EVEREST GROUP LTD
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
EG$422.32+2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the Years Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (In millions of U.S. dollars) | 2023 | 2022 | 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income (loss) | $2,517 | $597 | $1,379 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Decrease (increase) in premiums receivable | (1,064) | (435) | (649) |
| Decrease (increase) in funds held by reinsureds, net | (66) | (197) | (151) |
| Decrease (increase) in reinsurance recoverables | 143 | (413) | (125) |
| Decrease (increase) in income taxes | (559) | (181) | 68 |
| Decrease (increase) in prepaid reinsurance premiums | (46) | (166) | (128) |
| Increase (decrease) in reserve for losses and loss adjustment expenses | 2,256 | 3,477 | 2,805 |
| Increase (decrease) in unearned premiums | 1,387 | 655 | 1,146 |
| Increase (decrease) in amounts due to reinsurers | 18 | 201 | 186 |
| Increase (decrease) in losses in course of payment | 93 | (186) | 134 |
| Change in equity adjustments in limited partnerships | (168) | (94) | (613) |
| Distribution of limited partnership income | 120 | 180 | 211 |
| Change in other assets and liabilities, net | (339) | (297) | (292) |
| Non-cash compensation expense | 49 | 45 | 43 |
| Amortization of bond premium (accrual of bond discount) | (64) | 55 | 76 |
| Net (gains) losses on investments | 276 | 455 | (258) |
| Net cash provided by (used in) operating activities | 4,553 | 3,695 | 3,833 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from fixed maturities matured/called/repaid - available for sale | 2,310 | 2,626 | 3,893 |
| Proceeds from fixed maturities sold - available for sale | 3,849 | 1,403 | 1,916 |
| Proceeds from fixed maturities matured/called/repaid - held to maturity | 105 | 39 | — |
| Proceeds from equity securities sold | 126 | 2,217 | 990 |
| Distributions from other invested assets | 245 | 266 | 257 |
| Cost of fixed maturities acquired - available for sale | (10,653) | (7,344) | (8,825) |
| Cost of fixed maturities acquired - held to maturity | (112) | (153) | — |
| Cost of equity securities acquired | (17) | (1,003) | (1,098) |
| Cost of other invested assets acquired | (902) | (1,547) | (757) |
| Net change in short-term investments | (1,034) | 149 | (43) |
| Net change in unsettled securities transactions | 181 | (71) | (203) |
| Net cash provided by (used in) investing activities | (5,902) | (3,418) | (3,869) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Common shares issued (redeemed) during the period for share-based compensation, net of expense | (23) | (17) | (14) |
| Proceeds from public offering of common shares | 1,445 | — | — |
| Purchase of treasury shares | — | (61) | (225) |
| Dividends paid to shareholders | (288) | (255) | (247) |
| Proceeds from issuance of senior notes | — | — | 968 |
| Cost of debt repurchase | — | (6) | — |
| Net FHLB borrowings (repayments) | 300 | — | 209 |
| Cost of shares withheld on settlements of share-based compensation awards | (24) | (20) | (17) |
| Net cash provided by (used in) financing activities | 1,409 | (359) | 674 |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | (23) | 39 | 1 |
| Net increase (decrease) in cash | 38 | (42) | 639 |
| Cash, beginning of period | 1,398 | 1,441 | 802 |
| Cash, end of period | $1,437 | $1,398 | $1,441 |
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||
| Income taxes paid (recovered) | $196 | $171 | $98 |
| Interest paid | 130 | 98 | 62 |
| NON-CASH TRANSACTIONS: | |||
| Reclassification of specific investments from fixed maturity securities, available for sale at fair value | |||
| to fixed maturity securities, held to maturity at amortized cost net of credit allowances | $— | $722 | $— |
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