BERKLEY W R CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), BERKLEY W R CORP reported revenue of $14.7B (+7.8% year on year) and net income of $1.8B (+1.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net premiums written | $12.7B | $12.0B | $11.0B | $10.0B |
| Change in net unearned premiums | ($264.4M) | ($423.6M) | ($553.8M) | ($442.6M) |
| Net premiums earned | $12.4B | $11.5B | $10.4B | $9.6B |
| Net investment income | $1.4B | $1.3B | $1.1B | $779.2M |
| Unrealized investment gains (losses), before tax | $130.7M | $79.7M | $47.5M | $217.3M |
| Change in allowance for expected credit losses on investments | $1.6M | $38.0M | ($498.0K) | ($14.9M) |
| Net investment gains (losses) | $132.2M | $117.7M | $47.0M | $202.4M |
| Revenues from non-insurance businesses | $577.4M | $528.0M | $535.5M | $509.5M |
| Insurance service fees | $118.5M | $108.9M | $106.5M | $110.5M |
| Other income | $3.7M | $2.5M | $381.0K | $3.4M |
| Total revenues | $14.7B | $13.6B | $12.1B | $11.2B |
| Losses and loss expenses | $7.8B | $7.1B | $6.4B | $5.9B |
| Other operating costs and expenses | $4.0B | $3.6B | $3.4B | $3.0B |
| Expenses from non-insurance businesses | $551.9M | $513.5M | $525.0M | $493.2M |
| Interest expense | $126.9M | $126.9M | $127.5M | $130.4M |
| Total operating costs and expenses | $12.4B | $11.4B | $10.4B | $9.4B |
| Pre-Tax Income (Loss) | $2.3B | $2.3B | $1.8B | $1.7B |
| Income tax expense | ($495.8M) | ($509.9M) | ($370.6M) | ($334.7M) |
| Net income before noncontrolling interests | $1.8B | $1.8B | $1.4B | $1.4B |
| Noncontrolling interests | ($5.4M) | $1.5M | ($2.5M) | ($3.9M) |
| Net income to common stockholders | $1.8B | $1.8B | $1.4B | $1.4B |
| Basic (dollars per share) | $4.48 | $4.39 | $5.10 | $4.99 |
| Diluted (dollars per share) | $4.45 | $4.36 | $5.05 | $4.94 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net premiums written | $3.4B | $3.2B | $3.2B | $3.4B |
| Change in net unearned premiums | ($242.8M) | ($59.2M) | ($70.5M) | ($253.3M) |
| Net premiums earned | $3.2B | $3.1B | $3.2B | $3.1B |
| Net investment income | $418.7M | $404.3M | $351.2M | $379.3M |
| Net realized and unrealized (losses) gains on investments | ($55.1M) | ($15.6M) | $78.8M | $30.5M |
| Change in allowance for expected credit losses on investments | ($59.0K) | ($146.0K) | $160.0K | $440.0K |
| Net investment (losses) gains | ($55.2M) | ($15.8M) | $79.0M | $31.0M |
| Revenues from non-insurance businesses | $134.4M | $156.6M | $150.3M | $128.8M |
| Insurance service fees | $30.6M | $28.2M | $30.9M | $32.8M |
| Other income | $159.0K | $1.8M | $397.0K | $751.0K |
| Total revenues | $3.7B | $3.7B | $3.8B | $3.7B |
| Losses and loss expenses | $2.0B | $1.9B | $2.0B | $2.0B |
| Other operating costs and expenses | $1.0B | $970.7M | $975.3M | $1.0B |
| Expenses from non-insurance businesses | $122.7M | $135.8M | $144.2M | $122.4M |
| Interest expense | $31.7M | $31.7M | $31.8M | $31.8M |
| Total | $3.1B | $3.1B | $3.1B | $3.1B |
| Income before income taxes | $575.2M | $616.1M | $648.1M | $521.9M |
| Income tax expense | ($122.9M) | ($100.5M) | ($136.1M) | ($121.2M) |
| Net income before noncontrolling interests | $452.3M | $515.6M | $512.0M | $400.7M |
