Slides
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Thi r d Quar t er 2026 Investor Presentation
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2 This presentation and the accompanying remarks contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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 reflect management’s current expectations based on assumptions we believe are reasonable but are not guarantees of performance. Actual results may differ materially from those contained in forward-looking statements made on behalf of the Company. Forward-looking statements involve risks and uncertainties that include, but are not limited to, 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, our ability to execute divestitures, obtain regulatory approvals and effectuate strategic transactions, including the sale of our retail commercial insurance business, investment market and investment income fluctuations, trends in insured and paid losses, catastrophes, pandemics, regulatory developments and legal uncertainties, and expenses related to divestitures and other factors described in our SEC filings, including but not limitedto 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. In this presentation and the accompanying remarks, the Company uses certain non-GAAP financial measures, that may include after-tax net operating income (loss), after-tax net operating income (loss) per diluted share, attritional loss ratio, attritional combined ratio, gross written premiums presented on a comparable basis, net operating income return on equity ("ROE"), underwriting income(loss), net reserve for losses and loss adjustment expenses before impact of ADC (Legacy Segment metric) and adjusted book value per common share outstanding excluding net unrealized appreciation (depreciation) on fixed maturity, available for sale securities ("URA(D)"). The Companyhas also presented results of its "Core" businesses, consisting of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The Company presents these non-GAAP financial measures to facilitate a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. The Company believes that such measures are important to investors and other interested persons, and that these measures are a useful supplement to GAAP information concerning the Company’s performance. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, or superior to, the Company’s financial measures prepared in accordance with generally accepted accounting principles ("GAAP"). Explanations and available reconciliations of non-GAAP financial measures are included in the appendix on slides 22 through 30. Cautionary Note On Forward-Looking Statements and Non-GAAP Measures
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Core Businesses Represent the Future of Everest Note: For additional information please refer to endnotes on page 21. 3 Targeting a Mid-Teens TSR3 Over the Cycle Reinsurance Treaty • Globally diversified reinsurance franchise • Capitalizing on our lead market position to achieve differentiated rate and terms to deliver consistent returns across the cycle • Nimble capital deployment and underwriting discipline backed by market-leading risk analytics Global Wholesale and Specialty • Deepening penetration of high margin, niche specialty lines • Expanding in select geographies with greater margin stability • Constructing a high-quality portfolio focused on non-correlated risks The Company re-segmented its businesses starting in 1Q 2026 to reflect the sale of the renewal rights of the Commercial Retail Insurance Business, movement of legacy retail insurance business to Legacy and Global Wholesale and Specialty insurance business, which will also include facultative business. • Efficiently managing the run-off portfolio with an opportunistic approach to reducing the tail and releasing capital Core Businesses1Legacy2 STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL EVEREST 3Q 26 -YTD GWP MIX Reinsurance Treaty, 73% GW&S, 24% Legacy, 3% $11.1 billion 3Q26-YTD GWP Core, 97% Legacy, 3%
