Net Income of $680 Million

35% Growth in Gross Written Premium with an 89.3% Combined Ratio

Everest Re Group, Ltd. ("Everest" or the "Company") today reported its 2021 second quarter results.

Second Quarter 2021 Highlights

Net income of $680 million equal to $16.95 per share
Net operating income of $587 million, equal to $14.63 per share
Gross written premium growth of 35% and net written premium growth of 39%
GAAP calendar year combined ratio of 89.3%, an 8-point improvement year over year, and attritional combined ratio of 87.6%, a 0.9 point improvement year over year
Underwriting income of $274 million inclusive of pre-tax net catastrophe losses of $45 million primarily from several global events in the Quarter.
No change to Covid-19 Pandemic ("Pandemic") loss provision of $511 million
Operating cashflow of $724 million for the quarter

The following table summarizes the Company's net income and related financial metrics.


Net income and operating income	Q2	Year to Date	Q2	Year to Date
All values in USD millions except for per share amounts and percentages	2021	2021	2020	2020
Everest Re Group
Net income	680.0	1,021.8	190.9	207.5
Net operating income (loss)	587.0	847.2	82.9	247.3

Net income per diluted common share	16.95	25.47	4.77	5.13
Net operating income per diluted common share	14.63	21.12	2.07	6.12

Net income annualized return on average equity	28.4%	21.6%	8.9%	4.7%
Net operating income annualized return on average equity	24.5%	17.9%	3.9%	5.6%

Period end equity and book value	Q2 2021	Year to Date		Q4 2020
Shareholders' equity	10,416.8			9,726.2
Book value per share	260.32			243.25
Change in BVPS adjusted for dividends		8.3%
Total Shareholder Return ("TSR") - Annualized		22.5%

Notes
1/ Refer to the reconciliation of net income to net operating income found on page 6 of this press release

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

"Everest had an excellent quarter across the board with very strong growth and outstanding underwriting and investment performance. These results serve as the foundation for our exceptional net income result of $1.02 billion through the first half of 2021 and are another important step toward achieving our strategic plan objectives. Everest achieved an annualized Total Shareholder Return ("TSR") of 22.5% through the first half of 2021, exceeding our strategic plan target of 13.0%. Everest capitalized on market opportunities to expand our franchises in both reinsurance and insurance, driven by the relentless execution of our strategies and the valuable risk solutions provided to our customers and broker partners. Our focus on disciplined underwriting drove strong profitability in both reinsurance and insurance across our global operations. Finally, the standout performance this quarter demonstrates the quality of Everest's diversified earnings, and it is an important step toward achieving our strategic objectives and the commitments made to our shareholders."

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.

Underwriting information - Everest Re Group	Q2	Year to Date	Q2	Year to Date	Year on Year Change
All values in USD millions except for percentages	2021	2021	2020	2020	Q2	Year to Date
Gross written premium	3,190.1	6,121.6	2,369.3	4,940.2	34.6%	23.9%
Net written premium	2,809.4	5,363.3	2,017.5	4,219.0	39.3%	27.1%

Loss ratio	62.0%	66.7%	68.9%	69.6%	-6.9 pts	-2.9 pts
Commission and brokerage ratio	21.8%	21.2%	22.8%	22.4%	-1.0 pts	-1.2 pts
Other underwriting expenses	5.5%	5.7%	5.8%	6.1%	-0.3 pts	-0.4 pts
Combined ratio	89.3%	93.6%	97.5%	98.1%	-8.2 pts	-4.5 pts
Attritional combined ratio	87.6%	87.4%	88.5%	89.1%	-0.9 pts	-1.7 pts

Pre-tax net catastrophe losses	45.0	305.0	15.0	45.0
Pre-tax net covid losses	-	-	160.0	310.0
Pre-tax net prior year reserve development	(2.6)	(4.5)	5.3	2.7

Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts
catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Reinsurance segment

The reinsurance segment recorded 40% growth in gross written premiums for the quarter. This growth reflects the strength of the Everest global franchise, as we saw broad demand for our reinsurance solutions in the US and across the world, notably in Europe, Bermuda, London, and Latin America.
Our growth was well balanced by product line and geography and illustrates our ability to deploy capital strategically in attractive markets and in attractive and diversifying product lines.
We had favorable renewals at April 1 and June 1 and we continue to write a stronger, less volatile, more diversified, and more profitable book on a risk adjusted basis.

