NYSE : WRB
W. R. Berkley Corporation — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 74.29 USD (Oct 30, 2026, 9:47 AM EDT) · Market cap 28.89B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 12.70B | 12.45B | 11.55B | 10.40B | 9.56B | 8.11B |
| Total Interest & Dividend Income | 1.54B | 1.43B | 1.33B | 1.05B | 779.18M | 671.62M |
| Gain (Loss) on Sale of Investments | -83.34M | 132.22M | 117.71M | 47.04M | 202.40M | 90.63M |
| Non-Insurance Activities Revenue | 591.14M | 577.42M | 528.01M | 535.51M | 509.55M | 489.15M |
| Other Revenue | 117.90M | 122.21M | 111.39M | 106.87M | 113.94M | 98.03M |
| Total Revenue | 14.87B | 14.71B | 13.64B | 12.14B | 11.17B | 9.46B |
| Policy Benefits | 7.84B | 7.77B | 7.13B | 6.37B | 5.86B | 4.95B |
| Selling, General & Administrative | 54.26M | 54.26M | 45.72M | 44.26M | 43.38M | 44.05M |
| Non-Insurance Activities Expense | 542.38M | 551.93M | 513.45M | 525.00M | 493.19M | 472.15M |
| Other Operating Expenses | 3.98B | 3.85B | 3.61B | 3.29B | 2.97B | 2.57B |
| Total Operating Expenses | 12.42B | 12.23B | 11.30B | 10.23B | 9.37B | 8.04B |
| Operating Income | 2.45B | 2.48B | 2.34B | 1.91B | 1.80B | 1.42B |
| Interest Expense | -126.68M | -126.89M | -126.91M | -127.46M | -130.37M | -147.18M |
| Currency Exchange Gain (Loss) | 14.92M | -68.01M | 52.38M | -31.80M | 50.93M | 25.73M |
| EBT Excluding Unusual Items | 2.34B | 2.28B | 2.26B | 1.75B | 1.72B | 1.29B |
| Other Unusual Items | -11.52M | |||||
| Pretax Income | 2.34B | 2.28B | 2.26B | 1.75B | 1.72B | 1.28B |
| Income Tax Expense | 466.63M | 495.76M | 509.92M | 370.56M | 334.73M | 251.89M |
| Earnings From Continuing Ops. | 1.87B | 1.78B | 1.75B | 1.38B | 1.38B | 1.03B |
| Minority Interest in Earnings | -7.96M | -5.38M | 1.54M | -2.49M | -3.89M | -8.53M |
| Net Income | 1.86B | 1.78B | 1.76B | 1.38B | 1.38B | 1.02B |
| Net Income to Common | 1.86B | 1.78B | 1.76B | 1.38B | 1.38B | 1.02B |
| Shares Outstanding (Basic) | 391.71M | 396.97M | 399.73M | 406.50M | 415.28M | 416.14M |
| Shares Outstanding (Diluted) | 394.38M | 399.86M | 403.22M | 409.95M | 419.19M | 419.62M |
| EPS (Basic) | 4.76 | 4.48 | 4.39 | 3.40 | 3.33 | 2.46 |
| EPS (Diluted) | 4.73 | 4.45 | 4.36 | 3.37 | 3.29 | 2.44 |
| Free Cash Flow | 3.41B | 3.57B | 2.88B | 2.52B | 2.12B | |
| Free Cash Flow Per Share | 8.54 | 8.86 | 7.02 | 6.00 | 5.05 | |
| Dividend Per Share | 0.09 | 0.35 | 0.31 | 0.43 | 0.26 | 0.23 |
| Operating Margin | 16.48% | 16.83% | 17.15% | 15.76% | 16.11% | 14.97% |
| Profit Margin | 12.53% | 12.10% | 12.88% | 11.38% | 12.37% | 10.81% |
| Free Cash Flow Margin | 23.20% | 26.20% | 23.69% | 22.53% | 22.39% | |
| EBITDA | 2.51B | 2.54B | 2.40B | 1.97B | 1.85B | 1.55B |
| EBITDA Margin | 16.91% | 17.26% | 17.62% | 16.25% | 16.61% | 16.35% |
