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W. R. Berkley Corporation Reports Fourth Quarter and Full Year Results

Fourth Quarter Net Income Grew 29.8% and Return on Equity of 23.0%

Record Annual Pre-Tax Underwriting Income of $1.0 Billion and Record Net Income of $1.4 Billion

W. R. Berkley Corporation (NYSE: WRB) today reported its fourth quarter and full year 2022 results.

Summary Financial Data

(Amounts in thousands, except per share data)

 

 

Fourth Quarter

 

Twelve Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Gross premiums written

$

2,914,877

 

 

$

2,766,688

 

 

$

11,909,052

 

 

$

10,700,134

 

Net premiums written

 

2,427,907

 

 

 

2,275,509

 

 

 

10,004,070

 

 

 

8,862,867

 

 

 

 

 

 

 

 

 

Net income to common stockholders

 

382,223

 

 

 

294,430

 

 

 

1,381,062

 

 

 

1,022,490

 

Net income per diluted share (1)

 

1.37

 

 

 

1.06

 

 

 

4.94

 

 

 

3.66

 

 

 

 

 

 

 

 

 

Operating income (2)

 

323,329

 

 

 

284,323

 

 

 

1,223,934

 

 

 

951,861

 

Operating income per diluted share (1)

 

1.16

 

 

 

1.02

 

 

 

4.38

 

 

 

3.40

 

 

 

 

 

 

 

 

 

Return on equity (3)

 

23.0

%

 

 

18.7

%

 

 

20.8

%

 

 

16.2

%

Operating return on equity (2) (3)

 

19.4

%

 

 

18.0

%

 

 

18.4

%

 

 

15.1

%

(1) The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.

(2) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses.

(3) Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.

Fourth quarter highlights included:

  • Return on equity of 23.0%.
  • Book value per share grew 8.1%, before dividends and share repurchases.
  • Net investment income grew 40.2% to a record $231.3 million.
  • Record quarterly pre-tax underwriting income of $291.9 million.
  • The current accident year combined ratio before catastrophe losses of 1.2 loss ratio points was 87.2%.
  • The reported combined ratio was 88.4%, including catastrophe losses of $30.8 million.
  • Average rate increases excluding workers' compensation were approximately 6.9%.

Full year highlights included:

  • Return on equity of 20.8%.
  • Book value per share grew 6.1%, before dividends and share repurchases.
  • Record annual pre-tax underwriting income and net income of $1.0 billion and $1.4 billion, respectively.
  • Gross and net premiums written grew 11.3% and 12.9% to records $11.9 billion and $10.0 billion, respectively.
  • Average rate increases excluding workers' compensation were approximately 7.5%.
  • Net investment income grew 16.0% to a record $779.2 million.
  • Operating cash flow increased 17.6% to a record of approximately $2.6 billion.
  • Total capital returned to shareholders was $329.3 million, consisting of $132.6 million of special dividends, $102.6 million of regular dividends and $94.1 million of share repurchases.

The Company commented:

Our exceptional 23.0% annualized return on beginning equity in the fourth quarter of 2022 capped a record-setting year, characterized by continued growth, strong underwriting performance and increasing net investment income.

Net premiums written advanced nearly 7% in the fourth quarter, with further growth in areas of business that are achieving or exceeding our targeted risk-adjusted return on equity. We continue to thoughtfully position our book of business to navigate the uncertainties of the current inflationary environment and carefully evaluate the opportunities available to profitably deploy capital as we continue to expand our business.

Net investment income grew by 40% during the quarter and core net investment income grew by 75%. The short duration and high quality of our fixed-maturity portfolio, combined with record annual cash flow, allowed us to invest more funds at higher interest rates and increase book value per share for the full year by 6.1%, before dividends and share repurchases.

During 2022, our Company performed exceptionally well. Our results demonstrated how our core knowledge in underwriting and investing, combined with our focus on risk-adjusted return, allowed us to better navigate risks and embrace opportunities to deliver superior results for our shareholders. We remain encouraged about the opportunities that we see in 2023 and beyond.

