2023-07-20 16:40:26 ET
W.R. Berkley ( NYSE: WRB ) turned in Q2 adjusted earnings that exceeded the average analyst estimate and rose during the quarter as the insurer's net premiums written advanced and its combined ratio improved.
Q2 operating income per share of $1.14, beating the $1.08 consensus, rose from $1.00 in Q1 and from $1.12 a year before.
WRB gained 0.6% in after-hours trading.
Net premiums written came in at $2.81B compared with $2.57B in Q1 and $2.59B in the year-earlier quarter.
Net investment income climbed to $245.2M from $223.4M in Q1 and from $171.6M a year ago.
Combined ratio of 89.6% vs. 90.6% in Q2 88.6% in Q2 of last year.
Book value per share stood at $26.74 at June 30, 2023, compared with $25.51 at Dec. 31, 2022.
Pretax income/loss by segment (vs. Q2 2022):
- Insurance: $386.3M vs. $347.5M.
- Reinsurance & Monoline Excess: $105.5M vs. $92.2M.
- Corporate and Eliminations: -$34.6M vs. -$217.1M.
Conference call at 5:00 p.m. ET.
More on W. R. Berkley:
- SA's Quant system rates WRB a Hold
- W. R. Berkley: poor Momentum Offsets The Value Case For Now
- W. R. Berkley sells Breckenridge's property and casualty unit
For further details see:
W. R. Berkley Q2 earnings rise past expectations as combined ratio slips