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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
W. R. Berkley
W. R. Berkley (WRB) investor relations material
W. R. Berkley Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Jan, 2026
Executive summary
Achieved record quarterly operating earnings of $450 million ($1.13 per share) in Q4, up 9.5% year-over-year, with a 21.4% return on beginning equity; full-year net income reached $1.8 billion.
Book value per share increased 26.7% for the year before dividends and buybacks, reaching $25.72 at year-end.
Record pre-tax underwriting and investment income for both Q4 and the full year, driven by strong underwriting and investment results.
Disciplined capital management and strong operating cash flows supported robust financial performance.
Financial highlights
Gross premiums written were $3.61 billion in Q4 and $15.1 billion for the year; net premiums written reached $3.0 billion in Q4 and $12.7 billion for the year.
Net investment income for Q4 was $338 million, with fixed-maturity investment income up 13.3% quarter-over-quarter; full-year net investment income rose 7.2% to $1.43 billion.
Combined ratio improved to 89.4% in Q4 and 90.7% for the year, with expense ratio at 28.2% aided by operational efficiencies and a non-recurring commission accrual benefit.
Invested assets grew 11.4% to $33.2 billion in 2025.
Q4 net income per diluted share was $1.13, and full-year was $4.45; operating income per diluted share was $1.13 for Q4 and $4.33 for the year.
Outlook and guidance
Expense ratio expected to remain below 30% in 2026, barring major market changes.
Management anticipates continued excellent margins and select growth opportunities in 2026, targeting over 15% after-tax return on beginning equity.
Continued investments in technology and AI planned for 2026 and 2027, with benefits expected to scale from 2027 onward.
Early 2026 shows encouraging premium growth, with insurance segments likely to outperform Q4 levels.
Annual effective tax rate expected to approximate 23% for 2026.
What drives 2026 margin opportunities?
How does short duration impact investment income?
What drives rapid excess capital generation?
AI investment impact on expense ratio and growth
Distribution strategy: direct-to-customer plans
Pricing strategy in softening casualty lines
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Next W. R. Berkley earnings date
Q1 202620 Apr, 2026
W. R. Berkley
Next W. R. Berkley earnings date
Q1 202620 Apr, 2026
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Frequently asked questions
W. R. Berkley Corporation, an insurance holding company, operates as a commercial lines writer of specialty insurance policies for residential and commercial properties, as well as personal automobile insurance primarily in the United States. Headquartered in Greenwich, Connecticut, the company offers a range of energy service contracts and other products through its Energy Services segment; casualty insurance such as professional liability coverage and various auto products sold primarily through independent agents for individuals and commercial vehicles through its Personal Lines segment; and property insurance such as single-family dwellings sold primarily to homebuilders through its Home Builders segment.
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