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W.R. Berkley Income Statement

Revenue, expenses, and profitability over time

W.R. Berkley generated $14.9B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.9B with a 12.64% net margin. Diluted EPS is $4.72, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$14.9BNet Income (TTM)$1.9BEps Diluted (TTM)$4.72
Latest FilingQ1 2026
Report Date2026-05-01
Market Cap$25.1B
P/E Ratio13.40
ROE20.13%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits—$12.4M$15.1M$13.1M—$13.2M
Occupancy and equipment—$12.8M$13.2M$13.8M—$13.9M
Policyholder Benefits And Claims Incurred Net$1.9B$1.9B$2B$2B$1.9B$1.9B
Other operating expenses$897.4M$949.9M$1B$975.3M$1B$970.7M
Provision for credit losses—-$5K-$6K-$3K—-$9K
Total operating expenses$2.9B$3B$3.1B$3.1B$3.1B$3.1B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.44$1.05$1.01$1.29$1.13$1.31
Diluted earnings per share$1.44$1.04$1.00$1.28$1.13$1.31
Weighted-average shares, basic—396.9M397M397.2M—392.3M
Weighted-average shares, diluted—399.8M400.4M400.2M—394.8M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments—$27M$27.3M$5.4M—$39.5M
Gain (loss) on disposal of assets$158.5M$16.4M$31M$79M$5.9M-$15.8M
Interest expense$31.8M$31.7M$31.8M$31.8M$31.6M$31.7M
Net investment gains (losses)—$15.7M$30.5M$78.8M—-$15.6M
Other income (expense), net$16.4M-$3.5M-$6.7M-$34.3M$48.2M-$4.1M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$728.3M$538.6M$521.9M$648.1M$572M$616.1M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$153M$121.3M$121.2M$136.1M$117.2M$100.5M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests—-$222K-$580K$937K—$359K
Net income$576.1M$417.6M$401.3M$511M$449.5M$515.2M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net premiums earned$3B$3B$3.1B$3.2B$3.2B$3.1B
Increase in unearned premiums—-$120.9M-$253.3M-$70.5M—-$59.2M
Fee income$27.4M$28.9M$32.8M$30.9M$25.9M$28.2M
Net investment income$317.4M$360.3M$379.3M$351.2M$338.2M$404.3M
Net premiums written$2.9B$3.1B$3.4B$3.2B$3B$3.2B
Total revenue$3.7B$3.5B$3.7B$3.8B$3.7B$3.7B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share-Based Payment Arrangement, Expense, after Tax—$12M$13M$14M—$13M
Assumed—$339.6M$336.5M$352.7M—$314.9M
Written premiums, assumed—$373M$367M$352.5M—$314.6M
Fixed maturity securities, gains—$2.6M$4.2M$6.9M—$5.1M
Available for Sale and Held-to-Maturity Realized Losses, Debt Securities, Excluding Other than Temporary Impairments and Allowances—$2.7M$5.7M$6.1M—$6.5M
Net realized gains (losses) on investment sales—-$2.6M-$1.1M$53.9M—$1K
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$254.5M$264.3M$419.5M—-$259M
Ceded Premiums Earned—$561.1M$573.6M$598.3M—$623.9M
Ceded Premiums Written—$550.6M$626.3M$609.3M—$611.4M
Change in Unrealized Gain/(loss) on Investments, Including Portion Attributable to Noncontrolling Interest, Net of Tax—$148.3M$120.3M$71.9M—-$145M
Change in Unrealized Gain/(loss) on Investments, Including Portion Attributable to Noncontrolling Interest—$1K$0$0—$0
Change in Unrealized Gain/(loss) on Investments, tax—$37.6M$37.6M$15.8M—-$41M
