BERKLEY W R CORP

WRB 10-K · FY 2025

WRB FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Premiums Written Net 12,711,327 11,972,096 +6.2%
Show Business Segments breakouts
Insurance 11,183,713 10,549,550 +6.0%
Reinsurance & Monoline Excess 1,527,614 1,422,546 +7.4%
Increase Decrease In Unearned Premiums Net -264,389 -423,611 +37.6%
Premiums Earned Net 12,446,938 11,548,485 +7.8%
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Auto · Insurance 1,617,908 1,481,569 +9.2%
Casualty · Reinsurance & Monoline Excess 741,671 771,329 -3.8%
Monoline Excess (3) · Reinsurance & Monoline Excess 290,557 266,552 +9.0%
Other liability · Insurance 4,429,621 4,068,662 +8.9%
Professional liability · Insurance 1,132,728 1,096,528 +3.3%
Property (2) · Reinsurance & Monoline Excess 478,682 424,296 +12.8%
Short-tail lines · Insurance 2,496,481 2,201,661 +13.4%
Workers' compensation · Insurance 1,259,290 1,237,888 +1.7%
Show Business Segments breakouts
Insurance 10,936,028 10,086,308 +8.4%
Insurance · Operating Segments 10,936,028 10,086,308 +8.4%
Reinsurance & Monoline Excess 1,510,910 1,462,177 +3.3%
Reinsurance & Monoline Excess · Operating Segments 1,510,910 1,462,177 +3.3%
Net Investment Income 1,429,067 1,333,161 +7.2%
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Insurance · Operating Segments 1,118,607 1,057,738 +5.8%
Reinsurance & Monoline Excess · Operating Segments 270,851 234,728 +15.4%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] 39,609 40,695 -2.7%
Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments 130,670 79,738 +63.9%
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Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 61,276 120,646 -49.2%
Investments Allowancefor Credit Loss Period Increase Decrease 1,550 37,970 -95.9%
Gain Loss On Investments 132,220 117,708 +12.3%
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Parent Company 945 90,284 -99.0%
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Corporate Non Segment 132,220 117,708 +12.3%
Revenues From Wholly Owned Investees 577,420 528,012 +9.4%
Insurance Commissions And Fees 118,511 108,935 +8.8%
Other Income 3,700 2,451 +51.0%
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Parent Company 834 853 -2.2%
Revenue 14,707,856 13,638,752 +7.8%
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Insurance · Non Us 1,408 1,471 -4.3%
Insurance · Operating Segments 12,095,601 11,181,501 +8.2%
Reinsurance & Monoline Excess · Non Us 516 485 +6.4%
Reinsurance & Monoline Excess · Operating Segments 1,781,761 1,696,905 +5.0%
Show Consolidated Entities breakouts
Parent Company 1,718,459 1,343,331 +27.9%
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Corporate Reconciling Items And Eliminations [Member] 698,274 642,638 +8.7%
Policyholder Benefits And Claims Incurred Net 7,771,657 7,131,595 +9.0%
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Insurance · Operating Segments 6,947,232 6,332,490 +9.7%
Reinsurance & Monoline Excess · Operating Segments 824,425 799,105 +3.2%
Other Cost And Expense Operating 3,976,834 3,602,306 +10.4%
Expenses From Wholly Owned Investees 551,930 513,451 +7.5%
Interest Expense 126,892 126,907 -0.0%
Operating Costs And Expenses 12,427,313 11,374,259 +9.3%
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Insurance · Operating Segments 10,068,357 9,239,418 +9.0%
Reinsurance & Monoline Excess · Operating Segments 1,264,223 1,230,310 +2.8%
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Parent Company 315,233 277,679 +13.5%
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Corporate Reconciling Items And Eliminations [Member] 1,094,733 904,531 +21.0%
Income Before Taxes 2,280,543 2,264,493 +0.7%
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Insurance · Operating Segments 2,027,244 1,942,083 +4.4%
Reinsurance & Monoline Excess · Operating Segments 517,538 466,595 +10.9%
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Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 61,276 120,646 -49.2%
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Parent Company 1,276,826 939,252 +35.9%
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Corporate Non Segment 132,220 117,708 +12.3%
Corporate Reconciling Items And Eliminations [Member] -396,459 -261,893 -51.4%
