W. R. Berkley reported fourth-quarter earnings per share of $1.13, narrowly below the Zacks Consensus Estimate of $1.14, representing a variance of just -0.59%. Revenue for the same period reached $3.72 billion, up from $3.51 billion in Q4 2024 and slightly under the consensus by 0.94%. Despite this small earnings shortfall, the company has outpaced consensus EPS twice and revenue estimates three times over the past four quarters, underscoring its capacity to deliver consistent top-line expansion.

Gross premiums written climbed to $15.1 billion for full-year 2025, a 6.3% increase over $14.2 billion in 2024, while net premiums written rose to $12.7 billion from $12.0 billion a year earlier. Fourth-quarter underwriting produced record pre-tax underwriting income of $338 million, driving an 89.4% combined ratio for the quarter and 90.7% for the full year. Average rate increases excluding workers’ compensation averaged 7.1% in Q4 and 7.6% for the year, reflecting disciplined pricing and risk selection across key commercial lines.

The company delivered return on equity of 21.4% in the quarter and 21.2% for the full year, supported by record operating income of $450 million in Q4 and $1.7 billion for 2025. Net investment income grew 7.2% to $1.4 billion for the full year, driven by higher yields on a predominantly investment-grade portfolio. Capital returned to shareholders totaled $608 million in Q4 through $378 million in special dividends, $196 million in share repurchases and $34 million in regular dividends, bringing full-year distributions to $971 million and reinforcing a disciplined capital management approach.