Cash dividend per common share (in dollars per share)—$0.08$0.59$0.09—$0.09
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$589.8M$591M$577.3M—$365M
Less: comprehensive income attributable to noncontrolling interest—-$223K-$580K$937K—$359K
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$589.6M$590.4M$578.2M—$365.4M
Fixed maturity securities—$318K$21K$49K—-$232K
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized—-$323K-$15K-$49K—$12K
Credit losses on securities without previous credit losses—$10K$0$3K—$229K
Depreciation, Amortization and Accretion, Net-$13.6M-$9.8M-$14M-$9.1M-$15.3M-$15.5M
Direct premiums earned—$3.2B$3.3B$3.4B—$3.4B
Direct premiums written—$3.3B$3.6B$3.5B—$3.5B
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$7.5M$26.4M$2.5M—$841K
Equity Method Investment Realized Gain Loss On Disposal—$14K$808K-$1.3M—$173K
Expenses from wholly owned investees$148.8M$126.4M$122.4M$144.2M$159M$135.8M
Net addition to the allowance for credit losses—$326K$419K$111K—$86K
Gain (Loss) on Sale of Other Investments—-$5.5M-$26.1M-$4.6M—-$2.8M
Net gains/(losses) on sales of loans—$0———$131K
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions-$12.4M$27M$27.3M$5.4M—$39.5M
Increase (Decrease) In Broker-Dealer Related Receivables (Payables), Net, Investing Activities—-$14.7M$69.1M-$114.2M—-$158M
Increase (Decrease) in Deferred Income Taxes—-$135M—-$43.5M—-$77.3M
Increase (Decrease) in Deferred Policy Acquisition Costs$0$26.8M$38.7M$13.3M—$10.4M
Loss and loss adjustment expense reserves$305.1M$544.2M$523.4M$254.2M$445.1M$390.6M
Other liabilities$9.6M-$297.9M——$205M-$286.7M
Increase (Decrease) in Premiums Receivable—$43.8M$318.5M——$48.7M
Increase (Decrease) in Reinsurance Recoverable—$43M$90.8M——-$15.2M
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI-$86M$13.5M$19.4M$6.6M$17.4M$7M
Unearned premiums—$113.1M$309.5M$88.1M—$47.9M
Interest Paid, Excluding Capitalized Interest, Operating Activity—$41.2M$22M$41.1M—$41.2M
Investment expenses—$3.5M$2.5M$2.9M—$2.9M
Gross investment income—$363.8M$381.9M$354.2M—$407.3M
Change in allowance for expected credit losses on investments$6.6M$644K$440K$160K$306K-$146K
Current year—$127.2M$304.8M$425.4M—$118.8M
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims—$1.9B$2B$2B—$1.9B
Increase in estimates for claims—$12M$5M$2M—$2M
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Loss Reserve Discount Accretion—-$7.5M-$8.4M-$9.3M—-$8.2M
Prior years—$1.3B$1.2B$1.1B—$1.4B
Foreign currency translation—$43.8M$121M——$777K
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Adjustment—-$9.6M-$8.2M-$5.3M—-$5.4M
Net investment gains, net of tax—$12.8M$24.3M$62M—-$12.4M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$290.5M-$81.4M-$231.7M-$95.3M-$618.1M-$339.1M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$87.1M-$924.4M-$234.2M-$627.6M-$243.1M-$588.6M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$810M$743.8M$703.8M$1.1B$995.1M$667.9M
Net Income Loss Attributable To Noncontrolling Interest—-$222K-$580K$937K—$359K
Net Investment Income$317.4M$360.3M$379.3M$351.2M$338.2M$404.3M
Number of operating segments—————3.00
Number of reportable segments—2.00———2.00