| D&A For EBITDA | 64.37M | 63.45M | 63.63M | 59.94M | 55.87M | 129.68M |
| EBIT | 2.45B | 2.48B | 2.34B | 1.91B | 1.80B | 1.42B |
| EBIT Margin | 16.48% | 16.83% | 17.15% | 15.76% | 16.11% | 14.97% |
| Effective Tax Rate | 19.96% | 21.74% | 22.52% | 21.12% | 19.46% | 19.63% |
| Revenue as Reported | 14.87B | 14.71B | 13.64B | 12.14B | 11.17B | 9.46B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 25.05B | 22.40B | 20.18B | 17.59B | 16.60B | |
| Investments in Equity & Preferred Securities | 1.36B | 1.20B | 1.09B | 1.19B | 941.24M | |
| Other Investments | 1.36B | 1.47B | 1.62B | 1.61B | 1.48B | |
| Total Investments | 30.69B | 27.89B | 25.28B | 22.86B | 22.17B | |
| Cash & Equivalents | 2.54B | 1.97B | 1.36B | 1.45B | 1.57B | |
| Reinsurance Recoverable | 3.54B | 3.56B | 3.53B | 3.19B | 2.92B | |
| Other Receivables | 3.69B | 3.61B | 3.63B | 3.22B | 2.67B | |
| Deferred Policy Acquisition Cost | 1.00B | 951.73M | 861.61M | 763.49M | 676.14M | |
| Property, Plant & Equipment | 817.72M | 658.55M | 603.30M | 592.50M | 592.06M | |
| Goodwill | 184.33M | 184.33M | 174.60M | 185.51M | 169.65M | |
| Other Intangible Assets | 86.00M | 97.00M | 119.00M | 102.00M | 85.00M | |
| Other Current Assets | 881.83M | 823.21M | 758.93M | 696.47M | 676.91M | |
| Long-Term Deferred Tax Assets | 141.50M | 220.22M | 309.62M | 340.65M | 57.42M | |
| Other Long-Term Assets | 501.91M | 600.06M | 570.06M | 464.75M | 496.05M | |
| Total Assets | 44.07B | 40.57B | 37.20B | 33.86B | 32.09B | |
| Unpaid Claims | 22.21B | 20.37B | 18.74B | 17.01B | 15.39B | |
| Unearned Premiums | 6.72B | 6.38B | 5.92B | 5.30B | 4.85B | |
| Reinsurance Payable | 615.78M | 668.65M | 631.16M | 523.13M | 514.98M | |
| Current Portion of Long-Term Debt | 7.09M | 426.43M | ||||
| Current Portion of Leases | 54.48M | |||||
| Current Income Taxes Payable | 83.37M | 53.48M | 47.52M | 34.35M | 21.07M | |
| Long-Term Debt | 2.83B | 2.84B | 2.84B | 2.84B | 2.84B | |
| Long-Term Leases | 205.98M | 218.40M | 218.62M | 204.09M | 208.73M | |
| Long-Term Deferred Tax Liabilities | 99.87M | 65.15M | 42.66M | 11.65M | 17.47M | |
| Other Current Liabilities | 66.28M | 73.36M | 9.36M | 54.80M | ||
| Other Long-Term Liabilities | 1.46B | 1.50B | 1.28B | 1.17B | 1.10B | |
| Total Liabilities | 34.36B | 32.16B | 29.73B | 27.09B | 25.42B | |
| Common Stock | 158.71M | 158.71M | 158.71M | 105.80M | 105.80M | |
| Additional Paid-In Capital | 987.71M | 984.83M | 964.79M | 997.53M | 981.10M | |
| Retained Earnings | 13.34B | 12.27B | 11.04B | 10.16B | 9.02B | |
| Treasury Stock | -4.34B | -4.08B | -3.78B | -3.25B | -3.17B | |
| Comprehensive Income & Other | -451.10M | -934.27M | -925.84M | -1.26B | -281.95M | |
