W. R. Berkley reported fourth-quarter earnings per diluted share of $1.13, falling just shy of the Zacks Consensus Estimate of $1.14 and matching the $1.13 earned in the year-ago quarter. Net income to common stockholders totaled $449.5 million, down from $576.1 million in the prior-year period. Operating income per diluted share held steady at $1.13, but behind Wall Street expectations by a cent. This slight shortfall highlights the sensitivity of underwriting performance to reserve development and prior-period loss adjustments even as the company sustains growth in premium volume.

Gross premiums written rose 3.2% year-over-year to $3.61 billion, while net premiums written climbed 2.1% to $3.00 billion, driven by 7.1% average rate increases excluding workers’ compensation. Record pre-tax underwriting income grew 14.9% to $338 million, contributing to an operating income of $450 million, up 9.5%. The reported combined ratio narrowed to 89.4% from 90.5%, and the current accident-year combined ratio before catastrophe losses stood at 87.9%, underscoring disciplined risk selection and favorable reserve development in key commercial lines segments.

For the full year, gross premiums written reached a record $15.11 billion, up 6.3%, while net premiums written climbed 6.2% to $12.71 billion. Net income rose to $1.78 billion, compared with $1.76 billion in 2024, and operating income increased to $1.73 billion, a 6.3% improvement. Return on equity was a robust 21.2%, and book value per share grew 26.7% before dividends and buybacks. The company returned a combined $970.5 million to shareholders through $567.6 million in special dividends, $270.2 million in share repurchases and $132.7 million in regular dividends, reflecting a disciplined capital management strategy and confidence in future cash flow generation.