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Prudent cycle management within our Core1 businesses Maintain underwriting discipline throughout the cycle to generate consistent underwriting margins Deploy capital to lines of business with greatest risk-adjusted returns Upgrade critical capabilities Leveraging data, analytics, and AI technology to enhance competitive positioning, drive scalability, and improve insights Optimize the balance sheet Growing our Mt. Logan Capital Management platform with the market’s largest casualty and specialty sidecar at launch, Annapurna Re Proactive approach towards legacy transactions to mitigate runoff risk and unlock capital Disciplined capital management Opportunistic approach to share repurchases given the stock’s attractive valuation $300 million quarterly share repurchase floor Strategic Priorities for Shareholder Value Creation Note: For additional information please refer to endnotes on page 21. 4 Disciplined Underwriting + Prudent Capital Management = Shareholder Value Creation STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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5 Note: For additional information please refer to endnotes on page 21. Track Record of Compounding BVPS Growth $19.39 $21.66 $26.21 $30.10 $29.32 $35.39 $38.46 $48.14 $58.79 $68.44 $66.83 $81.92 $95.74 $88.00 $112.02 $126.52 $125.98 $145.87 $163.67 $187.05 $202.51 $225.41 $238.30 $232.72 $268.95 $294.55 $315.71 $279.54 $375.09 $401.52 $466.38 $473.59 Book Value Per Share Accumulated Dividends Growth in Book Value Per Share + Accumulated Dividends Since Inception STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL Recent Acceleration in Share Repurchases $0 $7 $1 $17 $96 $17 $0 $23 $0 $0 $0 $0 $242 $150 $191 $399 $92 $290 $622 $500 $400 $386 $50 $75 $25 $200 $225 $61 $0 $200 $797 $1,200 $’s in USD millions
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Key Third Quarter Highlights 6 Note: For additional information please refer to endnotes on page 21. Our Core businesses1 remain focused on underwriting discipline • Core GWP reflects strong cycle management, while we continue to improve portfolio mix • Core AYLR improved to 57.2%, reflecting improved loss experience and mix Applied greater conservatism throughout the reserve study process • Strengthened gross casualty reserves in reinsurance by approximately $600 million, on top of the $200 million of strengthening in 2Q26 • Have not recognized majority of favorable development in short tail lines • Increased the differential between our management’s best estimate and the actuarial central estimate4 to over $850 million (as of 9/30/2026) Strong capital management is driving shareholder value creation • Accelerated share repurchases in the third quarter to $474 million Investment portfolio generated net investment income of $634 million, new quarterly record • Strong net investment income driven by private equity performance • New money yields exceed portfolio yield 14.2% Total Shareholder Return3 $550M Capital return to shareholders $634M Net investment income STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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Core Businesses Delivering Attractive and Consistent Results ATTRITIONAL COMBINED RATIO 6 Core Highlights 5 7 2026 Third Quarter Highlights • Gross written premiums decreased 3.2% (-4.0% excluding the impact of FX and catastrophe reinstatement premiums) • Growth in specialty lines was offset by targeted reductions in U.S. casualty lines, and to a lesser extent, decreases in property lines • Attritional loss ratio improved 0.4 points to 57.2% • Net prior year reserve strengthening of $253 million, driven by casualty reinsurance reserves • Disciplined approach to navigating market conditions and allocating capital towards lines of business with the highest risk-adjusted returns $’s in USD millions Note: For additional information please refer to endnotes on page 21. GROSS WRITTEN PREMIUM $2,852 $2,867 $2,715 $949 $918 $948 $3,801 $3,785 $3,663 3Q24 3Q25 3Q26 Reinsurance Treaty Global Wholesale & Specialty 56.9% 57.7% 57.2% 23.2% 25.4% 24.5% 4.0% 4.6% 5.2% 84.2% 87.6% 87.0% 3Q24 3Q25 3Q26 Attritional Loss Ratio Commission & Brokerage Other UW Expenses STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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Preferred Lead Market Reinsurance Franchise REINSURANCE TREATY GWP 5 Leading Reinsurance Platform • Leading global P&C reinsurer with a top tier