W. R. Berkley reported fourth quarter earnings per share of $1.13, narrowly missing the consensus estimate of $1.14 by 0.59%. Quarterly revenues reached $3.72 billion, up from $3.51 billion a year earlier but 0.94% below the consensus forecast. Despite the slight misses, the company has exceeded EPS estimates twice and revenue estimates three times over the past four quarters, underscoring its consistent operational execution.

For full year 2025, gross premiums written climbed 6.3% to $15.105 billion from $14.211 billion in 2024, while net premiums written rose to $12.711 billion, a 6.1% increase. Net income attributable to common stockholders totaled $1.779 billion, up modestly from $1.756 billion in 2024. Operating income reached a record $1.729 billion, reflecting a 6.3% year-over-year gain and contributing to the fifth consecutive year of record underwriting income.

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. During the fourth quarter alone, total capital returned amounted to $608.3 million. Book value per share grew 26.7% for the year (5.2% in the quarter) before dividends and repurchases. The debt-to-equity ratio remains a moderate 0.29, supporting disciplined leverage.

The combined ratio for the fourth quarter was 89.4%, with a current accident year combined ratio before catastrophe losses of 87.9%. Full‐year net investment income reached a record $1.4 billion, up 7.2% from 2024, while fixed‐maturity investment income in the quarter grew 13.3% on higher yields and a conservative investment‐grade portfolio. Return on equity stood at 21.4% for the quarter and 21.2% for the year, well above the company’s 15% target and signaling strong capital efficiency.