Webcast Conference Call

The Company will hold its quarterly conference call with analysts and investors to discuss its earnings and other information on January 26, 2023, at 5:00 p.m. eastern time. The conference call will be webcast live on the Company's website at https://ir.berkley.com/news-and-events/events-and-presentations/default.aspx. Please log on at least ten minutes early to register and download and install any necessary software. A replay of the webcast will be available on the Company's website approximately two hours after the end of the conference call. Additional financial information can be found on the Company's website at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.

About W. R. Berkley Corporation

Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty business: Insurance and Reinsurance & Monoline Excess.

Forward Looking Information

This is a “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including statements related to our outlook for the industry and for our performance for the year 2023 and beyond, are based upon the Company’s historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. They are subject to various risks and uncertainties, including but not limited to: the cyclical nature of the property casualty industry; the impact of significant competition, including new entrants to the industry; the long-tail and potentially volatile nature of the insurance and reinsurance business; product demand and pricing; claims development and the process of estimating reserves; investment risks, including those of our portfolio of fixed maturity securities and investments in equity securities, including investments in financial institutions, municipal bonds, mortgage-backed securities, loans receivable, investment funds, including real estate, merger arbitrage, energy related and private equity investments; the effects of emerging claim and coverage issues; the uncertain nature of damage theories and loss amounts, including claims for cybersecurity-related risks; natural and man-made catastrophic losses, including as a result of terrorist activities; the ongoing COVID-19 pandemic; the impact of climate change, which may alter the frequency and increase the severity of catastrophe events; general economic and market activities, including inflation, interest rates, and volatility in the credit and capital markets; the impact of the conditions in the financial markets and the global economy, and the potential effect of legislative, regulatory, accounting or other initiatives taken in response, on our results and financial condition; foreign currency and political risks (including those associated with the United Kingdom's withdrawal from the European Union, or "Brexit") relating to our international operations; our ability to attract and retain key personnel and qualified employees; continued availability of capital and financing; the success of our new ventures or acquisitions and the availability of other opportunities; the availability of reinsurance; our retention under the Terrorism Risk Insurance Program Reauthorization Act of 2019; the ability or willingness of our reinsurers to pay reinsurance recoverables owed to us; other legislative and regulatory developments, including those related to business practices in the insurance industry; credit risk related to our policyholders, independent agents and brokers; changes in the ratings assigned to us or our insurance company subsidiaries by rating agencies; the availability of dividends from our insurance company subsidiaries; potential difficulties with technology and/or cyber security issues; the effectiveness of our controls to ensure compliance with guidelines, policies and legal and regulatory standards; and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause our actual results for the year 2023 and beyond to differ materially from those expressed in any forward-looking statement we make. Any projections of growth in our revenues would not necessarily result in commensurate levels of earnings. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Consolidated Financial Summary

(Amounts in thousands, except per share data)

 

 

Fourth Quarter

 

Twelve Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

Net premiums written

$

2,427,907

 

 

$

2,275,509

 

 

$

10,004,070

 

 

$

8,862,867

 

Change in unearned premiums

 

85,317

 

 

 

(72,076

)

 

 

(442,641

)

 

 

(756,836

)

Net premium earned

 

2,513,224

 

 

 

2,203,433

 

 

 

9,561,429

 

 

 

8,106,031

 

Net investment income

 

231,283

 

 

 

165,003

 

 

 

779,185

 

 

 

671,618

 

Net investment gains:

 

 

 

 

 

 

 

Net realized and unrealized gains on investments

 

77,647

 

 

 

17,551

 

 

 

217,311

 

 

 

106,958

 

Change in allowance for credit losses on investments

 

(2,549

)

 

 

(5,322

)

 

 

(14,914

)

 

 

(16,326

)

Net investment gains

 

75,098

 

