  | 245 |  |  | (157) |  |  | 7,531 |
Total fixed maturity securities - available for sale | $ | 34,049 |  |  | $ | (51) |  |  | $ | 621 |  |  | $ | (708) |  |  | $ | 33,912 |

(Some amounts may not reconcile due to rounding.)

| At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 688 |  |  | $ | — |  |  | $ | 5 |  |  | $ | (24) |  |  | $ | 669 |
Obligations of U.S. states and political subdivisions | 75 |  |  | — |  |  | — |  |  | (5) |  |  | 70 |
Corporate securities | 7,288 |  |  | (35) |  |  | 57 |  |  | (299) |  |  | 7,010 |
Asset-backed securities | 5,994 |  |  | — |  |  | 28 |  |  | (39) |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 965 |  |  | — |  |  | 1 |  |  | (66) |  |  | 900 |
Agency residential | 5,205 |  |  | — |  |  | 13 |  |  | (287) |  |  | 4,931 |
Non-agency residential | 1,291 |  |  | — |  |  | 9 |  |  | (11) |  |  | 1,289 |
Foreign government securities | 2,330 |  |  | — |  |  | 13 |  |  | (147) |  |  | 2,196 |
Foreign corporate securities | 6,099 |  |  | — |  |  | 42 |  |  | (279) |  |  | 5,861 |
Total fixed maturity securities - available for sale | $ | 29,934 |  |  | $ | (36) |  |  | $ | 167 |  |  | $ | (1,157) |  |  | $ | 28,908 |

(Some amounts may not reconcile due to rounding.)
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The following tables show amortized cost, allowance for credit losses, gross URA(D) and fair value of fixed maturity securities - held to maturity for the periods indicated:

| At September 30, 2025
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 167 |  |  | $ | (2) |  |  | $ | 7 |  |  | $ | (1) |  |  | $ | 170 |
Asset-backed securities | 364 |  |  | (3) |  |  | 6 |  |  | (8) |  |  | 358 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Foreign corporate securities | 79 |  |  | (1) |  |  | 6 |  |  | — |  |  | 84 |
Total fixed maturity securities - held to maturity | $ | 610 |  |  | (6) |  |  | $ | 19 |  |  | $ | (10) |  |  | $ | 613 |

(Some amounts may not reconcile due to rounding.)

| At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Fair Value
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |
Corporate securities | $ | 177 |  |  | $ | (2) |  |  | $ | 5 |  |  | $ | (4) |  |  | $ | 175 |
Asset-backed securities | 484 |  |  | (4) |  |  | 5 |  |  | (8) |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |
Commercial | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Foreign corporate securities | 84 |  |  | (1) |  |  | 4 |  |  | — |  |  | 86 |
Total fixed maturity securities - held to maturity | $ | 765 |  |  | $ | (8) |  |  | $ | 14 |  |  | $ | (12) |  |  | $ | 759 |

(Some amounts may not reconcile due to rounding.)
The amortized cost and fair value of fixed maturity securities - available for sale are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

| At September 30, 2025 |  | At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – available for sale |  |  |  |  |  |  |
Due in one year or less | $ | 1,423 |  |  | $ | 1,390 |  |  | $ | 1,116 |  |  | $ | 1,080 |
Due after one year through five years | 10,521 |  |  | 10,558 |  |  | 8,774 |  |  | 8,480 |
Due after five years through ten years | 6,666 |  |  | 6,701 |  |  | 4,764 |  |  | 4,523 |
Due after ten years | 1,926 |  |  | 1,860 |  |  | 1,826 |  |  | 1,723 |
Asset-backed securities | 5,049 |  |  | 5,044 |  |  | 5,994 |  |  | 5,982 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency commercial | 402 |  |  | 409 |  |  | — |  |  | — |
Non-agency commercial | 907 |  |  | 872 |  |  | 965 |  |  | 900 |
Agency residential | 5,594 |  |  | 5,484 |  |  | 5,205 |  |  | 4,931 |
Non-agency residential | 1,562 |  |  | 1,595 |  |  | 1,291 |  |  | 1,289 |
Total fixed maturity securities - available for sale | $ | 34,049 |  |  | $ | 33,912 |  |  | $ | 29,934 |  |  | $ | 28,908 |

(Some amounts may not reconcile due to rounding.)
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The amortized cost and fair value of fixed maturity securities - held to maturity are shown in the following table by contractual maturity. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

| At September 30, 2025 |  | At December 31, 2024
(Dollars in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Fixed maturity securities – held to maturity |  |  |  |  |  |  |
Due in one year or less | $ | 5 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 7 |
Due after one year through five years | 88 |  |  | 89 |  |  | 67 |  |  | 67 |
Due after five years through ten years | 4 |  |  | 4 |  |  | 37 |  |  | 35 |
Due after ten years | 149 |  |  | 156 |  |  | 150 |  |  | 152 |
Asset-backed securities | 364 |  |  | 358 |  |  | 484 |  |  | 477 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 1 |  |  | 1 |  |  | 21 |  |  | 21 |
Total fixed maturity securities - held to maturity | $ | 610 |  |  | $ | 613 |  |  | $ | 765 |  |  | $ | 759 |

(Some amounts may not reconcile due to rounding.)
The changes in net URA(D) for the Company’s investments are as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Increase (decrease) during the period between the fair value and cost of |  |  |  |  |  |  |
investments carried at fair value, and deferred taxes thereon: |  |  |  |  |  |  |
Fixed maturity securities - available for sale, held to maturity and short-term investments | $ | 202 |  |  | $ | 840 |  |  | $ | 909 |  |  | $ | 563 |
Equity method investments | — |  |  | 18 |  |  | — |  |  | 18 |
Change in URA(D), pre-tax | 202 |  |  | 857 |  |  | 909 |  |  | 581 |
Deferred tax benefit (expense) | (36) |  |  | (123) |  |  | (147) |  |  | (60) |
Change in URA(D), net of deferred taxes, included in shareholders’ equity | $ | 165 |  |  | $ | 734 |  |  | $ | 762 |  |  | $ | 521 |

(Some amounts may not reconcile due to rounding.)
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The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that the individual securities had been in a continuous unrealized loss position for the periods indicated:

| Duration of Unrealized Loss at September 30, 2025 by Security Type
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 162 |  |  | $ | (4) |  |  | $ | 363 |  |  | $ | (19) |  |  | $ | 524 |  |  | $ | (22) |
Obligations of U.S. states and political subdivisions | 8 |  |  | — |  |  | 36 |  |  | (5) |  |  | 44 |  |  | (6) |
Corporate securities | 1,345 |  |  | (35) |  |  | 1,926 |  |  | (154) |  |  | 3,271 |  |  | (189) |
Asset-backed securities | 440 |  |  | (6) |  |  | 281 |  |  | (9) |  |  | 721 |  |  | (15) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Agency commercial | 88 |  |  | — |  |  | 17 |  |  | (1) |  |  | 105 |  |  | (1) |
Non-agency commercial | 86 |  |  | (5) |  |  | 678 |  |  | (34) |  |  | 764 |  |  | (39) |
Agency residential | 454 |  |  | (5) |  |  | 1,683 |  |  | (173) |  |  | 2,138 |  |  | (178) |
Non-agency residential | 154 |  |  | (1) |  |  | 19 |  |  | — |  |  | 173 |  |  | (1) |
Foreign government securities | 691 |  |  | (14) |  |  | 720 |  |  | (86) |  |  | 1,411 |  |  | (100) |
Foreign corporate securities | 1,026 |  |  | (24) |  |  | 1,540 |  |  | (133) |  |  | 2,566 |  |  | (157) |
Total | $ | 4,453 |  |  | $ | (94) |  |  | $ | 7,264 |  |  | $ | (613) |  |  | $ | 11,717 |  |  | $ | (707) |
Securities where an allowance for credit loss was recorded | 2 |  |  | — |  |  | 15 |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 4,455 |  |  | $ | (94) |  |  | $ | 7,279 |  |  | $ | (614) |  |  | $ | 11,734 |  |  | $ | (708) |

(Some amounts may not reconcile due to rounding.)

| Duration of Unrealized Loss at September 30, 2025 by Maturity
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 195 |  |  | $ | (6) |  |  | $ | 617 |  |  | $ | (27) |  |  | $ | 812 |  |  | $ | (33) |
Due in one year through five years | 1,471 |  |  | (37) |  |  | 2,426 |  |  | (178) |  |  | 3,898 |  |  | (215) |
Due in five years through ten years | 889 |  |  | (12) |  |  | 1,064 |  |  | (128) |  |  | 1,953 |  |  | (140) |
Due after ten years | 675 |  |  | (21) |  |  | 478 |  |  | (64) |  |  | 1,154 |  |  | (85) |
Asset-backed securities | 440 |  |  | (6) |  |  | 281 |  |  | (9) |  |  | 721 |  |  | (15) |
Mortgage-backed securities | 782 |  |  | (11) |  |  | 2,398 |  |  | (208) |  |  | 3,179 |  |  | (219) |
Total | $ | 4,453 |  |  | $ | (94) |  |  | $ | 7,264 |  |  | $ | (613) |  |  | $ | 11,717 |  |  | $ | (707) |
Securities where an allowance for credit loss was recorded | 2 |  |  | — |  |  | 15 |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 4,455 |  |  | $ | (94) |  |  | $ | 7,279 |  |  | $ | (614) |  |  | $ | 11,734 |  |  | $ | (708) |

(Some amounts may not reconcile due to rounding.)
The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at September 30, 2025 were $11.7 billion and $708 million, respectively. The fair value of securities for the single issuer (the U.S. government), whose securities comprised the largest unrealized loss position at September 30, 2025, amounted to less than 1.6% of the overall fair value of the Company’s fixed maturity securities - available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at September 30, 2025 comprised less than 0.6% of the Company’s fixed maturity securities available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $94 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities and foreign government securities. Of these unrealized losses, $91 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $614 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and
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foreign corporate securities, agency residential and non-agency commercial mortgage-backed securities and foreign government securities. Of these unrealized losses, $605 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of September 30, 2025, the unrealized losses are due to changes in interest rates and non-issuer-specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost.
The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities - available for sale by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated:

| Duration of Unrealized Loss at December 31, 2024 by Security Type
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of |  |  |  |  |  |  |  |  |  |  |
U.S. government agencies and corporations | $ | 80 |  |  | $ | (1) |  |  | $ | 398 |  |  | $ | (23) |  |  | $ | 478 |  |  | $ | (24) |
Obligations of U.S. states and political subdivisions | 9 |  |  | — |  |  | 40 |  |  | (5) |  |  | 48 |  |  | (5) |
Corporate securities | 2,744 |  |  | (76) |  |  | 2,132 |  |  | (221) |  |  | 4,876 |  |  | (297) |
Asset-backed securities | 958 |  |  | (20) |  |  | 537 |  |  | (19) |  |  | 1,495 |  |  | (39) |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Commercial | 53 |  |  | (3) |  |  | 757 |  |  | (63) |  |  | 810 |  |  | (66) |
Agency residential | 2,754 |  |  | (115) |  |  | 1,226 |  |  | (172) |  |  | 3,980 |  |  | (287) |
Non-agency residential | 654 |  |  | (11) |  |  | 25 |  |  | — |  |  | 678 |  |  | (11) |
Foreign government securities | 851 |  |  | (35) |  |  | 828 |  |  | (112) |  |  | 1,679 |  |  | (147) |
Foreign corporate securities | 2,484 |  |  | (61) |  |  | 1,785 |  |  | (218) |  |  | 4,269 |  |  | (279) |
Total | $ | 10,587 |  |  | $ | (323) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,315 |  |  | $ | (1,156) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 10,604 |  |  | $ | (324) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,332 |  |  | $ | (1,157) |

(Some amounts may not reconcile due to rounding.)

| Duration of Unrealized Loss at December 31, 2024 by Maturity
| Less than 12 months |  | Greater than 12 months |  | Total
(Dollars in millions) | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation |  | Fair Value |  | Gross Unrealized Depreciation
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
Due in one year or less | $ | 138 |  |  | $ | (5) |  |  | $ | 544 |  |  | $ | (34) |  |  | $ | 682 |  |  | $ | (39) |
Due in one year through five years | 3,503 |  |  | (87) |  |  | 2,770 |  |  | (249) |  |  | 6,273 |  |  | (335) |
Due in five years through ten years | 1,850 |  |  | (50) |  |  | 1,382 |  |  | (220) |  |  | 3,232 |  |  | (271) |
Due after ten years | 677 |  |  | (32) |  |  | 487 |  |  | (76) |  |  | 1,164 |  |  | (107) |
Asset-backed securities | 958 |  |  | (20) |  |  | 537 |  |  | (19) |  |  | 1,495 |  |  | (39) |
Mortgage-backed securities | 3,461 |  |  | (129) |  |  | 2,008 |  |  | (235) |  |  | 5,469 |  |  | (364) |
Total | $ | 10,587 |  |  | $ | (323) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,315 |  |  | $ | (1,156) |
Securities where an allowance for credit loss was recorded | 17 |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | (1) |
Total fixed maturity securities - available for sale | $ | 10,604 |  |  | $ | (324) |  |  | $ | 7,728 |  |  | $ | (833) |  |  | $ | 18,332 |  |  | $ | (1,157) |

(Some amounts may not reconcile due to rounding.)
The aggregate fair value and gross unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position at December 31, 2024 were $18.3 billion and $1.2 billion, respectively. The fair value of securities for the single issuer (the U.S. government), whose securities comprised the largest unrealized loss position at December 31, 2024, amounted to less than 1.6% of the overall fair value of the Company’s fixed maturity securities -
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available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.9% of the Company’s fixed maturity securities - available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $324 million of unrealized losses related to fixed maturity securities - available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, asset-backed securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $319 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $833 million of unrealized losses related to fixed maturity securities - available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, agency residential mortgage-backed securities and foreign government securities. Of these unrealized losses, $810 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments.
The components of net investment income are presented in the table below for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturities | $ | 390 |  |  | $ | 378 |  |  | $ | 1,172 |  |  | $ | 1,099 |
Equity securities | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Short-term investments and cash | 43 |  |  | 54 |  |  | 125 |  |  | 135 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 76 |  |  | 36 |  |  | 189 |  |  | 183 |
Other | 36 |  |  | 36 |  |  | 87 |  |  | 85 |
Gross investment income before adjustments | 546 |  |  | 504 |  |  | 1,577 |  |  | 1,506 |
Funds held interest income (expense) | 7 |  |  | 5 |  |  | 22 |  |  | 20 |
Future policy benefit reserve income (expense) | — |  |  | 1 |  |  | — |  |  | — |
Gross investment income | 553 |  |  | 510 |  |  | 1,598 |  |  | 1,525 |
Investment expenses | 13 |  |  | 13 |  |  | 35 |  |  | 44 |
Net investment income | $ | 540 |  |  | $ | 496 |  |  | $ | 1,563 |  |  | $ | 1,481 |

(Some amounts may not reconcile due to rounding.)
The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values (“NAVs”) of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline.
The Company had contractual commitments to invest up to an additional $2.5 billion in limited partnerships and private placement loan securities at September 30, 2025. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2035.
In 2022, the Company entered into corporate-owned life insurance (“COLI”) policies, which are invested in debt and equity securities. The COLI policies are carried within other invested assets at the policy cash surrender value of $1.8 billion and $1.7 billion as of September 30, 2025 and December 31, 2024, respectively.
Variable Interest Entities
The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs, primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits from the VIE that could
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potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s consolidated financial statements. As of September 30, 2025 and December 31, 2024, the Company did not hold any investments for which it is the primary beneficiary.
The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of September 30, 2025 and December 31, 2024 is limited to the total carrying value of $3.8 billion and $3.6 billion, respectively, which are included in general and limited partnerships.
As of September 30, 2025, the Company has outstanding commitments totaling $1.5 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management.
In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations, and are classified as fixed maturities, available for sale. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, credit subordination that reduces the Company’s obligation to absorb losses or right to receive benefits or the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment.
The components of net gains (losses) on investments are presented in the table below for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturity securities |  |  |  |  |  |  |
Allowance for credit losses | $ | (12) |  |  | $ | (9) |  |  | $ | (14) |  |  | $ | (3) |
Net realized gains (losses) from dispositions | (36) |  |  | (25) |  |  | (48) |  |  | (47) |
Equity securities, fair value |  |  |  |  |  |  |
Net realized gains (losses) from dispositions | — |  |  | — |  |  | (1) |  |  | 1 |
Gains (losses) from fair value adjustments | — |  |  | 5 |  |  | 3 |  |  | (3) |
Other invested assets | — |  |  | 1 |  |  | — |  |  | — |
Short-term investments gain (loss) | — |  |  | 1 |  |  | — |  |  | 1 |
Total net gains (losses) on investments | $ | (47) |  |  | $ | (27) |  |  | $ | (59) |  |  | $ | (50) |

(Some amounts may not reconcile due to rounding.)
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The following tables provide a roll forward of the Company’s beginning and ending balance of allowance for credit losses for the periods indicated:

| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (39) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (40) |  |  | $ | (35) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (36) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (17) |  |  | (14) |  |  |  |  | — |  |  | (30) |  |  | (21) |  |  | (14) |  |  |  |  | — |  |  | (34) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | (6) |  |  | — |  |  |  |  | — |  |  | (6) |  |  | (6) |  |  | — |  |  |  |  | — |  |  | (6) |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | 25 |  |  | — |  |  |  |  | — |  |  | 25 |  |  | 25 |  |  | — |  |  |  |  | — |  |  | 25 |
Balance, end of period | $ | (38) |  |  | $ | (14) |  |  |  |  | $ | — |  |  | $ | (51) |  |  | $ | (38) |  |  | $ | (14) |  |  |  |  | $ | — |  |  | $ | (51) |

(Some amounts may not reconcile due to rounding.)

| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (42) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (42) |  |  | $ | (47) |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | (48) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | (9) |  |  | — |  |  |  |  | — |  |  | (9) |  |  | (9) |  |  | — |  |  |  |  | — |  |  | (9) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |  |  | 1 |  |  | 6 |
Balance, end of period | $ | (50) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (51) |  |  | $ | (50) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (51) |

(Some amounts may not reconcile due to rounding.)

| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (7) |  |  | $ | (2) |  |  | $ | (4) |  |  | $ | (1) |  |  | $ | (8) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |
Balance, end of period | $ | (2) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (6) |  |  | $ | (2) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (6) |

