Underwriting efficiency remains superior with a 83.3% combined ratio in 2026Q1, though revenue growth has moderated to 4.0% from the double-digit levels seen throughout 2024.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 14.85B | 14.71B | 13.64B | 12.14B | 11.17B | 9.46B | 8.1B | 7.9B | 7.69B | 8.01B | 7.65B | 7.21B | 7.54B | 6.41B | 5.82B | 4.91B | 4.51B | 4.43B | 4.71B | 5.59B | 5.39B | 5B | 4.51B | 3.63B | 2.57B | 1.94B | 1.78B | 1.67B | 1.58B | 1.4B | 1.23B |
| Revenue Growth % | 6.59% | 7.82% | 12.32% | 8.74% | 18.1% | 16.75% | 2.49% | 2.74% | -3.99% | 4.66% | 6.21% | -4.41% | 17.64% | 10.05% | 18.63% | 8.91% | 1.72% | -5.9% | -15.74% | 3.59% | 7.96% | 10.74% | 24.3% | 41.46% | 32.15% | 9.01% | 6.43% | 5.76% | 13.01% | 14.29% | 19.89% |
| Medical Costs & Claims | 10.97B | 11.79B | 10.52B | 9.42B | 8.73B | 7.43B | 6.75B | 6.42B | 6.31B | 6.36B | 6.21B | 5.92B | 5.49B | 4.28B | 3.95B | 3.52B | 3.09B | 2.34B | 2.69B | 3.11B | 3.15B | 3.02B | 2.76B | 2.96B | 1.46B | 1.38B | 1.09B | 1.09B | 914.76M | 734.42M | 669.16M |
| Medical Cost Ratio % | 73.86% | 80.19% | 77.11% | 77.56% | 78.17% | 78.61% | 83.36% | 81.29% | 82.04% | 79.43% | 81.17% | 82.1% | 72.82% | 66.74% | 67.85% | 71.68% | 68.57% | 52.73% | 57.1% | 55.61% | 58.46% | 60.52% | 61.27% | 81.42% | 57.05% | 71.09% | 61.44% | 64.88% | 57.8% | 52.45% | 54.62% |
| Gross Profit | 3.88B | 2.91B | 3.12B | 2.72B | 2.44B | 2.02B | 1.35B | 1.48B | 1.38B | 1.65B | 1.44B | 1.29B | 2.05B | 2.13B | 1.87B | 1.39B | 1.42B | 2.09B | 2.02B | 2.48B | 2.24B | 1.97B | 1.75B | 674.58M | 1.1B | 561.3M | 686.88M | 587.84M | 667.75M | 665.88M | 556.01M |
| Gross Margin % | 26.14% | 19.81% | 22.89% | 22.44% | 21.83% | 21.39% | 16.64% | 18.71% | 17.96% | 20.57% | 18.83% | 17.9% | 27.18% | 33.26% | 32.15% | 28.32% | 31.43% | 47.27% | 42.9% | 44.39% | 41.54% | 39.48% | 38.73% | 18.58% | 42.95% | 28.91% | 38.56% | 35.12% | 42.2% | 47.55% | 45.38% |
| Gross Profit Growth % | - | -6.66% | 14.58% | 11.75% | 20.53% | 50.08% | -8.82% | 7.01% | -16.18% | 14.34% | 11.74% | -37.05% | -3.88% | 13.85% | 34.67% | -1.85% | -32.36% | 3.68% | -18.56% | 10.69% | 13.62% | 12.87% | 159.06% | -38.79% | 96.35% | -18.28% | 16.85% | -11.97% | 0.28% | 19.76% | 23.3% |
| Operating Expenses | 1.47B | 579.43M | 857.12M | 969.99M | 718.33M | 739.87M | 642.96M | 625.23M | 569.26M | 875.24M | 544.93M | 557.93M | 1.1B | 1.43B | 1.17B | 877.39M | 817.76M | 1.71B | 1.69B | 1.39B | 1.25B | 1.2B | 1.11B | 185.28M | 842.68M | 712.69M | 646.02M | 667.09M | 604.97M | -685.52M | 440.96M |
| OpEx / Revenue % | 9.9% | 3.94% | 6.28% | 7.99% | 6.43% | 7.82% | 7.94% | 7.91% | 7.4% | 10.93% | 7.12% | 7.74% | 14.55% | 22.36% | 20.1% | 17.87% | 18.14% | 38.64% | 35.97% | 24.84% | 23.22% | 24.06% | 24.58% | 5.1% | 32.84% | 36.7% | 36.27% | 39.86% | 38.23% | -48.96% | 35.99% |