value proposition to continue to boost our leadership position around the globe • We continue to capitalize on our lead market position, which is a competitive advantage, to achieve differentiated rate and terms. • Proactive approach to improving the mix and shortening the duration of the portfolio while navigating the current market cycle $8.1 $8.2 $10.2 $11.5 $11.7 $8.1 2021 2022 2023 2024 2025 3Q26 YTD STABLE ATTRITIONAL COMBINED RATIO 5,6 34% 37% 41% 4% 5% 4%19% 20% 20% 28% 23% 20% 8% 7% 6% 7% 8% 8% 2024 2025 3Q26 YTD Financial Lines Casualty XOL Casualty Pro Rata Property Cat XOL Property Non-Cat XOL Property Pro Rata PROVIDING STABLE, CONSISTENT CAPACITY TO CORE MARKETS 86.4% 86.1% 85.8% 84.0% 84.9% 85.1% 2021 2022 2023 2024 2025 3Q26 YTD 8$’s in USD billions Note: For additional information please refer to endnotes on page 21. STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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Reinsurance Treaty Business Reinsurance Treaty Highlights 5 $2,852 $2,867 $2,715 3Q24 3Q25 3Q26 9 2026 Third Quarter Highlights • Gross written premiums decreased 5.3% (-6.2% excluding the impact of FX and catastrophe reinstatement premiums) for the quarter compared to prior year. • Growth in specialty lines was more than offset by targeted decreases in U.S. casualty lines. • Net prior year reserve development of $253 million, including gross casualty reserve strengthening of approximately $600 million, on top of the over $200 million of reserve strengthening in 2Q26 • Attritional loss ratio improved to 56.3%, reflecting mix benefits and improved loss experience. • Decisive approach to managing the cycle with focus on underwriting discipline and rate adequacy. $’s in USD millions Note: For additional information please refer to endnotes on page 21. GROSS WRITTEN PREMIUM ATTRITIONAL COMBINED RATIO 6 55.9% 56.8% 56.2% 24.3% 26.8% 25.5% 2.4% 2.4% 2.9% 82.8% 86.0% 84.9% 3Q24 3Q25 3Q26 Attritional Loss Ratio Commission & Brokerage Other UW Expenses STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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Mt. Logan Third-Party Capital Management 10 Mt. Logan Capital Management Overview Annapurna Highlights Everest’s efficient third-party capital manager • Mt. Logan Capital Management has ~$3.4 billion of total AUM (+89% since Jan. 1, 2025) • New Annapurna Re casualty and specialty sidecar has ~$600 million of capital committed • Highly aligned with Everest underwriting results MT. LOGAN CAPITAL MANAGEMENT AUM Recently launched casualty and specialty reinsurance sidecar • Largest casualty and specialty sidecar in the market at launch • Quarterly ceded premium of ~$200 million Modestly accretive to UW income and ROE over time • Generates additional underwriting and fee income, offset by lower investment income Provides additional capital flexibility • An alternative tool for capital management to facilitate opportunistic scale and generate fee income • Enhances ability to optimize hedging Strengthens trading relationships • Enhances distribution relationships • Provides access to a differentiated pool of capital $’s in USD billions $0.7 $0.7 $1.2 $1.8 $2.8 $0.6 $3.4 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 Property Catastrophe Casualty and Specialty 7/1/2026 Note: For additional information please refer to endnotes on page 21. STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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GLOBAL WHOLESALE & SPECIALTY GWP 5 Global Strategy Focused on Profitable Growth ATTRITIONAL COMBINED RATIO 5,6 SHAPING PORTFOLIO TO RESPOND TO GLOBAL MARKET TRENDS $2.5 $2.8 $3.5 $3.6 $3.5 $2.7 2021 2022 2023 2024 2025 3Q26 YTD 13% 12% 12% 16% 17% 17% 8% 8% 10% 25% 30% 33% 38% 33% 29% 2024 2025 3Q26 YTD Facultative Specialty Financial Lines Casualty Property Focused Global Wholesale & Specialty Strategy • Sharpened focus on wholesale and specialty business with the exit of commercial retail insurance • Growing in niche specialty lines and targeted geographies, driving margin expansion • Established teams with strong track records • Refocused portfolio expected to deliver a more balanced, diversified, and improved business mix 85.2% 85.9% 88.5% 89.4% 94.9% 93.4% 2021 2022 2023 2024 2025 3Q26 YTD 11$’s in