 

 

12,229

 

 

 

202,397

 

 

 

90,632

 

Revenues from non-insurance businesses

 

164,338

 

 

 

172,225

 

 

 

509,548

 

 

 

489,151

 

Insurance service fees

 

28,260

 

 

 

24,326

 

 

 

110,544

 

 

 

93,857

 

Other Income

 

1,599

 

 

 

1,014

 

 

 

3,396

 

 

 

4,177

 

Total Revenues

 

3,013,802

 

 

 

2,578,230

 

 

 

11,166,499

 

 

 

9,455,466

 

Expenses:

 

 

 

 

 

 

 

Loss and loss expenses

 

1,522,104

 

 

 

1,330,330

 

 

 

5,861,750

 

 

 

4,953,960

 

Other operating costs and expenses

 

822,248

 

 

 

692,252

 

 

 

2,961,505

 

 

 

2,599,270

 

Expenses from non-insurance businesses

 

159,127

 

 

 

163,698

 

 

 

493,189

 

 

 

472,151

 

Interest expense

 

31,902

 

 

 

37,333

 

 

 

130,374

 

 

 

147,180

 

Total expenses

 

2,535,381

 

 

 

2,223,613

 

 

 

9,446,818

 

 

 

8,172,561

 

Income before income tax

 

478,421

 

 

 

354,617

 

 

 

1,719,681

 

 

 

1,282,905

 

Income tax expense

 

(96,437

)

 

 

(60,313

)

 

 

(334,727

)

 

 

(251,890

)

Net Income before noncontrolling interests

 

381,984

 

 

 

294,304

 

 

 

1,384,954

 

 

 

1,031,015

 

Noncontrolling interest

 

239

 

 

 

126

 

 

 

(3,892

)

 

 

(8,525

)

Net income to common stockholders

$

382,223

 

 

$

294,430

 

 

$

1,381,062

 

 

$

1,022,490

 

 

 

 

 

 

 

 

 

Net income per share (1):

 

 

 

 

 

 

��

Basic

$

1.38

 

 

$

1.06

 

 

$

4.99

 

 

$

3.69

 

Diluted

$

1.37

 

 

$

1.06

 

 

$

4.94

 

 

$

3.66

 

 

 

 

 

 

 

 

 

Average shares outstanding (1) (2):

 

 

 

 

 

 

 

Basic

 

276,625

 

 

 

276,654

 

 

 

276,852

 

 

 

277,430

 

Diluted

 

278,888

 

 

 

278,535

 

 

 

279,461

 

 

 

279,749

 

(1) The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.

(2) Basic shares outstanding consist of the weighted average number of common shares outstanding during the period (including shares held in a grantor trust). Diluted shares outstanding consist of the weighted average number of basic and common equivalent shares outstanding during the period.

Business Segment Operating Results

(Amounts in thousands, except ratios) (1)

 

 

Fourth Quarter

 

Twelve Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Insurance:

 

 

 

 

 

 

 

Gross premiums written

$

2,607,497

 

 

$

2,463,050

 

 

$

10,583,785

 

 

$

9,471,667

 

Net premiums written

 

2,147,121

 

 

 

2,002,584

 

 

 

8,784,146

 

 

 

7,743,814

 

Net premiums earned

 

2,207,057

 

 

 

1,926,456

 

 

 

8,369,062

 

 

 

7,077,708

 

Pre-tax income

 

403,473

 

 

 

357,399

 

 

 

1,455,658

 

 

 

1,219,798

 

Loss ratio

 

61.4

%

 

 

60.5

%

 

 

61.3

%

 

 

61.1

%

Expense ratio

 

27.8

%

 

 

27.6

%

 

 

27.9

%

 

 

28.3

%

GAAP Combined ratio

 

89.2

%

 

 

88.1

%

 

 

89.2

%

 

 

89.4

%

 

 

 

 

 

 

 

 

Reinsurance & Monoline Excess:

