GREENWICH: W. R. Berkley Corporation (NYSE: WRB) on Monday reported higher second-quarter earnings as the property and casualty insurer posted record net premiums written and investment income.
The company said net income attributable to common stockholders was $401.3 million, or $1.00 per diluted share, compared with $371.9 million, or $0.92 per share, a year earlier. Operating income rose to $420.5 million, or $1.05 per diluted share, up from $410.2 million, or $1.02 per share.
Net premiums written increased 7% to $3.4 billion, driven by business with higher margin potential and supported by average rate increases of 7.6%, excluding workers’ compensation. Return on equity was 19.1%, while operating return on equity reached 20.0%.
The quarter also saw net investment income surge to a record $379.3 million, bolstered by higher yields on fixed-maturity securities. Book value per share climbed 6.8% before dividends, with total capital returned to shareholders amounting to $223.8 million.
Catastrophe losses totaled $99.2 million for the current accident year, contributing to a combined ratio of 91.6%. Despite these industry-wide pressures, the company said its disciplined underwriting strategy continues to generate strong, risk-adjusted returns.
“W. R. Berkley remains confident in its ability to deliver exceptional long-term shareholder value,” the company said.