| Noncontrolling interests | ($45.0K) | ($359.0K) | ($937.0K) | $580.0K |
| Net Income (Loss) to Common Stockholders | $452.3M | $515.2M | $511.0M | $401.3M |
| Basic (in dollar per share) | $1.16 | $1.31 | $1.29 | $1.01 |
| Diluted (in dollar per share) | $1.15 | $1.31 | $1.28 | $1.00 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturity securities (amortized cost of $25,170,368 and $23,010,899; allowance for expected credit losses of $74 and $671 at December 31, 2025 and 2024) | $25.0B | $22.4B | $20.2B | $17.6B |
| Investment funds | $1.4B | $1.5B | $1.6B | $1.6B |
| Real estate | $1.3B | $1.3B | $1.2B | $1.3B |
| Arbitrage trading account | $1.2B | $1.1B | $938.0M | $944.2M |
| Equity securities | $1.4B | $1.2B | $1.1B | $1.2B |
| Loans receivable (net of allowance for expected credit losses of $161 and $1,114 at December 31, 2025 and 2024) | $418.9M | $405.5M | $201.3M | $193.0M |
| Total investments | $30.7B | $27.9B | $25.3B | $22.9B |
| Cash and cash equivalents | $2.5B | $2.0B | $1.4B | $1.4B |
| Premiums and fees receivable (net of allowance for expected credit losses of $42,006 and $39,884 at December 31, 2025 and 2024) | $3.4B | $3.3B | $3.1B | $2.8B |
| Due from reinsurers (net of allowance for expected credit losses of $6,378 and $8,350 at December 31, 2025 and 2024) | $3.5B | $3.6B | $3.5B | $3.2B |
| Deferred policy acquisition costs | $1.0B | $951.7M | $861.6M | $763.5M |
| Prepaid reinsurance premiums | $881.8M | $823.2M | $758.9M | $696.5M |
| Trading account receivable from brokers and clearing organizations | $11.7M | $60.3M | $303.6M | $233.9M |
| Property, furniture and equipment | $596.2M | $478.5M | $426.8M | $423.2M |
| Goodwill | $184.3M | $184.3M | $174.6M | $185.5M |
| Accrued investment income | $255.2M | $243.8M | $213.4M | $166.8M |
| Current federal and foreign income taxes | $2.7M | $39.4M | $1.3M | $39.1M |
| Deferred federal and foreign income taxes | $141.5M | $220.2M | $309.6M | $340.6M |
| Other assets | $809.4M | $877.1M | $865.6M | $736.0M |
| Total assets | $44.1B | $40.6B | $37.2B | $33.9B |
| Reserves for losses and loss expenses | $22.2B | $20.4B | $18.7B | $17.0B |
| Unearned premiums | $6.7B | $6.4B | $5.9B | $5.3B |
| Due to reinsurers | $615.8M | $668.7M | $631.2M | $523.1M |
| Trading account securities sold but not yet purchased | $66.3M | $73.4M | $9.4M | $0 |
| Current federal and foreign income taxes | $83.4M | $53.5M | $47.5M | $34.4M |
| Deferred federal and foreign income taxes | $99.9M | $65.2M | $42.7M | $11.6M |
| Senior notes and other debt | $1.8B | $1.8B | $1.8B | $1.8B |
| Subordinated debentures | $1.0B | $1.0B | $1.0B | $1.0B |
| Other liabilities | $1.7B | $1.7B | $1.5B | $1.4B |
| Total liabilities | $34.4B | $32.2B | $29.7B | $27.1B |
| Preferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,825,150 and 183,411,907 shares, respectively | $158705000.00 | $158705000.00 | $105803000.00 | $105803000.00 |
| Additional paid-in capital | $987.7M | $984.8M | $1.0B | $997.5M |
| Retained earnings | $13.3B | $12.3B | $11.0B | $10.2B |
| Accumulated other comprehensive loss | ($451.1M) | ($934.3M) | ($925.8M) | ($1.3B) |
| Treasury stock, at cost, 416,366,010 and 413,455,739 shares, respectively | -4.3B | -4.1B | -3.8B | -3.3B |
