Everest Q4 net loss $593M; $1.5B reserve strengthening in U.S. casualty lines

EVEREST GROUP, LTD.

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

Net loss of $593M ($13.96 diluted EPS loss) vs net income of $804M in Q4 2023; net operating loss $780M.
$1.5B net unfavorable prior year loss reserve development drove combined ratio to 135.5%; $229M increase in current accident year losses.
Insurance segment combined ratio 239.2% due to reserve actions; Reinsurance combined ratio 90.4% remained strong.
Full-year net income $1.4B; record net investment income ~$2B and operating cash flow $5.0B.
Estimated $350-450M pre-tax loss from California wildfires in Q1 2025.

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