W. R. Berkley reported fourth-quarter net income of $449.5 million, or $1.13 per diluted share, matching the prior year’s per-share result but falling just short of the Zacks Consensus Estimate of $1.14. Gross premiums written rose 3.2% year-over-year to $3.61 billion, while net premiums written increased 2.1% to $3.00 billion. Revenues from net premiums earned climbed to $3.45 billion, up from $3.32 billion in the fourth quarter of 2024, but underwriting losses from catastrophe events added 1.5 loss ratio points, driving the reported combined ratio to 89.4%.

The company achieved record pre-tax underwriting income of $338 million, a 14.9% increase over Q4 2024, reflecting disciplined rate adequacy with average rate increases of 7.1% excluding workers’ compensation. Operating income advanced 9.5% to a record $450 million. On the investment side, fixed-maturity income grew 13.3% driven by higher new-money yields and strong portfolio positioning, contributing to net investment income of $365 million for the quarter.

For the full year, Berkley posted record gross and net premiums written of $15.11 billion and $12.71 billion, up 6.3% and 6.2% respectively. Net income reached $1.78 billion, or $4.45 per diluted share, versus $1.76 billion ($4.36) in 2024. Operating income hit a record $1.73 billion, and net investment income grew 7.2% to $1.42 billion. The annual combined ratio improved to 90.7% from 92.3% a year earlier, while book value per share rose 26.7% before capital returns.

In 2025, the company returned $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. The fourth quarter alone saw $608.3 million of capital returned. Management reaffirmed its goal of achieving at least 15% after-tax return on beginning equity, citing robust underwriting margins, disciplined pricing and growing investment income as drivers for continued value creation in 2026.