| Depreciation & Amortization | -38.5M | -32.82M | -170.64M | -20.86M | 55.87M | 129.68M | 135.06M | 113.39M | 131.11M | 112.96M | 86.05M | 85.14M | 88.84M | 103.09M | 103.42M | 88.01M | 82.87M | 78.88M | 83.95M | 73.7M | 65.67M | 63.05M | 54.83M | 20.32M | 17.94M | 17.49M | 21.7M | 23.6M | 22.66M | 11.9M | 8.59M |
| Combined Ratio % | 83.76% | 84.13% | 83.4% | 85.55% | 84.6% | 86.43% | 91.3% | 89.21% | 89.44% | 90.35% | 88.29% | 89.84% | 87.37% | 89.09% | 87.95% | 89.55% | 86.71% | 91.37% | 93.07% | 80.45% | 81.67% | 84.58% | 85.85% | 86.52% | 89.89% | 107.8% | 97.71% | 104.73% | 96.03% | 3.49% | 90.61% |
| Operating Income | 2.41B | 2.33B | 2.26B | 1.75B | 1.72B | 1.28B | 704.8M | 852.92M | 812.09M | 772.77M | 896.44M | 732.03M | 952.2M | 698.89M | 701.93M | 513.09M | 598.91M | 382.23M | 326.32M | 1.09B | 988.64M | 770.54M | 638.51M | 489.3M | 259.43M | -151.39M | 40.85M | -79.25M | 62.78M | 1.35B | 115.05M |
| Operating Margin % | 16.24% | 15.87% | 16.6% | 14.45% | 15.4% | 13.57% | 8.7% | 10.79% | 10.56% | 9.65% | 11.71% | 10.16% | 12.63% | 10.91% | 12.05% | 10.45% | 13.29% | 8.63% | 6.93% | 19.55% | 18.33% | 15.42% | 14.15% | 13.48% | 10.11% | -7.8% | 2.29% | -4.73% | 3.97% | 96.51% | 9.39% |
| Operating Income Growth % | - | 3.08% | 29.07% | 2.02% | 34.05% | 82.02% | -17.37% | 5.03% | 5.09% | -13.8% | 22.46% | -23.12% | 36.24% | -0.43% | 36.81% | -14.33% | 56.69% | 17.13% | -70.13% | 10.49% | 28.31% | 20.68% | 30.49% | 88.61% | 271.36% | -470.6% | 151.55% | -226.23% | -95.35% | 1074.63% | 39.04% |
| EBITDA | 2.37B | 2.3B | 2.09B | 1.73B | 1.78B | 1.41B | 839.87M | 966.31M | 943.2M | 885.73M | 982.49M | 817.17M | 1.04B | 801.98M | 805.35M | 601.1M | 681.78M | 461.11M | 410.27M | 1.17B | 1.05B | 833.59M | 693.34M | 509.63M | 277.38M | -133.9M | 62.55M | -55.65M | 85.44M | 1.36B | 123.64M |
| EBITDA Margin % | 15.95% | 15.65% | 15.35% | 14.28% | 15.9% | 14.94% | 10.37% | 12.23% | 12.26% | 11.06% | 12.84% | 11.34% | 13.81% | 12.51% | 13.83% | 12.24% | 15.13% | 10.41% | 8.71% | 20.87% | 19.54% | 16.68% | 15.37% | 14.04% | 10.81% | -6.9% | 3.51% | -3.33% | 5.4% | 97.36% | 10.09% |
| Interest Expense | 126.87M | 126.89M | 126.91M | 127.46M | 130.37M | 147.18M | 150.54M | 153.41M | 157.19M | 147.3M | 140.9M | 130.95M | 128.17M | 123.18M | 126.3M | 112.51M | 106.97M | 87.99M | 84.62M | 89M | 92.52M | 85.93M | 66.42M | 54.73M | 45.48M | 45.72M | 47.6M | 50.8M | 48.82M | 48.87M | 31.96M |
| Non-Operating Income | -70.72M | -70.74M | -126.91M | -127.46M | -130.37M | -147.18M | -150.54M | -153.41M | -157.19M | -147.3M | -140.9M | -130.95M | -128.17M | -123.18M | -126.3M | -112.51M | -106.97M | -87.99M | -84.62M | -89M | -92.52M | -85.93M | -66.42M | -54.73M | -45.48M | -45.72M | -47.6M | -50.8M | -48.82M | 1.3B | -31.96M |
