W. R. Berkley Corporation announced record financial results for the fourth quarter and full year 2024. For the fourth quarter, net income to common stockholders increased by 45.0% to $576.1 million, or $1.44 per diluted share, compared to $397.3 million, or $0.98 per diluted share, in Q4 2023. Operating income also rose by 15.5% to $452.6 million, or $1.13 per diluted share.
Full year 2024 results were highlighted by record net income of $1.76 billion and record operating income of $1.67 billion. The company also achieved a record annual pre-tax underwriting income of $1.1 billion. Gross premiums written for the full year reached $14.21 billion, and net premiums written were $11.97 billion, demonstrating significant growth.
The GAAP combined ratio for the full year stood at 90.3%, reflecting disciplined underwriting. Net investment income for 2024 increased to $1.33 billion, driven by robust growth from the fixed-maturity portfolio and strong contributions from net unrealized gains on the equity portfolio.
The company delivered a 23.6% return on beginning of year equity and achieved 23.5% growth in book value per share, prior to $836 million of capital returned to shareholders through special and ordinary dividends and share repurchases. Operating cash flow for the full year was $3.68 billion.
Management expressed optimism for 2025, anticipating ongoing success for shareholders. Current reinvestment rates continue to exceed the annual book yield, and increased invested assets from record operating cash flow are expected to drive further investment income growth.
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