(Some amounts may not reconcile due to rounding.)
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| Roll Forward of Allowance for Credit Losses - Fixed Maturities - Held to Maturity
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  | Foreign Corporate Securities |  | Total
Beginning balance | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | (8) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |
Credit losses on securities where credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses were not previously recorded | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |
Increases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decreases in allowance on previously |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
impaired securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction in allowance due to disposals | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Balance, end of period | (2) |  |  | (5) |  |  | $ | (1) |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (1) |  |  | $ | (8) |

(Some amounts may not reconcile due to rounding.)
The proceeds and split between gross gains and losses from sales of fixed maturity securities - available for sale, fixed maturity securities - held to maturity and equity securities are presented in the table below for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Proceeds from sales of fixed maturity securities - available for sale | $ | 653 |  |  | $ | 3,237 |  |  | $ | 933 |  |  | $ | 4,322 |
Gross gains from sales | 34 |  |  | 59 |  |  | 43 |  |  | 86 |
Gross losses from sales | (69) |  |  | (84) |  |  | (91) |  |  | (133) |
Proceeds from sales of fixed maturity securities - held to maturity | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Gross gains from sales | — |  |  | — |  |  | — |  |  | — |
Gross losses from sales | — |  |  | — |  |  | (1) |  |  | — |
Proceeds from sales of equity securities | $ | 1 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 15 |
Gross gains from sales | — |  |  | — |  |  | — |  |  | 2 |
Gross losses from sales | — |  |  | — |  |  | (1) |  |  | — |

(Some amounts may not reconcile due to rounding.)
During the nine months ended September 30, 2025, the Company sold fixed maturity securities - held to maturity with a net carrying amount of $11 million, which had realized losses of $1 million as part of the sale. The Company's decision to sell was due to significant credit deterioration of the issuer of the securities.
4.FAIR VALUE
GAAP guidance regarding fair value measurements addresses how companies should measure fair value when they are required to use fair value measures for recognition or disclosure purposes under GAAP and provides a common definition of fair value to be used throughout GAAP. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. In addition, it establishes a three-level valuation hierarchy for the disclosure of fair value measurements. The valuation hierarchy is based on the transparency of inputs to the valuation of an asset or liability. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement, with Level 1 being the highest priority and Level 3 being the lowest priority.
The levels in the hierarchy are defined as follows:
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Level 1: | Inputs to the valuation methodology are observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in an active market;
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument;
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s fixed maturity and equity securities are managed both internally and on an external basis by independent, professional investment managers using portfolio guidelines approved by the Company. The Company obtains prices from nationally recognized pricing services. These services seek to utilize market data and observations in their evaluation process. These services use pricing applications that vary by asset class and incorporate available market information. When fixed maturity securities do not trade on a daily basis, the services will apply available information through processes such as benchmark curves, benchmarking of like securities, sector groupings and matrix pricing. In addition, they use model processes, such as the Option Adjusted Spread model to develop prepayment and interest rate scenarios for securities that have prepayment features.
The Company does not make any changes to prices received from the pricing services. In addition, the Company has procedures in place to review the reasonableness of the prices from the service providers and may request verification of the prices. The Company also continually performs quantitative and qualitative analysis of prices, including but not limited to initial and ongoing review of pricing methodologies, review of prices obtained from pricing services and third party investment asset managers, review of pricing statistics and trends and comparison of prices for certain securities with a secondary price source for reasonableness. No material variances were noted during these price validation procedures. In limited situations, where financial markets are inactive or illiquid, the Company may use its own assumptions about future cash flows and risk-adjusted discount rates to determine fair value.
At September 30, 2025 and December 31, 2024, $2.4 billion and $2.2 billion, respectively, of fixed maturities were fair valued using unobservable inputs. The majority of these fixed maturities were valued by investment managers’ valuation committees and many of these fair values were substantiated by valuations from independent third parties. The Company has procedures in place to evaluate these independent third party valuations.
Equity securities denominated in U.S. currency with quoted prices in active markets for identical assets are categorized as Level 1, since the quoted prices are directly observable. Equity securities traded on foreign exchanges are categorized as Level 2 due to the added input of a foreign exchange conversion rate to determine fair value. The Company uses foreign currency exchange rates published by nationally recognized sources.
Fixed maturity securities listed in the tables have been categorized as Level 2, since a particular security may not have traded but the pricing services are able to use valuation models with observable market inputs such as interest rate yield curves and prices for similar fixed maturity securities in terms of issuer, maturity and seniority. For foreign government securities and foreign corporate securities, the fair values are provided by the third party pricing services in local currencies, and where applicable, are converted to U.S. dollars using currency exchange rates from nationally recognized sources.
In addition, some of the fixed maturities with fair values categorized as Level 3 result when prices are not available from the nationally recognized pricing services, are obtained from investment managers and are derived using unobservable inputs. The Company will value the securities with unobservable inputs using comparable market information or receive fair values from investment managers. The investment managers may obtain non-binding price quotes for the securities from brokers. The single broker quotes are provided by market makers or broker-dealers who are recognized as market participants in the markets in which they are providing the quotes. The prices received from brokers are reviewed for reasonableness by the third party asset managers and the Company. If the broker quotes are for foreign denominated securities, the quotes are converted to U.S. dollars using currency exchange rates from nationally recognized sources.
The composition and valuation inputs for the presented fixed maturities categories Level 1 and Level 2 are as follows:
•U.S. Treasury securities and obligations of U.S. government agencies and corporations are primarily comprised of U.S. Treasury bonds, and the fair value is based on observable market inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields;
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•Obligations of U.S. states and political subdivisions are comprised of state and municipal bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;
•Corporate securities are primarily comprised of U.S. corporate and public utility bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities, benchmark yields and credit spreads;
•Asset-backed and mortgage-backed securities fair values are based on observable inputs such as quoted prices, reported trades, quoted prices for similar issuances or benchmark yields and cash flow models using observable inputs such as prepayment speeds, collateral performance and default spreads;
•Foreign government securities are comprised of global non-U.S. sovereign bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source; and
•Foreign corporate securities are comprised of global non-U.S. corporate bond issuances, and the fair values are based on observable market inputs such as quoted market prices, quoted prices for similar securities and models with observable inputs such as benchmark yields and credit spreads and then, where applicable, are converted to U.S. dollars using an exchange rate from a nationally recognized source.
The following tables present the fair value measurement levels for all assets and liabilities, which the Company has recorded at fair value as of the periods indicated:

|  |  | Fair Value Measurement Using
| September 30, 2025 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(Dollars in millions) |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Fixed maturities - available for sale |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government |  |  |  |  |  |  |
agencies and corporations | $ | 752 |  |  | $ | — |  |  | $ | 752 |  |  | $ | — |
Obligations of U.S. States and political subdivisions | 49 |  |  | — |  |  | 49 |  |  | — |
Corporate securities | 9,705 |  |  | — |  |  | 9,304 |  |  | 402 |
Asset-backed securities | 5,044 |  |  | — |  |  | 3,065 |  |  | 1,979 |
Mortgage-backed securities |  |  |  |  |  |  |
Agency commercial | 409 |  |  | — |  |  | 409 |  |  | — |
Non-agency commercial | 872 |  |  | — |  |  | 872 |  |  | — |
Agency residential | 5,484 |  |  | — |  |  | 5,484 |  |  | — |
Non-agency residential | 1,595 |  |  | — |  |  | 1,595 |  |  | — |
Foreign government securities | 2,470 |  |  | — |  |  | 2,470 |  |  | — |
Foreign corporate securities | 7,531 |  |  | — |  |  | 7,518 |  |  | 14 |
Total fixed maturities - available for sale | 33,912 |  |  | — |  |  | 31,517 |  |  | 2,394 |
Equity securities, fair value | 177 |  |  | 87 |  |  | 87 |  |  | 3 |

(Some amounts may not reconcile due to rounding.)
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|  |  | Fair Value Measurement Using
| December 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
(Dollars in millions) |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Fixed maturities - available for sale |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government |  |  |  |  |  |  |
agencies and corporations | $ | 669 |  |  | $ | — |  |  | $ | 669 |  |  | $ | — |
Obligations of U.S. States and political subdivisions | 70 |  |  | — |  |  | 70 |  |  | — |
Corporate securities | 7,010 |  |  | — |  |  | 6,492 |  |  | 518 |
Asset-backed securities | 5,982 |  |  | — |  |  | 4,325 |  |  | 1,657 |
Mortgage-backed securities |  |  |  |  |  |  |
Commercial | 900 |  |  | — |  |  | 900 |  |  | — |
Agency residential | 4,931 |  |  | — |  |  | 4,931 |  |  | — |
Non-agency residential | 1,289 |  |  | — |  |  | 1,289 |  |  | — |
Foreign government securities | 2,196 |  |  | — |  |  | 2,196 |  |  | — |
Foreign corporate securities | 5,861 |  |  | — |  |  | 5,847 |  |  | 14 |
Total fixed maturities - available for sale | 28,908 |  |  | — |  |  | 26,719 |  |  | 2,189 |
Equity securities, fair value | 217 |  |  | 79 |  |  | 133 |  |  | 5 |

(Some amounts may not reconcile due to rounding.)
The following tables present the activity under Level 3, fair value measurements using significant unobservable inputs for fixed maturities - available for sale, for the periods indicated:

| Total Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate |  | Total
Beginning balance of fixed maturities | $ | 436 |  |  | $ | 1,862 |  |  |  |  | $ | 14 |  |  | $ | 2,312 |  |  | $ | 518 |  |  | $ | 1,657 |  |  |  |  | $ | 14 |  |  | $ | 2,189 |
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | (23) |  |  | (14) |  |  |  |  | — |  |  | (36) |  |  | (24) |  |  | (13) |  |  |  |  | — |  |  | (37) |
Included in other comprehensive income (loss) | 13 |  |  | 7 |  |  |  |  | — |  |  | 20 |  |  | (1) |  |  | 5 |  |  |  |  | — |  |  | 3 |
Purchases, issuances and settlements | (25) |  |  | 124 |  |  |  |  | — |  |  | 99 |  |  | (92) |  |  | 331 |  |  |  |  | — |  |  | 239 |
Transfers in/(out) of Level 3 and reclassification of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities in/(out) of investment categories | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Ending balance of fixed maturities | $ | 402 |  |  | $ | 1,979 |  |  |  |  | $ | 14 |  |  | $ | 2,394 |  |  | $ | 402 |  |  | $ | 1,979 |  |  |  |  | $ | 14 |  |  | $ | 2,394 |
The amount of total gains or losses for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
included in earnings (or changes in net assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
attributable to the change in unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
or losses relating to assets still held at |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
the reporting date | $ | (13) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (13) |  |  | $ | (14) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (14) |

(Some amounts may not reconcile due to rounding.)
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| Total Fixed Maturities - Available for Sale
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate |  | Total |  | Corporate Securities |  | Asset-Backed Securities |  |  |  | Foreign Corporate |  | Total
Beginning balance of fixed maturities | $ | 589 |  |  | $ | 1,442 |  |  |  |  | $ | 14 |  |  | $ | 2,045 |  |  | $ | 672 |  |  | $ | 1,305 |  |  |  |  | $ | 16 |  |  | $ | 1,993 |
Total gains or (losses) (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | (7) |  |  | — |  |  |  |  | — |  |  | (6) |  |  | (1) |  |  | — |  |  |  |  | 1 |  |  | — |
Included in other comprehensive income (loss) | 2 |  |  | 4 |  |  |  |  | — |  |  | 7 |  |  | 1 |  |  | 15 |  |  |  |  | — |  |  | 16 |
Purchases, issuances and settlements | (36) |  |  | 73 |  |  |  |  | — |  |  | 37 |  |  | (123) |  |  | 199 |  |  |  |  | (2) |  |  | 73 |
Transfers in/(out) of Level 3 and reclassification of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities in/(out) of investment categories | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Ending balance of fixed maturities | $ | 549 |  |  | $ | 1,519 |  |  |  |  | $ | 14 |  |  | $ | 2,082 |  |  | $ | 549 |  |  | $ | 1,519 |  |  |  |  | $ | 14 |  |  | $ | 2,082 |
The amount of total gains or losses for the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
included in earnings (or changes in net assets) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
attributable to the change in unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
or losses relating to assets still held at |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
the reporting date | $ | (7) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (7) |  |  | $ | (3) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (3) |

(Some amounts may not reconcile due to rounding.)
There were no transfers of assets in/(out) of Level 3 for the three and nine months ended September 30, 2025.
Financial Instruments Disclosed, But Not Reported, at Fair Value
Certain financial instruments disclosed, but not reported, at fair value are excluded from the fair value hierarchy tables above. Fair values and valuation hierarchy of fixed maturity securities – held to maturity, senior notes and long-term subordinated notes can be found within Notes 3, 8 and 9 of the Notes to these consolidated financial statements, respectively. Short-term investments are stated at cost, which approximates fair value.
Exempt from Fair Value Disclosure Requirements
Certain financial instruments are exempt from the requirements for fair value disclosure, such as limited partnerships accounted for under the equity method and pension and other postretirement obligations. The Company’s investments in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the tables above. See Note 3 of the Notes to these consolidated financial statements for details of investments in COLI policies.
In addition, $242 million and $239 million of investments within other invested assets on the consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively, are not included within the fair value hierarchy tables, as the assets are measured at NAV as a practical expedient to determine fair value.
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5.RESERVE FOR LOSSES AND LAE
The following table provides a roll forward of the Company’s beginning and ending reserve for losses and LAE and is summarized for the periods indicated:

| Nine Months Ended September 30,
| 2025 |  | 2024
(Dollars in millions) |  |  |
Gross reserves beginning of period | $ | 29,889 |  |  | $ | 24,604 |
Less reinsurance recoverables on unpaid losses | (2,915) |  |  | (2,098) |
Net reserves beginning of period | 26,975 |  |  | 22,506 |
Incurred related to: |  |  |
Current year | 7,665 |  |  | 7,132 |
Prior years | 537 |  |  | — |
Total incurred losses and LAE | 8,203 |  |  | 7,132 |
Paid related to: |  |  |
Current year | 885 |  |  | 1,711 |
Prior years | 4,670 |  |  | 2,932 |
Total paid losses and LAE | 5,554 |  |  | 4,643 |
Foreign exchange/translation adjustment | 607 |  |  | 209 |
Net reserves end of period | 30,231 |  |  | 25,204 |
Plus reinsurance recoverables on unpaid losses | 3,511 |  |  | 2,276 |
Gross reserves end of period | $ | 33,742 |  |  | $ | 27,480 |

(Some amounts may not reconcile due to rounding.)
Current year incurred losses were $7.7 billion and $7.1 billion for the nine months ended September 30, 2025 and 2024, respectively. Gross and net reserves increased for the nine months ended September 30, 2025, reflecting an increase in underlying exposure due to strengthening of U.S. casualty reserves, year over year, amounting to approximately $476 million of current year attritional losses in 2025 compared to 2024, which includes $83 million of losses from the Washington D.C. aviation accident, as well as an increase of $58 million in 2025 current year catastrophe losses.
The net unfavorable development on prior year reserves of $537 million was primarily due to strengthening of U.S. casualty reserves and aviation losses associated with the Russia/Ukraine war of $98 million, partially offset by net favorable prior year development of $59 million, driven by the release of reserves from prior underwriting years for the property line of business. The reserve strengthening for prior year loss development was driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.
In the second quarter of 2025, the United Kingdom’s High Court concluded that the confiscation of certain aircraft was covered under the war provision within certain reinsurance contracts. As a result of the court’s decision, the Company increased its net ultimate loss reserve for contracts that were exposed to the war in the Ukraine by $98 million ($84 million net of reinstatement premiums).
6.SEGMENT REPORTING
The Company conducts business through two reportable segments: Reinsurance and Insurance. 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 United Kingdom (“U.K.”) 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, Colombia, Mexico, Singapore, the U.K., Ireland, and branches located in Australia, the U.K., the Netherlands, France, Germany, Italy and Spain. The two reportable 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.
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Our two reportable 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 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The new Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed.
The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and 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 segment underwriting results for the periods indicated:

| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total |  | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 3,206 |  |  | $ | 1,147 |  |  | $ | 22 |  |  | $ | 4,375 |  |  | $ | 9,668 |  |  | $ | 3,706 |  |  | $ | 72 |  |  | $ | 13,446 |
Net written premiums | 2,885 |  |  | 848 |  |  | 21 |  |  | 3,754 |  |  | 8,773 |  |  | 2,767 |  |  | 68 |  |  | 11,607 |
Premiums earned | $ | 2,892 |  |  | $ | 939 |  |  | $ | 24 |  |  | $ | 3,855 |  |  | $ | 8,835 |  |  | $ | 2,772 |  |  | $ | 92 |  |  | $ | 11,698 |
Incurred losses and LAE | 1,678 |  |  | 996 |  |  | 163 |  |  | 2,837 |  |  | 5,673 |  |  | 2,280 |  |  | 250 |  |  | 8,203 |
Commission and brokerage | 764 |  |  | 121 |  |  | 6 |  |  | 890 |  |  | 2,223 |  |  | 355 |  |  | 16 |  |  | 2,595 |
Other underwriting expenses | 74 |  |  | 178 |  |  | 5 |  |  | 258 |  |  | 221 |  |  | 518 |  |  | 11 |  |  | 750 |
Underwriting gain (loss) | $ | 376 |  |  | $ | (357) |  |  | $ | (149) |  |  | $ | (130) |  |  | $ | 717 |  |  | $ | (381) |  |  | $ | (185) |  |  | $ | 151 |
Net investment income |  |  |  |  |  |  | 540 |  |  |  |  |  |  |  |  | 1,563 |
Net gains (losses) on investments |  |  |  |  |  |  | (47) |  |  |  |  |  |  |  |  | (59) |
Corporate expenses |  |  |  |  |  |  | (27) |  |  |  |  |  |  |  |  | (79) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  | (38) |  |  |  |  |  |  |  |  | (114) |
Other income (expense) |  |  |  |  |  |  | (29) |  |  |  |  |  |  |  |  | (129) |
Income (loss) before taxes |  |  |  |  |  |  | $ | 269 |  |  |  |  |  |  |  |  | $ | 1,332 |