Underwriting information - Reinsurance segment	Q2	Year to Date	Q2	Year to Date	Year on Year Change
All values in USD millions except for percentages	2021	2021	2020	2020	Q2	Year to Date
Gross written premium	2,148.2	4,207.3	1,538.3	3,316.1	39.6%	26.9%
Net written premium	2,059.9	3,972.9	1,424.1	3,037.2	44.6%	30.8%

Loss ratio	60.8%	66.0%	67.0%	67.8%	-6.2 pts	-1.8 pts
Commission and brokerage ratio	24.6%	23.8%	25.8%	25.4%	-1.2 pts	-1.6 pts
Other underwriting expenses	2.5%	2.7%	2.6%	2.8%	-0.1 pts	-0.1 pts
Combined ratio	87.9%	92.5%	95.4%	96.0%	-7.5 pts	-3.5 pts
Attritional combined ratio	86.1%	85.8%	86.7%	87.2%	-0.6 pts	-1.4 pts

Pre-tax net catastrophe losses	35.0	247.5	-	24.5
Pre-tax net covid losses	-	-	131.0	241.0
Pre-tax net prior year reserve development	(1.4)	(3.3)	0.8	(1.8)

Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts
catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Insurance segment

Everest Insurance reported our first ever quarter with over $1.0 billion in gross written premium, reflecting 25% growth year over year. New business in North America was the most significant contributor to this growth, as the economy regains momentum and our responsive and focused product offerings continue to resonate with our broker partners and insureds.
We continue to expand our margins and the attritional loss ratio improvement for the quarter reflects the continuing success of our nimble and disciplined underwriting process, reacting quickly to market conditions to best position our portfolio for long term profitability.

Underwriting information - Insurance segment	Q2	Year to Date	Q2	Year to Date	Year on Year Change
All values in USD millions except for percentages	2021	2021	2020	2020	Q2	Year to Date
Gross written premium	1,041.9	1,914.3	831.0	1,624.1	25.4%	17.9%
Net written premium	749.5	1,390.5	593.4	1,181.8	26.3%	17.7%

Loss ratio	65.6%	68.7%	74.3%	74.3%	-8.7 pts	-5.6 pts
Commission and brokerage ratio	13.3%	13.2%	14.6%	14.4%	-1.3 pts	-1.2 pts
Other underwriting expenses	14.6%	14.8%	14.5%	15.0%	0.1 pts	-0.2 pts
Combined ratio	93.5%	96.7%	103.4%	103.7%	-9.9 pts	-7.0 pts
Attritional combined ratio	92.1%	92.2%	93.7%	94.3%	-1.6 pts	-2.1 pts

Pre-tax net catastrophe losses	10.0	57.5	15.0	20.5
Pre-tax net covid losses	-	-	29.0	69.0
Pre-tax net prior year reserve development	(1.2)	(1.2)	4.5	4.6

Notes
1/ Attritional ratios exclude prior year reserve development, Covid-19 pandemic impacts
catastrophe losses, and reinstatement premiums
2/ Pre-tax net catastrophe losses are net of reinsurance and reinstatement premiums

Investments and Shareholders' Equity

Net investment income of $407 million for the quarter including alternative investment gains of $266 million for the quarter
Total invested assets and cash of $27.1 billion at June 30, 2021, 6.3% growth versus year end 2020
Shareholders' equity of $10.4 billion as of June 30, 2021
Book value per diluted share of $260.32 at June 30, 2021
Common share dividends declared and paid in the quarter of $1.55 per share, equal to $62.0 million
Common share repurchases of $16.8 million during the quarter, representing 68,100 shares at an average price of $246.44 per share

Equity and Book Value per Share	Q2	Year to Date	Q2	Year to Date
All values in USD millions except for per share amounts and percentages	2021	2021	2020	2020
Beginning shareholders' equity	9,682.9	9,726.2	8,580.9	9,132.9
Net income	680.0	1,021.8	190.9	207.5
Change in investment unrealized gains (URAD)	85.8	(206.5)	544.5	296.5
Dividends to shareholders	(62.0)	(124.3)	(61.9)	(125.2)
Purchase of treasury shares	(16.8)	(40.3)	-	(200.0)
Other	46.9	39.9	31.9	(25.4)
Ending shareholders' equity	10,416.8	10,416.8	9,286.3	9,286.3

Diluted common shares outstanding	40.0	40.0	40.0	40.0
Book value per diluted common share	260.32	260.32	232.32	232.32
Common share dividends paid - last 12 months	6.20	6.20	6.05	6.05

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 second quarter results will be held at 8:00 a.m. Eastern Time on July 29, 2021. 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/Financial Reports/Quarterly Reports" 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 realized capital gains (losses) and after-tax net foreign exchange income (expense) as the following reconciliation displays:


	Three Months Ended June 30,										Six Months Ended June 30,

(Dollars in thousands, except per share amounts)	2021				2020						2021				2020

	(unaudited)										(unaudited)

