2023-10-23 16:18:38 ET
- W.R. Berkley press release ( NYSE: WRB ): Q3 Non-GAAP EPS of $1.35 beats by $0.17 .
- Revenue of $3.03B (+11.4% Y/Y) beats by $400M .
- Operating return on equity and return on equity of 21.7% and 19.8%, respectively.
- Record net investment income of $270.9 million driven by 59.3% increase in the core portfolio.
- The current accident year combined ratio before catastrophe losses of 2.3 loss ratio points was 87.9%.
- The reported combined ratio was 90.2%, including current accident year catastrophe losses of $61.5 million.
- Record net premiums written grew 10.5% to $2.8 billion.
- Underwriting income and net income grew 34.7% and 45.7% to $258.7 million and $333.6 million, respectively.
- Average rate increases excluding workers' compensation were approximately 8.5%.
- Total capital returned to shareholders was $160.3 million, consisting of $129.0 million of special dividends, $28.4 million of regular dividends, and $2.9 million of share repurchases.
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W.R. Berkley Non-GAAP EPS of $1.35 beats by $0.17, revenue of $3.03B beats by $400M