| Total common stockholders’ equity | $9.7B | $8.4B | $7.5B | $6.7B |
| Noncontrolling interests | $11.1M | $12.3M | $13.8M | $19.8M |
| Total equity | $9.7B | $8.4B | $7.5B | $6.8B |
| Total liabilities and equity | $44.1B | $40.6B | $37.2B | $33.9B |
| Common stock, authorized (in shares) | 1.9B | — | — | — |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturity securities (amortized cost of $26,265,637 and $25,170,368; allowance for expected credit losses of $440 and $74 at June 30, 2026 and December 31, 2025, respectively) | $25.9B | $25.5B | $24.9B | $24.1B |
| Investment funds | $1.4B | $1.4B | $1.4B | $1.5B |
| Real estate | $1.4B | $1.3B | $1.3B | $1.3B |
| Equity securities | $1.5B | $1.5B | $1.4B | $1.3B |
| Arbitrage trading account | $1.3B | $1.2B | $1.1B | $1.0B |
| Loans receivable (net of allowance for expected credit losses of $0 and $161 at June 30, 2026 and December 31, 2025, respectively) | $265.6M | $441.2M | $326.9M | $324.4M |
| Total investments | $31.7B | $31.3B | $30.5B | $29.5B |
| Cash and cash equivalents | $2.6B | $2.3B | $2.4B | $2.0B |
| Premiums and fees receivable (net of allowance for expected credit losses of $41,421 and $42,006 at June 30, 2026 and December 31, 2025, respectively) | $3.8B | $3.5B | $3.5B | $3.6B |
| Due from reinsurers (net of allowance for expected credit losses of $6,808 and $6,378 at June 30, 2026 and December 31, 2025, respectively) | $3.6B | $3.6B | $3.5B | $3.6B |
| Deferred policy acquisition costs | $1.0B | $1.0B | $1.0B | $1.0B |
| Prepaid reinsurance premiums | $946.2M | $870.8M | $884.6M | $872.5M |
| Trading account receivables from brokers and clearing organizations | $3.1M | $8.7M | $113.3M | $138.9M |
| Property, furniture and equipment | $567.0M | $567.1M | $492.8M | $490.1M |
| Goodwill | $184.3M | $184.3M | $184.3M | $184.3M |
| Accrued investment income | $264.2M | $246.0M | $248.9M | $259.3M |
| Current and deferred federal and foreign income taxes | $64.7M | — | $0 | $36.3M |
| Other assets | $854.3M | $837.2M | $885.0M | $924.9M |
| Total assets | $45.7B | $44.3B | $43.7B | $42.7B |
| Reserves for losses and loss expenses | $23.2B | $22.6B | $21.8B | $21.5B |
| Unearned premiums | $7.1B | $6.8B | $6.9B | $6.8B |
| Due to reinsurers | $646.3M | $627.8M | $626.2M | $644.6M |
| Trading account securities sold but not yet purchased | $6.6M | $33.0K | $34.5M | $30.9M |
| Current and deferred federal and foreign income taxes | $0 | $76.2M | $23.5M | — |
| Other liabilities | $2.1B | $1.6B | $1.7B | $1.5B |
| Subordinated debentures | $1.0B | $1.0B | $1.0B | $1.0B |
| Senior notes and other debt | $1.8B | $1.8B | $1.8B | $1.8B |
| Total liabilities | $35.8B | $34.6B | $33.9B | $33.4B |
| Perferred stock, par value $.10 per share: Authorized 5,000,000 shares; issued and outstanding - none | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, par value $.20 per share: Authorized 500,000,000 shares, issued and outstanding, net of treasury shares, 177,930,502 and 183,411,907 shares, respectively | $158705000.00 | $158705000.00 | $158705000.00 | $158705000.00 |
| Additional paid-in capital | $1.0B | $1.0B | $981.8M | $1.0B |
| Retained earnings | $14.1B | $13.8B | $13.3B | $12.8B |