(Some amounts may not reconcile due to rounding.)
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| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Reinsurance |  | Insurance |  | Other |  | Total |  | Reinsurance |  | Insurance |  | Other |  | Total
Gross written premiums | $ | 3,265 |  |  | $ | 1,110 |  |  | $ | 50 |  |  | $ | 4,425 |  |  | $ | 9,650 |  |  | $ | 3,728 |  |  | $ | 183 |  |  | $ | 13,561 |
Net written premiums | 2,975 |  |  | 789 |  |  | 41 |  |  | 3,805 |  |  | 8,950 |  |  | 2,694 |  |  | 145 |  |  | 11,789 |
Premiums earned | $ | 2,970 |  |  | $ | 898 |  |  | $ | 50 |  |  | $ | 3,918 |  |  | $ | 8,429 |  |  | $ | 2,679 |  |  | $ | 154 |  |  | $ | 11,262 |
Incurred losses and LAE | 1,942 |  |  | 605 |  |  | 37 |  |  | 2,584 |  |  | 5,266 |  |  | 1,744 |  |  | 122 |  |  | 7,132 |
Commission and brokerage | 710 |  |  | 110 |  |  | 5 |  |  | 826 |  |  | 2,054 |  |  | 325 |  |  | 19 |  |  | 2,398 |
Other underwriting expenses | 73 |  |  | 154 |  |  | 8 |  |  | 236 |  |  | 215 |  |  | 454 |  |  | 24 |  |  | 694 |
Underwriting gain (loss) | $ | 245 |  |  | $ | 28 |  |  | $ | (1) |  |  | $ | 272 |  |  | $ | 895 |  |  | $ | 156 |  |  | $ | (11) |  |  | $ | 1,039 |
Net investment income |  |  |  |  |  |  | 496 |  |  |  |  |  |  |  |  | 1,481 |
Net gains (losses) on investments |  |  |  |  |  |  | (27) |  |  |  |  |  |  |  |  | (50) |
Corporate expenses |  |  |  |  |  |  | (25) |  |  |  |  |  |  |  |  | (69) |
Interest, fee and bond issue cost amortization expense |  |  |  |  |  | (38) |  |  |  |  |  |  |  |  | (112) |
Other income (expense) |  |  |  |  |  |  | (102) |  |  |  |  |  |  |  |  | (48) |
Income (loss) before taxes |  |  |  |  |  |  | $ | 577 |  |  |  |  |  |  |  |  | $ | 2,241 |

(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.
7.CREDIT FACILITIES
As of September 30, 2025, the Company has multiple active committed letter of credit facilities with a total commitment of up to $1.6 billion, as well as two additional credit facilities denominated in British Pound Sterling and Euros, with total commitments of up to £113 million and €75 million, respectively. The Company also has additional uncommitted letter of credit facilities of up to $240 million which may be accessible via written request and corresponding authorization from the applicable lender. There is no guarantee that the uncommitted capacity will be available to us on a future date.
The terms and outstanding amounts for each facility are discussed below. See Note 10 of the Notes to these consolidated financial statements for collateral posted related to secured letters of credit.
Bermuda Re Wells Fargo Bilateral Letter of Credit Facility
Effective June 10, 2024, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) entered into a Second Amended and Restated Letter of Credit Facility agreement with Wells Fargo (the “Bermuda Re Wells Fargo Bilateral Letter of Credit Facility”). The agreement provides a commitment for the issuance of up to $500 million of secured letters of credit. Effective June 9, 2025, the Bermuda Re Wells Fargo Bilateral Letter of Credit Facility was amended to tranche the facility, extend the availability of committed issuance for two years, and to reduce the overall size of the facility. As of September 30, 2025, the amended Bermuda Re Wells Fargo Bilateral Letter of Credit Facility provides for the committed issuance of up to $175 million of unsecured letters of credit and $175 million of secured letters of credit.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Wells Fargo Bank Bilateral LOC Facility - secured tranche |  | $ | 175 |  |  | $ | 158 |  |  | 12/31/2025 |  | $ | 500 |  |  | $ | 455 |  |  | 12/31/2025
Bermuda Re Wells Fargo Bank Bilateral LOC Facility - unsecured tranche |  | 175 |  |  | 164 |  |  | 12/31/2025 |  |  |  |  |  |
Total Bermuda Re Wells Fargo Bank Bilateral LOC Facility |  | $ | 350 |  |  | $ | 323 |  |  |  |  | $ | 500 |  |  | $ | 455 |  |  |

(Some amounts may not reconcile due to rounding.)
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Bermuda Re Citibank Letter of Credit Facility
Effective August 9, 2021, Bermuda Re entered into a letter of credit issuance facility with Citibank N.A. (the “Bermuda Re Citibank Letter of Credit Facility”). The Bermuda Re Citibank Letter of Credit Facility provides for the committed issuance of up to $230 million of secured letters of credit. In addition, the facility provided for the uncommitted issuance of up to $140 million, which may be accessible via written request by the Company and corresponding authorization from Citibank N.A. Effective December 13, 2023, the agreement was amended to extend the availability of committed issuance for an additional two years.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Citibank LOC Facility - Committed |  | $ | 230 |  |  | $ | 198 |  |  | 12/31/2025 |  | $ | 230 |  |  | $ | — |  |  | 1/21/2025
|  |  |  | — |  |  | 1/21/2026 |  |  |  | 4 |  |  | 2/28/2025
|  |  |  | 4 |  |  | 2/28/2026 |  |  |  | 2 |  |  | 3/1/2025
|  |  |  | 2 |  |  | 3/1/2026 |  |  |  | 1 |  |  | 3/15/2025
|  |  |  | 1 |  |  | 3/15/2026 |  |  |  | 3 |  |  | 9/23/2025
|  |  |  | 1 |  |  | 8/15/2026 |  |  |  | 1 |  |  | 12/1/2025
|  |  |  | 3 |  |  | 9/23/2026 |  |  |  | — |  |  | 12/16/2025
|  |  |  | 1 |  |  | 12/1/2026 |  |  |  | — |  |  | 12/20/2025
|  |  |  | — |  |  | 12/16/2026 |  |  |  | 197 |  |  | 12/31/2025
|  |  |  | — |  |  | 12/20/2026 |  |  |  | 1 |  |  | 8/15/2026
|  |  |  | 2 |  |  | 12/31/2026 |  |  |  |  |  |
Bermuda Re Citibank LOC Facility - Uncommitted |  | 140 |  |  | 75 |  |  | 12/31/2025 |  | 140 |  |  | 75 |  |  | 12/31/2025
|  |  |  | 8 |  |  | 9/30/2029 |  |  |  | 7 |  |  | 12/30/2028
Total Bermuda Re Citibank LOC Facility |  | $ | 370 |  |  | $ | 295 |  |  |  |  | $ | 370 |  |  | $ | 293 |  |  |

(Some amounts may not reconcile due to rounding.)
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility
Effective August 27, 2021, Bermuda Re entered into a letter of credit issuance facility with Bayerische Landesbank, an agreement (the “Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility”). The Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective August 16, 2024, the Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility was amended to extend the availability of committed issuance for three years.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Secured Credit Facility - Committed |  | $ | 200 |  |  | $ | 185 |  |  | 12/31/2025 |  | $ | 200 |  |  | $ | 193 |  |  | 12/31/2025

(Some amounts may not reconcile due to rounding.)
Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility
Effective December 30, 2022, Bermuda Re entered into a new additional letter of credit issuance facility with Bayerische Landesbank, New York Branch (the “Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility”). The Bermuda Re Bayerische Landesbank Bilateral Unsecured Letter of Credit Facility provides for the committed issuance of up to $150 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.
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The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Bayerische Landesbank Bilateral Unsecured Credit Facility - Committed |  | $ | 150 |  |  | $ | 150 |  |  | 12/31/2025 |  | $ | 150 |  |  | $ | 150 |  |  | 12/31/2025

(Some amounts may not reconcile due to rounding.)
Bermuda Re Lloyd’s Bank Letter of Credit Facility
Effective December 27, 2023, Bermuda Re entered into an amended and restated letter of credit issuance facility with Lloyd’s Bank Corporate Markets PLC, to add Everest Insurance (Ireland), dac as an account party with access to a $15 million sub-limit for the issuance of letters of credit (the “Bermuda Re Lloyd’s Bank Letter of Credit Facility”). This facility superseded the previous letter of credit issuance facility with Lloyd’s Bank that was effective August 18, 2023. Effective August 18, 2025, the Bermuda Re Lloyds Bank Letter of Credit Facility was amended to extend the availability of committed issuance for an additional two years. The Bermuda Re Lloyd’s Bank Letter of Credit Facility provides for the committed issuance of up to $250 million of unsecured letters of credit and is fully and unconditionally guaranteed by Group, as Parent Guarantor.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Lloyd's Bank Credit Facility - Committed |  | $ | 250 |  |  | $ | 196 |  |  | 12/31/2025 |  | $ | 250 |  |  | $ | 244 |  |  | 12/31/2025

(Some amounts may not reconcile due to rounding.)
Bermuda Re Barclays Bank Credit Facility
Effective November 3, 2021, Bermuda Re entered into a letter of credit issuance facility with Barclays Bank PLC, an agreement (the “Bermuda Re Barclays Credit Facility”). The Bermuda Re Barclays Credit Facility provides for the committed issuance of up to $200 million of secured letters of credit. Effective October 30, 2024, the agreement was amended to extend the availability of the committed issuance for an additional three years.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Bermuda Re Barclays Bilateral Letter of Credit Facility |  | $ | 200 |  |  | $ | 7 |  |  | 12/31/2025 |  | $ | 200 |  |  | $ | 150 |  |  | 12/30/2025
|  |  |  |  |  |  |  |  |  | 14 |  |  | 12/31/2025
Total Bermuda Re Barclays Bilateral Letter of Credit Facility |  | $ | 200 |  |  | $ | 7 |  |  |  |  | $ | 200 |  |  | $ | 164 |  |  |

(Some amounts may not reconcile due to rounding.)
Bermuda Re Nordea Bank Letter of Credit Facility
Effective November 21, 2022, Bermuda Re entered into a letter of credit issuance facility with Nordea Bank ABP, New York Branch (the “Nordea Bank Letter of Credit Facility”). The Bermuda Re Nordea Bank Letter of Credit Facility provides for the committed issuance of up to $200 million of unsecured letters of credit, and subject to credit approval, uncommitted issuance of $100 million for a maximum total facility amount of $300 million.
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The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Nordea Bank Letter of Credit Facility - Committed |  | $ | 200 |  |  | $ | 200 |  |  | 12/31/2025 |  | $ | 200 |  |  | $ | 200 |  |  | 12/31/2025
Nordea Bank Letter of Credit Facility - Uncommitted |  | 100 |  |  | 100 |  |  | 12/31/2025 |  | 100 |  |  | 100 |  |  | 12/31/2025
Total Nordea Bank ABP, NY LOC Facility |  | $ | 300 |  |  | $ | 300 |  |  |  |  | $ | 300 |  |  | $ | 300 |  |  |

(Some amounts may not reconcile due to rounding.)
Everest International Reinsurance, Ltd. Funds at Lloyds Syndicated Letter of Credit Facility
Effective October 30, 2024, Everest International Reinsurance, Ltd. (“Everest International”) entered into a letter of credit issuance facility with a syndicate of banks including Lloyds Bank plc, Commerzbank AG, London Branch and ING Bank N.V., London Branch (the “Funds at Lloyds Syndicated Letter of Credit Facility”). The Funds at Lloyds Syndicated Letter of Credit Facility initially provided for the committed issuance of up to £113 million of unsecured letters of credit to support Everest Corporate Member Limited’s Funds at Lloyds requirements.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Pounds in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Funds at Lloyds Syndicated Letter of Credit Facility (1) |  | £ | 113 |  |  | £ | 107 |  |  | 11/1/2028 |  | £ | 113 |  |  | £ | 107 |  |  | 11/1/2028

(Some amounts may not reconcile due to rounding.)
(1) Effective October 20, 2025, Everest International, Lloyds Bank plc and the existing lenders entered into an amendment to the Funds at Lloyds Syndicated Letter of Credit Facility to, among others, increase the commitment amount for issuance of unsecured letters of credit to support the Funds at Lloyds requirements to up to £150 million.
Everest Reinsurance Company (Ireland), dac Commerzbank Letter of Credit Facility
Effective December 30, 2024, Everest Reinsurance Company (Ireland), dac (“Ireland Re”) entered into a letter of credit issuance facility with Commerzbank AG, New York Branch (the “Commerzbank Letter of Credit Facility”). The Commerzbank Letter of Credit Facility provides for the committed issuance of up to €75 million of unsecured letters of credit. Letters of credit under the Commerzbank Letter of Credit Facility may be issued in U.S. dollars or Euros.
The following table summarizes the outstanding letters of credit for the periods indicated:

(Dollars and Euros in millions) |  | At September 30, 2025 |  | At December 31, 2024
Letter of Credit Facility |  | Commitment |  | In Use |  | Date of Expiry |  | Commitment |  | In Use |  | Date of Expiry
Commerzbank Letter of Credit Facility |  | € | 75 |  |  | € | 48 |  |  | 12/31/2025 |  | € | 75 |  |  | € | 20 |  |  | 12/31/2025
|  |  |  | $ | 21 |  |  | 12/31/2025 |  |  |  |  |  |

Some amounts may not reconcile due to rounding.)
Federal Home Loan Bank Membership
Everest Reinsurance Company (“Everest Re”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of September 30, 2025, Everest Re had statutory admitted assets of approximately $33.0 billion which provides borrowing capacity of up to approximately $3.3 billion. As of September 30, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. Everest Re incurred interest expense of $12 million and $11 million for the three months ended September 30, 2025 and 2024, respectively. Everest Re incurred interest expense of $37 million and $33 million for the nine months ended September 30, 2025 and 2024, respectively. The FHLBNY membership agreement requires that 4.5% of borrowed funds be used to acquire additional membership stock. Additionally, the FHLBNY membership agreement requires that members must have sufficient qualifying collateral pledged. As of September 30, 2025, Everest Re had $1.3 billion of collateral pledged.
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8.SENIOR NOTES
The table below displays Everest Reinsurance Holdings, Inc.’s (“Holdings”) outstanding senior notes (the “Senior Notes”). Fair value is based on quoted market prices, but due to limited trading activity, the Senior Notes are considered Level 2 in the fair value hierarchy.

|  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
(Dollars in millions) | Date Issued |  | Date Due |  | Principal Amounts |  | Consolidated Balance Sheet Amount |  | Fair Value |  | Consolidated Balance Sheet Amount |  | Fair Value
4.868% Senior notes | 6/5/2014 |  | 6/1/2044 |  | $ | 400 |  |  | $ | 398 |  |  | $ | 365 |  |  | $ | 398 |  |  | $ | 347 |
3.5% Senior notes | 10/7/2020 |  | 10/15/2050 |  | 1,000 |  |  | 982 |  |  | 707 |  |  | 982 |  |  | 681 |
3.125% Senior notes | 10/4/2021 |  | 10/15/2052 |  | 1,000 |  |  | 971 |  |  | 647 |  |  | 971 |  |  | 620 |
|  |  |  |  | $ | 2,400 |  |  | $ | 2,351 |  |  | $ | 1,719 |  |  | $ | 2,350 |  |  | $ | 1,648 |

(Some amounts may not reconcile due to rounding.)
Interest expense incurred in connection with the Senior Notes is as follows for the periods indicated:

|  |  |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | Interest Paid |  | Payable Dates |  | 2025 |  | 2024 |  | 2025 |  | 2024
4.868% Senior notes | semi-annually |  | June 1/December 1 |  | $ | 5 |  |  | $ | 5 |  |  | $ | 15 |  |  | $ | 15 |
3.5% Senior notes | semi-annually |  | April 15/October 15 |  | 9 |  |  | 9 |  |  | 26 |  |  | 26 |
3.125% Senior notes | semi-annually |  | April 15/October 15 |  | 8 |  |  | 8 |  |  | 24 |  |  | 24 |
|  |  |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | 65 |  |  | $ | 65 |

(Some amounts may not reconcile due to rounding.)
9.LONG-TERM SUBORDINATED NOTES
The table below displays Holdings’ outstanding fixed to floating rate long-term subordinated notes (“Subordinated Notes Issued 2007”). Fair value is based on quoted market prices, but due to limited trading activity, the Subordinated Notes Issued 2007 are considered Level 2 in the fair value hierarchy.

|  |  |  |  | Maturity Date |  | September 30, 2025 |  | December 31, 2024
(Dollars in millions) | Date Issued |  | Original Principal Amount |  | Scheduled |  | Final |  | Consolidated Balance Sheet Amount |  | Fair Value |  | Consolidated Balance Sheet Amount |  | Fair Value
Subordinated Notes Issued 2007 | 4/26/2007 |  | $ | 400 |  |  | 5/15/2037 |  | 5/1/2067 |  | $ | 218 |  |  | $ | 211 |  |  | $ | 218 |  |  | $ | 215 |

During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest was at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007. During the floating rate interest period from May 15, 2017 through maturity, interest was initially based on the 3-month London Interbank Offered Rate (“LIBOR”) plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years. Deferred interest will accumulate interest at the applicable rate compounded quarterly for periods from and including May 15, 2017. The reset quarterly interest rate for August 15, 2025 to November 17, 2025 is 6.86%. Following the cessation of LIBOR, for periods from and including August 15, 2023, interest are based on the 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus a spread.
Holdings may redeem the Subordinated Notes Issued 2007 on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant. This covenant is for the benefit of the Senior Note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the Subordinated Notes Issued 2007. The Company’s Senior Notes are the Company’s long-term indebtedness that rank senior to the Subordinated Notes Issued 2007.
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Interest expense incurred in connection with these long-term Subordinated Notes Issued 2007 is as follows for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense incurred | $ | 4 |  |  | $ | 4 |  |  | $ | 12 |  |  | $ | 13 |

10. COLLATERALIZED REINSURANCE, TRUST AGREEMENTS AND OTHER RESTRICTED ASSETS
The Company maintains certain restricted assets as security for potential future obligations, primarily to support its underwriting operations. The following table summarizes the Company’s restricted assets:

| At September 30, |  | At December 31,
(Dollars in millions) | 2025 |  | 2024
Collateral in trust for non-affiliated agreements | $ | 3,401 |  |  | $ | 3,241 |
Collateral for secured letter of credit facilities | 804 |  |  | 1,386 |
Collateral for FHLB borrowings | 1,304 |  |  | 1,294 |
Securities on deposit with or regulated by government authorities | 1,452 |  |  | 1,406 |
Funds at Lloyd's | 308 |  |  | 341 |
Funds held by reinsureds | 1,256 |  |  | 1,218 |
Total restricted assets | 8,526 |  |  | 8,885 |

Restricted cash is included in cash on the consolidated balance sheets. At September 30, 2025 and December 31, 2024, the Company had restricted cash of $144 million and $397 million, respectively. Total restricted cash includes amounts on deposit in trust accounts for non-affiliated agreements and secured letter of credit facilities.
The Company reinsures some of its catastrophe exposures with the segregated accounts of a subsidiary, Mt. Logan Re, Ltd. (“Mt. Logan Re”). Mt. Logan Re is a collateralized insurer registered in Bermuda and 100% of the voting common shares are owned by Group. Each segregated account invests predominantly in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.
The following table summarizes the premiums and losses that are ceded by the Company to Mt. Logan Re segregated accounts and assumed by the Company from Mt. Logan Re segregated accounts.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
Mt. Logan Re Segregated Accounts | 2025 |  | 2024 |  | 2025 |  | 2024
(Dollars in millions) |  |  |  |  |  |  |
Ceded written premiums | $ | 115 |  |  | $ | 235 |  |  | $ | 365 |  |  | $ | 404 |
Ceded earned premiums | 113 |  |  | 79 |  |  | 330 |  |  | 260 |
Ceded losses and LAE | 13 |  |  | 44 |  |  | 135 |  |  | 107 |
Assumed written premiums | 4 |  |  | 4 |  |  | 9 |  |  | 6 |
Assumed earned premiums | 4 |  |  | 4 |  |  | 9 |  |  | 6 |
Assumed losses and LAE | — |  |  | — |  |  | — |  |  | — |

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The Company entered into various collateralized reinsurance agreements with Kilimanjaro Re Limited (“Kilimanjaro”), a Bermuda-based special purpose reinsurer, to provide the Company with catastrophe reinsurance coverage. These agreements are multi-year reinsurance contracts which cover named storm and earthquake events. The table below summarizes the various agreements.