USD billions Note: For additional information please refer to endnotes on page 21. STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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$949 $918 $948 3Q24 3Q25 3Q26 Global Wholesale & Specialty Business 12 2026 Third Quarter Highlights • Gross written premiums were increased 3.3% (increased by 3.2% excluding the impact of FX) for the quarter compared to prior year. • Growth in niche specialty lines and International businesses was offset by deliberate reductions in U.S. property and casualty. • Attritional loss ratio improved 90 basis points over third quarter 2025 to 60.0%, reflecting mix benefits and improved loss experience. • Underwriting profit of $19 million on a 97.3% combined ratio. • Continued to gain traction improving the quality of the portfolio and expanding in markets where we have durable competitive advantages. $’s in USD millions Note: For additional information please refer to endnotes on page 21. GW&S Highlights 5 GROSS WRITTEN PREMIUM ATTRITIONAL COMBINED RATIO 6 60.3% 60.9% 60.0% 19.4% 20.2% 21.1% 9.7% 12.3% 12.6% 89.2% 93.4% 93.7% 3Q24 3Q25 3Q26 Attritional Loss Ratio Commission & Brokerage Other UW Expenses STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL
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INVESTED ASSET PORTFOLIO COMPOSITION AS OF SEPTEMBER 30, 2026 Everest Investment Portfolio $44.0B 7 total invested assets, of which 86% are in fixed income and cash/short -term securities 3.4 -year average duration of the fixed income portfolio, with an AA - average credit quality $634 million in net investment income for 3Q26, a quarterly record, driven by strong private equity performance Quarterly Highlights • Portfolio diversification • High degree of liquidity • Strong credit quality • Asset/liability duration matching • Optimize risk adjusted return and capital efficiency Investment Portfolio Guiding Principles Dual strategy approach: Stable income and total return 13Note: For additional information please refer to endnotes on page 21. STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL 22% 30%23% 14% 9% 2% Corporate Mortgage / Asset Backed Non U.S. Fixed Income Private Equity and Other Alternatives Cash & Short Term Government
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Enhanced Reserving Process Driving Increased Prudence 14 Reserving Philosophy: • To book reserves at management’s best estimate above the actuarial central estimate • Recognize adverse trends quickly and favorable trends slowly • Set conservative loss picks Enhanced Reserving Process: • Robust process led by new CFO / Group Chief Actuary • Applied more conservative assumptions across the reserving process • Refreshed loss development factors and expected loss ratios across all prior years • Improved line of business segmentation within our reserve studies • Increased synchronicity across the entire feedback loop, driven by enhancements in deep claims analytics Building Conservatism: • While casualty reinsurance loss emergence was in older UW years, we rolled it forward to more recent UW years • Did not recognize the benefit of meaningful UW actions until clearly evident in the data • Did not give credit for the enhanced claims strategies in our Core businesses • Short-tail lines continue to develop favorably, which we did not fully recognize a significant portion • No material change to 2026 loss picks despite favorable indications STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS CAPITALRESERVES Increased MBE8 to $850 Million+ above the ACE at 9/30/2026 Note: For additional information please refer to endnotes on page 21.
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Reinsurance Treaty Casualty Reserves 15 Net reserve strengthening of $253M Strengthened gross casualty reserves by ~$600M — Largely driven by UW years 2022 & prior where we added conservatism to each UW year — Also we rolled that experience forward into more recent UW years $290M of gross favorable development largely across mortgage and specialty lines — Did not fully recognize the majority of favorable development in short-tail lines STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS CAPITALRESERVES CASUALTY PRO RATA 9 ULTIMATE LOSS RATIO BY UNDERWRITING YEAR CASUALTY PRO RATA CURRENT IBNR -TO - RESERVES RATIO BY UW YEAR Stable current accident year loss picks — Current accident year loss picks remain prudent — Reduced the U.S. casualty portfolio by over ~$1.2B driving a mix benefit to the loss ratio Increased management’s best estimate over the actuarial central estimate PRIOR -YEAR RESERVE DEVELOPMENT LOSS PICKS & RESERVE PRUDENCE 0% 20% 40% 60% 80% 100% 2021 2022 2023 2024 2025 Note: For additional information please refer to endnotes on page 21. 0% 20% 40% 60% 80% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 As of Year-End 2025 As of 3Q26 Current Accident Year 2026