			Per Diluted										Per Diluted

	Amount		Share		Amount			Share			Amount		Share		Amount			Share

Net income (loss)	$	679,982	$	16.95	$	190,880		$	4.77		$	1,021,844	$	25.47	$	207,492		$	5.13
After-tax net realized capital gains (losses)	$	83,752	$	2.09	$	150,519		$	3.76		$	113,787	$	2.84	$	(21,844	)	$	(0.54	)
After-tax net foreign exchange income (expense)	$	9,222	$	0.23	$	(42,528	)	$	(1.06	)	$	60,840	$	1.52	$	(17,924	)	$	(0.44	)

After-tax operating income (loss)	$	587,008	$	14.63	$	82,889		$	2.07		$	847,217	$	21.12	$	247,260		$	6.12

(Some amounts may not reconcile due to rounding.)

Although net realized capital gains (losses) and net foreign exchange income (expense) are an integral part of the Company's insurance operations, the determination of net realized capital gains (losses) and foreign exchange income (expense) is independent of the insurance underwriting process. The Company believes that the level of net realized capital gains (losses) 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.

--Financial Details Follow--


EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(Dollars in thousands, except per share amounts)		2021			2020			2021			2020
	(unaudited)						(unaudited)
REVENUES:
Premiums earned	$	2,558,372		$	2,042,405		$	4,946,237		$	4,079,219
Net investment income		407,095			38,083			667,508			185,883
Net realized capital gains (losses):
Credit allowances on fixed maturity securities		(15,927	)		(4,063	)		(22,904	)		(25,837	)
Other net realized capital gains (losses)		120,036			188,711			165,915			(103	)
Total net realized capital gains (losses)		104,109			184,648			143,011			(25,940	)
Other income (expense)		7,114			(20,621	)		63,707			(12,631	)
Total revenues		3,076,690			2,244,515			5,820,463			4,226,531

CLAIMS AND EXPENSES:
Incurred losses and loss adjustment expenses		1,586,141			1,407,016			3,297,560			2,837,856
Commission, brokerage, taxes and fees		557,749			466,316			1,046,760			914,838
Other underwriting expenses		140,844			118,130			283,075			246,990
Corporate expenses		16,168			8,733			28,546			18,566
Interest, fees and bond issue cost amortization expense		15,607			7,253			31,246			14,836
Total claims and expenses		2,316,509			2,007,448			4,687,187			4,033,086

INCOME (LOSS) BEFORE TAXES		760,181			237,067			1,133,276			193,445
Income tax expense (benefit)		80,199			46,187			111,432			(14,047	)

NET INCOME (LOSS)	$	679,982		$	190,880		$	1,021,844		$	207,492

Other comprehensive income (loss), net of tax:
Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period		84,171			551,753			(204,444	)		272,354
Reclassification adjustment for realized losses (gains) included in net income (loss)		1,590			(7,257	)		(2,076	)		24,142
Total URA(D) on securities arising during the period		85,761			544,496			(206,520	)		296,496

Foreign currency translation adjustments		34,295			20,586			24,713			(30,238	)

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)		2,043			1,806			4,086			2,726
Total benefit plan net gain (loss) for the period		2,043			1,806			4,086			2,726
Total other comprehensive income (loss), net of tax		122,099			566,888			(177,721	)		268,984

COMPREHENSIVE INCOME (LOSS)	$	802,081		$	757,768		$	844,123		$	476,476

EARNINGS PER COMMON SHARE:
Basic	$	16.97		$	4.78		$	25.50		$	5.14
Diluted		16.95			4.77			25.47			5.13


EVEREST RE GROUP, LTD.
CONSOLIDATED BALANCE SHEETS


	June 30,			December 31,
(Dollars and share amounts in thousands, except par value per share)		2021			2020
	(unaudited)
ASSETS:
Fixed maturities - available for sale, at market value	$	21,275,199		$	20,040,173
(amortized cost: 2021, $20,718,717; 2020, $19,225,067, credit allowances: 2021, ($24,650); 2020, ($1,745))
Equity securities, at fair value		1,485,833			1,472,236
Short-term investments (cost: 2021, $629,943; 2020, $1,135,088)		629,943			1,134,950
Other invested assets (cost: 2021, $2,558,631; 2020, $2,012,581)		2,558,631			2,012,581
Cash		1,106,345			801,651
Total investments and cash		27,055,951			25,461,591
Accrued investment income		170,907			141,304
Premiums receivable		3,199,024			2,680,562
Reinsurance receivables		2,032,363			1,994,555
Funds held by reinsureds		798,780			716,655
Deferred acquisition costs		748,897			622,053
Prepaid reinsurance premiums		495,657			412,015
Income taxes net recoverable		-			17,253
Other assets		868,477			742,369
TOTAL ASSETS	$	35,370,056		$	32,788,357