(Dollars in millions) |  |  |  |  |  |  |  |  |  |
Class |  | Description |  | Effective Date |  | Expiration Date |  | Limit |  | Coverage Basis
Series 2021-1 Class A-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/20/2026 |  | 150 |  |  | Occurrence
Series 2021-1 Class B-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/20/2026 |  | 90 |  |  | Aggregate
Series 2021-1 Class C-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 4/8/2021 |  | 4/20/2026 |  | 90 |  |  | Aggregate
Series 2024-1 Class A |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/27/2024 |  | 6/30/2028 |  | 75 |  |  | Occurrence
Series 2024-1 Class B |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/27/2024 |  | 6/30/2028 |  | 125 |  |  | Occurrence
Series 2025-1 Class A-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/9/2029 |  | 105 |  |  | Aggregate
Series 2025-2 Class A-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/8/2030 |  | 105 |  |  | Aggregate
Series 2025-1 Class B-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/9/2029 |  | 120 |  |  | Aggregate
Series 2025-2 Class B-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/8/2030 |  | 120 |  |  | Aggregate
Series 2025-1 Class C-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/9/2029 |  | 170 |  |  | Occurrence
Series 2025-2 Class C-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/8/2030 |  | 170 |  |  | Occurrence
Series 2025-1 Class D-1 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/9/2029 |  | 105 |  |  | Occurrence
Series 2025-2 Class D-2 |  | US, Canada, Puerto Rico – Named Storm and Earthquake Events |  | 6/26/2025 |  | 7/8/2030 |  | 105 |  |  | Occurrence
|  | Total available limit as of September 30, 2025 |  |  |  |  |  | $ | 1,530 |  |  |

Recoveries under these collateralized reinsurance agreements with Kilimanjaro are primarily dependent on estimated industry-level insured losses from covered events, as well as the geographic location of the events. The estimated industry-level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses.
Kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated, external investors. The proceeds from the issuance of the catastrophe bonds are held in reinsurance trusts throughout the duration of the applicable reinsurance agreements and invested solely in U.S. government money market funds with a rating of at least “AAAm” by Standard & Poor’s. The catastrophe bonds’ issue dates, maturity dates and amounts correspond to the reinsurance agreements listed above.
11.COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.
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12.OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the components of other comprehensive income (loss) in the consolidated statements of operations for the periods indicated:

| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) | Before Tax |  | Tax Effect |  | Net of Tax |  | Before Tax |  | Tax Effect |  | Net of Tax
URA(D) of securities (1) | $ | 155 |  |  | $ | (26) |  |  | $ | 129 |  |  | $ | 847 |  |  | $ | (133) |  |  | $ | 714 |
Reclassification of net realized losses (gains) included |  |  |  |  |  |  |  |  |  |  |
in net income (loss) (1) | 47 |  |  | (10) |  |  | 37 |  |  | 62 |  |  | (14) |  |  | 48 |
Foreign currency translation and other adjustments | (25) |  |  | 26 |  |  | 1 |  |  | 219 |  |  | 11 |  |  | 230 |
Reclassification of benefit plan liability amortization included |  |  |  |  |  |  |  |  |  |  |
in net income (loss) | — |  |  | — |  |  | — |  |  | (10) |  |  | 2 |  |  | (8) |
Total other comprehensive income (loss) | $ | 177 |  |  | $ | (10) |  |  | $ | 167 |  |  | $ | 1,118 |  |  | $ | (134) |  |  | $ | 984 |

(Some amounts may not reconcile due to rounding)
(1) URA(D) of securities and Reclassification of net realized losses (gains) included in net income (loss) include URA(D) of fixed maturity, available for sale securities and equity method investments.

| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) | Before Tax |  | Tax Effect |  | Net of Tax |  | Before Tax |  | Tax Effect |  | Net of Tax
URA(D) of securities | $ | 824 |  |  | $ | (120) |  |  | $ | 704 |  |  | $ | 531 |  |  | $ | (54) |  |  | $ | 477 |
Reclassification of net realized losses (gains) included |  |  |  |  |  |  |  |  |  |  |
in net income (loss) | 33 |  |  | (3) |  |  | 30 |  |  | 49 |  |  | (6) |  |  | 44 |
Foreign currency translation and other adjustments | 93 |  |  | (11) |  |  | 83 |  |  | 49 |  |  | (4) |  |  | 45 |
Reclassification of benefit plan liability amortization included |  |  |  |  |  |  |  |  |  |  |
in net income (loss) | (1) |  |  | — |  |  | — |  |  | 31 |  |  | (6) |  |  | 24 |
Total other comprehensive income (loss) | $ | 950 |  |  | $ | (134) |  |  | $ | 816 |  |  | $ | 660 |  |  | $ | (70) |  |  | $ | 590 |

(Some amounts may not reconcile due to rounding)
The following table presents details of the amounts reclassified from accumulated other comprehensive income (loss) (“AOCI”) for the periods indicated:

(Dollars in millions) |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Affected line item within the statements of operations and comprehensive income (loss)
AOCI component |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
URA(D) of securities (1) |  | $ | 47 |  |  | $ | 33 |  |  | $ | 62 |  |  | $ | 49 |  |  | Net gains (losses) on investments
|  | (10) |  |  | (3) |  |  | (14) |  |  | (6) |  |  | Income tax expense (benefit)
|  | $ | 37 |  |  | $ | 30 |  |  | $ | 48 |  |  | $ | 44 |  |  | Net income (loss)
Benefit plan net gain (loss) |  | $ | — |  |  | $ | (1) |  |  | $ | (10) |  |  | $ | 31 |  |  | Other underwriting expenses
|  | — |  |  | — |  |  | 2 |  |  | (6) |  |  | Income tax expense (benefit)
|  | $ | — |  |  | $ | — |  |  | $ | (8) |  |  | $ | 24 |  |  | Net income (loss)

(Some amounts may not reconcile due to rounding)
(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.
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The following table presents the components of AOCI, net of tax, in the consolidated balance sheets for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance of URA(D) of securities (1) | $ | (235) |  |  | $ | (936) |  |  | $ | (831) |  |  | $ | (723) |
Current period change in URA(D) of securities | 165 |  |  | 734 |  |  | 762 |  |  | 521 |
Ending balance of URA(D) of securities | (69) |  |  | (202) |  |  | (69) |  |  | (202) |
Beginning balance of foreign currency translation and other adjustments | (95) |  |  | (233) |  |  | (323) |  |  | (195) |
Current period change in foreign currency translation and other adjustments | 1 |  |  | 83 |  |  | 230 |  |  | 45 |
Ending balance of foreign currency translation and other adjustments | (93) |  |  | (150) |  |  | (93) |  |  | (150) |
Beginning balance of benefit plan net gain (loss) | 8 |  |  | 8 |  |  | 16 |  |  | (16) |
Current period change in benefit plan net gain (loss) | — |  |  | — |  |  | (8) |  |  | 24 |
Ending balance of benefit plan net gain (loss) | 8 |  |  | 8 |  |  | 8 |  |  | 8 |
Ending balance of accumulated other comprehensive income (loss) | $ | (154) |  |  | $ | (344) |  |  | $ | (154) |  |  | $ | (344) |

(Some amounts may not reconcile due to rounding.)
(1) URA(D) of securities includes URA(D) of fixed maturity, available for sale securities and equity method investments.
13.SHARE-BASED COMPENSATION PLANS
For the three months ended September 30, 2025, a total of 54,237 shares of restricted stock awards were granted: 954 and 53,283 restricted stock awards were granted on August 20, 2025 and September 11, 2025, respectively. The per-share fair value of the restricted stock awards was $341.44 and $343.83, respectively. For the three months ended September 30, 2024, a total of 1,744 shares of restricted stock awards were granted on September 12, 2024, with a fair value of $376.58 per share.
For the nine months ended September 30, 2025, a total of 299,509 shares of restricted stock awards were granted as follows: 230,334, 7,488, 906, 4,630, 1,914, 954 and 53,283 restricted stock awards were granted on February 26, 2025, February 27, 2025, March 6, 2025, May 13, 2025, June 23, 2025, August 21, 2025 and September 11, 2025, respectively. The fair value per share of each restricted stock award was $344.48, $347.23, $359.28, $348.41, $339.93, $341.44 and $343.83, respectively. Additionally, 27,204 performance share unit awards were granted on February 26, 2025, with a fair value of $344.48 per unit.
For the nine months ended September 30, 2024, a total of 220,703 shares of restricted stock awards were granted as follows: 207,839, 7,104, 4,016 and 1,744 restricted stock awards were granted on February 28, 2024, February 29, 2024, May 15, 2024 and September 12, 2024, respectively. The fair value per share of each restricted stock award was $369.52, $367.04, $377.80 and $376.58, respectively. Additionally, 18,713 performance share unit awards were granted on February 28, 2024, with a fair value of $369.52 per unit.
14.EARNINGS PER COMMON SHARE
Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity.
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Net income (loss) per common share has been computed as shown below, based upon weighted average common basic and dilutive shares outstanding.

(Dollars in millions, except per share amounts) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income (loss) | $ | 255 |  | $ | 509 |  | $ | 1,145 |  | $ | 1,966
Less: dividends declared - common shares and unvested common shares | (84) |  | (86) |  | (253) |  | (249)
Undistributed earnings | 172 |  | 423 |  | 892 |  | 1,717
Percentage allocated to common shareholders (1) | 98.8% |  | 98.8% |  | 98.8% |  | 98.8%
| 169 |  | 418 |  | 882 |  | 1,697
Add: dividends declared - common shareholders | 83 |  | 85 |  | 250 |  | 246
Numerator for basic and diluted earnings per common share | $ | 252 |  | $ | 503 |  | $ | 1,132 |  | $ | 1,943
Denominator |  |  |  |  |  |  |
Denominator for basic earnings per weighted-average common shares | 41.4 |  | 42.6 |  | 41.8 |  | 42.8
Effect of dilutive securities: |  |  |  |  |  |  |
Options | — |  | — |  | — |  | —
Denominator for diluted earnings per adjusted weighted-average common shares | 41.4 |  | 42.6 |  | 41.8 |  | 42.8
Per common share net income (loss) |  |  |  |  |  |  |
Basic | $ | 6.09 |  | $ | 11.80 |  | $ | 27.06 |  | $ | 45.40
Diluted | $ | 6.09 |  | $ | 11.80 |  | $ | 27.06 |  | $ | 45.40
(1) Basic weighted - average common shares outstanding | 41.4 |  | 42.6 |  | 41.8 |  | 42.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest | 41.9 |  | 43.1 |  | 42.3 |  | 43.3
Percentage allocated to common shareholders | 98.8% |  | 98.8% |  | 98.8% |  | 98.8%

(Some amounts may not reconcile due to rounding.)
There were no options outstanding as of September 30, 2025 and 2024.
15.INCOME TAXES
On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment”, which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the Organisation for Economic Co-operation and Development issued Administrative Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.
All of the income of Group's non-Bermuda subsidiaries is subject to the applicable federal, foreign, state and local taxes on corporations. Additionally, the income of the foreign branches of the Company's insurance operating companies is subject to various rates of income tax. Group's U.S. subsidiaries conduct business in and are subject to taxation in the U.S. Should the U.S. subsidiaries distribute current or accumulated earnings and profits in the form of dividends or otherwise, the Company would be subject to an accrual of 5% U.S. withholding tax. Currently, however, no withholding tax has been accrued with respect to such un-remitted earnings as management has no intention of remitting them. The cumulative amount that would be subject to withholding tax, if distributed, is not practicable to compute. The provision for income taxes in the consolidated statement of operations and comprehensive income (loss) has been determined in accordance with the individual income of each entity and the respective applicable tax laws. The provision reflects the permanent differences between financial and taxable income relevant to each entity.
On July 4, 2025, The One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in the third quarter of 2025, and we do
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not expect it to have a material impact in the future; however, we will continue to evaluate the impact of The One Big Beautiful Bill.
16.SUBSEQUENT EVENTS
The Company has evaluated known recognized and non-recognized subsequent events. No material subsequent events or transactions have occurred that require recognition or disclosure in the financial statements other than the non-recognized events described below.
Adverse Development Cover Reinsurance Agreements
On October 26, 2025, Everest Re and Bermuda Re (the “Ceding Companies”) entered into adverse development cover reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company. The adverse development cover reinsurance agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital. The adverse development cover reinsurance agreements are effective October 1, 2025 and cover risks arising out of the Ceding Companies’ North American Insurance and Other Segment liabilities and relating to premium earned during 2024 and prior years (the “Subject Business”). The reinsurance agreements exclude certain liabilities, including among others those related to the Ceding Companies’ Asbestos and Environmental reserves included in the Other Segment. The aggregate of the statutory reserves held for the Subject Business, pursuant to the Reinsurance Agreements, is $5.4 billion, as of September 30, 2025.
The adverse development cover is composed of two layers in excess of the $5.4 billion of North America Insurance and Other segment liability subject reserves. The first layer is $700 million, upon which Everest will transfer $1.3 billion of in-the-money reserves in consideration upon closing of the transaction. The second layer is $500 million, upon which Everest will pay approximately $122 million of consideration upon closing of the transaction, which will be reported in the consolidated statement of operations for the fourth quarter of 2025. Everest will have a co-participation of $100 million in each layer.
Sale of Certain Retail Commercial Insurance Renewal Rights
On October 26, 2025, Group entered into an agreement with American International Group, Inc. (“AIG”) to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million (the “Master Transaction Agreement”). In addition, pursuant to the Master Transaction Agreement, AIG has agreed to pay Group $30 million for certain expenses. The closing of the transaction, occurred on October 26, 2025. Pursuant to the Master Transaction Agreement, if the gross written premium paid and payable to AIG with respect to aggregate renewed premiums are less than 80% of the aggregate premiums for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025, Everest will reimburse a portion of the aggregate purchase price, not to exceed $70 million, to AIG depending on the relative percentage of such 2025 premiums.
In addition, on October 26, 2025, Everest entered into an agreement with AIG to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million (the “EU Master Transaction Agreement,” and together with the Master Transaction Agreement, the “Master Transaction Agreements”). Completion of the transaction will be subject to certain regulatory approvals.
The purchase price under the Master Transaction Agreements is subject to adjustment such that the final purchase price will be equal to 15% of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025. Under the Master Transaction Agreements, AIG has also agreed to pay Group a total of $10 million per month for nine months for specified transition services.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview.
Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor’s (“S&P”) 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent.
As a global leader with a 50-year track record, we are a preferred Reinsurance partner in the markets we serve, and with our growing Insurance franchise we strive to deliver consistent value to all our stakeholders. We continue to grow and develop our Insurance business, investing in our global platform and strengthening our portfolio and its potential to deliver on our customer promise.
During 2024, we formed a new “Other” segment, primarily comprised of the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off asbestos and environmental (“A&E”) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. The Company will continue to have two reportable segments that actively sell products, Reinsurance and Insurance, consistent with how the on-going business is managed. See Note 6 of the Notes to the Consolidated Financial Statements for a summary of segment results.
The following is a discussion of our results of operations, financial condition and liquidity and capital resources for the three and nine months ended September 30, 2025. This discussion should be read in conjunction with the consolidated financial statements and related notes, under Part I - Item 1 of this Form 10-Q, as well as the audited consolidated financial statements and notes thereto for the year ended December 31, 2024, included in the Company’s most recent Form 10-K filing.
All comparisons in this discussion are to the corresponding prior year unless otherwise indicated.
Recent Developments.
Adverse Development Cover Reinsurance Agreements
On October 26, 2025, Everest Re and Bermuda Re (the “Ceding Companies”) entered into adverse development cover reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company. The adverse development cover reinsurance agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital. The adverse development cover reinsurance agreements are effective October 1, 2025 and cover risks arising out of the Ceding Companies’ North American Insurance and Other Segment liabilities and relating to premium earned during 2024 and prior years (the “Subject Business”). The reinsurance agreements exclude certain liabilities, including among others those related to the Ceding Companies’ Asbestos and Environmental reserves included in the Other Segment. The aggregate of the statutory reserves held for the Subject Business, pursuant to the Reinsurance Agreements, is $5.4 billion, as of September 30, 2025.
The adverse development cover is composed of two layers in excess of the $5.4 billion of North America Insurance and Other segment liability subject reserves. The first layer is $700 million, upon which Everest will transfer $1.25 billion of in-the-money reserves in consideration upon closing of the transaction.The second layer is $500 million, upon which Everest will pay approximately $122 million of consideration upon closing of the transaction, which will be reported in the consolidated statement of operations for the fourth quarter of 2025. Everest will have a co-participation of $100 million in each layer.
Sale of Certain Retail Commercial Insurance Renewal Rights
On October 26, 2025, Group entered into an agreement with American International Group, Inc. (“AIG”) to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in the U.S., U.K. and Asia Pacific, for an aggregate purchase price of $252 million (the “Master Transaction Agreement”). In
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addition, pursuant to the Master Transaction Agreement, AIG has agreed to pay Group $30 million for certain expenses. The closing of the transaction, occurred on October 26, 2025. Pursuant to the Master Transaction Agreement, if the gross written premium paid and payable to AIG with respect to aggregate renewed premiums are less than 80% of the aggregate premiums for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025, Everest will reimburse a portion of the aggregate purchase price, not to exceed $70 million, to AIG depending on the relative percentage of such 2025 premiums.
In addition, on October 26, 2025, Everest entered into an agreement with AIG to sell the renewal rights for certain lines of commercial property and casualty insurance business written by the Company in certain countries in the European Union, for an aggregate purchase price of $49 million (the “EU Master Transaction Agreement,” and together with the Master Transaction Agreement, the “Master Transaction Agreements”). Completion of the transaction will be subject to certain regulatory approvals.
The purchase price under the Master Transaction Agreements is subject to adjustment such that the final purchase price will be equal to 15% of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025. Under the Master Transaction Agreements, AIG has also agreed to pay Group a total of $10 million per month for nine months for specified transition services.
Financial Summary.
We monitor and evaluate our overall performance based upon financial results. The following table displays a summary of the consolidated net income (loss), ratios and shareholders’ equity for the periods indicated:

| Three Months Ended September 30, |  | Percentage Increase/ (Decrease) |  | Nine Months Ended September 30, |  | Percentage Increase/ (Decrease)
(Dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Gross written premiums | $ | 4,375 |  |  | $ | 4,425 |  |  | (1.1) | % |  | $ | 13,446 |  |  | $ | 13,561 |  |  | (0.8) | %
Net written premiums | 3,754 |  |  | 3,805 |  |  | (1.3) | % |  | 11,607 |  |  | 11,789 |  |  | (1.5) | %
REVENUES: |  |  |  |  |  |  |  |  |  |  |
Premiums earned | $ | 3,855 |  |  | $ | 3,918 |  |  | (1.6) | % |  | $ | 11,698 |  |  | $ | 11,262 |  |  | 3.9 | %
Net investment income | 540 |  |  | 496 |  |  | 8.8 | % |  | 1,563 |  |  | 1,481 |  |  | 5.5 | %
Net gains (losses) on investments | (47) |  |  | (27) |  |  | 75.4 | % |  | (59) |  |  | (50) |  |  | 17.7 | %
Other income (expense) | (29) |  |  | (102) |  |  | (71.3) | % |  | (129) |  |  | (48) |  |  | NM
Total revenues | 4,319 |  |  | 4,285 |  |  | 0.8 | % |  | 13,073 |  |  | 12,645 |  |  | 3.4 | %
CLAIMS AND EXPENSES: |  |  |  |  |  |  |  |  |  |  |
Incurred losses and loss adjustment expenses | 2,837 |  |  | 2,584 |  |  | 9.8 | % |  | 8,203 |  |  | 7,132 |  |  | 15.0 | %
Commission, brokerage, taxes and fees | 890 |  |  | 826 |  |  | 7.8 | % |  | 2,595 |  |  | 2,398 |  |  | 8.2 | %
Other underwriting expenses | 258 |  |  | 236 |  |  | 9.2 | % |  | 750 |  |  | 694 |  |  | 8.1 | %
Corporate expenses | 27 |  |  | 25 |  |  | 10.1 | % |  | 79 |  |  | 69 |  |  | 15.6 | %
Interest, fees and bond issue cost amortization expense | 38 |  |  | 38 |  |  | 1.5 | % |  | 114 |  |  | 112 |  |  | 1.3 | %
Total claims and expenses | 4,050 |  |  | 3,708 |  |  | 9.2 | % |  | 11,740 |  |  | 10,404 |  |  | 12.8 | %
INCOME (LOSS) BEFORE TAXES | 269 |  |  | 577 |  |  | (53.4) | % |  | 1,332 |  |  | 2,241 |  |  | (40.5) | %
Income tax expense (benefit) | 14 |  |  | 68 |  |  | (80.0) | % |  | 187 |  |  | 275 |  |  | (32.0) | %
NET INCOME (LOSS) | $ | 255 |  |  | $ | 509 |  |  | (49.9) | % |  | $ | 1,145 |  |  | $ | 1,966 |  |  | (41.7) | %
RATIOS: |  |  |  |  | Point Change |  |  |  |  |  | Point Change
Loss ratio | 73.6 | % |  | 66.0 | % |  | 7.6 |  |  | 70.1 | % |  | 63.3 | % |  | 6.8 |
Commission and brokerage ratio | 23.1 | % |  | 21.1 | % |  | 2.0 |  |  | 22.2 | % |  | 21.3 | % |  | 0.9 |
Other underwriting expense ratio | 6.7 | % |  | 6.0 | % |  | 0.7 |  |  | 6.4 | % |  | 6.2 | % |  | 0.2 |
Combined ratio | 103.4 | % |  | 93.1 | % |  | 10.3 |  |  | 98.7 | % |  | 90.8 | % |  | 7.9 |

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| At September 30, |  | At December 31, |  | Percentage Increase/ (Decrease)
(Dollars in millions, except per share amounts) | 2025 |  | 2024 |
Balance sheet data: |  |  |  |  |
Total investments and cash | $ | 45,831 |  |  | $ | 41,531 |  |  | 10.4 | %
Total assets | 62,240 |  |  | 56,341 |  |  | 10.5 | %
Reserve for losses and loss adjustment expenses | 33,742 |  |  | 29,889 |  |  | 12.9 | %
Total debt | 3,588 |  |  | 3,587 |  |  | — | %
Total liabilities | 46,864 |  |  | 42,466 |  |  | 10.4 | %
Shareholders' equity | 15,375 |  |  | 13,875 |  |  | 10.8 | %
Book value per share | 366.22 |  |  | 322.97 |  |  | 13.4 | %

(NM, not meaningful)
(Some amounts may not reconcile due to rounding.)
Revenues.
Premiums. Gross written premiums decreased by 1.1%, remaining relatively constant at $4.4 billion for the three months ended September 30, 2025, compared to $4.4 billion for the three months ended September 30, 2024. The decrease reflects a $59 million, or 1.8%, decrease in our reinsurance business and a $28 million, or 55.9%, decrease in business within the Other segment, partially offset by a $37 million, or 3.4%, increase in our insurance business. The decrease in reinsurance premiums was primarily due to U.S. casualty pro rata and casualty excess of loss lines of business, partially offset by an increase in the property book of business and financial lines business. Gross written premiums within Other decreased by $28 million as this segment generally represents lines of business that have been discontinued. The increase in insurance premiums compared to the prior year period was primarily due to an increase in accident and health business, professional liability business and other specialty business, partially offset by portfolio actions taken on specialty casualty lines of business primarily in the U.S. portfolio.
Gross written premiums decreased by 0.8% to $13.4 billion for the nine months ended September 30, 2025, compared to $13.6 billion for the nine months ended September 30, 2024. The decrease reflects an $111 million, or 60.6%, decrease within the Other segment and a $22 million, or 0.6%, decrease in our insurance business, partially offset by a $19 million, or 0.2%, increase in our reinsurance business. Gross written premiums within Other has decreased by $111 million as this segment generally represents lines of business that have been discontinued. The decrease in insurance premiums was primarily due to portfolio actions taken on specialty casualty lines of business, partially offset by an increase in other specialty business and property/short tail business. The increase in reinsurance premiums was primarily driven by property pro rata business and property catastrophe excess of loss business in the U.S., partially offset by actions taken on our U.S. reinsurance casualty business.
Net written premiums decreased by 1.3% remaining relatively constant at $3.8 billion for the three months ended September 30, 2025, compared to $3.8 billion for the three months ended September 30, 2024, primarily driven by overall mix of business. Net written premiums decreased by 1.5% to $11.6 billion for the nine months ended September 30, 2025, compared to $11.8 billion for the nine months ended September 30, 2024. The larger percentage decrease in net written premiums compared to the percentage decrease in gross written premiums was mainly due to higher retention and overall mix of business.
Premiums earned decreased by 1.6% to $3.9 billion during the three months ended September 30, 2025, compared to $3.9 billion during the three months ended September 30, 2024. Premiums earned increased by 3.9% to $11.7 billion for the nine months ended September 30, 2025, compared to $11.3 billion for the nine months ended September 30, 2024. The change in premiums earned relative to net written premiums was primarily the result of timing as the higher base premium written in 2024 is being earned through the 2025 period; premiums are earned ratably over the coverage period whereas written premiums are generally recorded at the initiation of the coverage period.
Other Income (Expense). We recorded other expense of $29 million and other expense of $102 million for the three months ended September 30, 2025 and 2024, respectively. We recorded other expense of $129 million and other expense of $48 million for the nine months ended September 30, 2025 and 2024, respectively. The changes were primarily the result of fluctuations in foreign currency exchange rates, in particular, the movements in the Euro and British Pound Sterling. We recognized foreign currency exchange expense of $33 million and foreign exchange currency expense of $102 million for the three months ended September 30, 2025 and 2024, respectively. We recognized foreign currency exchange expense of $165 million and foreign currency exchange expense of $61 million for the nine months ended September 30, 2025 and 2024, respectively. The other expense incurred for the nine months ended September 30,
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2025 is partially offset by a $26.7 million pension plan settlement gain recognized in the second quarter of 2025 driven by the extinguishment of the Everest Reinsurance Company (“Everest Re”) retirement pension plan obligation liability.
Net Investment Income. Refer to the “Consolidated Investments Results” section below.
Net Gains (Losses) on Investments. Refer to the “Consolidated Investments Results” section below.
Claims and Expenses.
Incurred Losses and Loss Adjustment Expenses (“LAE”). The following tables present our incurred losses and LAE for the periods indicated.

| Three Months Ended September 30,
(Dollars in millions) | Current Year |  | Ratio %/ Pt Change |  | Prior Years |  | Ratio %/ Pt Change |  | Total Incurred |  | Ratio %/ Pt Change
2025 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 2,309 |  |  | 59.9 | % |  | $ | 537 |  |  | 13.9 | % |  | $ | 2,846 |  |  | 73.8 | %
Catastrophes | 50 |  |  | 1.3 | % |  | (59) |  |  | (1.5) | % |  | (9) |  |  | (0.2) | %
Total | $ | 2,359 |  |  | 61.2 | % |  | $ | 478 |  |  | 12.4 | % |  | $ | 2,837 |  |  | 73.6 | %
2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 2,274 |  |  | 58.0 | % |  | $ | — |  |  | — | % |  | $ | 2,274 |  |  | 58.0 | %
Catastrophes | 310 |  |  | 7.9 | % |  | — |  |  | — | % |  | 310 |  |  | 7.9 | %
Total | $ | 2,584 |  |  | 66.0 | % |  | $ | — |  |  | — | % |  | $ | 2,584 |  |  | 66.0 | %
Variance 2025/2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 35 |  |  | 1.8 | pts |  | $ | 537 |  |  | 13.9 | pts |  | $ | 572 |  |  | 15.8 | pts
Catastrophes | (260) |  |  | (6.6) | pts |  | (59) |  |  | (1.5) | pts |  | (319) |  |  | (8.1) | pts
Total | $ | (225) |  |  | (4.8) | pts |  | $ | 478 |  |  | 12.4 | pts |  | $ | 253 |  |  | 7.6 | pts

(Some amounts may not reconcile due to rounding.)

| Nine Months Ended September 30,
(Dollars in millions) | Current Year |  | Ratio %/ Pt Change |  | Prior Years |  | Ratio %/ Pt Change |  | Total Incurred |  | Ratio %/ Pt Change
2025 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 7,061 |  |  | 60.4 | % |  | $ | 596 |  |  | 5.1 | % |  | $ | 7,658 |  |  | 65.5 | %
Catastrophes | 604 |  |  | 5.2 | % |  | (59) |  |  | (0.5) | % |  | 545 |  |  | 4.7 | %
Total | $ | 7,665 |  |  | 65.5 | % |  | $ | 537 |  |  | 4.6 | % |  | $ | 8,203 |  |  | 70.1 | %
2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 6,586 |  |  | 58.5 | % |  | $ | — |  |  | — | % |  | $ | 6,586 |  |  | 58.5 | %
Catastrophes | 546 |  |  | 4.9 | % |  | — |  |  | — | % |  | 546 |  |  | 4.9 | %
Total | $ | 7,132 |  |  | 63.3 | % |  | $ | — |  |  | — | % |  | $ | 7,132 |  |  | 63.3 | %
Variance 2025/2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 476 |  |  | 1.9 | pts |  | $ | 596 |  |  | 5.1 | pts |  | 1,072 |  |  | 7.0 | pts
Catastrophes | 58 |  |  | 0.3 | pts |  | (59) |  |  | (0.5) | pts |  | (1) |  |  | (0.2) | pts
Total | $ | 533 |  |  | 2.2 | pts |  | $ | 537 |  |  | 4.6 | pts |  | $ | 1,071 |  |  | 6.8 | pts