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16 ADC TRANSACTION DETAILS In the Money (“ITM”) Reserves $1.25B 100% Ceded ADC Layer 1 Limit ($700mm) 85.7% ($600mm Ceded) ADC Layer 2 Limit ($500mm) 80% ($400mm Ceded) Everest Retained Reserves ~$4.1B 100% (~$4.1B Retained) In the Money (“ITM”) Reserves $1.25B 100% Ceded ADC Layer 1 Limit ($700mm) 85.7% ($600mm Ceded) ADC Layer 2 Limit ($500mm) 80% ($400mm Ceded) September 2025 Reserves ~$5.4B ITM Attachment ~$4.1B ADC Attachment ~$5.4B Excess ADC Exhaustion ~$6.6B Continue to have ~$1.0B of net limit remaining in the ADC — $1.2B gross ($1.0B net) ADC ultimately supported by Longtail Re — North America GW&S and Legacy segment subject reserves for accident years 2024 & prior10 — Total ground up losses subject to the ADC remain stable at $5.4B with paid losses to date in-line with expectations GW&S: Reserves continue to develop favorably — The segment reserves remain in a prudent position Legacy: Net PYD of $14M not subject to the ADC — Driven by 2 one-off mid-sized property losses in AY 2025 De minimis PYD in lines covered by the ADC Layer 1 • Adverse Development Coverage: $700 million • Co-participation: $100 million • Premium Consideration: $1.25 billion ITM reserves Layer 2 • Adverse Development Coverage: $500 million • Co-participation: $100 million • Premium Consideration: $122 million STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS CAPITALRESERVES Adverse Development Cover PRIOR -YEAR RESERVE DEVELOPMENT ADVERSE DEVELOPMENT COVER Note: For additional information please refer to endnotes on page 21.
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42.0 40.7 39.8 38.7 37.4 3Q25 4Q25 1Q26 2Q26 3Q26 17 $’s in USD millions Note: For additional information please refer to endnotes on page 21. Disciplined Capital Management CAPITAL RETURN PAYOUT RATIO 11 $84 $82 $80 $78 $75 $397 $331 $395 $474 $84 $479 $411 $473 $550 3Q25 4Q25 1Q26 2Q26 3Q26 Dividends Share Repurchases COMMON SHARES OUTSTANDING LEVERAGE RATIO 12 STRATEGIC OVERVIEW FINANCIAL HIGHLIGHTS SEGMENT RESULTS INVESTMENTS RESERVES CAPITAL 0.0 1.2 1.0 1.2 1.3 # of shares in millions repurchased 14.2% 14.3% 14.1% 14.0% 14.2% 3Q25 4Q25 1Q26 2Q26 3Q26 26% 107% 57% 77% 190% 3Q25 4Q25 1Q26 2Q26 3Q26
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18 Appendix
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Financial Highlights CURRENT AND HISTORICAL For the year ended December 31, ($ in millions, except per share data) 3Q26 3Q26 YTD 2025 2024 2023 2022 2021 BALANCE SHEET Cash and Investments7 $43,965 $43,965 $45,429 $41,531 $37,142 $29,872 $29,673 Shareholders’ equity $14,252 $14,252 $15,461 $13,875 $13,202 $8,441 $10,139 Book value per common share $381.04 $381.04 $379.83 $322.97 $304.29 $215.54 $258.21 RESULTS Gross written premiums $3,742 $11,116 $17,706 $18,232 $16,637 $13,952 $13,050 Net investment income $634 $1,725 $2,124 $1,954 $1,434 $830 $1,165 Net operating income (loss) $290 $1,620 $1,776 $1,289 $2,776 $1,065 $1,154 per diluted common share $7.62 $41.30 $42.18 $29.83 $66.39 $27.08 $28.97 Net income (loss) $233 $1,445 $1,591 $1,373 $2,517 $597 $1,379 per diluted common share $6.12 $36.85 $37.80 $31.78 $60.19 $15.19 $34.62 Dividends paid $2.00 $6.00 $8.00 $7.75 $6.80 $6.50 $6.20 FINANCIAL RATIOS Combined ratio 107.1% 96.3% 98.6% 102.3% 90.9% 96.0% 97.8% Attritional combined ratio5,6 88.4% 88.8% 88.9%13 87.6%14 86.9%15 87.4% 87.6% After-tax net operating return on average adjusted equity 7.4% 14.0% 11.8% 9.0% 23.1% 10.6% 12.2% Net income (loss) return on average equity 6.0% 12.5% 10.5% 9.6% 20.9% 6.0% 14.6% 19 Note: For additional information please refer to endnotes on page 21.