| Total Common Equity | 9.83B | 9.70B | 8.40B | 7.46B | 6.75B | 6.65B |
| Minority Interest | 11.08M | 12.33M | 13.81M | 19.83M | 14.72M | |
| Shareholders' Equity | 9.84B | 9.71B | 8.41B | 7.47B | 6.77B | 6.67B |
| Total Liabilities & Equity | 44.07B | 40.57B | 37.20B | 33.86B | 32.09B | |
| Filing Date Shares Outstanding | 388.83M | 391.87M | 396.89M | 402.32M | 412.29M | 415.17M |
| Total Common Shares Outstanding | 388.83M | 394.53M | 397.73M | 402.31M | 413.94M | 415.15M |
| Total Debt | 3.10B | 3.10B | 3.06B | 3.06B | 3.04B | 3.48B |
| Net Cash (Debt) | -496.65M | -560.24M | -1.08B | -1.69B | -1.59B | -1.91B |
| Net Cash Per Share | -1.26 | -1.40 | -2.69 | -4.13 | -3.80 | -4.54 |
| Book Value Per Share | 25.31 | 24.59 | 21.11 | 18.53 | 16.30 | 16.03 |
| Tangible Book Value | 9.65B | 9.43B | 8.11B | 7.16B | 6.46B | 6.40B |
| Tangible Book Value Per Share | 24.84 | 23.90 | 20.40 | 17.80 | 15.61 | 15.41 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.78B | 1.76B | 1.38B | 1.38B | 1.02B | |
| Depreciation & Amortization | 63.45M | 63.63M | 59.94M | 55.87M | 129.68M | |
| Gain (Loss) on Sale of Investments | -132.22M | -117.71M | -47.04M | -202.40M | -90.63M | |
| Stock-Based Compensation | 54.52M | 54.38M | 51.00M | 49.41M | 46.68M | |
| Change in Accounts Receivable | -129.59M | -184.43M | -334.18M | -268.17M | -364.39M | |
| Change in Unearned Revenue | 321.74M | 485.49M | 617.53M | 466.59M | 786.63M | |
| Change in Income Taxes | 63.91M | -28.53M | 52.45M | -3.53M | -43.89M | |
| Change in Deferred Taxes | 9.44M | 95.31M | -26.69M | -64.71M | 7.63M | |
| Change in Insurance Reserves / Liabilities | 1.77B | 1.71B | 1.72B | 1.68B | 1.64B | |
| Change in Other Net Operating Assets | 24.65M | 39.11M | -291.56M | -246.43M | -344.18M | |
| Other Operating Activities | -139.16M | -222.78M | -97.54M | -145.10M | -220.01M | |
| Operating Cash Flow | 3.58B | 3.68B | 2.93B | 2.57B | 2.18B | |
| Capital Expenditures | -169.99M | -105.62M | -53.08M | -52.68M | -66.63M | |
| Cash Acquisitions | -11.56M | -49.57M | ||||
| Investment in Securities | -1.82B | -1.91B | -1.93B | -2.58B | -3.04B | |
| Other Investing Activities | -70.81M | 107.28M | -33.93M | 14.34M | -17.98M | |
| Investing Cash Flow | -2.03B | -2.18B | -1.96B | -1.89B | -2.99B | |
| Long-Term Debt Issued | 3.10M | 980.00K | 1.03B | |||
| Total Debt Repaid | -2.06M | -1.95M | -429.81M | -504.95M | ||
| Net Debt Issued (Repaid) | -2.06M | 3.10M | -974.00K | -429.81M | 529.15M | |
| Repurchases of Common Stock | -270.22M | -303.65M | -537.16M | -94.14M | -122.43M | |
| Common Dividends Paid | -86.00M | -531.95M | -501.46M | -235.19M | -355.74M | |
| Other Financing Activities | -53.89M | -19.98M | -22.90M | -12.85M | -45.16M | |
