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NEW YORK - W.R. Berkley Corporation (NYSE:WRB) reported fourth quarter earnings that beat analyst expectations, sending shares up 1.35% in after-hours trading.
The property and casualty insurance company posted adjusted earnings per share of $1.13, surpassing the consensus estimate of $0.99. Revenue came in at $3.01 billion, also topping expectations of $2.98 billion.
Net income for the quarter increased 45% YoY to $576 million, while operating income rose 15.5% to a record $453 million. The company reported a combined ratio of 90.2% for the quarter.
"The Company once again set new financial records in 2024," said W.R. Berkley in a statement. "Full year results were highlighted by record net income, with outstanding underwriting performance and net investment income, culminating in a 23.6% return on beginning of year equity."
Gross premiums written increased 8.2% YoY to $3.50 billion in Q4. For the full year 2024, gross premiums written grew 9.6% to a record $14.2 billion.
The company noted that average rate increases excluding workers' compensation were approximately 7.7% in the fourth quarter.
W.R. Berkley returned $287.8 million to shareholders during the quarter through dividends and share repurchases. For the full year, the company returned $835.6 million to shareholders.
Looking ahead, management expressed confidence in delivering "superior long-term risk-adjusted returns and enhanced shareholder value in 2025 and beyond" given the favorable property and casualty insurance and investment environments.
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