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Tracking Total Shareholder Return ($ in millions, except per share data) 3Q26 2025 2024 BALANCE SHEET DATA Reported Shareholders' Equity $14,252 $15,461 $13,875 Net unrealized gains / (losses) $(1,233) $5 $(849) Shareholders Equity excluding URGL $15,485 $15,455 $14,724 BOOK VALUE PER SHARE DATA Reported BVPS $381.04 $379.83 $322.97 Number of shares outstanding 37.4 40.7 43.0 TSR DRIVERS BVPS excluding URGL $414.00 $379.70 $342.74 Dividends per share $6.00 $8.00 $7.75 YTD Annualized Total Shareholder Return (“TSR”) 14.2% 13.1% 9.2% Total Shareholder Return (“TSR”): Annual growth in Book Value per Share, excluding Unrealized Gains and Losses (“URGL”) on Available for Sale Fixed Maturity Investments, plus Dividends per Share EVEREST FINANCIAL RETURN OBJECTIVE 20 Note: For additional information please refer to endnotes on page 21.
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Endnotes 21 1 Our Core businesses category represents the aggregation of Reinsurance Treaty and Global Wholesale & Specialty segments to pr esent consolidated financial results for the Company’s go-forward businesses where Everest continues to allocate growth capital to and manage towards maximizing return on ca pital. Our Core Businesses reflects the Company's sharpened focus on its Reinsurance Treaty business as well as its Global Wholesale & Specialty business, and positi ons the Company for strong performance across market cycles. 2 Our Legacy segment primarily includes the divested and held -for-sale parts of the commercial retail insurance business and the results of our sports and leisure business that was sold in October 2024 consisting of policies written prior to the sale and certain new and renewed policies written on th e Company’s paper post sale. Additionally, this segment includes run-off asbestos and environmental exposures, certain discontinued insurance programs, and certain discontinued insurance and reinsurance coverage classes. The Legacy segment does not generally sell insurance or reinsurance products but is responsible for the management o f existing policies and settlement of related losses. Certain commercial retail insurance policies will be renewed on the Company’s paper for finite period in 2026. 3 Total Shareholder Return (“TSR”) is annual growth in Book Value Per Share excluding Unrealized Gains and Losses on Fixed Matu rity Available for Sale Securities, plus Dividends Per Share. 4 An Actuarial Central Estimate is a neutral, most likely prediction of a future financial outcome. 5 Prior years were restated to reflect segment reclassifications and adjusted attritional ratios calculations to include the im pact of CECL. 6 Attritional ratios exclude catastrophe losses, net catastrophe reinstatement premiums, prior year development, COVID -19 losses, and losses from the Russia/Ukraine war. 7 During 2026, the Company has entered into sales of certain commercial retail insurance operations. As such, beginning in the first quarter 2026, held-for-sale assets and liabilities are presented within Other assets and Other liabilities on the Company’s consolidated balance sheet. Held -for-sale classification is effective upon the execution of definitive agreements to sell. The details of these transactions, including relevant parties, are reported in our 2026 quart erly reports on Form 10-Q. Total investments and cash as of September 30, 2026 excludes approximately $239 million of investments and cash (comprised of $85 million fixed mat urity securities - available for sale, $14 million short-term investments, and $141 million cash) held by held -for-sale entities. 8 MBE stands for Management’s Best Estimate. 9 Casualty Pro Rata contains all types of casualty and other long -tail lines of business written by Everest are represented, incl uding general liability, workers compensation, auto liability, directors & officers, medical malpractice and other professional liability, with the exclusion of specialty classe s such as aviation. 10 Excluding, among others, losses related to the Ceding Companies’ Asbestos and Environmental reserves included in the Legacy S egment. 11 Payout Ratio equals the sum of dividends and share repurchases divided by net operating income. 12 Leverage ratio is calculated by dividing debt, excluding borrowings from FHLB, by total capital. Total capital represents the sum of total shareholders’ equity ex. URGL and debt. 13 Excludes approximately $34M of profit commission related to loss reserves releases for the third quarter 2025, as well as a $ 70M impact of the Washington D. C. aviation losses from first quarter 2025, net of reinsurance recoveries and reinstatement premiums. When adding these items back, the Group reported attritional combined ratio is 89.6% for the year ended December 31, 2025. 14 Excludes approximately $68M and $94M of profit commission related to loss reserves releases for the year ended December 31, 2 024 and 2023, respectively. When including this profit commission, the Group’s reported attritional combined ratio is 88.1% and 87.6% for the year ended December 31, 20 24 and 2023, respectively.