| Financing Cash Flow | -1.03B | -852.49M | -1.06B | -771.99M | 5.83M | |
| Foreign Exchange Rate Adjustments | 38.36M | -29.84M | 9.07M | -24.75M | -4.20M | |
| Net Cash Flow | 565.19M | 611.55M | -86.15M | -119.50M | -803.52M | |
| Free Cash Flow | 3.41B | 3.57B | 2.88B | 2.52B | 2.12B | |
| Free Cash Flow Margin | 23.20% | 26.20% | 23.69% | 22.53% | 22.39% | |
| Free Cash Flow Per Share | 8.54 | 8.86 | 7.02 | 6.00 | 5.05 | |
| Levered Free Cash Flow | 3.35B | 3.33B | 2.85B | 2.53B | 2.18B | |
| Unlevered Free Cash Flow | 3.43B | 3.41B | 2.93B | 2.62B | 2.27B | |
| Cash Interest Paid | 126.00M | 138.00M | 114.00M | 138.00M | 141.00M | |
| Cash Income Tax Paid | 407.00M | 410.00M | 332.00M | 295.00M | 244.00M | |
| Change in Working Capital | 1.95B | 2.15B | 1.58B | 1.43B | 1.29B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 28.80B | 27.89B | 23.32B | 19.04B | 20.11B | 15.19B |
| Enterprise Value | 29.29B | 28.57B | 24.83B | 20.44B | 22.04B | 16.61B |
| PE Ratio | 15.66 | 15.67 | 13.28 | 13.79 | 14.56 | 14.86 |
| PS Ratio | 1.93 | 1.90 | 1.71 | 1.57 | 1.80 | 1.61 |
| PB Ratio | 2.92 | 2.87 | 2.77 | 2.55 | 2.97 | 2.28 |
| P/FCF Ratio | 8.28 | 8.17 | 6.53 | 6.62 | 7.99 | 7.18 |
| P/OCF Ratio | 7.97 | 7.78 | 6.34 | 6.50 | 7.83 | 6.96 |
| EV/Sales Ratio | 1.97 | 1.94 | 1.82 | 1.68 | 1.97 | 1.76 |
| EV/EBITDA Ratio | 11.62 | 11.26 | 10.33 | 10.36 | 11.88 | 10.75 |
| EV/EBIT Ratio | 11.93 | 11.54 | 10.61 | 10.68 | 12.25 | 11.73 |
| EV/FCF Ratio | 8.42 | 8.37 | 6.95 | 7.11 | 8.76 | 7.85 |
| Debt / Equity Ratio | 0.32 | 0.32 | 0.36 | 0.41 | 0.45 | 0.52 |
| Debt / EBITDA Ratio | 1.23 | 1.20 | 1.25 | 1.51 | 1.60 | 2.19 |
| Debt / FCF Ratio | 0.91 | 0.86 | 1.06 | 1.21 | 1.64 | |
| Net Debt / Equity Ratio | 0.05 | 0.06 | 0.13 | 0.23 | 0.23 | 0.29 |
| Net Debt / EBITDA Ratio | 0.20 | 0.22 | 0.45 | 0.86 | 0.86 | 1.23 |
| Net Debt / FCF Ratio | 0.16 | 0.30 | 0.59 | 0.63 | 0.90 | |
| Quick Ratio | 0.24 | 0.23 | 0.23 | 0.24 | 0.25 | |
| Current Ratio | 0.40 | 0.40 | 0.40 | 0.41 | 0.42 | |
| Asset Turnover | 0.35 | 0.35 | 0.34 | 0.34 | 0.31 | |
| Return on Equity (ROE) | 19.70% | 22.10% | 19.44% | 20.62% | 15.87% | |
| Return on Assets (ROA) | 3.66% | 3.76% | 3.37% | 3.41% | 2.92% | |
| Return on Invested Capital (ROIC) | 15.14% | 15.96% | 16.48% | 14.85% | 14.52% | 11.73% |
| Earnings Yield | 6.39% | 6.38% | 7.53% | 7.25% | 6.87% | 6.73% |
| FCF Yield | 12.08% | 12.24% | 15.32% | 15.10% | 12.51% | 13.94% |
| Dividend Yield | 2.58% | 0.50% | 0.53% | 0.91% | 0.53% | 0.62% |
| Payout Ratio | 39.75% | 4.83% | 30.29% | 36.30% | 17.03% | 34.79% |
| Buyback Yield / Dilution | 1.51% | 0.83% | 1.64% | 2.21% | 0.10% | 1.20% |
| Total Shareholder Return | 4.08% | 1.33% | 2.17% | 3.11% | 0.64% | 1.82% |