$386 Million of Net Operating Income and 15.3% Annualized Operating ROE

$123 Million of Net Income and 91.8% Combined Ratio

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

Second Quarter 2022 Highlights

• $386 Million of Net Operating Income, 15.3% annualized Operating ROE, and Net Income of $123 Million
• $3.4 billion in gross written premium (“GWP”) with year over year growth of 8.1% for the Group (10.3% in constant dollars), 19.6% for Insurance (20.5% in constant dollars), and 2.5% for Reinsurance (5.2% in constant dollars)
• Combined ratios of 91.8% for the Group, 91.8% for Reinsurance and 91.5% for Insurance
• Attritional combined ratios of 87.2% for the Group, 86.0% for Reinsurance and 90.2% for Insurance
• Pre-tax underwriting income of $240 million including $85 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of South Africa flood losses, Canadian and European storms, and 2Q events in the United States
• Everest posted a $45M estimate for the Russia/Ukraine war. We have limited direct exposure to the Russia/Ukraine war but, significant uncertainty regarding market and industry losses remains
• Net investment income of $226 million, balanced between fixed income and a strong alternative investments performance

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

“Everest’s solid second quarter results reflect the successful execution of our strategy with strong momentum across our key performance objectives. Our focus on underwriting profitability and operational efficiency, supported by our investment portfolio delivered $386 million in net operating income and a $15.3% operating ROE. We expanded margins across our insurance and reinsurance businesses with disciplined growth, continued to scale our insurance platform and in reinsurance capitalized on strategic market opportunities that improved the diversity and economics of our book, while reducing volatility. Everest’s breadth of global talent, disciplined underwriting and market leadership provide strength and stability to our customers in the increasingly complex environment. Entering the second half of the year, we are well-positioned to continue executing our strategy and providing attractive shareholder returns.”

Summary of Second Quarter 2022 Net Income and Other Items

• Net income of $123 million, equal to $3.11 per diluted share vs. second quarter 2021 net income of $680 million, equal to $16.95 per diluted share
• Net operating income of $386 million, equal to $9.79 per diluted share vs. second quarter 2021 net operating income of $587 million, equal to $14.63 per diluted share
• GAAP combined ratio of 91.8% including 2.9 points of catastrophe losses vs. the second quarter 2021 figures of 89.3% including 1.8 points of catastrophe losses
• Operating cashflow for the quarter of $715 million vs. the second quarter 2021 figure of $724 million

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 $2.2 billion for the quarter. The June 1 and July 1 renewals were successful as we continue to write a stronger, less volatile, more diversified, and more profitable book of business.
• Improved risk-adjusted profitability of the portfolio driven by targeted underwriting actions, resulting in a 30-basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.8% vs. 59.1%) and an attritional combined ratio of 86.0%
• Continued expense discipline resulting in an operating expense ratio for the quarter of 2.4%, and a combined ratio of 91.8%

Insurance Segment – Quarterly Highlights

• Gross written premiums of $1.2 billion reflecting a 19.6% increase year over year, driven by balanced and diversified growth across most lines of business and geographies, partially offset by our continued focus to reduce exposure in property CAT
• Excellent profitability with a 91.5% combined ratio and 90.2% attritional combined ratio (a 1.9 points improvement compared to 2Q 2021)
• Rate increases remain solid and above loss trend

Investments and Shareholders’ Equity at June 30, 2022

• Total invested assets and cash of $28.7 billion versus the year end 2021 value of $29.7 billion
• Shareholders’ equity of $8.9 billion vs. $10.1 billion at year end 2021, largely driven by $1.5 billion of unrealized net losses on fixed maturity investments
• Book value per diluted share of $224.59 vs. $258.21 at year end 2021
• Book value per diluted share excluding unrealized gains (losses) on fixed maturity investments of $257.27 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 July 28, 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.

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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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