Everest pre-announces FY2024 net income $1.3-1.4B, includes $1.7B reserve strengthening

EVEREST GROUP, LTD.

2024-FY EPS reported $31.78 revenue$17,281,000,000

Net income range $1.3B-$1.4B; non-GAAP net operating income $1.2B-$1.3B for FY2024.
Total reserve strengthening of $1.7B: $1.5B unfavorable prior-year development + $229M current accident year in U.S. casualty.
Reinsurance segment U.S. casualty reserves strengthened $684M; Insurance segment $1.1B prior-year + $206M current year.
New 'Other' segment formed; includes sports/leisure business sold Oct 2024, run-off asbestos/environmental; $425M unfavorable development.
Targets mid-teens total shareholder return over cycle; no longer providing detailed forward guidance.

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