Operating Lease Payments—$13.5M$11.8M$11.9M—$12.1M
Real estate depreciation expense—$2.2M$2.3M$2.5M—$2.6M
Other comprehensive loss (Note 13)—$185.9M$157.9M$87.7M—-$186M
Other Comprehensive Income Loss Before Tax—$209.8M$227.3M$82.1M—-$191.2M
Foreign currency translation gains (losses)—$23.9M$69.4M-$5.7M—-$5.2M
Other comprehensive income (loss)—$172.2M$189.7M$66.2M—-$150.2M
Tax expense (benefit)—$37.6M$37.6M$15.8M—-$41M
Net unrealized gains (losses) on securities still held—$148.3M$120.3M$71.9M—-$145M
Membership and other income$647K$533K$751K$397K$2M$1.8M
Other Revenues—$174.7M$193.3M$260.6M—$170.8M
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid—$1.4B$1.5B$1.6B—$1.5B
Payments for (Proceeds from) Loans Receivable$37.3M$3.7M-$113M——$30.6M
Payments For (Proceeds From) Real Estate—$14.8M$1.2M——$37.4M
Payments for Repurchase of Common Stock$67.4M$49.2M$0$24.6M$196.4M$302.4M
Payments of Ordinary Dividends, Common Stock$220.4M$30.3M$223.8M$34.2M$411.9M$33.7M
Payments to Acquire Debt Securities, Available-for-Sale$2.2B$2.5B$1.7B$2.6B$1.6B$2.2B
Payments To Acquire Equity Securities, Available-For-Sale—$56.6M$64.9M$217.1M—$120.5M
Payments to Acquire Property, Plant, and Equipment, Net—$16.2M$20.6M$16.9M—-$27.7M
Policy Acquisition And Insurance Operating Expenses—$838.2M$882.1M$900.3M—$889.2M
Current period change for expected credit losses—-$1M$99K$965K—$124K
Premiums Written, Net$2.9B$3.1B$3.4B$3.2B$3B$3.2B
Proceeds From Income Tax Refunds—$18.7M———$614K
Issuance of debt—$1.6M———$1.1M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$1.4B$1.2B$1.3B$1.5B$1.3B$1.4B
Financing — other-$6M-$3.5M-$6.7M-$34.3M-$9.4M-$4.1M
(Contributions to) distributions from investment funds—$16.3M$23.1M$62.5M—-$4M
Sale of investments$622.1M$290.6M$238.6M$345.9M$274.2M$271.6M
Proceeds From Sale Of Equity Securities, Available-For-Sale—$132.7M$10.3M$160.3M—$4.6M
Total provisions for credit losses—-$326K-$419K-$111K—-$86K
Real estate—$3.9M-$5.3M$20.4M—-$7.3M
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses—$15.7M$30.5M$78.8M—-$15.6M
Realized Gain (Loss) on Marketable Securities, Equity Method Investments, and Other Investments, Net of Tax—$12.8M$24.3M$62M—-$12.4M
Realized Gain (Loss) on Marketable Securities, Equity Method Investments, and Other Investments, Tax—$3.5M$6.7M$17M—-$3.4M
Net investment gains—$16.4M$31M$79M—-$15.8M
Gross realized gains (losses)—$16.4M$31M$79M—-$15.8M
Reinsurance Effect On Claims And Benefits Incurred Amount Ceded—$314.3M$354.9M$286.8M—$357.7M
Current period change for estimated uncollectible reinsurance—-$1.3M-$130K-$355K—-$1.4M
Revenues from wholly owned investees$152.7M$128.9M$128.8M$150.3M$169.3M$156.6M
Right-of-use assets obtained in exchange for new lease liabilities—$13.2M$31.2M$5.8M—$3.8M
Segment Reporting, Other Segment Item, Amount—$269.8M$311.4M$251M—$249M
Stock-based compensation$14.1M$12.4M$15.1M$13.1M$13.9M$13.2M
Stockholders' Equity, Other—$431K-$50K-$347K—$3M
Prior years—$1M—$1M—$1M
Current year—$1.9B$1.9B$2B—$1.9B
Unrealized Gain Loss On Investments—$19.9M$63.6M$9.6M—-$4.5M
Weighted Average Number of Shares, Restricted Stock—17.7M———17.4B