$EG · EVEREST GROUP, LTD.
Everest Group filed its Q3 FY2026 10-Q, reporting total revenues of $3.713B, down 14.0% YoY. Net income was $233M ($6.12/share) versus $255M ($6.09/share) in Q3 2025. The Reinsurance Treaty segment swung to a $191M underwriting loss from a $335M profit a year ago, as incurred losses surged 20.6%. Shareholders' equity declined to $14.252B from $15.461B at year-end, pressured by $1.295B in unrealized securities depreciation flowing through AOCI.
- Q3 total revenues fell 14.0% YoY to $3.713B, with premiums earned down 18.1% to $3.156B.
- Reinsurance Treaty segment posted a $191M underwriting loss vs. $335M profit a year ago, driven by a 20.6% surge in incurred losses.
- Net income was $233M ($6.12/share), slightly below $255M ($6.09/share) in Q3 2025.
- Accumulated other comprehensive loss ballooned to $(1.314B) from $(52M) at year-end 2025, driven by $1.295B in unrealized depreciation on securities.
- Shareholders' equity contracted to $14.252B from $15.461B at December 31, 2025, a 7.8% decline.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
A core reinsurance segment flipping from $335M profit to $191M loss in one year, combined with a $1.3B AOCI deterioration, signals fundamental earnings and balance-sheet stress at a $15.8B insurer.
Everest's Reinsurance Treaty loss contrasts with a generally favorable Q3 pricing environment for property-catastrophe reinsurers, suggesting company-specific underwriting or reserve issues rather than sector-wide headwinds.
Reinsurance Treaty incurred losses jumped 20.6% to $1.797B in Q3, flipping the segment to a $191M underwriting loss. The $1.295B unrealized depreciation on available-for-sale securities signals significant fixed-income portfolio stress that could further erode book value if rates remain elevated.