NYSE$WRB
W R Berkley Corporation · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
W. R. Berkley's fourth quarter return on equity was 23.6%. The company reported record net investment income and growth in net premiums written.
W. R. Berkley Corporation reported a strong fourth quarter in 2023, with a 23.6% annualized return on beginning equity. The quarter was marked by growth in net premiums written, record underwriting performance, and net investment income. Book value per share grew by 11.6% during the quarter, before capital returned to shareholders.
- Return on equity of 23.6%.
- Book value per share grew 11.6%, before dividends and share repurchases.
- Record net investment income of $313.3 million driven by 52.9% increase in the core portfolio.
- Net premiums written growth increased to 12.0%.
Headline financials
Revenue & EPS history
W. R. Berkley · Revenue · Quarterly
$3.22B
Revenue by segment
W. R. Berkley · $2.25B total across 2 segments · Q1 2022
- Insurance$1.96B—87.3%
- Reinsurance & Monoline Excess$286M—12.7%
Forward guidance
W. R. Berkley anticipates 2024 will continue to be rewarding for its shareholders and views the current property and casualty insurance and investment environments as favorable to its business model. The company is confident that it will continue to deliver superior long-term risk-adjusted returns and increase value to shareholders in 2024 and beyond.
Tailwinds
- Company anticipates 2024 will continue to be rewarding for shareholders.
- Current property and casualty insurance and investment environments are favorable to the business model.
- Company is confident that it will continue to deliver superior long-term risk-adjusted returns.
- Company expects to increase value to shareholders in 2024 and beyond.
- Record operating cash flow positions the company well for future investment income growth.
Headwinds
- Cyclical nature of the property casualty industry
- Impact of significant competition, including new entrants to the industry
- Long-tail and potentially volatile nature of the insurance and reinsurance business
- General economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets
- Potential effect of legislative, regulatory, accounting or other initiatives taken in response to such conditions, on our results and financial condition
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.1%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+2.8%
Avg return
30 days after
57%
39 / 69 earnings
Positive
+8.4%
Q4 2023
Best reaction
-8.5%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.5% | +1.2% | +3.3% | |
| Q4 2025 | +0.4% | +2.5% | +7.0% | |
| Q3 2025 | +2.2% | +2.1% | +5.2% | |
| Q2 2025 | -1.1% | +1.5% | +3.2% | |
| Q1 2025 | +5.2% | +4.7% | +7.2% | |
| Q4 2024 | +3.2% | +2.3% | +6.7% | |
| Q3 2024 | -4.5% | -5.1% | -0.5% | |
| Q2 2024 | +1.3% | +4.9% | +11.8% | |
| Q1 2024 | -6.7% | -8.1% | -5.5% | |
| Q4 2023 | +8.4% | +5.7% | +11.1% | |
| Q3 2023 | +5.5% | +3.2% | +12.3% | |
| Q2 2023 | +1.6% | +0.2% | +2.2% | |
| Q1 2023 | -8.5% | -8.3% | -8.2% | |
| Q4 2022 | -3.1% | -1.8% | -7.1% | |
| Q3 2022 | -3.2% | +2.7% | +4.2% | |
| Q2 2022 | -1.6% | -0.2% | +6.2% | |
| Q1 2022 | -1.0% | -2.2% | +1.5% | |
| Q4 2021 | +2.8% | +4.2% | +10.7% | |
| Q3 2021 | +4.8% | +4.3% | +2.3% | |
| Q2 2021 | -2.2% | -2.9% | -0.2% | |
| Q1 2021 | -0.3% | +0.7% | -2.8% | |
| Q4 2020 | -6.7% | -5.9% | +5.6% | |
| Q3 2020 | +6.4% | +7.4% | +9.2% | |
| Q2 2020 | +0.8% | +0.9% | -5.1% | |
| Q1 2020 | -7.2% | -9.1% | +0.9% | |
| Q4 2019 | +1.6% | +2.7% | -2.2% | |
| Q3 2019 | +1.3% | -2.1% | -4.4% | |
| Q2 2019 | +3.1% | +5.7% | +9.3% | |
| Q1 2019 | +4.6% | +5.1% | +6.5% | |
| Q4 2018 | +2.6% | +3.5% | +11.4% | |
| Q3 2018 | -0.5% | +0.8% | +6.2% | |
| Q2 2018 | -0.5% | +1.0% | +4.0% | |
| Q1 2018 | +1.9% | +1.5% | +2.9% | |
| Q4 2017 | +1.8% | +2.3% | -5.3% | |
| Q3 2017 | +0.4% | -0.7% | -5.2% | |
| Q2 2017 | -3.0% | -3.2% | -6.0% | |
| Q1 2017 | +0.3% | -0.0% | -0.1% | |
| Q4 2016 | -0.3% | +0.8% | +5.5% | |
| Q3 2016 | +2.3% | +1.4% | +9.9% | |
| Q2 2016 | -0.4% | -1.3% | -1.0% | |
| Q1 2016 | +1.9% | — | — | |
| Q4 2015 | +0.5% | — | — | |
| Q3 2015 | +2.3% | — | — | |
| Q2 2015 | -2.8% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | -2.4% | — | — | |
| Q3 2014 | +3.4% | — | — | |
| Q2 2014 | +0.5% | — | — | |
| Q1 2014 | +2.8% | — | — | |
| Q4 2013 | +0.7% | — | — | |
| Q3 2013 | -1.7% | — | — | |
| Q2 2013 | -3.5% | — | — | |
| Q1 2013 | -0.7% | — | — | |
| Q4 2012 | -1.0% | — | — | |
| Q3 2012 | +1.9% | — | — | |
| Q2 2012 | -2.1% | — | — | |
| Q1 2012 | +0.7% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q3 2011 | +2.0% | — | — | |
| Q2 2011 | -7.5% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q1 2011 | +3.1% | — | — | |
| Q4 2010 | -0.9% | — | — | |
| Q3 2010 | -3.2% | — | — | |
| Q3 2009 | -3.2% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q2 2010 | +0.6% | — | — | |
| Q4 2008 | +0.6% | — | — | |
| Q2 2009 | +0.6% | — | — |
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