Fourth Quarter ROE of 20.1%, Operating ROE of 19.4%

Underwriting Discipline Drove Strong Combined Ratio of 87.8% with Margin Improvement in both Segments

Significant Momentum Following Outstanding 1/1 Renewals

Everest Re Group, Ltd. (“Everest” or the “Group”) today reported its fourth quarter 2022 results.

Fourth Quarter 2022 Highlights

• Net Operating Income of $478 million, and Net Income of $496 million driven by continued underwriting margin improvement. YTD 2022 Net Operating Income of $1.1 billion, Net Income of $597 million
• $3.6 billion in gross written premium (“GWP”) with year over year growth of 9% in constant dollars for the Group, 21% in constant dollars for Insurance, and 3.7% in constant dollars and excluding reinstatements for Reinsurance
• Combined ratios of 87.8% for the Group, 86.4% for Reinsurance and 91.4% for Insurance
• Strong attritional combined ratios of 87.3% for the Group, 86.0% for Reinsurance and 90.8% for Insurance
• Pre-tax underwriting income of $368 million including $15 million of pre-tax catastrophe losses net of estimated recoveries and reinstatement premiums. The catastrophe losses were from Winter Storm Elliott
• Net investment income of $210 million, driven by stronger fixed income returns as new money yields continue to improve

“Everest’s fourth quarter results capped a strong year of consistent execution and positive momentum for the company,” said Juan C. Andrade, Everest President and CEO. “We grew both underwriting franchises with improved margins, significantly reduced volatility and generated solid returns despite ongoing market uncertainty and another elevated catastrophe year. This led to over $1 billion in operating income, and a double-digit operating return on equity for both the quarter and the full year. We had a successful January 1 reinsurance renewal executing a precise and well-orchestrated strategy. We leveraged Everest’s global leadership position to capitalize on the robust property market and the flight to quality was evident across virtually all lines and geographies. We drove improved pricing, terms and conditions and deepened relationships with new and existing core clients throughout the world, which significantly improved risk adjusted returns across the entire portfolio. We are well positioned with the talent and the platform to continue this momentum in 2023.”

Summary of Fourth Quarter 2022 Net Income and Other Items

• Net Income of $496 million, equal to $12.66 per diluted share versus fourth quarter 2021 net income of $431 million, equal to $10.94 per diluted share
• Net operating income of $478 million, equal to $12.21 per diluted share versus fourth quarter 2021 net operating income of $359 million, equal to $9.12 per diluted share
• GAAP combined ratio of 87.8% including 0.5 points of catastrophe losses versus the fourth quarter 2021 figures of 91.9% including 4.5 points of catastrophe losses
• Strong operating cashflow for the quarter of $1.0 billion which is flat versus the fourth quarter 2021

The following table summarizes the Company’s net income and related financial metrics.

The following information summarizes the Company’s underwriting results, on a consolidated basis and by segment – Reinsurance and Insurance, with selected commentary on results by segment.

Reinsurance Segment – Quarterly Highlights

• Gross written premiums of $2.38 billion for the quarter versus $2.37 billion a year ago. On a constant dollar basis, growth was 3.7% in the quarter. Casualty and Financial Lines grew by 3.9%, driven by growth with our core casualty clients and taking advantage of increased mortgage opportunities. This growth was largely offset by a combination of targeted reductions in our property portfolio and foreign exchange movements
• Pre-tax catastrophe losses of $10 million net of estimated recoveries and reinstatement premiums, compared with $110 million a year ago
• Improved profitability of the portfolio driven by targeted underwriting actions, resulting in a 150-basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.2% vs. 59.7%) and an attritional combined ratio of 86.0% vs 86.4% a year ago
• Continued expense discipline with a 2.8% expense ratio
• Execution for the January 1 renewals was precise and well-orchestrated achieving an excellent outcome

Insurance Segment – Quarterly Highlights

• Gross written premiums of $1.3 billion, a 21% increase year over year in constant dollars (19% increase as reported), driven by balanced and diversified growth across most lines of business and geographies
• Strong profitability with combined ratio of 91.4% and an attritional combined ratio of 90.8%
• Continued robust expense management with a total expense ratio of 27.4% versus 27.8% a year ago
• Rate and exposure trends remain favorable

Investments and Shareholders’ Equity as of December 31, 2022

• Total invested assets and cash of $29.9 billion versus the year end 2021 value of $29.7 billion
• Shareholders’ equity of $8.4 billion vs. $10.1 billion at year end 2021, largely driven by $1.7 billion of unrealized net losses on fixed maturity investments
• Shareholders’ equity excluding unrealized gains (losses) on fixed maturity investments of $10.1 billion vs. $9.9 billion at year end 2021
• Book value per diluted share of $215.54 vs. $258.21 at year end 2021
• Book value per diluted share excluding unrealized gains (losses) on fixed maturity investments of $259.18 vs. $252.12 at year end 2021
• Common share dividends declared and paid in the quarter of $1.65 per share equal to $65 million

This news release contains forward-looking statements within the meaning of the 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 U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemic, regulatory and legal uncertainties and other factors described in our latest Annual Report on Form 10-K. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Everest

Everest is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: RE) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestre.com.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on February 9, 2023. The call will be available on the Internet through the Company’s web site at everestre.com/investors.

Recipients are encouraged to visit the Company’s web site to view supplemental financial information on the Company’s results. The supplemental information is located at www.everestre.com in the “Investors/Financials/Quarterly Results” section of the website. The supplemental financial information may also be obtained by contacting the Company directly.

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The Company generally uses after-tax operating income (loss), a non-GAAP financial measure, to evaluate its performance. After-tax operating income (loss) consists of net income (loss) excluding after-tax net gains (losses) on investments and after-tax net foreign exchange income (expense) as the following reconciliation displays:

Although net gains (losses) on investments and net foreign exchange income (expense) are an integral part of the Company’s insurance operations, the determination of net gains (losses) on investments and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net gains (losses) on investments and net foreign exchange income (expense) for any particular period is not indicative of the performance of the underlying business in that particular period. Providing only a GAAP presentation of net income (loss) makes it more difficult for users of the financial information to evaluate the Company’s success or failure in its basic business and may lead to incorrect or misleading assumptions and conclusions. The Company understands that the equity analysts who follow the Company focus on after-tax operating income (loss) in their analyses for the reasons discussed above. The Company provides after-tax operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance.

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