LIABILITIES:
Reserve for losses and loss adjustment expenses		17,645,762			16,398,997
Future policy benefit reserve		36,497			37,723
Unearned premium reserve		4,024,050			3,501,359
Funds held under reinsurance treaties		17,520			15,807
Other net payable to reinsurers		379,524			294,347
Losses in course of payment		198,352			127,971
Senior notes due 6/1/2044		397,254			397,194
Senior notes due 10/1/2050		979,784			979,524
Long term notes due 5/1/2067		223,724			223,674
Borrowings from FHLB		310,000			310,000
Accrued interest on debt and borrowings		9,641			10,460
Unsettled securities payable		124,559			206,693
Income taxes net payable		35,089			-
Other liabilities		571,511			558,432
Total liabilities		24,953,267			23,062,181

SHAREHOLDERS' EQUITY:
Preferred shares, par value: $0.01; 50,000 shares authorized;
no shares issued and outstanding		-			-
Common shares, par value: $0.01; 200,000 shares authorized; (2021) 69,817
and (2020) 69,620 outstanding before treasury shares		698			696
Additional paid-in capital		2,256,390			2,245,301
Accumulated other comprehensive income (loss), net of deferred income tax expense
(benefit) of $56,797 at 2021 and $80,451 at 2020		357,178			534,899
Treasury shares, at cost; 29,802 shares (2021) and 29,636 shares (2020)		(3,662,499	)		(3,622,172	)
Retained earnings		11,465,022			10,567,452
Total shareholders' equity		10,416,789			9,726,176
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	35,370,056		$	32,788,357


EVEREST RE GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS


	Six Months Ended
	June 30,
(Dollars in thousands)		2021			2020
	(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	1,021,844		$	207,492
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in premiums receivable		(499,647	)		(252,609	)
Decrease (increase) in funds held by reinsureds, net		(79,485	)		(23,498	)
Decrease (increase) in reinsurance receivables		15,836			(147,515	)
Decrease (increase) in income taxes		76,452			(25,000	)
Decrease (increase) in prepaid reinsurance premiums		(71,566	)		(29,699	)
Increase (decrease) in reserve for losses and loss adjustment expenses		1,144,620			800,816
Increase (decrease) in future policy benefit reserve		(1,226	)		(1,933	)
Increase (decrease) in unearned premiums		500,077			159,744
Increase (decrease) in other net payable to reinsurers		72,850			89,499
Increase (decrease) in losses in course of payment		70,653			147,427
Change in equity adjustments in limited partnerships		(377,120	)		84,066
Distribution of limited partnership income		49,053			40,447
Change in other assets and liabilities, net		(211,735	)		(10,313	)
Non-cash compensation expense		22,439			19,175
Amortization of bond premium (accrual of bond discount)		37,928			20,547
Net realized capital (gains) losses		(143,011	)		25,940
Net cash provided by (used in) operating activities		1,627,962			1,104,586

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from fixed maturities matured/called - available for sale, at market value		1,897,536			1,261,650
Proceeds from fixed maturities sold - available for sale, at market value		599,737			990,273
Proceeds from equity securities sold, at fair value		474,663			213,185
Distributions from other invested assets		112,398			164,975
Cost of fixed maturities acquired - available for sale, at market value		(3,949,973	)		(2,301,701	)
Cost of equity securities acquired, at fair value		(360,016	)		(224,086	)
Cost of other invested assets acquired		(309,691	)		(343,332	)
Net change in short-term investments		506,285			(439,457	)
Net change in unsettled securities transactions		(103,527	)		49,504
Net cash provided by (used in) investing activities		(1,132,588	)		(628,989	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Common shares issued during the period for share-based compensation, net of expense		(11,349	)		(12,841	)
Purchase of treasury shares		(40,328	)		(200,019	)
Dividends paid to shareholders		(124,274	)		(125,205	)
Cost of debt repurchase		-			(10,647	)
Cost of shares withheld on settlements of share-based compensation awards		(13,713	)		(14,141	)
Net cash provided by (used in) financing activities		(189,664	)		(362,853	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,016	)		1,699

Net increase (decrease) in cash		304,694			114,443
Cash, beginning of period		801,651			808,036
Cash, end of period	$	1,106,345		$	922,479

SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid (recovered)	$	34,780		$	10,895
Interest paid		31,695			14,992

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Everest Re Group Reports Second Quarter 2021 Results