 

 

 

 

 

 

 

Gross premiums written

$

307,380

 

 

$

303,638

 

 

$

1,325,267

 

 

$

1,228,467

 

Net premiums written

 

280,786

 

 

 

272,925

 

 

 

1,219,924

 

 

 

1,119,053

 

Net premiums earned

 

306,167

 

 

 

276,977

 

 

 

1,192,367

 

 

 

1,028,323

 

Pre-tax income

 

107,161

 

 

 

74,378

 

 

 

316,527

 

 

 

270,563

 

Loss ratio

 

54.2

%

 

 

59.7

%

 

 

61.3

%

 

 

61.0

%

Expense ratio

 

28.6

%

 

 

28.7

%

 

 

28.4

%

 

 

29.7

%

GAAP Combined ratio

 

82.8

%

 

 

88.4

%

 

 

89.7

%

 

 

90.7

%

 

 

 

 

 

 

 

 

Corporate and Eliminations:

 

 

 

 

 

 

 

Net investment gains

$

75,098

 

 

$

12,229

 

 

$

202,397

 

 

$

90,632

 

Interest expense

 

(31,902

)

 

 

(37,333

)

 

 

(130,374

)

 

 

(147,180

)

Other revenues and expenses

 

(75,409

)

 

 

(52,056

)

 

 

(124,527

)

 

 

(150,908

)

Pre-tax loss

 

(32,213

)

 

 

(77,160

)

 

 

(52,504

)

 

 

(207,456

)

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

Gross premiums written

$

2,914,877

 

 

$

2,766,688

 

 

$

11,909,052

 

 

$

10,700,134

 

Net premiums written

 

2,427,907

 

 

 

2,275,509

 

 

 

10,004,070

 

 

 

8,862,867

 

Net premiums earned

 

2,513,224

 

 

 

2,203,433

 

 

 

9,561,429

 

 

 

8,106,031

 

Pre-tax income

 

478,421

 

 

 

354,617

 

 

 

1,719,681

 

 

 

1,282,905

 

Loss ratio

 

60.6

%

 

 

60.4

%

 

 

61.3

%

 

 

61.1

%

Expense ratio

 

27.8

%

 

 

27.8

%

 

 

28.0

%

 

 

28.5

%

GAAP Combined ratio

 

88.4

%

 

 

88.2

%

 

 

89.3

%

 

 

89.6

%

(1) Loss ratio is losses and loss expenses incurred expressed as a percentage of premiums earned. Expense ratio is underwriting expenses expressed as a percentage of premiums earned. GAAP combined ratio is the sum of the loss ratio and the expense ratio.

Supplemental Information

(Amounts in thousands)

 

 

Fourth Quarter

 

Twelve Months

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net premiums written:

 

 

 

 

 

 

 

Other liability

$

838,516

 

 

$

744,972

 

 

$

3,408,254

 

 

$

2,914,651

 

Short-tail lines (1)

 

431,528

 

 

 

392,430

 

 

 

1,749,926

 

 

 

1,482,687

 

Workers' compensation

 

281,070

 

 

 

269,060

 

 

 

1,221,804

 

 

 

1,148,912

 

Commercial automobile

 

308,746

 

 

 

297,663

 

 

 

1,257,659

 

 

 

1,120,566

 

Professional liability

 

287,261

 

 

 

298,459

 

 

 

1,146,503

 

 

 

1,076,998

 

Total Insurance

 

2,147,121

 

 

 

2,002,584

 

 

 

8,784,146

 

 

 

7,743,814

 

Casualty reinsurance

 

201,851

 

 

 

199,263

 

 

 

785,631

 

 

 

724,595

 

Monoline excess

 

29,798

 

 

 

27,346

 

 

 

222,521

 

 

 

212,022

 

Property reinsurance

 

49,137

 

 

 

46,317

 

 

 

211,772

 

 

 

182,436

 

Total Reinsurance & Monoline Excess

 

