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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), up 9.5% year-over-year, with a 21.4% return on beginning equity.
Full-year 2025 saw record gross and net premiums written ($15.1B and $12.7B), underwriting income ($1.2B), net investment income ($1.4B), operating income ($1.7B), and net income ($1.8B).
Book value per share grew 26.7% before and 16.4% after dividends and share repurchases, ending at $25.72.
Consistent performance and strong capital position highlighted, with a focus on disciplined underwriting and capital management.
Net income to common stockholders was $449.5 million for Q4 and $1.78 billion for the year; operating income set records at $450 million for Q4 and $1.73 billion for the year.
Financial highlights
Gross premiums written grew to $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 rose 7.2% year-over-year to $1.43 billion, with fixed-maturity investment income up 13.3% in Q4.
Q4 pre-tax underwriting income reached $338 million, up 14.9% year-over-year.
Combined ratio improved to 89.4% in Q4 and 90.7% for the year, reflecting strong underwriting discipline.
Invested assets grew 11.4% to $33.2 billion in 2025.
Outlook and guidance
Expense ratio expected to remain comfortably below 30% in 2026, barring major market changes.
Continued meaningful investments in technology and AI planned for 2026 and 2027, with benefits expected to scale from 2027 onward.
Annual effective tax rate projected at approximately 23% for 2026.
Management expects continued excellent margins and select growth opportunities in 2026, with a focus on exceeding a 15% after-tax return on beginning equity.
Investment income is positioned for further growth due to higher new-money rates and strong operating cash flows.
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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