Everest Q3 net income $509M vs $678M YoY; expects $300-400M Milton loss in Q4

EVEREST GROUP, LTD.

2024-Q3 EPS reported $45.40 revenue$12,645,000,000

Net income $509M ($11.80/diluted share), down from $678M ($15.63) YoY; net operating income $630M, up from $613M.
Combined ratio 93.1% (7.9pts catastrophe losses) vs 91.4% (5.0pts) Q3 2023; attritional combined ratio 85.8%.
Gross written premium $4.4B (+0.6% YoY); net investment income $496M (+22% from $406M).
Pre-tax underwriting income $272M; Reinsurance combined ratio 91.8%, Insurance 97.1%.
Hurricane Milton estimated pre-tax net catastrophe loss of $300-400M in Q4 2024 based on $25-35B industry loss.

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