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Dec 31, 2025
W. R. Berkley Q4 2025 Earnings Report
W. R. Berkley reported strong fourth quarter results with significant growth in underwriting income and net investment income.
Key Takeaways
W. R. Berkley Corporation announced robust fourth quarter and full year 2025 results, highlighted by a 21.4% return on equity for the quarter. The company achieved record quarterly pre-tax underwriting income, which grew by 14.9%, and reported record annual pre-tax underwriting income of $1.2 billion, alongside $1.4 billion in net investment income.
Fourth quarter return on equity was 21.4%.
Quarterly pre-tax underwriting income increased by 14.9% to a record high.
Book value per share grew 5.2% before dividends and share repurchases.
Operating income for the quarter grew 9.5% to a record of $450 million.
Revenue by Segment
Forward Guidance
The company expects margins to remain excellent in 2026, with continued growth in investment income and a commitment to returning excess capital to shareholders.
Positive Outlook
- Expects excellent margins to persist in 2026 with select areas of opportunity.
- Fixed-maturity investment income grew 13.3% in the quarter, positioned for continued growth.
- New-money rates are above book yield, supporting investment income growth.
- Robust operating cash flows contribute to strong financial position.
- Commitment to long-term value creation and disciplined return of excess capital to shareholders.
Challenges Ahead
- The cyclical nature of the property casualty industry could impact performance.
- Significant competition, including new entrants, may affect market share and pricing.
- The long-tail and potentially volatile nature of insurance and reinsurance business poses risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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