First Take 2Q26 Earnings: Steady Fundamentals Drove Earnings Beat

研报英文原文证据摘录

First Take 2Q26 Earnings: Steady Fundamentals Drove Earnings Beat

Update

July 29, 2026 09:15 PM GMT

Morgan Stanley & Co. LLCMEverest Group Ltd. | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comSiddhant Shah +1 212 761-6136

Research Associate

Sid.Shah@morganstanley.com +1 212 761-2603

Steady Fundamentals Drove Daniel Lee, ACAS

Daniel.Lee4@morganstanley.com +1 212 761-0219

Earnings Beat

Everest Group Ltd. (EG.N, EG UN)

Insurance - Property & Casualty | Bermuda

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged In-line Largely unchanged Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target $360.00

consensus EPS Shr price, close (Jul 28, 2026) $398.70

Mkt cap, curr (mm) $15,868

Source: Company data, Morgan Stanley Research 52-Week Range $401.07-302.46

Improving Wholesale & Specialty will be key going forward. Overall results were

solid, supported by better-than-expected Global Wholesale & Specialty, net

investment income (NII), and buybacks. Global Wholesale & Specialty posted

another mid-90s combined ratio, indicating continued momentum. While the

Reinsurance Treaty segment remains strong, it fell short of elevated expectations.

Given the relatively mild catastrophe season thus far, we expect Reinsurance Treaty

to remain strong going forward. As such, how the company works through its

Legacy business and further improves Global Wholesale & Specialty will be key for

the stock.

What We Liked

• Global Wholesale & Specialty underwriting: Core loss ratio of 60.6% beat

61.6% consensus. Lower-than-expected CATs, no PYD, and an in-line expense

ratio drove a 95.2% combined ratio vs. 97.9% consensus.