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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company operates through two operating segments: Reinsurance and Insurance. The Reinsurance operation writes worldwide property and casualty reinsurance and specialty lines of business, on both a treaty and facultative basis, through reinsurance brokers, as well as directly with ceding companies. Business is written in the U.S., Bermuda and Ireland offices, as well as through branches in Canada, Singapore, the United Kingdom (“UK”) and Switzerland. The Insurance operation writes property and casualty insurance directly and through brokers, including for surplus lines, and general agents within the U.S., Bermuda, Canada, Europe, Singapore and South America through its offices in the U.S., Australia, Bermuda, Canada, Chile, Colombia, Mexico, Singapore, the UK, Ireland, and branches located in the UK, the Netherlands, France, Germany and Spain. The two segments are managed independently, but conform with corporate guidelines with respect to pricing, risk management, control of aggregate catastrophe exposures, capital, investments and support operations.
Our two operating segments each have executive leaders who are responsible for the overall performance of their respective segments and who are directly accountable to our chief operating decision maker (“CODM”), the Chief Executive Officer of Everest Group, Ltd., who is ultimately responsible for reviewing the business to assess performance, make operating decisions and allocate resources. We report the results of our operations consistent with the manner in which our CODM reviews the business.
During the fourth quarter of 2023, the Company revised the classification and presentation of certain products related to its accident and health business within the segment groupings. These products have been realigned from within the Reinsurance segment to the Insurance segment to appropriately reflect how the business segments are managed. These changes have been reflected retrospectively.
The Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Management generally monitors and evaluates the financial performance of these operating segments based upon their underwriting results. Underwriting results include earned premium less losses and LAE incurred, commission and brokerage expenses and other underwriting expenses. The Company measures its underwriting results using ratios, in particular, loss, commission and brokerage and other underwriting expense ratios, which, respectively, divide incurred losses, commissions and brokerage and other underwriting expenses by premiums earned. Management has determined that these measures are appropriate and align with how the business is managed. We continue to evaluate our segments as our business evolves and may further refine our segments and financial performance measures.
The following tables present the underwriting results for the operating segments for the periods indicated:
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$3,265 $1,160 $4,425 $9,650 $3,911 $13,561 
Net written premiums2,975 830 3,805 8,950 2,839 11,789 
Premiums earned$2,970 $948 $3,918 $8,429 $2,833 $11,262 
Incurred losses and LAE1,942 642 2,584 5,267 1,865 7,132 
Commission and brokerage710 116 826 2,054 344 2,398 
Other underwriting expenses73 163 236 215 478 694 
Underwriting gain (loss)$245 $27 $272 $893 $145 $1,039 
Net investment income496 1,481 
Net gains (losses) on investments(27)(50)
Corporate expenses(25)(69)
Interest, fee and bond issue cost amortization expense(38)(112)
Other income (expense)(102)(48)
Income (loss) before taxes$577 $2,241 
(Some amounts may not reconcile due to rounding.)
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(Dollars in millions)ReinsuranceInsuranceTotalReinsuranceInsuranceTotal
Gross written premiums$3,198 $1,193 $4,391 $8,566 $3,748 $12,314 
Net written premiums2,989 878 3,866 8,048 2,822 10,870 
Premiums earned$2,593 $920 $3,513 $7,183 $2,682 $9,865 
Incurred losses and LAE1,653 593 2,246 4,443 1,730 6,173 
Commission and brokerage643 108 752 1,778 320 2,099 
Other underwriting expenses65 151 215 189 431 620 
Underwriting gain (loss)$232 $69 $301 $772 $202 $974 
Net investment income406 1,023 
Net gains (losses) on investments(31)(21)
Corporate expenses(19)(55)
Interest, fee and bond issue cost amortization expense(34)(99)
Other income (expense)103 61 
Income (loss) before taxes$725 $1,883 
(Some amounts may not reconcile due to rounding.)
Further classifications of revenues by geographic location are impracticable to disclose during the quarter and, therefore, are only provided annually as part of the Annual Report on Form 10-K.