Everest expects to report 2024 profits of $1.3B-1.4B

Everest Group Ltd. Tuesday said it expects to report full-year 2024 net income in the range of $1.3 billion to $1.4 billion.

This includes unfavorable development of prior-year loss reserves of $1.5 billion, Everest said in a statement.

Including current accident year strengthening of $229 million, total strengthening is $1.7 billion for the full year and fourth-quarter 2024, the statement said.

In its insurance segment, Everest strengthened prior-year U.S. casualty reserves by $1.1 billion and increased current accident year losses in U.S. casualty lines by $206 million, totaling $1.3 billion for the full year and fourth-quarter 2024.

In its reinsurance segment, Everest strengthened prior-year U.S. casualty reserves by $684 million for the full year and fourth-quarter 2024.

By comparison, Everest reported $2.5 billion in full-year 2023 profit.