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W. R. Berkley (WRB) investor relations material
W. R. Berkley Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income to common stockholders was $401 million for Q2 2025, up from $372 million in Q2 2024, with diluted EPS of $1.00 and strong operating income growth.
Net premiums written reached a record $3.4 billion, with gross premiums written up 7% year-over-year and strong growth in both Insurance and Reinsurance & Monoline Excess segments.
Record net investment income of $379 million, driven by higher yields and asset growth, contributed to robust equity growth.
Management remains optimistic about future earnings growth, citing well-positioned underwriting and investment portfolios.
The company is navigating a complex macro environment, including inflation, labor market shifts, and evolving industry cycles.
Financial highlights
Net income per diluted share rose 8.7% year-over-year to $1.00; annualized return on equity reached 19.1%.
Net premiums earned for Q2 2025 were $3.10 billion, up 9% year-over-year; gross premiums written were $4.0 billion.
Combined ratio was 91.6%, including $99 million in catastrophe losses; expense ratio held steady at 28.5%.
Book value per share increased 6.8% in the quarter to $24.50, before dividends; common stockholders' equity reached $9.3 billion.
Net investment gains for Q2 2025 were $31 million, compared to a $60 million loss in Q2 2024.
Outlook and guidance
Management expects to sustain high-teens to low-twenties returns for the foreseeable future and remains confident in delivering exceptional shareholder value.
Growth outlook adjusted to 8–12% from previous 10–15%, reflecting increased headwinds in property lines.
Catastrophe losses and social inflation remain key factors influencing future underwriting results.
No material impact expected from recent U.S. tax law changes.
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