Income Tax Expense (Benefit) -495,764 -509,916 +2.8%
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Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -12,868 -25,336 +49.2%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income -12,868 -25,336 +49.2%
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Parent Company 44,172 67,513 -34.6%
Net Income 1,784,779 1,754,577 +1.7%
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Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 48,408 95,310 -49.2%
Accumulated Other Comprehensive Income · Reclassification Out Of Accumulated Other Comprehensive Income 48,408 95,310 -49.2%
Noncontrolling Interest 5,376 -1,538 +449.5%
Retained Earnings 1,779,403 1,756,115 +1.3%
Net Income Loss Attributable To Noncontrolling Interest -5,376 1,538 -449.5%
Net Income 1,779,403 1,756,115 +1.3%
Show Business Segments breakouts
Insurance · Operating Segments 1,584,440 1,503,875 +5.4%
Reinsurance & Monoline Excess · Operating Segments 407,659 367,569 +10.9%
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Parent Company 1,779,403 1,756,115 +1.3%
Show Consolidation Items breakouts
Corporate Non Segment 103,708 88,503 +17.2%
Corporate Reconciling Items And Eliminations [Member] -316,404 -203,832 -55.2%
EPS (Basic) 4.48 4.39 +2.1%
EPS (Diluted) 4.45 4.36 +2.1%
Comprehensive Income 2,262,577 1,747,680 +29.5%
Wtd Avg Shares (Basic) 396,968 399,734 -0.7%
Wtd Avg Shares (Diluted) 399,861 403,224 -0.8%
Income Loss From Equity Method Investments 27,582 -11,491 +340.0%
Show Consolidated Entities breakouts
Parent Company 458,405 749,350 -38.8%
Show Investment Type breakouts
Energy 146 14,501 -99.0%
Financial services (1) -20,504 -39,418 +48.0%
Infrastructure 15,258 17,071 -10.6%
Other funds -3,782 -29,175 +87.0%
Real Estate Funds 4,023 12,195 -67.0%
Transportation 32,441 13,335 +143.3%
Revenue From Contract With Customer Including Assessed Tax 555,763 505,753 +9.9%
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Management And Performance Fees · Lifson Re 11 6 +83.3%
Brokerage Commissions Revenue (FY)
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Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 133,479 104,075 +28.3%
Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 13
Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 7,771,657 7,131,595 +9.0%
Foreign Currency Transaction Gain Loss Before Tax 68,006 -52,376 +229.8%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 2,539,938 1,974,747 +28.6%
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Parent Company 55,322 112,931 -51.0%
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 1,358,201 1,203,788 +12.8%
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Carrying Reported Amount Fair Value Disclosure 1,358,201 1,203,788 +12.8%
Estimate Of Fair Value Fair Value Disclosure 1,358,201 1,203,788 +12.8%
Property, Plant & Equipment 596,235 478,511 +24.6%
Show Consolidated Entities breakouts
Parent Company 8,581 9,320 -7.9%
Goodwill 184,332 184,332 0.0%
Deferred Tax Assets 141,496 220,217 -35.7%
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Parent Company 151,031 228,329 -33.9%
Total Assets 44,071,071 40,567,268 +8.6%
Show Business Segments breakouts
Insurance · Operating Segments 35,830,534 33,030,140 +8.5%
Reinsurance & Monoline Excess · Operating Segments 5,891,538 5,669,729 +3.9%
Show Consolidated Entities breakouts
Parent Company 12,886,438 11,567,419 +11.4%
Show Consolidation Items breakouts
Corporate Reconciling Items And Eliminations [Member] 2,348,999 1,867,399 +25.8%
Operating Lease Right-of-Use Assets 221,480 180,035 +23.0%
Other Assets
Equity Method Investments 1,361,802 1,468,246 -7.2%
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Energy 41,966 42,776 -1.9%
Financial services (1) 360,320 430,163 -16.2%
Infrastructure 169,847 151,560 +12.1%
Other funds 353,796 378,636 -6.6%
Real Estate Funds 163,098 178,685 -8.7%
Transportation 272,775 286,426 -4.8%
Real Estate Investments 1,279,748 1,291,455 -0.9%
Other Investments 1,221,103 1,122,599 +8.8%
Investments 30,687,429 27,889,406 +10.0%
Premiums And Other Receivables Net 3,417,112 3,266,845 +4.6%
Reinsurance Recoverables On Paid And Unpaid Losses 3,543,013 3,557,695 -0.4%
Deferred Policy Acquisition Costs 1,000,691 951,728 +5.1%