| Accumulated other comprehensive loss | ($640.0M) | ($601.3M) | ($506.2M) | ($572.4M) |
| Treasury stock, at cost, 422,464,027 and 416,366,010 shares, respectively | -4.8B | -4.6B | -4.1B | -4.1B |
| Total stockholders’ equity | $9.8B | $9.7B | $9.8B | $9.3B |
| Noncontrolling interests | $9.8M | $11.1M | $6.1M | $10.3M |
| Total equity | $9.8B | $9.8B | $9.8B | $9.3B |
| Total liabilities and equity | $45.7B | $44.3B | $43.7B | $42.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income to common stockholders | $1.8B | $1.8B | $1.4B | $1.4B |
| Net investment gains | ($132.2M) | ($117.7M) | ($47.0M) | ($202.4M) |
| Depreciation and (accretion) amortization | ($48.1M) | ($170.6M) | ($20.9M) | — |
| Noncontrolling interests | $5.4M | ($1.5M) | $2.5M | $3.9M |
| Investment funds | ($27.6M) | $11.5M | ($16.7M) | ($145.1M) |
| Stock incentive plans | $54.5M | $54.4M | $51.0M | $49.4M |
| Arbitrage trading account | ($56.9M) | $122.7M | ($54.2M) | ($53.3M) |
| Premiums and fees receivable | ($129.6M) | ($184.4M) | ($334.2M) | ($268.2M) |
| Reinsurance accounts | ($114.6M) | ($31.7M) | ($306.0M) | ($266.3M) |
| Deferred policy acquisition costs | ($48.9M) | ($91.2M) | ($99.4M) | ($88.8M) |
| Current income taxes | $63.9M | ($28.5M) | $52.5M | ($3.5M) |
| Deferred income taxes | $9.4M | $95.3M | ($26.7M) | ($64.7M) |
| Reserves for losses and loss expenses | $1.8B | $1.7B | $1.7B | $1.7B |
| Unearned premiums | $321.7M | $485.5M | $617.5M | $466.6M |
| Other | $139.2M | $70.9M | $14.5M | $19.9M |
| Net cash from operating activities | $3.6B | $3.7B | $2.9B | $2.6B |
| Proceeds from sale of fixed maturity securities | $1.1B | $2.3B | $1.0B | $797.9M |
| Proceeds from sale of equity securities | $430.4M | $331.3M | $318.9M | $82.3M |
| Proceeds From (Payments To) Equity Method Investments | $139.7M | $134.9M | $19.9M | ($24.6M) |
| Proceeds from maturities and prepayments of fixed maturity securities | $5.3B | $4.9B | $3.5B | $4.9B |
| Purchase of fixed maturity securities | ($8.4B) | ($9.4B) | ($6.7B) | ($8.0B) |
| Purchase of equity securities | ($418.4M) | ($207.5M) | ($80.5M) | ($340.5M) |
| Real estate disposed (purchased) | $14.6M | ($66.6M) | ($2.1M) | ($45.9M) |
| Change in loans receivable | $12.7M | ($210.8M) | ($29.7M) | ($83.2M) |
| Net additions to property, furniture and equipment | ($170.0M) | ($105.6M) | ($53.1M) | ($52.7M) |
| Change in balances due from security brokers | ($70.8M) | $107.3M | ($33.9M) | $14.3M |
| Cash received in connection with business disposition | $0 | $0 | $96.6M | $906.8M |
| Payment for business purchased, net of cash acquired | $0 | $0 | ($11.6M) | ($49.6M) |
| Net cash used in investing activities | ($2.0B) | ($2.2B) | ($2.0B) | ($1.9B) |
| Net proceeds from issuance of debt | $0 | $3.1M | — | — |
| Repayment of senior notes and other debt | ($2.1M) | $0 | $0 | ($426.5M) |
| Cash dividends to common stockholders | ($700.3M) | ($532.0M) | ($501.5M) | ($235.2M) |
| Purchase of common treasury shares | -270.2M | -303.7M | -537.2M | -94.1M |
| Other, net | ($53.9M) | ($20.0M) | ($22.9M) | ($12.8M) |
| Net cash used in financing activities | ($1.0B) | ($852.5M) | ($1.1B) | ($772.0M) |
