$EG (EVEREST GROUP) — Q2 FY26

EPS of $14.22 beat consensus by $0.42 (3.0%), though net income fell 17.8% YoY from $680M. Revenue quality was mixed: gross written premiums declined 7.1% in Core businesses, but underwriting income of $317M and a 90.0% combined ratio showed margin strength. The key headwind was lower alternative investment returns, which drove net investment income down to $523M from $532M, partially offset by strong Reinsurance Treaty performance (88.5% combined ratio) and $395M in share repurchases.

EPS of $14.22 beat consensus by $0.42 (3.0%), though net income fell 17.8% YoY from $680M. Revenue quality was mixed: gross written premiums declined 7.1% in Core businesses, but underwriting income of $317M and a 90.0% combined ratio showed margin strength. The key headwind was lower alternative investment returns, which drove net investment income down to $523M from $532M, partially offset by strong Reinsurance Treaty performance (88.5% combined ratio) and $395M in share repurchases.