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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Statements of Cash Flows for the Years Ended
CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions, except share amounts) | 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: | |||
| Equity in retained (earnings) deficit of subsidiaries | (2,641) | (648) | (1,416) |
| Cash dividends received from subsidiaries | 365 | 476 | 320 |
| Change in other assets and liabilities, net | (8) | 28 | 3 |
| Increase (decrease) in due to/from affiliates | 2 | 2 | 8 |
| Amortization of bond premium (accrual of bond discount) | — | — | — |
| Net (gains) losses on investments | — | — | — |
| Non-cash compensation expense | 3 | 2 | 2 |
| Net cash provided by (used in) operating activities | 238 | 457 | 296 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Additional investment in subsidiaries | (377) | (824) | (120) |
| Proceeds from fixed maturities matured/called - available for sale | — | — | — |
| Proceeds from fixed maturities sold - available for sale | 23 | — | — |
| Distribution from other invested assets | 441 | 237 | 607 |
| Cost of fixed maturities acquired - available for sale | (23) | — | — |
| Cost of other invested assets acquired | (479) | (26) | (535) |
| Net change in short-term investments | — | — | — |
| Proceeds from repayment of long term notes receivable - affiliated | 50 | — | — |
| (Issuance) of long term notes receivable - affiliated | (100) | — | — |
| Net cash provided by (used in) investing activities | (465) | (613) | (48) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Common shares issued during the period, net | 23 | 26 | 27 |
| 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 (cost of repayment) of long term notes payable - affiliated | (965) | 465 | 200 |
| Net cash provided by (used in) financing activities | 215 | 175 | (245) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — |
| Net increase (decrease) in cash | (13) | 19 | 2 |
| Cash, beginning of period | 22 | 3 | 1 |
| Cash, end of period | $9 | $22 | $3 |
| Non-Cash Transactions: | |||
| Dividend of 4,297,463 shares of Everest Group, Ltd. (“Group”) common stock received by Group from Everest Preferred International Holdings (“Preferred Holdings”), a direct subsidiary | $— | $1,405 | $— |
| Issuance of $1,773 million promissory note payable by Group to Preferred Holdings in exchange for 5,422,508 shares of Group common stock received by Group from Preferred Holdings | — | 1,773 | — |
| Capital contribution of 9,719,971 shares of Group common stock provided from Group to Everest Re Advisors, Ltd. | — | 3,178 | — |
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