W. R. Berkley Corporation reported record financial results for the fourth quarter and full year 2024. Fourth-quarter net income to common stockholders increased 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.
For the full year 2024, the company achieved record net income of $1.76 billion and record operating income of $1.67 billion. Pre-tax underwriting income also reached a record $1.1 billion, contributing to a 23.6% return on beginning of year equity and 23.5% growth in book value per share before capital returns.
Net premiums written for the fourth quarter increased by nearly 8% to $2.94 billion, and for the full year, they reached $11.97 billion. The GAAP combined ratio for Q4 was 90.2%, and for the full year was 90.3%, demonstrating continued underwriting discipline.
Net investment income for the fourth quarter was $317.4 million, and for the full year, it totaled $1.33 billion, reflecting robust growth from the fixed-maturity portfolio. The company returned $836 million of capital to shareholders in 2024 through special and ordinary dividends and share repurchases, highlighting strong capital generation.
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