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22 After-tax net operating income (loss) consists of net income (loss) excluding after-tax acquisition, divestiture and restructuring costs, after-tax ceded prior year unfavorable (favorable) loss reserve development on reserves that are subject to the external Adverse Development Cover (“ADC”) and the related amortization of the deferred gain, after-tax net gains (losses) on investments, and after-tax net foreign exchange income (expense). 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 are not indicative of the performance of the underlying business in that particular period. Additionally, the Company believes acquisition, divestiture and restructuring costs, which are comprised of transactional gains/losses and one-time expenses, are of a non-recurring nature as they are associated with acquiring or divesting businesses and restructuring activities. Lastly, the retroactive reinsurance accounting model applied to the ADC creates volatility in the statement of operations that is not representative of the underlying economic substance of the transaction. Management is excluding the ceded prior year favorable (unfavorable) year reserve development on reserves that are subject to the ADC and the related amortization of the deferred gain from after-tax net operating income to improve comparability between periods and to remove this timing difference created by the retroactive reinsurance accounting model from its net operating income measure. The Company provides after-tax net operating income (loss) to investors so that they have what management believes to be a useful supplement to GAAP informationconcerning the Company’s performance. Presenting after-tax net operating income is intended to make it easier for investors to evaluate the Company's performance in its operating businesses and exclude items unrelated to ongoing business performance. Information Regarding Non-GAAP Financial Measures: After-tax Net Operating Income (Loss) and After-tax Net Operating Income (Loss) Per Diluted Share
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23 The Reportable Segments loss ratio is calculated as the sum of total incurred losses and loss adjustment expenses, less the ceded prior year unfavorable (favorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain,divided by net premiums earned. The attritional loss ratio is defined as the Reportable Segments loss ratio, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, and prior year unfavorable (favorable) development. The Company believes the attritional loss ratio is useful to management and investors because the adjusted ratio provides for better comparability between periods and more accurately measures the Company’s underlying underwriting performance. The following table is a reconciliation of the loss ratio and attritional lossratio for the periods noted: Information Regarding Non-GAAP Financial Measures: Attritional Loss Ratio
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24 The Reportable Segments combined ratio is calculated as the sum of total incurred losses and loss adjustment expenses, less the ceded prior year unfavorable (favorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain,commission and brokerage expenses, and other underwriting expenses, divided by net premiums earned. The attritional combined ratio is defined as the Reportable Segments combined ratio, adjusted to exclude catastrophe losses, net catastrophe reinstatement premiums, and prior year unfavorable (favorable) development. The Company believes the combined attritional ratio is useful to management and investors because the adjusted ratio provides for better comparability between periods and more accurately measure the Company’s underlying underwriting performance. The following table is a reconciliation of the combined ratio and attritional combined ratio for the periods noted: Information Regarding Non-GAAP Financial Measures: Attritional Combined Ratio
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This Investor Presentation includes the results of the Company’s Core businesses. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The following table summarizes Core businesses underwriting results and GAAP key ratios for the periods noted: 25 This Investor Presentation includes the results of the Company’s Core businesses. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The following table summarizes Core businesses underwriting results and GAAP key ratios for the periods noted: Information Regarding Non-GAAP Financial Measures: Core Businesses Summary
