W. R. Berkley reported fourth quarter net income of $449.5 million, translating to diluted earnings per share of $1.13, compared with $576.1 million and $1.44 per share in the year-ago quarter. Operating income rose 9.5% year-over-year to $450 million, while pre-tax underwriting income increased 14.9% to $338 million. For the full year, net income reached a record $1.78 billion, or $4.45 per diluted share, up from $1.76 billion and $4.36 per share in 2024. Operating income for the year totaled $1.73 billion, representing a 6.3% increase over the prior period.

Gross premiums written in Q4 climbed to $3.61 billion, up 3.2% from $3.50 billion in the same quarter of 2024. Net premiums written increased to $3.00 billion, a 2.1% rise over the prior year. Full-year gross and net premiums written reached record levels of $15.11 billion and $12.71 billion, respectively, reflecting annual growth rates of 6.3% and 6.2%. The accident year combined ratio before catastrophes was 87.9% in Q4, producing a reported combined ratio of 89.4%; full-year combined ratio stood at 90.7%, driven by disciplined underwriting and average rate increases of 7.1% in the quarter and 7.6% for the year.

Net investment income for Q4 grew 13.3% to $X (not disclosed), supported by higher yields on new investments and a conservative, investment-grade portfolio. For the full year, investment income set a record of $1.4 billion, marking a 7.2% increase. Return on equity was 21.4% for the quarter and 21.2% for the full year. The company returned $608.3 million to shareholders in Q4—comprising $377.9 million of special dividends, $196.4 million in share repurchases and $34.0 million of regular dividends—and $970.5 million for the year through a mix of dividends and buybacks.

Book value per share grew 5.2% in Q4 and 26.7% for the full year before dividends and repurchases. The debt-to-equity ratio remains moderate at 0.29, underpinning financial flexibility. Management highlighted expectations for continued attractive underwriting margins and investment income growth, targeting a long-term after-tax return on beginning equity exceeding 15%. Capital deployment will remain disciplined, with further share repurchases and special dividends contingent on excess earnings generation.