| Net impact on cash due to change in foreign exchange rates | $38.4M | ($29.8M) | $9.1M | ($24.8M) |
| Net increase (decrease) in cash and cash equivalents | $565.2M | $611.6M | ($86.2M) | ($119.5M) |
| Cash and cash equivalents at beginning of year | $2.0B | $1.4B | $1.4B | $1.6B |
| Cash and cash equivalents at end of year | $2.5B | $2.0B | $1.4B | $1.4B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income to common stockholders | $967.5M | $515.2M | $1.3B | $818.9M |
| Net investment losses (gains) | $71.0M | $15.8M | ($126.3M) | ($47.3M) |
| Depreciation and (accretion) amortization | ($37.6M) | ($15.5M) | ($32.8M) | ($23.8M) |
| Noncontrolling interests | $403.0K | $359.0K | $136.0K | ($802.0K) |
| Investment funds | ($68.3M) | ($39.5M) | ($59.7M) | ($54.3M) |
| Stock incentive plans | $29.0M | $13.2M | $40.6M | $27.5M |
| Arbitrage trading account | ($122.5M) | ($7.0M) | ($39.6M) | ($33.0M) |
| Premiums and fees receivable | ($332.6M) | ($48.7M) | ($247.5M) | ($362.3M) |
| Reinsurance accounts | ($133.5M) | $15.2M | ($37.0M) | ($133.8M) |
| Deferred policy acquisition costs | ($41.6M) | ($10.4M) | ($78.9M) | ($65.6M) |
| Income taxes | ($52.1M) | $77.3M | $72.0M | $28.5M |
| Reserves for losses and loss expenses | $948.7M | $390.6M | $1.3B | $1.1B |
| Unearned premiums | $367.1M | $47.9M | $510.6M | $422.5M |
| Other | ($127.5M) | ($286.7M) | ($65.8M) | ($196.6M) |
| Net cash from operating activities | $1.5B | $667.9M | $2.6B | $1.4B |
| Proceeds from sale of fixed maturity securities | $447.7M | $271.6M | $875.1M | $529.2M |
| Proceeds from sale of equity securities | $29.6M | $4.6M | $303.3M | $142.9M |
| (Contributions to) distributions from investment funds | ($13.5M) | ($4.0M) | $101.9M | $39.4M |
| Proceeds from maturities and prepayments of fixed maturity securities | $2.7B | $1.4B | $4.0B | $2.5B |
| Purchase of fixed maturity securities | ($4.2B) | ($2.2B) | ($6.8B) | ($4.2B) |
| Purchase of equity securities | ($196.0M) | ($120.5M) | ($338.5M) | ($121.5M) |
| Real estate purchased | ($97.7M) | ($37.4M) | ($12.3M) | ($15.9M) |
| Change in loans receivable | $150.3M | ($30.6M) | $102.6M | $109.3M |
| Net proceeds from sale (purchases) of property, furniture and equipment | $11.9M | $27.7M | ($53.7M) | ($36.8M) |
| Change in balances due to security brokers | $177.2M | $158.0M | $59.9M | ($54.4M) |
| Net cash used in investing activities | ($949.6M) | ($588.6M) | ($1.8B) | ($1.2B) |
| Net proceeds from issuance of debt | $199.0K | $1.1M | — | $429.0K |
| Cash dividends to common stockholders | ($33.7M) | ($33.7M) | ($288.4M) | ($254.2M) |
| Purchase of common treasury shares | -413.9M | -302.4M | -73.8M | -49.2M |
| Other, net | ($19.4M) | ($4.1M) | ($44.5M) | ($10.2M) |
| Net cash used in financing activities | ($466.8M) | ($339.1M) | ($408.4M) | ($313.1M) |
| Net impact on cash due to change in foreign exchange rates | $15.1M | $841.0K | $36.4M | $33.9M |
| Net change in cash and cash equivalents | $66.6M | ($259.0M) | $429.3M | $9.8M |
| Cash and cash equivalents at beginning of period | $2.5B | $2.5B | $2.0B | $2.0B |
| Cash and cash equivalents at end of period | $2.6B | $2.3B | $2.4B | $2.0B |
BERKLEY W R CORP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.