NEW YORK - W.R. Berkley Corporation (NYSE:WRB) reported third quarter earnings that narrowly missed estimates, while revenue came in well above expectations, sending shares up by 0.9% in after-hours trading.
The insurance holding company posted adjusted earnings per share of $0.91, just below the $0.92 analysts were expecting. Revenue surged to $3.4 billion, handily beating the consensus estimate of $2.93 billion.
Net premiums written increased 7.3% year-over-year to $3.06 billion. The company reported a combined ratio of 90.9%, up slightly from 90.2% in the same quarter last year.
"The Company reported record third quarter net income in 2024," said W.R. Berkley in a statement. "Continued strong underwriting margins and increasing investment income drove our 19.6% annualized return on beginning of year common stockholders' equity."
Net investment income rose 19.5% to $323.8 million compared to the prior year quarter. The company said it anticipates further investment income growth due to higher new money rates and increases in invested assets from continuing record cash flow.
For the fourth quarter, the company said it expects to "continue to deliver outstanding risk-adjusted returns to our shareholders."
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