W. R. Berkley Corporation reported strong second quarter 2025 results, with net premiums written increasing to a record $3.35 billion, up from $3.13 billion in Q2 2024. Gross premiums written also rose to $3.98 billion from $3.72 billion in the prior year. This growth was driven by a focus on business with the highest margin potential.
Net income to common stockholders increased to $401.3 million, or $1.00 per diluted share, compared to $371.9 million, or $0.92 per diluted share, in Q2 2024. Operating income for the quarter was $420.5 million, or $1.05 per diluted share, up from $410.2 million, or $1.02 per diluted share, in the prior year.
Net investment income reached a quarterly record of $379.3 million, an increase from $372.1 million in Q2 2024, fueled by higher yields on the expanding domestic fixed-maturity portfolio. The GAAP combined ratio was 91.6%, which included $99.2 million in catastrophe losses.
The company's annualized return on beginning-of-year common stockholders' equity was 19.1%. Book value per share grew by 6.8% before $223.8 million of capital returned to shareholders through special and ordinary dividends. Operating cash flow for the quarter was $703.8 million.
Management expressed confidence in delivering exceptional value to shareholders for the remainder of 2025 and beyond. The strength of operating cash flow continues to drive growth in net investable assets, with new money rates comfortably above the average book yield, positioning for further investment income growth.
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