(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE increased by 9.8% to $2.8 billion for the three months ended September 30, 2025, compared to $2.6 billion for the three months ended September 30, 2024, primarily due to an increase of $35 million in current year attritional losses and an increase in unfavorable development on prior year attritional losses of $537 million, partially offset by a decrease of $260 million in current year catastrophe losses and favorable development on prior year catastrophe losses of $59 million.
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The increase in unfavorable development on prior year attritional losses of $537 million was primarily a result of strengthening of U.S. casualty reserves. The reserve strengthening for prior year loss development was driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.
The current year catastrophe losses of $50 million for the three months ended September 30, 2025 related primarily to Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($20 million) and the 2025 Philippines earthquake ($10 million). The $310 million of current year catastrophe losses for the three months ended September 30, 2024 related primarily to Hurricane Helene ($81 million), Hurricane Beryl ($67 million), Hurricane Debby ($60 million), the 2024 European flood Boris ($48 million) and the third quarter 2024 Calgary Alberta storms ($41 million). For the three months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.
Incurred losses and LAE increased by 15.0% to $8.2 billion for the nine months ended September 30, 2025, compared to $7.1 billion for the nine months ended September 30, 2024, primarily due to an increase of $476 million in current year attritional losses, an increase in unfavorable development on prior year attritional losses of $596 million and an increase of $58 million in current year catastrophe losses, partially offset by favorable development on prior year catastrophe losses of $59 million.
The increase in current year attritional losses and the unfavorable development on prior year attritional losses were both primarily related to the strengthening of U.S. casualty reserves. Additionally, the unfavorable development on prior year attritional losses was impacted by $98 million of aviation losses associated with the Russia/Ukraine war, partially offset by net favorable prior year development of $39 million due to reserve releases for property business.
The current year catastrophe losses of $604 million for the nine months ended September 30, 2025 related primarily to the 2025 Southern California wildfires ($512 million), the first quarter 2025 Myanmar earthquake ($28 million), Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($20 million), the 2025 U.S. Midwest convective storms ($14 million) and the 2025 Philippines earthquake ($10 million). The $546 million of current year catastrophe losses for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($81 million), Hurricane Beryl ($67 million), the 2024 Baltimore bridge collapse ($62 million), Hurricane Debby ($60 million), the 2024 European flood Boris ($48 million), the 2024 Brazil Floods ($41 million), the third quarter 2024 Calgary Alberta storms ($41 million), the 2024 Germany floods ($41 million), the 2024 Dubai floods ($40 million) and the 2024 Taiwan earthquake ($27 million). For the nine months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.
Catastrophe losses and loss expenses typically have a material effect on our incurred losses and LAE results and can vary significantly from period to period. Losses from natural catastrophes contributed 1.3 percentage points to the combined ratio for the three months ended September 30, 2025, compared with 7.9 percentage points in the corresponding period of 2024, and 5.2 percentage points to the combined ratio for the nine months ended September 30, 2025, compared with 4.9 percentage points in the corresponding period of 2024.
Commission, Brokerage, Taxes and Fees. Commission, brokerage, taxes and fees increased by 7.8% to $890 million for the three months ended September 30, 2025, compared to $826 million for the three months ended September 30, 2024. Commission, brokerage, taxes and fees increased by 8.2% to $2.6 billion for the nine months ended September 30, 2025, compared to $2.4 billion for the nine months ended September 30, 2024. The increases were primarily due to the impact of change in profit commission from the mortgage business loss reserves decrease within the Reinsurance segment and overall mix of business.
Other Underwriting Expenses. Other underwriting expenses were $258 million and $236 million for the three months ended September 30, 2025 and September 30, 2024, respectively. Other underwriting expenses were $750 million and $694 million for the nine months ended September 30, 2025 and 2024, respectively. The increases in other underwriting expenses were driven by continued investment in insurance operations.
Corporate Expenses. Corporate expenses, which are general operating expenses that are not allocated to segments, were $27 million and $25 million for the three months ended September 30, 2025 and 2024, respectively, and $79 million and $69 million for the nine months ended September 30, 2025 and 2024, respectively. The increases in Corporate expenses for the three and nine month periods ended September 30, 2025 are primarily due to a nonrecurring adjustment due to the curtailment of the employee benefit plan in 2024, as well as an increase in professional services related to the continued build out of our infrastructure.
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Interest, Fees and Bond Issue Cost Amortization Expense. Interest, fees and other bond amortization expense remained consistent at $38 million for the three months ended September 30, 2025, compared to $38 million for the three months ended September 30, 2024. Interest, fees and other bond amortization expense increased to $114 million from $112 million for the nine months ended September 30, 2025 and 2024, respectively. The increase for the nine months ended September 30, 2025 was mainly due to higher interest costs on the Federal Home Loan Bank of New York borrowing, partially offset by a decrease in the floating interest rate related to the Company’s outstanding fixed to floating rate long-term subordinated notes, which is reset quarterly, per the note agreement. The floating rate was 6.86% as of September 30, 2025, compared to 7.76% as of September 30, 2024.
Income Tax Expense (Benefit). Income tax expense was $14 million and $68 million for the three months ended September 30, 2025 and 2024, respectively. Income tax expense was $187 million and $275 million for the nine months ended September 30, 2025 and 2024, respectively. The period over period decrease in income tax expense is primarily a function of the geographic location of the Company’s pre-tax income and the statutory tax rates in those jurisdictions. The effective tax rate (“ETR”) is primarily affected by tax-exempt investment income, foreign tax credits and dividends. Variations in the ETR generally result from changes in the relative levels of pre-tax income, including the impact of catastrophe losses and net capital gains (losses), among jurisdictions with different tax rates.
On December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act 2023 (“The 2023 Act”), which applies a 15% corporate income tax to certain Bermuda businesses in fiscal years beginning on or after January 1, 2025. The 2023 Act includes a provision referred to as “The Economic Transition Adjustment”, which is intended to provide a fair and equitable transition into the new tax regime, and results in a deferred tax benefit for the Company. However, on January 15, 2025, the Organisation for Economic Co-operation and Development issued Administrative Guidance related to “deferred tax assets arising from tax benefits provided by General Government” whereby it has restricted the utilization of those deferred tax benefits against the computation of its Pillar Two Global Minimum Taxes to approximately 20% of the originally calculated amounts and only for a grace period of two years through 2026. If the Bermuda Ministry of Finance amends The 2023 Act in response to this guidance, the exact impact of any such amendments is uncertain but there is a risk that it results in a reduction in the Company's Deferred Tax Assets.
On July 4, 2025, The One Big Beautiful Bill was signed into law. The One Big Beautiful Bill did not have a material impact on our results of operations, financial condition, or cash flows upon enactment in the third quarter of 2025, and we do not expect it to have a material impact in the future; however, we will continue to evaluate the impact of The One Big Beautiful Bill.
Net Income (Loss).
Our net income was $255 million and $509 million for the three months ended September 30, 2025 and 2024, respectively. Our net income was $1.1 billion and $2.0 billion for the nine months ended September 30, 2025 and 2024, respectively. The period over period changes in net income were primarily driven by the financial component fluctuations explained above.
Ratios.
Our combined ratio increased by 10.3 points to 103.4% for the three months ended September 30, 2025, compared to 93.1% for the three months ended September 30, 2024 and increased by 7.9 points to 98.7% for the nine months ended September 30, 2025, compared to 90.8% for the nine months ended September 30, 2024. The current year increase is primarily due to higher attritional losses. Refer to the analysis of combined ratio components below.
The loss ratio component increased by 7.6 points to 73.6% for the three months ended September 30, 2025, compared to 66.0% for the three months ended September 30, 2024, mainly due to a $537 million increase in unfavorable development on prior year attritional losses, partially offset by a $260 million decrease in catastrophe losses. The loss ratio component increased by 6.8 points to 70.1% for the nine months ended September 30, 2025, compared to 63.3% for the nine months ended September 30, 2024, primarily due to an increase of $476 million in current year attritional losses, an increase of $58 million in current year catastrophe losses and unfavorable prior year development on attritional losses of $596 million.
The commission and brokerage ratio components increased to 23.1% for the three months ended September 30, 2025, compared to 21.1% for the three months ended September 30, 2024, and increased to 22.2% for the nine months ended September 30, 2025, compared to 21.3% for the nine months ended September 30, 2024. The quarter over quarter increase was mainly due to changes in the mix of business and the change in profit commission from the mortgage business loss reserves decrease within the Reinsurance segment.
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The other underwriting expense ratios increased to 6.7% for the three months ended September 30, 2025, compared to 6.0% for the three months ended September 30, 2024, and increased to 6.4% for the nine months ended September 30, 2025, compared to 6.2% for the nine months ended September 30, 2024. The increase for the three and nine months was mainly due to growth in insurance operations.
Shareholders’ Equity.
Shareholders’ equity increased by $1.5 billion to $15.4 billion at September 30, 2025 from $13.9 billion at December 31, 2024, principally as a result of $1.1 billion of net income, $762 million of unrealized appreciation on available for sale fixed maturity portfolio net of tax, $230 million of net foreign currency translation adjustments and $24 million of share-based compensation transactions, partially offset by $400 million of share repurchases, $253 million of shareholder dividends and $8 million of net benefit plan obligation adjustments.
Consolidated Investment Results
Net Investment Income.
Net investment income increased by 8.8% to $540 million for the three months ended September 30, 2025, compared with net investment income of $496 million for the three months ended September 30, 2024. The increase for the three months ended September 30, 2025 was primarily the result of an increase of $41 million in limited partnership income and an increase of $12 million in income from fixed maturity investments, partially offset by a decline of $11 million in income from short-term investments. Net investment income increased by 5.5% to $1.6 billion for the nine months ended September 30, 2025, compared with investment income of $1.5 billion for the nine months ended September 30, 2024. The increase for the nine months ended September 30, 2025 was primarily the result of an increase of $73 million of income from fixed maturity investments, an increase of $6 million in limited partnership income and an increase of $2 million in income from other alternative investments, partially offset by a decline of $10 million from short-term investments. The limited partnership income primarily reflects changes in reported net asset values. As such, until these asset values are monetized and the resultant income is distributed, they are subject to volatile results of future increases or decreases in the asset value.
The following table shows the components of net investment income for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturities | $ | 390 |  |  | $ | 378 |  |  | $ | 1,172 |  |  | $ | 1,099 |
Equity securities | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Short-term investments and cash | 43 |  |  | 54 |  |  | 125 |  |  | 135 |
Other invested assets |  |  |  |  |  |  |
Limited partnerships | 76 |  |  | 36 |  |  | 189 |  |  | 183 |
Other | 36 |  |  | 36 |  |  | 87 |  |  | 85 |
Gross investment income before adjustments | 546 |  |  | 504 |  |  | 1,577 |  |  | 1,506 |
Funds held interest income (expense) | 7 |  |  | 5 |  |  | 22 |  |  | 20 |
Future policy benefit reserve income (expense) | — |  |  | 1 |  |  | — |  |  | — |
Gross investment income | 553 |  |  | 510 |  |  | 1,598 |  |  | 1,525 |
Investment expenses | 13 |  |  | 13 |  |  | 35 |  |  | 44 |
Net investment income | $ | 540 |  |  | $ | 496 |  |  | $ | 1,563 |  |  | $ | 1,481 |

(Some amounts may not reconcile due to rounding.)
The following table shows a comparison of various investment yields for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Annualized pre-tax yield on average cash and invested assets | 4.8 | % |  | 4.8 | % |  | 4.7 | % |  | 4.9 | %
Annualized after-tax yield on average cash and invested assets | 4.0 | % |  | 4.2 | % |  | 3.9 | % |  | 4.3 | %
Annualized return on invested assets | 4.4 | % |  | 4.6 | % |  | 4.5 | % |  | 4.8 | %

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Net Gains (Losses) on Investments.
The following table presents the composition of our net gains (losses) on investments for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | Variance |  | 2025 |  | 2024 |  | Variance
Realized gains (losses) from dispositions: |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities - available for sale |  |  |  |  |  |  |  |  |  |  |
Gains | $ | 34 |  |  | $ | 59 |  |  | $ | (26) |  |  | $ | 43 |  |  | $ | 86 |  |  | (42) |
Losses | (69) |  |  | (84) |  |  | 15 |  |  | (91) |  |  | (133) |  |  | 41 |
Total | (36) |  |  | (25) |  |  | (11) |  |  | (48) |  |  | (47) |  |  | (1) |
Fixed maturity securities - held to maturity |  |  |  |  |  |  |  |  |  |  |
Gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Losses | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Total | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |
Gains | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | (1) |
Losses | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |
Total | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |  |  | (2) |
Other Invested Assets |  |  |  |  |  |  |  |  |  |  |
Gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Losses | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Total | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Short-Term Investments |  |  |  |  |  |  |  |  |  |  |
Gains | — |  |  | 1 |  |  | (1) |  |  | — |  |  | 1 |  |  | (1) |
Losses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | — |  |  | 1 |  |  | (1) |  |  | — |  |  | 1 |  |  | (1) |
Total net realized gains (losses) from dispositions |  |  |  |  |  |  |  |  |  |  |
Gains | 34 |  |  | 60 |  |  | (26) |  |  | 44 |  |  | 88 |  |  | (44) |
Losses | (69) |  |  | (84) |  |  | 14 |  |  | (93) |  |  | (133) |  |  | 40 |
Total | (36) |  |  | (24) |  |  | (12) |  |  | (49) |  |  | (45) |  |  | (3) |
Allowance for credit losses | (12) |  |  | (9) |  |  | (3) |  |  | (14) |  |  | (3) |  |  | (11) |
Gains (losses) from fair value adjustments |  |  |  |  |  |  |  |  |  |  |
Equity securities | — |  |  | 5 |  |  | (5) |  |  | 3 |  |  | (3) |  |  | 6 |
Total | — |  |  | 5 |  |  | (5) |  |  | 3 |  |  | (3) |  |  | 6 |
Total net gains (losses) on investments | $ | (47) |  |  | $ | (27) |  |  | $ | (20) |  |  | $ | (59) |  |  | $ | (50) |  |  | $ | (9) |

(Some amounts may not reconcile due to rounding.)
Total net gains (losses) on investments during the three months ended September 30, 2025 primarily consist of $36 million of losses due to the disposition of investments and an increase to the allowance for credit losses of $12 million.
Total net gains (losses) on investments during the nine months ended September 30, 2025 primarily relate to $49 million of net losses due to the disposition of investments and an increase to the allowance for credit losses of $14 million, partially offset by $3 million of gains from fair value adjustments on equity securities.
Segment Results.
Our two reportable segments, Reinsurance and Insurance, 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 President and Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing
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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 2024, the Company revised its classification and presentation of certain run-off business, previously included within the Reinsurance and Insurance reportable segments, as part of a new segment called "Other". The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.
The Company does not review and evaluate the financial results of its segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these segments based upon their underwriting results. Underwriting results include earned premium less losses and 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 discusses the underwriting results for each of our segments for the periods indicated.
Reinsurance.
The following table presents the underwriting results and ratios for the Reinsurance segment for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | Variance |  | % Change |  | 2025 |  | 2024 |  | Variance |  | % Change
Gross written premiums | $ | 3,206 |  | $ | 3,265 |  | $ | (59) |  |  | (1.8) | % |  | $ | 9,668 |  | $ | 9,650 |  | $ | 19 |  |  | 0.2 | %
Net written premiums | 2,885 |  | 2,975 |  | (89) |  |  | (3.0) | % |  | 8,773 |  | 8,950 |  | (177) |  |  | (2.0) | %
Premiums earned | $ | 2,892 |  | $ | 2,970 |  | $ | (78) |  |  | (2.6) | % |  | $ | 8,835 |  | $ | 8,429 |  | $ | 405 |  |  | 4.8 | %
Incurred losses and LAE | 1,678 |  | 1,942 |  | (264) |  |  | (13.6) | % |  | 5,673 |  | 5,266 |  | 407 |  |  | 7.7 | %
Commission and brokerage | 764 |  | 710 |  | 53 |  |  | 7.5 | % |  | 2,223 |  | 2,054 |  | 170 |  |  | 8.3 | %
Other underwriting expenses | 74 |  | 73 |  | 1 |  |  | 1.7 | % |  | 221 |  | 215 |  | 6 |  |  | 2.9 | %
Underwriting gain (loss) | $ | 376 |  | $ | 245 |  | $ | 132 |  |  | 53.9 | % |  | $ | 717 |  | $ | 895 |  | $ | (178) |  |  | (19.9) | %
|  |  |  |  |  |  | Point Chg |  |  |  |  |  |  |  | Point Chg
Loss ratio | 58.0 | % |  | 65.4 | % |  |  |  | (7.4) |  |  | 64.2 | % |  | 62.5 | % |  |  |  | 1.7 |
Commission and brokerage ratio | 26.4 | % |  | 23.9 | % |  |  |  | 2.5 |  |  | 25.2 | % |  | 24.4 | % |  |  |  | 0.8 |
Other underwriting expense ratio | 2.6 | % |  | 2.5 | % |  |  |  | 0.1 |  |  | 2.5 | % |  | 2.6 | % |  |  |  | — |
Combined ratio | 87.0 | % |  | 91.8 | % |  |  |  | (4.8) |  |  | 91.9 | % |  | 89.4 | % |  |  |  | 2.5 |

(NM, Not Meaningful)
(Some amounts may not reconcile due to rounding.)
Premiums. Gross written premiums decreased by 1.8% to $3.2 billion for the three months ended September 30, 2025, compared to $3.3 billion for the three months ended September 30, 2024, primarily driven by the effects of underwriting actions on U.S. casualty pro rata and casualty excess of loss lines of business, partially offset by an increase in the property book of business and financial lines business. Gross written premiums increased by 0.2% to $9.7 billion for the nine months ended September 30, 2025, compared to $9.6 billion for the nine months ended September 30, 2024, primarily driven by property pro rata business and property catastrophe excess of loss business in the U.S., partially offset by actions taken on our U.S. reinsurance casualty business.
Net written premiums decreased by 3.0% to $2.9 billion for the three months ended September 30, 2025, compared to $3.0 billion for the three months ended September 30, 2024. Net written premiums decreased by 2.0% to $8.8 billion for the nine months ended September 30, 2025, compared to $8.9 billion for the nine months ended September 30, 2024. The decreases were driven by changes in cessions and overall mix of business.
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Premiums earned decreased by 2.6% to $2.9 billion for the three months ended September 30, 2025, compared to $3.0 billion for the three months ended September 30, 2024, comparable to the decrease in net written premium. Premiums earned increased by 4.8% to $8.8 billion for the nine months ended September 30, 2025, compared to $8.4 billion for the nine months ended September 30, 2024, primarily driven by increased property pro rata business written that was recorded over the prior quarters which are now being earned. The change in premiums earned relative to net written premiums is the result of timing; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.
Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Reinsurance segment for the periods indicated:

| Three Months Ended September 30,
(Dollars in millions) | Current Year |  | Ratio %/ Pt Change |  | Prior Years |  | Ratio %/ Pt Change |  | Total Incurred |  | Ratio %/ Pt Change
2025 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 1,662 |  |  | 57.5 | % |  | $ | 30 |  |  | 1.0 | % |  | 1,692 |  |  | 58.5 | %
Catastrophes | 45 |  |  | 1.6 | % |  | (59) |  |  | (2.0) | % |  | (14) |  |  | (0.5) | %
Total Segment | $ | 1,707 |  |  | 59.0 | % |  | $ | (29) |  |  | (1.0) | % |  | $ | 1,678 |  |  | 58.0 | %
2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 1,672 |  |  | 56.3 | % |  | $ | — |  |  | — | % |  | 1,672 |  |  | 56.3 | %
Catastrophes | 270 |  |  | 9.1 | % |  | — |  |  | — | % |  | 270 |  |  | 9.1 | %
Total Segment | $ | 1,942 |  |  | 65.4 | % |  | $ | — |  |  | — | % |  | $ | 1,942 |  |  | 65.4 | %
Variance 2025/2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | (10) |  |  | 1.2 | pts |  | $ | 30 |  |  | 1.0 | pts |  | $ | 20 |  |  | 2.2 | pts
Catastrophes | (225) |  |  | (7.5) | pts |  | (59) |  |  | (2.0) | pts |  | (284) |  |  | (9.6) | pts
Total Segment | $ | (235) |  |  | (6.4) | pts |  | $ | (29) |  |  | (1.0) | pts |  | $ | (264) |  |  | (7.4) | pts

(Some amounts may not reconcile due to rounding.)

| Nine Months Ended September 30,
(Dollars in millions) | Current Year |  | Ratio %/ Pt Change |  | Prior Years |  | Ratio %/ Pt Change |  | Total Incurred |  | Ratio %/ Pt Change
2025 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 5,074 |  |  | 57.4 | % |  | $ | 89 |  |  | 1.0 | % |  | 5,164 |  |  | 58.4 | %
Catastrophes | 569 |  |  | 6.4 | % |  | (59) |  |  | (0.7) | % |  | 509 |  |  | 5.8 | %
Total Segment | $ | 5,643 |  |  | 63.9 | % |  | $ | 30 |  |  | 0.3 | % |  | $ | 5,673 |  |  | 64.2 | %
2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 4,779 |  |  | 56.7 | % |  | $ | — |  |  | — | % |  | 4,779 |  |  | 56.7 | %
Catastrophes | 487 |  |  | 5.8 | % |  | — |  |  | — | % |  | 487 |  |  | 5.8 | %
Total Segment | $ | 5,266 |  |  | 62.5 | % |  | $ | — |  |  | — | % |  | $ | 5,266 |  |  | 62.5 | %
Variance 2025/2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 295 |  |  | 0.7 | pts |  | $ | 89 |  |  | 1.0 | pts |  | $ | 385 |  |  | 1.8 | pts
Catastrophes | 82 |  |  | 0.7 | pts |  | (59) |  |  | (0.7) | pts |  | 23 |  |  | — | pts
Total Segment | $ | 377 |  |  | 1.4 | pts |  | $ | 30 |  |  | 0.3 | pts |  | $ | 407 |  |  | 1.7 | pts