280,786

 

 

 

272,925

 

 

 

1,219,924

 

 

 

1,119,053

 

Total

$

2,427,907

 

 

$

2,275,509

 

 

$

10,004,070

 

 

$

8,862,867

 

 

 

 

 

 

 

 

 

Current accident year losses from catastrophes (including COVID-19 related losses):

 

 

 

 

Insurance

$

24,592

 

 

$

41,462

 

 

$

126,393

 

 

$

150,326

 

Reinsurance & Monoline Excess

 

6,253

 

 

 

7,000

 

 

 

85,317

 

 

 

51,721

 

Total

$

30,845

 

 

$

48,462

 

 

$

211,710

 

 

$

202,047

 

 

 

 

 

 

 

 

 

Net Investment income:

 

 

 

 

 

 

 

Core portfolio (2)

$

186,897

 

 

$

107,027

 

 

$

588,873

 

 

$

413,928

 

Investment funds

 

23,180

 

 

 

50,476

 

 

 

145,099

 

 

 

220,014

 

Arbitrage trading account

 

21,206

 

 

 

7,500

 

 

 

45,213

 

 

 

37,676

 

Total

$

231,283

 

 

$

165,003

 

 

$

779,185

 

 

$

671,618

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains on investments:

 

 

 

 

 

 

 

Net realized (losses) gains on investments

$

(10,422

)

 

$

(5,812

)

 

$

217,943

 

 

$

145,413

 

Change in unrealized gains (losses) on equity securities

 

88,069

 

 

 

23,363

 

 

 

(632

)

 

 

(38,455

)

Total

$

77,647

 

 

$

17,551

 

 

$

217,311

 

 

$

106,958

 

 

 

 

 

 

 

 

 

Other operating costs and expenses:

 

 

 

 

 

 

 

Policy acquisition and insurance operating expenses

$

699,227

 

 

$

612,179

 

 

$

2,673,903

 

 

$

2,306,727

 

Insurance service expenses

 

25,071

 

 

 

22,186

 

 

 

96,419

 

 

 

86,003

 

Net foreign currency losses (gains)

 

34,130

 

 

 

(6,508

)

 

 

(50,930

)

 

 

(25,725

)

Debt extinguishment costs

 

 

 

 

 

 

 

 

 

 

11,521

 

Other costs and expenses

 

63,820

 

 

 

64,395

 

 

 

242,113

 

 

 

220,744

 

Total

$

822,248

 

 

$

692,252

 

 

$

2,961,505

 

 

$

2,599,270

 

 

 

 

 

 

 

 

 

Cash flow from operations

$

795,301

 

 

$

659,593

 

 

$

2,568,604

 

 

$

2,183,987

 

 

 

 

 

 

 

 

 

Reconciliation of net income to operating income:

 

 

 

 

 

 

 

Net income

$

382,223

 

 

$

294,430

 

 

$

1,381,062

 

 

$

1,022,490

 

Pre-tax investment gains, net of related expenses

 

(75,098

)

 

 

(12,317

)

 

 

(199,087

)

 

 

(87,712

)

Income tax expense

 

16,204

 

 

 

2,210

 

 

 

41,959

 

 

 

17,083

 

Operating income after-tax (3)

$

323,329

 

 

$

284,323

 

 

$

1,223,934

 

 

$

951,861

 

(1) Short-tail lines include commercial multi-peril (non-liability), inland marine, accident and health, fidelity and surety, boiler and machinery and other lines.

(2) Core portfolio includes fixed maturity securities, equity securities, cash and cash equivalents, real estate and loans receivable.

(3) Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses). Net investment gains (losses) are computed net of related expenses, including performance-based compensatory costs associated with realized investment gains. Management believes this measurement provides a useful indicator of trends in the Company’s underlying operations.

