Gross Written Premiums Up 6.3%¹ led by Consistent Double-Digit Growth in the Insurance Segment

Underwriting Discipline Drove Strong Attritional Combined Ratio of 87.6%

Consistent Execution of Diversification Strategy Mitigated Losses During Active Catastrophe Quarter

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

Third Quarter 2022 Highlights

• Net Operating Loss of $205 million, and Net Loss of $319 Million driven by an active catastrophe quarter and volatile market conditions. YTD 2022 Net Operating Income of $587 million, Net Income of $101 million, and Underwriting income of $109 million
• $3.7 billion in gross written premium (“GWP”) with year over year growth of 6.3% in constant dollars for the Group, 13.1% in constant dollars for Insurance, and 3.4% in constant dollars for Reinsurance
• Combined ratios of 112.0% for the Group, 115.0% for Reinsurance and 103.5% for Insurance elevated due to catastrophe losses in the quarter as previously announced
• Strong attritional combined ratios of 87.6% for the Group, 86.8% for Reinsurance and 89.8% for Insurance, which is a new record for that segment
• Pre-tax underwriting loss of $367 million including $730 million of pre-tax catastrophe losses net of estimated recoveries and reinstatement premiums as previously announced. The losses were primarily from Hurricane Ian and other events including European Hailstorms, Hurricane Fiona and Typhoon Nanmadol
• Net investment income of $151 million, driven by stronger fixed income returns as new money yields continue to improve partially offset by volatile equity markets and the lag in private equity reporting

Everest Re Group President & CEO Juan C. Andrade commented on the Company’s results:

“The third quarter’s heightened risk environment, including global catastrophe events and continued global economic uncertainty further underscored the strength of Everest’s business and commitment to support our customers with solutions vital to navigating this turbulent period in history. Everest’s diversification strategy and underwriting discipline were key to mitigating our exposure to one of the industry’s largest hurricane losses in U.S. history. With our well-defined strategy, we’re poised to take advantage of the hardening market, focused on segments with the best risk adjusted returns.

Despite the challenging macroeconomic environment, both underwriting businesses delivered sub-90 attritional combined ratios and we continue to make an underwriting, operating, and net income profit on a year-to-date basis. We continued to grow and diversify across geographies, businesses and product lines with top talent leading our platform. We are focused on executing our strategic plan as we continue to build the company for the long-term.”

Summary of Third Quarter 2022 Net Income and Other Items

• Net loss of $319 million, equal to $(8.22) per diluted share versus third quarter 2021 net loss of $73 million, equal to $(1.88) per diluted share
• Net operating loss of $205 million, equal to $(5.28) per diluted share versus third quarter 2021 net operating loss of $53 million, equal to $(1.34) per diluted share
• GAAP combined ratio of 112.0% including 27.4 points of catastrophe losses versus the third quarter 2021 figures of 112.2% including 26.2 points of catastrophe losses
• Strong operating cashflow for the quarter of $1.1 billion which is flat versus the third 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 $2.6 billion for the quarter versus $2.5 billion a year ago. The quarter includes $110 million of reinstatement premiums (vs $60 million a year ago). Growth was driven by casualty lines and continued international expansion offset by targeted reductions in property and headwinds from the strong dollar
• Pre-tax catastrophe losses of $620 million net of estimated recoveries and reinstatement premiums, primarily driven by Hurricane Ian (compared with $555 million a year ago)
• Improved risk-adjusted profitability of the portfolio driven by targeted underwriting actions, resulting in a 110-basis point improvement in the attritional loss ratio for the quarter vs. the prior year (59.1% vs. 60.2%) and an attritional combined ratio of 86.8% (vs 87.1% a year ago)
• Continued expense discipline resulting in an operating expense ratio for the quarter of 2.4%, in line with a year ago

Insurance Segment – Quarterly Highlights

• Gross written premiums of $1.1 billion, a 13.1% increase year over year in constant currency (11.9% increase when adjusting for FX), driven by balanced and strong diversified growth across most lines of business and geographies.

• The attritional combined ratio of 89.8%, a 50-basis point improvement compared to 90.3% in 3Q 2021, is the best in the segment’s history
• Rate and exposure increases continue to exceed loss trend.

Investments and Shareholders’ Equity at September 30, 2022

• Total invested assets and cash of $28.5 billion versus the year end 2021 value of $29.7 billion
• $58 million of share repurchases in 3Q 2022 at an average price of $251.98 per share
• Repurchased $6.2 million par amount of Long-Term Subordinated Notes due 2067 for $5.1 million plus accrued interest
• Shareholders’ equity of $7.6 billion vs. $10.1 billion at year end 2021, largely driven by $2.2 billion of unrealized net losses on fixed maturity investments
• Book value per diluted share of $195.27 vs. $258.21 at year end 2021
• Book value per diluted share excluding unrealized gains (losses) on fixed maturity investments of $245.29 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 Re Group, Ltd.

Everest Re Group, Ltd. (“Everest”) is a leading global provider of reinsurance and insurance, operating for close to 50 years through subsidiaries in the U.S., Europe, Singapore, Canada, Bermuda, and other territories.

Everest offers property, casualty, and specialty products through its various operating affiliates located in key markets around the world.

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. All issuing companies may not do business in all jurisdictions.

A conference call discussing the results will be held at 8:00 a.m. Eastern Time on October 27, 2022. 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.

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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