Everest Re Group Ltd
0U96.L
$308.66 -1.46%
Exchange: LSE | Sector: Financial Services | Industry: Insurance Reinsurance
Q4 2024
Published: Feb 27, 2025

Earnings Highlights

  • Revenue of $4.43B up 21.1% year-over-year
  • EPS of $-12.84 decreased by 170.6% from previous year
  • Gross margin of -20.0%
  • Net income of -593.00M
  • "Not available in provided transcript data." - N/A
0U96.L
Company 0U96.L

Executive Summary

Everest Re Group delivered a mixed Q4 2024 narrative. Revenue advanced to $4.431B, up 21.1% year over year and 3.4% sequentially, driven by activity across the reinsurer’s portfolio. Yet the quarter produced a material gross loss of $888M, with cost of revenue exceeding revenue and a gross margin of -20.04%. The deterioration extended to the bottom line, as operating income came in at -$951M and net income at -$593M, translating to an EPS of -$13.09 for the quarter (vs. $18.53 in Q4 2023). EBITDA stood at -$1.769B, reflecting unusual accounting items and significant underwriting loss pressure in the period. QoQ comparisons show a dramatic swing, with Q3 2024 net income of +$509M giving way to a -$593M outcome in Q4. On the balance sheet, Everest maintains a solid liquidity position with cash and short-term investments totaling about $6.256B and a net debt position of roughly -$4.39B; total assets are $56.34B and stockholders’ equity is $13.88B. Operating cash flow was $780M, yielding a positive free cash flow of $780M, though investing and financing activities led to net cash outflows in other areas. The combination of elevated costs, adverse underwriting results, and the cyclical nature of catastrophe risk underscores the earnings volatility in the near term. In this environment, Everest’s strength rests in its liquidity and diversified asset base, but the near-term investment thesis hinges on an improving underwriting environment, disciplined capital management, and the trajectory of catastrophe losses and reserve development.

Key Performance Indicators

Revenue
Increasing
4.43B
QoQ: 3.41% | YoY: 21.10%
Gross Profit
Decreasing
-888.00M
-20.04% margin
QoQ: -238.75% | YoY: -124.27%
Operating Income
Decreasing
-951.00M
QoQ: -264.82% | YoY: -127.85%
Net Income
Decreasing
-593.00M
QoQ: -216.50% | YoY: -173.76%
EPS
Decreasing
-13.09
QoQ: -212.26% | YoY: -170.64%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q3 2025 4,319.00 6.09 +0.8% View
Q2 2025 4,404.00 16.10 +4.2% View
Q1 2025 4,238.00 4.90 +2.5% View
Q4 2024 4,431.00 -12.84 +21.1% View
Q3 2024 4,285.00 11.81 +7.4% View