W. R. Berkley sees highest-ever net income in record setting 2024

W. R. Berkley Corporation has announced that it achieved its highest-ever net income in 2024, along with setting several other financial records during the year.

W. R. Berkley’s net income for 2024 stood at $1.76 billion, up from $1.38 billion for the full year 2023, while the firm’s gross and net premiums written grew 9.6% and 9.3% to records of $14.2 billion and $12 billion, respectively.

At the same time, W. R. Berkley posted a record annual pre-tax underwriting income of $1.1 billion in 2024, with a calendar year combined ratio of 90.2%, which reportedly demonstrated the firm’s focus on managing volatility.

Setting further records in 2024, W. R. Berkley saw its net investment income grow 26.6% from 2023 to a high of $1.3 billion, while operating cash flow increased 25.6% to $3.7 billion.

On this, the firm commented, “We positioned our investment portfolio well for changes in the environment, which resulted in robust growth in net investment income from our fixed-maturity portfolio and a strong contribution to total return from net unrealized gains on our equity portfolio.

“Current reinvestment rates continue to exceed our annual book yield, and our invested assets have increased from record operating cash flow, positioning us for further investment income growth in 2025.”

W. R. Berkley additionally disclosed a 2024 return on equity and operating return on equity of 23.6% and 22.4%, respectively, while total capital returned to shareholders was $835.6 million, consisting of $412.3 million of special dividends, $303.7 million of share repurchases and $119.6 million of regular dividends.

The firm observed that it “excelled by most business measures” in 2024, and anticipates ongoing success for its shareholders in 2025.

“The current property and casualty (re)insurance and investment environments remain favourable to our business model. We are confident in our ability to deliver superior long-term risk-adjusted returns and enhanced shareholder value in 2025 and beyond,” W. R. Berkley concluded.

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