(Some amounts may not reconcile due to rounding.)
Incurred losses decreased by 13.6% to $1.7 billion for the three months ended September 30, 2025, compared to $1.9 billion for the three months ended September 30, 2024. The decrease was primarily due to a decrease of $10 million in current year attritional losses, a decrease of $225 million in current year catastrophe losses and favorable development on prior year catastrophe losses of $59 million, partially offset by an increase of unfavorable development on prior year attritional losses of $30 million.
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The decrease in current year attritional losses was mainly related to the impact of change in business mix. The unfavorable development on prior year attritional losses was primarily related to reserve strengthening of the U.S. casualty business.
The $45 million of current year catastrophe losses for the three months ended September 30, 2025 related primarily to Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($15 million) and the 2025 Philippines earthquake ($10 million). The $270 million of current year catastrophe losses for the three months ended September 30, 2024 related primarily to Hurricane Helene ($65 million), Hurricane Debby ($59 million), Hurricane Beryl ($56 million), the 2024 European flood Boris ($46 million) and the 2024 third quarter Calgary Alberta storms ($35 million). For three months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.
Incurred losses increased by 7.7% to $5.7 billion for the nine months ended September 30, 2025, compared to $5.3 billion for the nine months ended September 30, 2024. The increase was primarily due to an increase of $295 million in current year attritional losses, an increase of $82 million in current year catastrophe losses and an increase of unfavorable development on prior year attritional losses of $89 million, partially offset by favorable development on prior year catastrophe losses of $59 million.
The increase in current year attritional losses was mainly related to the impact of the increase in premiums earned, the impact of the Washington D.C. aviation accident during the first quarter and reserve strengthening on the U.S. casualty business. The unfavorable development on prior year attritional losses was primarily related to reserve strengthening on the U.S. casualty business, as well as aviation losses associated with the Russia/Ukraine war of $98 million. In the second quarter of 2025, the United Kingdom’s High Court concluded that the confiscation of certain aircraft was covered under the war provision within certain reinsurance contracts. As a result of the court’s decision, the Company increased its net ultimate loss reserve for contracts that were exposed to the war in the Ukraine by $98 million ($84 million net of reinstatement premiums).
The current year catastrophe losses of $569 million for the nine months ended September 30, 2025 related primarily to the 2025 Southern California wildfires ($502 million) and the first quarter 2025 Myanmar earthquake ($20 million), Typhoon Ragasa ($20 million), the 2025 U.S. September floods ($15 million), the 2025 Philippines earthquake ($10 million) and the 2025 U.S. Midwest convective storms ($14 million). The $487 million of current year catastrophe losses for the nine months ended September 30, 2024 related primarily to Hurricane Helene ($65 million), Hurricane Debby ($59 million), the 2024 Baltimore bridge collapse ($57 million), Hurricane Beryl ($56 million), the 2024 European flood Boris ($46 million), the 2024 Brazil Floods ($41 million), the 2024 Dubai floods ($40 million), the 2024 Germany floods ($39 million), the third quarter 2024 Calgary Alberta storms ($35 million) and the 2024 Taiwan earthquake ($25 million). For nine months ended September 30, 2025, the favorable development on prior year catastrophe losses was mainly related to reserves released related to the 2022 Hurricane Ian event.
Segment Expenses. Commission and brokerage expense increased by 7.5% to $764 million for the three months ended September 30, 2025, compared to $710 million for the three months ended September 30, 2024. Commission and brokerage expense increased by 8.3% to $2.2 billion for the nine months ended September 30, 2025, compared to $2.1 billion for the nine months ended September 30, 2024. The increases were mainly due to the impact of the increase in premiums earned, mortgage-related contingent commissions and changes in the mix of business.
Segment other underwriting expenses increased to $74 million for the three months ended September 30, 2025, compared to $73 million for the three months ended September 30, 2024. Segment other underwriting expenses increased to $221 million for the nine months ended September 30, 2025, compared to $215 million for the nine months ended September 30, 2024. Quarter to date remained relatively consistent with written premium movement, while the increase in year to date was mainly due to increased expenditures supporting premium volume of the segment.
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Insurance.
The following table presents the underwriting results and ratios for the Insurance segment for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | Variance |  | % Change |  | 2025 |  | 2024 |  | Variance |  | % Change
Gross written premiums | $ | 1,147 |  | $ | 1,110 |  | $ | 37 |  |  | 3.4 | % |  | $ | 3,706 |  | $ | 3,728 |  | $ | (22) |  |  | (0.6) | %
Net written premiums | 848 |  | 789 |  | 59 |  |  | 7.5 | % |  | 2,767 |  | 2,694 |  | 72 |  |  | 2.7 | %
Premiums earned | $ | 939 |  | $ | 898 |  | $ | 41 |  |  | 4.6 | % |  | $ | 2,772 |  | $ | 2,679 |  | $ | 93 |  |  | 3.5 | %
Incurred losses and LAE | 996 |  | 605 |  | 391 |  |  | 64.7 | % |  | 2,280 |  | 1,744 |  | 536 |  |  | 30.7 | %
Commission and brokerage | 121 |  | 110 |  | 11 |  |  | 10.1 | % |  | 355 |  | 325 |  | 30 |  |  | 9.1 | %
Other underwriting expenses | 178 |  | 154 |  | 24 |  |  | 15.5 | % |  | 518 |  | 454 |  | 64 |  |  | 14.1 | %
Underwriting gain (loss) | $ | (357) |  | $ | 28 |  | $ | (385) |  |  | NM |  | $ | (381) |  | $ | 156 |  | $ | (536) |  |  | NM
|  |  |  |  |  |  | Point Chg |  |  |  |  |  |  |  | Point Chg
Loss ratio | 106.1 | % |  | 67.4 | % |  |  |  | 38.7 |  |  | 82.2 | % |  | 65.1 | % |  |  |  | 17.1 |
Commission and brokerage ratio | 12.9 | % |  | 12.3 | % |  |  |  | 0.7 |  |  | 12.8 | % |  | 12.1 | % |  |  |  | 0.7 |
Other underwriting expense ratio | 19.0 | % |  | 17.2 | % |  |  |  | 1.8 |  |  | 18.7 | % |  | 16.9 | % |  |  |  | 1.7 |
Combined ratio | 138.1 | % |  | 96.9 | % |  |  |  | 41.2 |  |  | 113.7 | % |  | 94.2 | % |  |  |  | 19.5 |

(NM not meaningful)
(Some amounts may not reconcile due to rounding.)
Premiums. Gross written premiums increased by 3.4% remaining relatively constant at $1.1 billion for the three months ended September 30, 2025, compared to $1.1 billion for the three months ended September 30, 2024. The increase in insurance premiums was primarily due to an increase in accident and health business, increases in professional liability business and other specialty business within the U.S. portfolio, and increases in property/short tail business in Latin America and Singapore, partially offset by portfolio actions taken on specialty casualty lines of business in the U.S. portfolio. Gross written premiums decreased by 0.6% remaining relatively constant at $3.7 billion for the nine months ended September 30, 2025, compared to $3.7 billion for the nine months ended September 30, 2024. The decrease in insurance premiums was primarily due to portfolio actions taken on specialty casualty lines of business in the U.S. portfolio, partially offset by an increase in other specialty business and property/short tail business driven by emerging growth in Colombia, Mexico, and contributions from Ireland and Lloyds.
Net written premiums increased by 7.5% to $848 million for the three months ended September 30, 2025, compared to $789 million for the three months ended September 30, 2024. Net written premiums increased by 2.7% to $2.8 billion for the nine months ended September 30, 2025, compared to $2.7 billion for the nine months ended September 30, 2024. The increases were primarily due to business mix and higher retention in certain lines of business.
Premiums earned increased by 4.6% to $939 million for the three months ended September 30, 2025, compared to $898 million for the three months ended September 30, 2024. Premiums earned increased by 3.5% to $2.8 billion for the nine months ended September 30, 2025, compared to $2.7 billion for the nine months ended September 30, 2024. The change in premiums earned relative to net written premiums is the result of timing as the higher base premium written in 2024 is being earned through the 2025 period; premiums are earned ratably over the coverage period, whereas written premiums are generally recorded at the initiation of the coverage period.
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Incurred Losses and LAE. The following tables present the incurred losses and LAE for the Insurance segment for the periods indicated:

| Three Months Ended September 30,
(Dollars in millions) | Current Year |  | Ratio %/ Pt Change |  | Prior Years |  | Ratio %/ Pt Change |  | Total Incurred |  | Ratio %/ Pt Change
2025 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 630 |  |  | 67.1 | % |  | $ | 361 |  |  | 38.5 | % |  | 991 |  |  | 105.6 | %
Catastrophes | 5 |  |  | 0.5 | % |  | — |  |  | — | % |  | 5 |  |  | 0.5 | %
Total Segment | $ | 635 |  |  | 67.6 | % |  | $ | 361 |  |  | 38.5 | % |  | $ | 996 |  |  | 106.1 | %
2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 565 |  |  | 62.9 | % |  | $ | — |  |  | — | % |  | 565 |  |  | 62.9 | %
Catastrophes | 40 |  |  | 4.5 | % |  | — |  |  | — | % |  | 40 |  |  | 4.5 | %
Total Segment | $ | 605 |  |  | 67.4 | % |  | $ | — |  |  | — | % |  | $ | 605 |  |  | 67.4 | %
Variance 2025/2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 65 |  |  | 4.2 | pts |  | $ | 361 |  |  | 38.5 | pts |  | $ | 426 |  |  | 42.7 | pts
Catastrophes | (35) |  |  | (3.9) | pts |  | — |  |  | — | pts |  | (35) |  |  | (3.9) | pts
Total Segment | $ | 30 |  |  | 0.2 | pts |  | $ | 361 |  |  | 38.5 | pts |  | $ | 391 |  |  | 38.7 | pts

| Nine Months Ended September 30,
(Dollars in millions) | Current Year |  | Ratio %/ Pt Change |  | Prior Years |  | Ratio %/ Pt Change |  | Total Incurred |  | Ratio %/ Pt Change
2025 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 1,893 |  |  | 68.3 | % |  | $ | 361 |  |  | 13.0 | % |  | 2,255 |  |  | 81.3 | %
Catastrophes | 25 |  |  | 0.9 | % |  | — |  |  | — | % |  | 25 |  |  | 0.9 | %
Total Segment | $ | 1,919 |  |  | 69.2 | % |  | $ | 361 |  |  | 13.0 | % |  | $ | 2,280 |  |  | 82.2 | %
2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 1,685 |  |  | 62.9 | % |  | $ | — |  |  | — | % |  | 1,685 |  |  | 62.9 | %
Catastrophes | 60 |  |  | 2.2 | % |  | — |  |  | — | % |  | 59 |  |  | 2.2 | %
Total Segment | $ | 1,744 |  |  | 65.1 | % |  | $ | — |  |  | — | % |  | $ | 1,744 |  |  | 65.1 | %
Variance 2025/2024 |  |  |  |  |  |  |  |  |  |  |
Attritional | $ | 209 |  |  | 5.4 | pts |  | $ | 361 |  |  | 13.0 | pts |  | 570 |  |  | 18.4 | pts
Catastrophes | (34) |  |  | (1.3) | pts |  | — |  |  | — | pts |  | (34) |  |  | (1.3) | pts
Total Segment | $ | 174 |  |  | 4.1 | pts |  | $ | 361 |  |  | 13.0 | pts |  | $ | 536 |  |  | 17.1 | pts

(Some amounts may not reconcile due to rounding.)
Incurred losses and LAE increased by 64.7% to $996 million for the three months ended September 30, 2025, compared to $605 million for the three months ended September 30, 2024. The increase was mainly due to an increase of $65 million in current year attritional losses and an increase of $361 million in unfavorable development on prior year attritional losses, partially offset by a decrease of $35 million in current year catastrophe losses.
The increase in current year attritional losses and the unfavorable development on prior year attritional losses were both primarily due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024. The $5 million of current year catastrophe losses for the three months ended September 30, 2025 primarily related to the 2025 U.S. September floods. The $40 million of current year catastrophe losses for the three months ended September 30, 2024 related to Hurricane Helene ($16 million), Hurricane Beryl ($11 million), the 2024 Jasper fires ($6 million) and the third quarter 2024 Calgary Alberta storms ($6 million).
Incurred losses and LAE increased by 30.7% to $2.3 billion for the nine months ended September 30, 2025, compared to $1.7 billion for the nine months ended September 30, 2024. The increase was mainly due to an increase of $209 million
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in current year attritional losses and an increase of $361 million in unfavorable development on prior year attritional losses, partially offset by a decrease in current year catastrophe losses of $34 million.
The increase in current year attritional losses and the unfavorable development on prior year attritional losses were both primarily due to reserve strengthening in U.S. casualty lines of business driven by elevated loss experience in excess casualty and U.S. liability lines primarily on accident years 2022-2024.
The current year catastrophe losses of $25 million for the nine months ended September 30, 2025 related primarily to the first quarter 2025 Myanmar earthquake ($8 million), the 2025 Southern California wildfires ($7 million), the 2025 U.S. Midwest convective storms ($5 million) and the 2025 U.S. September floods ($5 million). The $60 million of current year catastrophe losses for the nine months ended September 30, 2024 related to Hurricane Helene ($16 million), Hurricane Beryl ($11 million), the 2024 second quarter U.S. convective storms ($10 million), the 2024 Jasper fires ($6 million), the third quarter 2024 Calgary Alberta storms ($6 million) and the 2024 Baltimore bridge collapse ($5 million).
Segment Expenses. Commission and brokerage expenses increased by 10.1% to $121 million for the three months ended September 30, 2025, compared to $110 million for the three months ended September 30, 2024. Commission and brokerage expenses increased by 9.1% to $355 million for the nine months ended September 30, 2025, compared to $325 million for the nine months ended September 30, 2024. The increases were mainly due to changes in the mix of business.
Segment other underwriting expenses increased to $178 million for the three months ended September 30, 2025, compared to $154 million for the three months ended September 30, 2024. Segment other underwriting expenses increased to $518 million for the nine months ended September 30, 2025, compared to $454 million for the nine months ended September 30, 2024. These increases were mainly due to the impact of the continued investment in insurance operations.
Other.
The Other segment includes the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company’s paper post-sale. It also includes run-off A&E exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses.
The following table presents the underwriting results and ratios for the Other segment for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | Variance |  | % Change |  | 2025 |  | 2024 |  | Variance |  | % Change
Gross written premiums | $ | 22 |  |  | $ | 50 |  |  | $ | (28) |  |  | (55.9) | % |  | $ | 72 |  |  | $ | 183 |  |  | $ | (111) |  |  | (60.6) | %
Net written premiums | 21 |  |  | 41 |  |  | (21) |  |  | (49.9) | % |  | 68 |  |  | 145 |  |  | (77) |  |  | (53.3) | %
Premiums earned | $ | 24 |  |  | $ | 50 |  |  | $ | (25) |  |  | (51.0) | % |  | $ | 92 |  |  | $ | 154 |  |  | $ | (62) |  |  | (40.3) | %
Incurred losses and LAE | 163 |  |  | 37 |  |  | 126 |  |  | NM |  | 250 |  |  | 122 |  |  | 128 |  |  | NM
Commission and brokerage | 6 |  |  | 5 |  |  | — |  |  | 2.1 | % |  | 16 |  |  | 19 |  |  | (2) |  |  | (11.7) | %
Other underwriting expenses | 5 |  |  | 8 |  |  | (4) |  |  | (43.3) | % |  | 11 |  |  | 24 |  |  | (14) |  |  | (56.7) | %
Underwriting gain (loss) | $ | (149) |  |  | $ | (1) |  |  | $ | (148) |  |  | NM |  | $ | (185) |  |  | $ | (11) |  |  | $ | (174) |  |  | NM

Incurred Losses and LAE. Incurred losses and LAE increased to $163 million for the three months ended September 30, 2025, compared to $37 million for the three months ended September 30, 2024. Incurred losses and LAE increased to $250 million for the nine months ended September 30, 2025, compared to $122 million for the nine months ended September 30, 2024. The increase in incurred losses was due to unfavorable development on prior year attritional losses driven by U.S. casualty lines, primarily from our sports and leisure business.
FINANCIAL CONDITION
Investments. Total investments were $44.3 billion at September 30, 2025, an increase of $4.3 billion compared to $40.0 billion at December 31, 2024. The rise in investments was primarily related to an increase in fixed maturities - available for sale due to an overall net purchase of $3.7 billion, partially offset by a decrease in short-term investment due to an overall net sale of $945 million during the nine months ended September 30, 2025.
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The Company’s limited partnership investments are comprised of limited partnerships that invest in private equity, private credit and private real estate. Generally, the limited partnerships are reported on a month or quarter lag. We receive annual audited financial statements for all the limited partnerships, which are prepared using fair value accounting in accordance with Financial Accounting Standards Board guidance. For the quarterly reports, the Company reviews the financial reports for any unusual changes in carrying value. If the Company becomes aware of a significant decline in value during the lag reporting period, the loss will be recorded in the period in which the Company identifies the decline.
The table below summarizes the composition and characteristics of our investment portfolio for the periods indicated.

| At September 30, 2025 |  | At December 31, 2024
Fixed income portfolio duration (years) | 3.4 |  | 3.1
Fixed income composite credit quality | AA- |  | AA-

Reinsurance Recoverables.
Reinsurance recoverables for both paid and unpaid losses totaled $3.9 billion and $3.1 billion at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, $405 million, or 10.4%, was receivable from Mt. Logan Re collateralized segregated accounts; $391 million, or 10.0%, was receivable from Munich Reinsurance America, Inc. and $301 million, or 7.7% was receivable from Endurance Assurance Corporation. No other retrocessionaire accounted for more than 5% of our recoverables.
Loss and LAE Reserves. Gross loss and LAE reserves totaled $33.7 billion and $29.9 billion at September 30, 2025 and December 31, 2024, respectively.
The following tables summarize gross outstanding loss and LAE reserves by segment, classified by case reserves and Incurred But Not Reported (“IBNR”) reserves, for the periods indicated.

| At September 30, 2025
(Dollars in millions) | Case Reserves |  | IBNR Reserves |  | Total Reserves |  | % of Total
Reinsurance | $ | 7,034 |  |  | $ | 15,227 |  |  | $ | 22,261 |  |  | 66.0 | %
Insurance | 2,648 |  |  | 7,414 |  |  | 10,062 |  |  | 29.8 | %
Other (1) | 394 |  |  | 1,025 |  |  | 1,419 |  |  | 4.2 | %
Total | $ | 10,076 |  |  | $ | 23,666 |  |  | $ | 33,742 |  |  | 100.0 | %

(Some amounts may not reconcile due to rounding.)
(1) Reserves for A&E exposures are included within Other. At September 30, 2025, A&E case and IBNR reserves totaled $156 million and $68 million, respectively.

| At December 31, 2024
(Dollars in millions) | Case Reserves |  | IBNR Reserves |  | Total Reserves |  | % of Total
Reinsurance | $ | 6,591 |  |  | $ | 13,117 |  |  | $ | 19,708 |  |  | 65.9 | %
Insurance | 2,289 |  |  | 6,552 |  |  | 8,841 |  |  | 29.6 | %
Other (1) | 389 |  |  | 950 |  |  | 1,340 |  |  | 4.5 | %
Total | $ | 9,270 |  |  | $ | 20,619 |  |  | $ | 29,889 |  |  | 100.0 | %

