W. R. Berkley (WRB) Q2 2025 earnings summary

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, an 8.7% year-over-year increase, and operating earnings of $1.05 per share.

• Net premiums written reached a record $3.4 billion, with strong growth across all business lines and segments.

• Net investment income reached a record $379.3 million, up 16.5% year-over-year for fixed maturity securities, driven by higher yields and asset growth.

• Annualized return on equity was 19.1% for net income and 20% for operating earnings.

• Maintained disciplined underwriting amid a competitive and cyclical property and casualty market, with product lines at different points in the cycle.

Financial highlights

• Net income for the quarter was $401 million; operating earnings were $420 million.

• Net premiums earned for Q2 2025 were $3.10 billion, up 9% year-over-year.

• Combined ratio was 91.6%, including $99.2 million in catastrophe losses.

• Book value per share was $24.50 at June 30, 2025, up 6.8% in the quarter before dividends.

• Common stockholders’ equity reached a record $9.3 billion.

Outlook and guidance

• Growth expectations recalibrated to 8–12% from the previous 10–15% range due to increased headwinds in property lines.

• Management expects continued earnings growth, supported by strong underwriting and investment positioning, and remains confident in delivering exceptional shareholder value.

• High teens to low 20s returns anticipated for the foreseeable future.

• Catastrophe losses and social inflation remain key factors influencing future underwriting results.

• No material impact expected from recent U.S. tax law changes.