$406 Million of Net Operating Income and $298 Million of Net Income

$3.2 Billion in Gross Written Premium and a 91.6% Combined Ratio

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

First Quarter 2022 Highlights

• $406 Million of Net Operating Income and 16.2% annualized Operating ROE and Net Income of $298 Million
• Year over year gross written premium (“GWP”) growth of 9% for the Group, 6% for Reinsurance and 15% for Insurance
• Combined ratios of 91.6% for the Group, 91.4% for Reinsurance and 91.9% for Insurance
• Attritional combined ratios of 87.4% for the Group, 86.2% for Reinsurance and 90.9% for Insurance
• Pre-tax underwriting income of $235 million including $115 million of catastrophe losses net of recoveries and reinstatement premiums. Catastrophe events comprised of Australian flood losses, European storms, and March 2022 events in the United States
• Pre-tax net investment income of $243 million, well balanced between fixed income and alternative investments

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

“Everest is off to a strong start in 2022 with first quarter results that reflect our relentless focus on profitability and margin expansion. Excellent performance across our underwriting businesses, as well as investments, contributed to $406 million in net operating income and a 16.2% annualized operating return on equity. Our discipline, strength and resilience stand out in the increasingly volatile external environment, which is compounded by a web of macroeconomic, geopolitical and societal issues. As underwriters, the protection and stability we provide has never been more important, and we continue to be a source of strength in the face of global uncertainty.”

Summary of First Quarter 2022 Net Income and Other Items

• Net income of $298 million, equal to $7.56 per diluted share vs. first quarter 2021 net income of $342 million, equal to $8.52 per diluted share
• Net operating income of $406 million, equal to $10.31 per diluted share vs. first quarter 2021 net operating income of $260 million, equal to $6.49 per diluted share
• GAAP combined ratio of 91.6% including 4.1 points of catastrophe losses vs. the first quarter 2021 figures of 98.1% including 11.3 points of catastrophe losses
• Covid-19 Pandemic (“Pandemic”) ultimate loss estimate remains at $511 million
• Operating cashflow for the quarter of $846 million vs. the first quarter 2021 figure of $904 million
• Everest has limited exposure related to the Russian invasion of the Ukraine. Given the ongoing nature of the war and the high degree of uncertainty around both exposure and coverage, no loss provision is being established at this time.

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 including a highly successful January 1 renewal where Everest achieved growth in targeted classes notably casualty pro rata and international treaty, while optimizing the property portfolio to reduce catastrophe volatility and maximize returns
• Improved risk-adjusted profitability of the portfolio driven by targeted underwriting actions, resulting in a 60 basis point improvement in the attritional loss ratio for the quarter vs. the prior year (58.9% vs. 59.5%) and an overall combined ratio of 91.4%
• Continued expense discipline resulting in an operating expense ratio for the quarter of 2.4%

Insurance Segment – Quarterly Highlights

• Gross written premiums of $1.0 billion reflecting a 15% increase year over year, driven by balanced and diversified growth across core classes and geographies This growth was offset by intentional underwriting actions to reduce exposure in property CAT and targeted accounts that did not meet our risk adjusted return thresholds. Excluding these actions, growth was 25%
• Excellent profitability with a 91.9% combined ratio and 90.9% attritional combined ratio (a 1.3 point improvement compared to 1Q 2021)
• Rate increases remain solid and above loss trend

Investments and Shareholders’ Equity at March 31, 2022

• Total invested assets and cash of $29.3 billion versus the year end 2021 value of $29.7 billion
• Shareholders’ equity of $9.5 billion vs. $10.1 billion at year end 2021, largely driven by $811 million of unrealized net losses on fixed income investments
• Book value per diluted share of $241.52 vs. $258.21 at year end 2021
• Book value per diluted share excluding unrealized gains (losses) on fixed income investments of $256.01 vs. $252.12 at year end 2021
• Common share dividends declared and paid in the quarter of $1.55 per share equal to $61 million
• Common share repurchases of $1.3 million during the quarter, representing 5,000 shares at an average price of $264.42 per share

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 the ongoing war in Ukraine, 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 April 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.

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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