Prepaid Reinsurance Premiums 881,831 823,207 +7.1%
Receivables From Brokers Dealers And Clearing Organizations 11,669 60,327 -80.7%
Accrued Investment Income Receivable 255,199 243,772 +4.7%
Income Taxes Receivable 2,732 39,382 -93.1%
Other Assets 809,394 877,099 -7.7%
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Parent Company 62,179 126,799 -51.0%
Current Liabilities
Taxes Payable Current 83,373 53,482 +55.9%
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Parent Company 19,626
Non-Current Liabilities
Deferred Tax Liabilities 99,873 65,151 +53.3%
Total Liabilities 34,359,177 32,159,829 +6.8%
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Parent Company 3,185,620 3,172,308 +0.4%
Long-Term Debt (Q)
Show Debt Instrument breakouts
Senior Notes due August 1, 2044 · Senior Notes 346,574 346,389 +0.1%
Senior Notes due February 15, 2037 · Senior Notes 248,776 248,666 0.0%
Senior Notes Due March 30, 2052 · Senior Notes 394,807 394,609 +0.1%
Senior Notes Due May 12 2050 · Senior Notes 488,449 489,207 -0.2%
Senior Notes Due September 30, 2061 · Senior Notes 343,498 343,314 +0.1%
Subordinated Debt due December 30, 2059 · Subordinated Debt 291,895 291,418 +0.2%
Subordinated Debt due March 30, 2058 · Subordinated Debt 179,811 179,489 +0.2%
Subordinated Debt Due March 30, 2061 · Subordinated Debt 293,863 293,515 +0.1%
Subordinated Debt Due September 30 2060 · Subordinated Debt 244,958 244,668 +0.1%
Subsidiary Debt 7,094 8,973 -20.9%
Show Long-Term Debt Type breakouts
Subordinated Debt 1,010,527 1,009,090 +0.1%
Total senior notes and other debt 1,829,198 1,831,158 -0.1%
Other Liabilities
Debt Securities Available For Sale And Held To Maturity 25,047,662 22,397,865 +11.8%
Show Consolidated Entities breakouts
Parent Company 642,451 251,800 +155.1%
Liability For Claims And Claims Adjustment Expense 22,207,773 20,368,030 +9.0%
Unearned Premiums 6,721,570 6,375,112 +5.4%
Reinsurance Payable 615,781 668,652 -7.9%
Show Counterparty Name breakouts
Lifson Re · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 118,788 166,304 -28.6%
Mitsui Sumitomo Insurance Co., Ltd. · Reinsurance Recoverable For Paid And Unpaid Claims And Claims Adjustments 16
Trading Liabilities 66,285 73,358 -9.6%
Senior Notes And Other Debt 1,829,198 1,831,158 -0.1%
Junior Subordinated Notes 1,010,527 1,009,808 +0.1%
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Parent Company 1,010,527 1,009,808 +0.1%
Other Liabilities 1,724,797 1,715,078 +0.6%
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Parent Company · Nonrelated Party 188,851 158,281 +19.3%
Parent Company · Related Party 144,740 182,445 -20.7%
Stockholders' Equity
Common Stock 158,705 158,705 0.0%
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Parent Company 158,705 158,705 0.0%
Additional Paid In Capital Common Stock 987,708 984,825 +0.3%
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Parent Company 987,708 984,825 +0.3%
Retained Earnings 13,344,204 12,265,070 +8.8%
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Parent Company 13,344,204 12,265,070 +8.8%
Accumulated Other Comprehensive Income -451,097 -934,269 +51.7%
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Parent Company -451,097 -934,269 +51.7%
Treasury Stock Value -4,338,702 -4,079,220 -6.4%
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Parent Company -4,338,702 -4,079,220 -6.4%
Total Stockholders' Equity 9,700,818 8,395,111 +15.6%
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Lifson Re · Nonrelated Party 418
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Parent Company 9,700,818 8,395,111 +15.6%
Minority Interest 11,076 12,328 -10.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 9,711,894 8,407,439 +15.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss -124,680 -517,170 +75.9%
Accumulated Other Comprehensive Income -451,097 -934,269 +51.7%
Accumulated Translation Adjustment -326,417 -417,099 +21.7%
Additional Paid In Capital 987,708 984,825 +0.3%
Noncontrolling Interest 11,076 12,328 -10.2%
Retained Earnings 13,344,204 12,265,070 +8.8%
Treasury Stock Common -4,338,702 -4,079,220 -6.4%
Total Liabilities & Equity 44,071,071 40,567,268 +8.6%
Show Consolidated Entities breakouts
Parent Company 12,886,438 11,567,419 +11.4%