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This Investor Presentation includes the results of the Company’s Core businesses. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The following table summarizes Core businesses underwriting results and GAAP key ratios for the periods noted: 26 The Company has also presented attritional loss ratio and attritional combined ratios for its Core businesses. Core businesses is comprised of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. The following table is a reconciliation of the Core loss and combined ratio to the Core attritional loss and combined ratio for the periods noted: Information Regarding Non-GAAP Financial Measures: Core Businesses Ratios
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27 The Company has included in this Investor Presentation certain changes in gross written premium on a comparable basis, reflecting constant currency basis and excluding reinstatement premiums. Constant currency basis excludes the impact of foreign exchange rates. The Company provides change in gross written premium on a comparable basis to investors so that they have what management believes to be a useful supplement to GAAP information concerning the Company’s performance. The following tables are a reconciliation of gross written premium and period-over-period changes on a GAAP basis to the non-GAAP comparable basis for the periods noted: Information Regarding Non-GAAP Financial Measures: Gross Written Premium on a Comparable Basis
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28 Net Operating income ROE is calculated by dividing after-tax net operating income (loss) by average shareholders’ equity, adjust ed for average net unrealized depreciation (appreciation) of fixed maturity, available for sale securities. A reconciliation of net income, the most comparable GAAP measure, to net operating income is presented above. The Company believes net operating income ROE is a useful measure for management and investors as it allows for better comparability and removes variability when assessing the results of operations. A reconciliation of Net Operating Income ROE and Net Income ROE is shown below. Annualized TSR (“TSR”) is calculated as year-to-date growth in book value per common share outstanding (excluding URA(D)) plus y ear-to-date dividends per share. Book value per common share outstanding excluding net unrealized appreciation (depreciation) of fixed maturity, av ailable for sale securities (“URA(D)”) is a non-GAAP measure, and is calculated as reported shareholders’ equity less URA(D), divided by common shares outst anding. Book value per share is the most comparable GAAP measure. The Company believes this metric is useful to management and investors as it shows the value of shareholder returns on a per share basis after eliminating the variability of investments held at fair value. A reconciliation of Net Operating Income ROE and Net Income ROE, TSR, and Book value per common share outstanding excluding URA(D) is shown below: Information Regarding Non-GAAP Financial Measures: Net Operating Income Return On Equity (“ROE”) & Annualized Total Shareholder Return
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29 Underwriting income (loss) is calculated as net premiums earned, less (1) incurred losses and loss adjustment expenses, adjusted to exclude ceded prior year unfavorable (favorable) reserve development on reserves subject to the ADC and the related amortization of the deferred gain, (2) commission, brokerage, taxes and fees, and (3) other underwriting expenses. Net income (loss) is the most comparable GAAP measure. The Company believes underwriting income is a useful measure for management and investors when assessing the performance of the Company's reinsurance and insurance business segments. The Company has also presented Underwriting Income for its Core businesses. Core businesses consist of the Reinsurance Treaty and Global Wholesale & Specialty segments (excluding the Legacy segment) to reflect the businesses that are the Company's primary strategic focus. A reconciliation of Underwriting Income and Net Income for our reportable segments, Core businesses, and Group consolidated is shown below. Information Regarding Non-GAAP Financial Measures: Underwriting Income
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30 Net reserve for losses and loss adjustment expenses (“LAE”) before impact of ADC is calculated as reserve for losses and LAE, less unpaid reinsurance loss recoverables adjusted to exclude the unpaid recoverable of the ADC reinsurance agreements. Due to the run-off nature of the Legacy business and the Company’s focus on managing and settling existing liabilities, the Company introduced net reserves for losses and LAE before the impact of ADC as a Legacy segment performance measure to better align with how management evaluates the business. This measure is not meaningful for the Global Wholesale & Specialty and Reinsurance Treaty segments so it is not used as a measure to manage these segments. Information Regarding Non-GAAP Financial Measures: Legacy Segment Metric