# W.R. Berkley Corporation (WR) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/WR/thesis · /stocks/WR/memo

## Financial Snapshot

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source: coverage-next-full | ticker: WR | step: "04" | created: 2026-05-29
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### Step 04 — Financial Snapshot: W. R. Berkley Corporation (WRB)

#### Summary Financial Performance (FY2021–FY2024)

##### Income Statement Highlights

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Net Premiums Written | ~$8.3B | ~$9.6B | ~$10.7B | ~$11.3B |
| Net Premiums Earned | ~$7.9B | ~$9.0B | ~$10.2B | ~$10.9B |
| Net Investment Income | ~$580M | ~$680M | ~$900M | ~$1,050M |
| Total Revenues | ~$8.7B | ~$9.8B | ~$11.3B | ~$12.1B |
| Pre-tax Income | ~$1.1B | ~$1.3B | ~$1.5B | ~$1.7B |
| Net Income | ~$870M | ~$1,035M | ~$1,190M | ~$1,350M |
| Diluted EPS | ~$2.00 | ~$2.45 | ~$2.80 | ~$3.20 |

*Figures are estimates based on available public data; verify against 10-K filings.*

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##### Underwriting Performance

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Loss Ratio | ~61% | ~60% | ~62% | ~62% |
| Expense Ratio | ~31% | ~30% | ~30% | ~30% |
| Combined Ratio | ~92% | ~90% | ~92% | ~92% |
| Underwriting Income | ~$640M | ~$810M | ~$820M | ~$870M |

**WRB's combined ratio has been below 93% in nearly every year since 2010**, placing it in the top tier of commercial P&C operators globally. The 90–93% range represents approximately 7–10 cents of underwriting profit per dollar of premium — a consistent and meaningful underwriting margin.

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##### Balance Sheet Highlights

| Metric | FY2021 | FY2022 | FY2023 | FY2024E |
|--------|--------|--------|--------|---------|
| Total Invested Assets | ~$19B | ~$20B | ~$22B | ~$23B |
| Total Assets | ~$24B | ~$25B | ~$27B | ~$28B |
| Loss & LAE Reserves | ~$10B | ~$11B | ~$12B | ~$13B |
| Total Debt | ~$1.8B | ~$2.0B | ~$2.2B | ~$2.2B |
| Total Stockholders' Equity | ~$6.5B | ~$6.8B | ~$7.5B | ~$8.2B |
| Book Value Per Share | ~$15.00 | ~$16.00 | ~$18.00 | ~$20.00 |

*Note: Book value per share has compounded meaningfully as earnings accumulate and buybacks occur. The special dividend policy limits retained equity growth but returns capital directly to shareholders.*

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##### Earnings Per Share Progression

| Year | Diluted EPS | YoY Change |
|------|-----------|-----------|
| FY2019 | ~$1.40 | — |
| FY2020 | ~$1.45 | +4% |
| FY2021 | ~$2.00 | +38% |
| FY2022 | ~$2.45 | +23% |
| FY2023 | ~$2.80 | +14% |
| FY2024E | ~$3.20 | +14% |

**5-year EPS CAGR (FY2019–FY2024E):** approximately +18% — reflecting the powerful combination of premium growth, investment income tailwinds, and disciplined underwriting.

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##### Book Value Per Share

| Year | BVPS | Growth |
|------|------|--------|
| FY2019 | ~$10.50 | — |
| FY2020 | ~$12.00 | +14% |
| FY2021 | ~$15.00 | +25% |
| FY2022 | ~$16.00 | +7% |
| FY2023 | ~$18.00 | +13% |
| FY2024E | ~$20.00 | +11% |

*Growth reflects strong earnings partially offset by special dividends and share buybacks returning capital.*

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##### Valuation Context

| Metric | Current (Approx.) | Historical Range |
|--------|------------------|-----------------|
| P/E | ~15–18x | 12–20x |
| P/Book | ~3.0–3.5x | 1.5–3.5x |
| Dividend Yield (total incl. special) | ~1.5–2.5% | 1–3% |

WRB has historically traded at a **premium to book value** among P&C insurers, justified by its superior underwriting profitability (ROE consistently above cost of equity) and family-controlled durable culture.

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##### Key Ratios Summary

| Ratio | WRB | Industry Avg | Comment |
|-------|-----|-------------|---------|
| Combined Ratio | ~92% | ~96–99% | Top-tier underwriting profit |
| ROE | ~17–20% | ~10–12% | Exceptional capital efficiency |
| Investment Leverage | ~2.5–3.0x equity | ~2.5–3.0x | Normal for P&C |
| Debt/Equity | ~25–30% | ~25–35% | Conservative leverage |
| Reserve/NPE | ~120–130% | ~110–130% | Adequately reserved |

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#### Financial Quality Assessment

**Earnings quality: HIGH**
- Underwriting income is genuinely earned, not dependent on investment subsidy
- Investment income is stable, generated by a diversified high-grade fixed-income portfolio
- Reserve development has been modestly favorable in recent years
- EPS growth driven by genuine operating leverage, not financial engineering

**Balance sheet quality: HIGH**
- Investment portfolio is investment-grade dominant
- Loss reserves adequately maintained based on historical development patterns
- Debt load is modest relative to equity and earning power
- Berkley family control reduces pressure to lever up for short-term gains

**Cash flow: STRONG**
- Insurance operations are cash-generative (premiums collected before losses paid)
- Operating cash flow consistently exceeds net income
- Free cash flow returned via buybacks and special dividends

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/WR/fundamental

## Navigation

- Overview: /stocks/WR
- Financials (this page): /stocks/WR/financials
- Thesis: /stocks/WR/thesis
- Investment Memo: /stocks/WR/memo
- Coverage universe: /stocks