(Some amounts may not reconcile due to rounding.)
(1) Reserves for A&E exposures are included within Other. At December 31, 2024, A&E case and IBNR reserves totaled $149 million and $111 million, respectively.
Changes in premiums earned and business mix, reserve re-estimations, catastrophe losses and changes in catastrophe loss reserves and claim settlement activity all impact loss and LAE reserves by segment and in total.
Our carried loss and LAE reserves represent management’s best estimate of our ultimate liability for unpaid claims. We continuously re-evaluate our reserves, including re-estimates of prior period reserves, taking into consideration all available information and, in particular, newly reported loss and claim experience. Changes in reserves resulting from such re-evaluations are reflected in incurred losses in the period when the re-evaluation is made. Our analytical methods and processes operate at multiple levels, including individual contracts, groupings of like contracts, classes and lines of business, internal business units, segments, accident years, legal entities, and in the aggregate. In order to set
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appropriate reserves, we make qualitative and quantitative analyses and judgments at these various levels. We utilize actuarial science, business expertise and management judgment in a manner intended to ensure the accuracy and consistency of our reserving practices. Management’s best estimate is developed through collaboration with actuarial, underwriting, claims, legal and finance departments and culminates with the input of reserve committees. Each segment reserve committee includes the participation of the relevant parties from actuarial, finance, claims and segment senior management and has the responsibility for recommending and approving management’s best estimate. Reserves are further reviewed by Everest’s Chief Reserving Actuary and senior management. The objective of this process is to determine a single best estimate viewed by management to be the best estimate of its ultimate loss liability. Nevertheless, our reserves are estimates and are subject to variation, which may be significant.
There can be no assurance that reserves for, and losses from, claim obligations will not increase in the future, possibly by a material amount. However, we believe that our existing reserves and reserving methodologies lessen the probability that any such increase would have a material adverse effect on our financial condition, results of operations or cash flows.
Asbestos and Environmental Exposures. A&E exposures represent a separate exposure group for monitoring and evaluating reserve adequacy. The results of run-off A&E exposures are included within the Company’s Other segment. The following table summarizes the outstanding loss reserves with respect to A&E reserves on both a gross and net of retrocessions basis for the periods indicated.

| At September 30, |  | At December 31,
(Dollars in millions) | 2025 |  | 2024
Gross reserves | $ | 224 |  |  | $ | 260 |
Ceded reserves | (17) |  |  | (17) |
Net reserves | $ | 207 |  |  | $ | 242 |

(Some amounts may not reconcile due to rounding.)
With respect to asbestos only, at September 30, 2025, we had net asbestos loss reserves of $183 million, or 88.6%, of total net A&E reserves, all of which was for assumed business. At September 30, 2025, we had gross asbestos loss reserves of $200 million, or 89.5% of total gross A&E reserves, all of which was for assumed business.
Ultimate loss projections for A&E liabilities cannot be accomplished using standard actuarial techniques. We believe that our A&E reserves represent management’s best estimate of the ultimate liability; however, there can be no assurance that ultimate loss payments will not exceed such reserves, perhaps by a significant amount.
Industry analysts use the “survival ratio” to compare the A&E reserves among companies with such liabilities. The survival ratio is typically calculated by dividing a company’s current net reserves by the three-year average of annual paid losses. Hence, the survival ratio equals the number of years that it would take to exhaust the current reserves if future loss payments were to continue at historical levels. Using this measurement, our net three-year asbestos survival ratio was 5.5 years at September 30, 2025 and 6.6 years at December 31, 2024. These metrics can be skewed by individual large settlements occurring in the prior three years and therefore may not be indicative of the timing of future payments.
LIQUIDITY AND CAPITAL RESOURCES
Capital. Shareholders’ equity at September 30, 2025 and December 31, 2024 was $15.4 billion and $13.9 billion, respectively. Management’s objective in managing capital is to ensure that the Company’s overall capital level, as well as the capital levels of its operating subsidiaries, exceed the amounts required by regulators, the amount needed to support our current financial strength ratings from rating agencies and our own economic capital models. The Company’s capital has historically exceeded these benchmark levels.
Our two main operating companies, Everest Reinsurance (Bermuda) Ltd. (“Bermuda Re”) and Everest Reinsurance Company (“Everest Re”), are regulated by the Bermuda Monetary Authority and the State of Delaware’s Department of Insurance, respectively. Both regulatory bodies have their own capital adequacy models based on statutory capital as opposed to GAAP basis equity. Failure to meet the required statutory capital levels could result in various regulatory restrictions, including restrictions on business activity and the payment of dividends to their parent companies.
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The regulatory targeted capital and the actual statutory capital for Bermuda Re and Everest Re were as follows:

| Bermuda Re (1) |  | Everest Re (2)
| At December 31, |  | At December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Regulatory targeted capital | $ | 3,151 |  |  | $ | 2,669 |  |  | $ | 4,799 |  |  | $ | 4,242 |
Actual capital | $ | 4,323 |  |  | $ | 3,711 |  |  | $ | 8,126 |  |  | $ | 6,963 |

(1) Regulatory targeted capital represents the target capital level from the applicable year's Bermuda Solvency Capital Requirement calculation.
(2) Regulatory targeted capital represents 200% of the Risk Based Capital authorized control level calculation for the applicable year.
Our financial strength ratings, as determined by A.M. Best, S&P and Moody’s, are important, as they provide our customers and investors with an independent assessment of our financial strength using a rating scale that provides for relative comparisons. We continue to possess significant financial flexibility and access to debt and equity markets as a result of our financial strength, as evidenced by the financial strength ratings assigned by independent rating agencies.
We maintain our own economic capital models to monitor and project our overall capital, as well as the capital at our operating subsidiaries. A key input to the economic models is projected income, and this input is continually compared to actual results, which may require a change in the capital strategy.
For the nine months ended September 30, 2025, we repurchased 1,154,883 of our common shares at a cost of $400 million in the open market and paid $253 million in common share dividends to enhance long-term expected returns to our shareholders. During fiscal year 2024, we repurchased 536,469 of our common shares at a cost of $200 million in the open market and paid $334 million in common share dividends. From time to time, we may enter into a Rule 10b5-1 repurchase plan to facilitate the repurchase of shares, repurchase shares in open market transactions, privately negotiated transactions or otherwise. On November 7, 2024, our existing Board authorization to repurchase up to 32 million of our shares was increased by 10 million shares to authorize the repurchase of up to 42 million shares. As of September 30, 2025, we had repurchased 32.5 million shares under this authorization. During the third quarter of 2025, the Company’s Board of Directors declared a quarterly common stock dividend of $2.00 per share. The common stock dividend was paid on September 19, 2025 for holders of record as of September 3, 2025.
We may continue, from time to time, to seek to retire portions of our outstanding debt securities through cash repurchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be subject to and depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.
Liquidity. Our liquidity requirements are generally met from positive cash flow from operations. Positive cash flow results from reinsurance and insurance premiums being collected prior to disbursements for claims, with disbursements generally taking place over an extended period after the collection of premiums, sometimes a period of many years. Collected premiums are generally invested, prior to their use in such disbursements, and investment income provides additional funding for loss payments. Our net cash flows from operating activities were $3.5 billion and $4.2 billion for the nine months ended September 30, 2025 and 2024, respectively. Additionally, these cash flows reflected net catastrophe loss payments of $654 million and $506 million for the nine months ended September 30, 2025 and 2024, respectively, and net tax payments of $98 million and $340 million for the nine months ended September 30, 2025 and 2024, respectively.
If disbursements for losses and LAE, policy acquisition costs and other operating expenses were to exceed premium inflows, cash flow from reinsurance and insurance operations would be negative. The effect on cash flow from insurance operations would be partially offset by cash flow from investment income. Additionally, cash inflows from investment maturities of both short-term investments and longer-term maturities are available to supplement other operating cash flows. We do not expect to supplement negative insurance operations cash flows with investment dispositions.
As the timing of payments for losses and LAE cannot be predicted with certainty, we maintain portfolios of long-term invested assets with varying maturities, along with short-term investments that provide additional liquidity for payment of claims. At September 30, 2025 and December 31, 2024, we held cash and short-term investments of $5.4 billion and $6.3 billion, respectively. Our short-term investments are generally readily marketable and can be converted to cash. In addition to these cash and short-term investments, at September 30, 2025, we had $1.4 billion of fixed maturity securities - available for sale maturing within one year or less, $10.6 billion maturing within one to five years and $8.6 billion maturing after five years. We believe that these fixed maturity securities, in conjunction with the short-term
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investments and positive cash flow from operations, provide ample sources of liquidity for the expected payment of losses and LAE in the near future. We do not anticipate selling a significant amount of securities to pay losses and LAE. At September 30, 2025, we had $86 million of net pre-tax unrealized depreciation related to fixed maturity - available for sale securities, comprised of $708 million of pre-tax unrealized depreciation and $621 million of pre-tax unrealized appreciation.
Management generally expects annual positive cash flow from operations. However, given catastrophic events observed in recent periods, cash flow from operations may decline and could become negative in the near term as significant claim payments are made related to the catastrophes. However, as indicated above, the Company has access to ample liquidity to settle its catastrophe claims and also may receive payments under the catastrophe bond program and the Mt. Logan Re collateralized reinsurance arrangement.
In addition to our cash flows from operations and liquid investments, Everest Re is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which allows Everest Re to borrow up to 10% of its statutory admitted assets. As of September 30, 2025, Everest Re had statutory admitted assets of approximately $33.0 billion which provides borrowing capacity of up to approximately $3.3 billion. As of September 30, 2025, Everest Re had $1.0 billion of borrowings outstanding, which begin to expire in 2025. See Note 7 – Credit Facilities to the Notes to the consolidated financial statements in Part I, Item I of this Form 10-Q for further details.
Market Sensitive Instruments.
U.S. Securities and Exchange Commission (the “SEC”) Registrants are required to clarify and expand upon the existing financial statement disclosure requirements for derivative financial instruments, derivative commodity instruments and other financial instruments (collectively, “market sensitive instruments”). We do not generally enter into market sensitive instruments for trading purposes.
Our current investment strategy seeks to maximize after-tax income through a high quality, diversified, fixed maturity portfolio, while maintaining an adequate level of liquidity. Our mix of investments is adjusted periodically, consistent with our current and projected operating results and market conditions. The fixed maturity securities in the investment portfolio are comprised of available for sale and held to maturity securities. Additionally, we have invested in equity securities.
The overall investment strategy considers the scope of present and anticipated Company operations. In particular, estimates of the financial impact resulting from non-investment asset and liability transactions, together with our capital structure and other factors, are used to develop a net liability analysis. This analysis includes estimated payout characteristics for which our investments provide liquidity. This analysis is considered in the development of specific investment strategies for asset allocation, duration and credit quality. The change in overall market sensitive risk exposure principally reflects the asset changes that took place during the period.
Interest Rate Risk. Our $45.8 billion cash and invested assets portfolio at September 30, 2025 is principally comprised of fixed maturity securities, which are generally subject to interest rate risk and some foreign currency exchange rate risk, and some equity securities, which are subject to price fluctuations and some foreign exchange rate risk. The overall economic impact of the foreign exchange risks on the investment portfolio is partially mitigated by changes in the dollar value of foreign currency denominated liabilities and their associated income statement impact.
Interest rate risk is the potential change in value of the fixed maturity securities portfolio from a change in market interest rates. In a declining interest rate environment, interest rate risk includes prepayment risk on the $8.4 billion of mortgage-backed securities in the $34.5 billion fixed maturity portfolio. Prepayment risk results from potential accelerated principal payments that shorten the average life, and thus, the expected yield of the security.
The table below displays the potential impact of market value fluctuations and after-tax unrealized appreciation on our fixed maturity portfolio (including $3.9 billion of short-term investments) for the period indicated based on upward and downward parallel and immediate 100 and 200 basis point shifts in interest rates. For legal entities with a U.S. dollar functional currency, this modeling was performed on each security individually. To generate appropriate price estimates on mortgage-backed securities, changes in prepayment expectations under different interest rate environments were
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taken into account. For legal entities with a non-U.S. dollar functional currency, the effective duration of the involved portfolio of securities was used as a proxy for the market value change under the various interest rate change scenarios.

| Impact of Interest Rate Shift in Basis Points At September 30, 2025
| -200 |  | -100 |  | 0 |  | 100 |  | 200
(Dollars in millions) |  |  |  |  |  |  |  |  |
Total Fair Value | $ | 41,084 |  | $ | 39,744 |  | $ | 38,405 |  | $ | 37,066 |  | $ | 35,727
Fair Value Change from Base (%) | 7.0% |  | 3.5% |  | —% |  | (3.5)% |  | (7.0)%
Change in Unrealized Appreciation |  |  |  |  |  |  |  |  |
After-tax from Base ($) | $ | 2,169 |  | $ | 1,085 |  | $ | — |  | $ | (1,085) |  | $ | (2,169)

We had $33.7 billion and $29.9 billion of gross reserves for losses and LAE as of September 30, 2025 and December 31, 2024, respectively. These amounts are recorded at their nominal value, as opposed to present value, which would reflect a discount adjustment to reflect the time value of money. Since losses are paid out over a period of time, the present value of the reserves is less than the nominal value. As interest rates rise, the present value of the reserves decreases and, conversely, as interest rates decline, the present value increases. These movements are similar to the interest rate impacts on the fair value of investments held. While the difference between present value and nominal value is not reflected in our financial statements, our financial results will include investment income over time from the investment portfolio until the claims are paid. Our loss and loss reserve obligations have an expected duration of approximately 4.0 years, which is reasonably consistent with our fixed income portfolio. If we were to discount our loss and LAE reserves, net of ceded reserves, the discount would be approximately $5.1 billion resulting in a discounted reserve balance of approximately $25.1 billion, representing approximately 65.3% of the value of the fixed maturity investment portfolio funds.
Foreign Currency Risk. Foreign currency risk is the potential change in value, income and cash flow arising from adverse changes in foreign currency exchange rates. Each of our non-U.S./Bermuda operations maintains capital in the currency of the country of its geographic location consistent with local regulatory guidelines. Our operating entities may conduct business in local currency, as well as the currency of other countries in which they operate. The primary foreign currency exposures for these operations are the British Pound Sterling, the Canadian Dollar, the Euro and the Singapore Dollar. We mitigate foreign exchange exposure by generally matching the currency and duration of our assets to our corresponding operating liabilities. In accordance with GAAP guidance, the impact on the fair value of available for sale fixed maturities due to changes in foreign currency exchange rates, in relation to functional currency, is reflected as part of other comprehensive income. Conversely, the impact of changes in foreign currency exchange rates, in relation to functional currency, on other assets and liabilities is reflected through net income as a component of other income (expense). In addition, we translate the assets, liabilities and income of non-U.S. dollar functional currency legal entities to the U.S. dollar. This translation amount is reported as a component of other comprehensive income.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk Instruments. See “Liquidity and Capital Resources - Market Sensitive Instruments” in Part I – Item 2 of this Form 10-Q.
ITEM 4. CONTROLS AND PROCEDURES
As of the end of the period covered by this report, our management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, also conducted an evaluation of our internal control over financial reporting to determine whether any changes occurred during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on that evaluation, there has been no such change during the quarter covered by this report.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In the ordinary course of business, the Company is involved in lawsuits, arbitrations and other formal and informal dispute resolution procedures, the outcomes of which will determine the Company’s rights and obligations under insurance and reinsurance agreements. In some disputes, the Company seeks to enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company is resisting attempts by others to collect funds or enforce alleged rights. These disputes arise from time to time and are ultimately resolved through both informal and formal means, including negotiated resolution, arbitration and litigation. In all such matters, the Company believes that its positions are legally and commercially reasonable. The Company considers the statuses of these proceedings when determining its reserves for unpaid loss and LAE.
Aside from litigation and arbitrations related to these insurance and reinsurance agreements, the Company is not a party to any other material litigation or arbitration.
ITEM 1A. RISK FACTORS
There have been no material changes to the risk factors disclosed in Item 1A. “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities.

Issuer Purchases of Equity Securities
| (a) | (b) | (c) | (d)
Period | Total Number of Shares (or Units) Purchased (2) | Average Price Paid per Share (or Unit) | Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)
July 1 - 31, 2025 | 87 | $ | 340.10 |  | — | —
August 1 - 31, 2025 | 70 | $ | 330.42 |  | — | —
September 1 - 30, 2025 | 1,028 | $ | 340.82 |  | — | —
Total | 1,185 | $ | — |  | — | —

(1) On November 7, 2024, the Company’s Board approved an amendment to the share repurchase program authorizing the Company and/or its subsidiary Holdings, to purchase up to an additional 10.0 million shares to a current aggregate of 42.0 million of the Company’s shares (recognizing that the number of shares authorized for repurchase has been reduced by those shares that have already been purchased) in open market transactions, privately negotiated transactions or both. As of September 30, 2025, the Company and/or its subsidiary Holdings have repurchased 32.5 million of the Company’s shares.
(2) Shares that have not been repurchased through a publicly announced plan or program consist of shares repurchased by the Company from employees in order to satisfy tax withholding obligations on vestings and/or settlements of share-based compensation awards.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, during the fiscal quarter ended September 30, 2025.
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ITEM 6. EXHIBITS

Exhibit Index |  |
Exhibit No. |  | Description
10.1* |  | A mendment to Bermuda Re Lloy d’s Bank Letter of Credit Facility, effective August 18, 2025
31.1 |  | Section 302 Certification of James Williamson
31.2 |  | Section 302 Certification of Mark Kociancic
32.1 |  | Section 906 Certification of James Williamson and Mark Kociancic
101.INS |  | XBRL Instance Document
101.SCH |  | XBRL Taxonomy Extension Schema
101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase
101.LAB |  | XBRL Taxonomy Extension Labels Linkbase
101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase
104 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Filed herewith

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Evere st Group, Lt d.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| Everest Group, Ltd.
| (Registrant)
| /S/ MARK KOCIANCIC
| Mark Kociancic
| Executive Vice President and Chief Financial Officer
| (Duly Authorized Officer and Principal Financial Officer)

Dated: October 31, 2025
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