Everest Group (EG) said Monday preliminary data showed full-year 2024 net income of $1.3 billion to $1.4 billion and non-GAAP net operating income of $1.2 billion to $1.3 billion.

The results include "unfavorable development" of prior-year loss reserves of $1.5 billion, the company said.

In 2023, the company reported a net income of $2.52 billion.

The earnings are due Feb. 3.