Common Stock Shares Authorized 1,875,000,000 1,875,000,000 0.0%
Mortgage Loans On Real Estate Commercial And Consumer Net 418,913 405,453 +3.3%
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Parent Company 23,089 27,659 -16.5%
Show Financing Receivable Portfolio breakouts
Commercial Real Estate Portfolio Segment 418,913 402,382 +4.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net -48,126 -170,638 +71.8%
Show Consolidated Entities breakouts
Parent Company -5,780 -5,120 -12.9%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions -27,582 11,491 -340.0%
Stock-Based Compensation 54,524 54,381 +0.3%
Show Consolidated Entities breakouts
Parent Company 54,524 54,381 +0.3%
Increase Decrease In Trading Securities -56,919 122,738 -146.4%
Increase Decrease In Premiums Receivable -129,586 -184,431 +29.7%
Increase Decrease In Reinsurance Recoverable -114,564 -31,738 -261.0%
Increase Decrease In Deferred Policy Acquisition Costs -48,859 -91,150 +46.4%
Increase Decrease In Income Taxes 63,905 -28,526 +324.0%
Increase Decrease In Deferred Income Taxes 9,437 95,311 -90.1%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 1,766,882 1,707,722 +3.5%
Increase Decrease In Unearned Premiums 321,735 485,488 -33.7%
Increase Decrease In Other Operating Liabilities 139,210 70,851 +96.5%
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Parent Company 30,248 114,418 -73.6%
Net Cash from Operations 3,582,616 3,678,368 -2.6%
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Parent Company 1,362,439 1,056,688 +28.9%
Deferred Income Taxes -14,489 96,394 -115.0%
Investing Activities
Proceeds From Sale Of Available For Sale Securities Debt 1,149,313 2,310,746 -50.3%
Show Consolidated Entities breakouts
Parent Company 81,035 598,915 -86.5%
Proceeds From Sale Of Equity Securities Available For Sale 430,405 331,291 +29.9%
Proceeds From Payments To Equity Method Investments 139,711 134,853 +3.6%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 5,312,043 4,890,572 +8.6%
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Parent Company 562,308 260,999 +115.4%
Purchases of Investments -8,428,883 -9,368,703 +10.0%
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Parent Company -1,029,227 -824,476 -24.8%
Payments To Acquire Equity Securities Available For Sale -418,440 -207,457 -101.7%
Payments For Proceeds From Real Estate 14,627 -66,632 +122.0%
Payments For Proceeds From Loans Receivable 12,695 -210,816 +106.0%
Show Consolidated Entities breakouts
Parent Company 5,000 64,200 -92.2%
Paymentsto Acquire Property Plantand Equipment Net -169,994 -105,623 -60.9%
Increase Decrease In Broker Dealer Related Receivables Payables Investing Activities -70,812 107,280 -166.0%
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Parent Company 71,083 -71,143 +199.9%
Net Cash from Investing -2,029,335 -2,184,489 +7.1%
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Parent Company -408,656 -209,806 -94.8%
Capital Expenditures (FY)
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Parent Company -63 -37 -70.3%
Other Investing Activities (FY)
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Parent Company 3,823 73 +5137.0%
Financing Activities
Debt Repayments -2,063
Payments Of Dividends Common Stock -700,269 -531,953 -31.6%
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Parent Company -700,269 -531,953 -31.6%
Share Repurchases -270,221 -303,655 +11.0%
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Parent Company -270,221 -303,655 +11.0%
Proceeds From Payments For Other Financing Activities -53,894 -19,984 -169.7%
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Parent Company -40,902 -26,777 -52.8%
Net Cash from Financing -1,026,447 -852,487 -20.4%
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Parent Company -1,011,392 -862,385 -17.3%
Supplemental
Interest Paid 126 138 -8.7%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 38,357 -29,840 +228.5%
Net Change in Cash 565,191 611,552 -7.6%
Show Consolidated Entities breakouts
Parent Company -57,609 -15,503 -271.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,539,938 1,974,747 +28.6%
Show Consolidated Entities breakouts
Parent Company 55,322 112,931 -51.0%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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