Selected Balance Sheet Information

(Amounts in thousands, except per share data)

 

 

December 31, 2022

 

December 31, 2021

 

 

 

 

Net invested assets (1)

$

24,545,672

 

$

23,705,508

Total assets

 

33,861,099

 

 

32,086,414

Reserves for losses and loss expenses

 

17,011,223

 

 

15,390,888

Senior notes and other debt

 

1,828,823

 

 

2,259,416

Subordinated debentures

 

1,008,371

 

 

1,007,652

Common stockholders' equity (2)

 

6,748,332

 

 

6,653,011

Common stock outstanding (3) (4)

 

264,546

 

 

265,171

Book value per share (4) (5)

 

25.51

 

 

25.09

Tangible book value per share (4) (5)

 

24.58

 

 

24.27

(1) Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.

(2) As of December 31, 2022, reflected in common stockholders' equity are after-tax unrealized investment losses of $893 million and unrealized currency translation losses of $372 million. As of December 31, 2021, after-tax unrealized investment gains were $91 million and unrealized currency translation losses were $373 million.

(3) During the twelve months ended December 31, 2022, the Company repurchased 1,370,394 shares of its common stock for $94.1 million. During the three months ended December 31, 2022, the Company repurchased 1,264,090 shares of its common stock for $87.6 million. The number of shares of common stock outstanding excludes shares held in a grantor trust.

(4) The 2021 per share amounts were restated for comparative purposes to reflect the 3-for-2 common stock split effected on March 23, 2022.

(5) Book value per share is total common stockholders’ equity divided by the number of common shares outstanding. Tangible book value per share is total common stockholders’ equity excluding the after-tax value of goodwill and other intangible assets divided by the number of common shares outstanding.

Investment Portfolio

December 31, 2022

(Amounts in thousands, except percentages)

 

 

Carrying Value

 

Percent of Total

Fixed maturity securities:

 

 

 

United States government and government agencies

$

892,258

 

3.6

%

State and municipal:

 

 

 

Special revenue

 

1,721,497

 

7.0

%

Local general obligation

 

441,097

 

1.8

%

State general obligation

 

416,713

 

1.7

%

Corporate backed

 

199,639

 

0.8

%

Pre-refunded

 

158,840

 

0.7

%

Total state and municipal

 

2,937,786

 

12.0

%

Mortgage-backed securities:

 

 

 

Agency

 

901,332

 

3.7

%

Commercial

 

528,609

 

2.1

%

Residential - Prime

 

235,315

 

1.0

%

Residential - Alt A

 

3,762

 

0.1

%

Total mortgage-backed securities

 

1,669,018

 

6.9

%

Asset-backed securities

 

3,982,773

 

16.2

%

Corporate:

 

 

 

Industrial

 

3,252,999

 

13.3

%

Financial

 

2,470,372

 

10.1

%

Utilities

 

551,048

 

2.2

%

Other

 

429,573

 

1.7

%

Total corporate

 

6,703,992

 

27.3

%

Foreign government

 

1,401,522

 

5.7

%

Total fixed maturity securities (1)

 

17,587,349

 

71.7

%

Equity securities available for sale:

 

 

 

Common stocks

 

982,751

 

4.0

%

Preferred stocks

 

203,143

 

0.8

%

Total equity securities available for sale

 

1,185,894

 

4.8

%

Cash and cash equivalents (2)

 

1,686,819

 

6.9

%

Investment funds (3)

 

1,607,756

 

6.5

%

Real estate

 

1,340,622

 

5.4

%

Arbitrage trading account

 

944,230

 

3.9

%

Loans receivable

 

193,002

 

0.8

%

Net invested assets

$

24,545,672

 

100.0

%

(1) Total fixed maturity securities had an average rating of AA- and an average duration of 2.4 years, including cash and cash equivalents.

(2) Cash and cash equivalents includes trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases.

(3) Investment funds are net of related liabilities of $0.8 million.

Contacts

Karen A. Horvath

Vice President - External

Financial Communications

(203) 629-3000

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