| Pretax Income | 2.36B | 2.28B | 2.26B | 1.75B | 1.72B | 1.28B | 704.8M | 852.92M | 812.09M | 772.77M | 896.44M | 732.03M | 952.2M | 698.89M | 701.93M | 513.09M | 598.91M | 382.23M | 326.32M | 1.09B | 988.64M | 770.54M | 638.51M | 489.3M | 259.43M | -151.39M | 40.85M | -79.25M | 62.78M | 129.7M | 115.05M |
| Pretax Margin % | 15.88% | 15.51% | 16.6% | 14.45% | 15.4% | 13.57% | 8.7% | 10.79% | 10.56% | 9.65% | 11.71% | 10.16% | 12.63% | 10.91% | 12.05% | 10.45% | 13.29% | 8.63% | 6.93% | 19.55% | 18.33% | 15.42% | 14.15% | 13.48% | 10.11% | -7.8% | 2.29% | -4.73% | 3.97% | 9.26% | 9.39% |
| Income Tax | 475.03M | 495.77M | 509.92M | 370.56M | 334.73M | 251.89M | 171.82M | 168.94M | 163.03M | 219.43M | 292.95M | 227.92M | 302.59M | 193.59M | 191.28M | 121.94M | 152.23M | 73.15M | 44.92M | 323.07M | 286.4M | 222.52M | 196.24M | 150.63M | 84.14M | -56.66M | 2.45M | -45.77M | 5.46M | 30.7M | 25.1M |
| Effective Tax Rate % | 20.15% | 21.74% | 22.52% | 21.12% | 19.46% | 19.63% | 24.38% | 19.81% | 20.08% | 28.4% | 32.68% | 31.14% | 31.78% | 27.7% | 27.25% | 23.77% | 25.42% | 19.14% | 13.77% | 29.57% | 28.97% | 28.88% | 30.73% | 30.78% | 32.43% | 37.43% | 6% | 57.75% | 8.7% | 23.67% | 21.82% |
| Net Income | 1.88B | 1.78B | 1.76B | 1.38B | 1.38B | 1.02B | 530.67M | 681.94M | 640.75M | 549.09M | 601.92M | 503.69M | 648.88M | 499.93M | 510.59M | 391.21M | 446.4M | 309.06M | 281.14M | 766.24M | 699.52M | 544.89M | 438.11M | 337.22M | 175.04M | -91.55M | 34.08M | -36.6M | 58.76M | 99M | 90.26M |
| Net Margin % | 12.64% | 12.1% | 12.88% | 11.38% | 12.37% | 10.81% | 6.55% | 8.63% | 8.33% | 6.85% | 7.86% | 6.99% | 8.61% | 7.8% | 8.77% | 7.97% | 9.9% | 6.97% | 5.97% | 13.71% | 12.97% | 10.9% | 9.71% | 9.29% | 6.82% | -4.71% | 1.91% | -2.19% | 3.71% | 7.07% | 7.37% |
| Net Income Growth % | 8.42% | 1.33% | 27.13% | 0.02% | 35.07% | 92.68% | -22.18% | 6.43% | 16.69% | -8.78% | 19.5% | -22.38% | 29.8% | -2.09% | 30.52% | -12.36% | 44.44% | 9.93% | -63.31% | 9.54% | 28.38% | 24.37% | 29.92% | 92.65% | 291.21% | -368.65% | 193.1% | -162.29% | -40.65% | 9.68% | 48.26% |
| EPS (Diluted) | 4.75 | 4.45 | 4.36 | 3.37 | 3.29 | 2.44 | 1.25 | 1.56 | 1.48 | 1.26 | 1.39 | 1.15 | 1.44 | 1.05 | 1.58 | 1.20 | 1.28 | 0.83 | 0.72 | 1.73 | 1.54 | 1.21 | 0.98 | 0.76 | 0.44 | -0.27 | 0.12 | -0.12 | 0.14 | 0.27 | 0.22 |
| EPS Growth % | 9.51% | 2.06% | 29.38% | 2.43% | 34.84% | 95.2% | -19.87% | 5.41% | 17.46% | -9.35% | 20.87% | -20.14% | 37.14% | -33.54% | 31.67% | -6.25% | 54.22% | 15.28% | -58.38% | 12.34% | 27.27% | 23.47% | 28.95% | 72.73% | 262.96% | -325% | 200% | -185.71% | -48.15% | 22.73% | 29.41% |
| EPS (Basic) | - | 4.48 | 4.39 | 3.40 | 3.33 | 2.46 | 1.26 | 1.59 | 1.48 | 1.30 | 1.45 | 1.20 | 1.50 | 1.09 | 1.65 | 1.26 | 1.33 | 0.86 | 0.75 | 1.80 | 1.62 | 1.27 | 1.03 | 0.80 | 0.45 | -0.27 | 0.12 | -0.12 | 0.14 | 0.27 | 0.22 |
| Diluted Shares Outstanding | 394.78M | 399.13M | 403.22M | 409.95M | 419.19M | 419.62M | 424.72M | 435.42M | 432.89M | 435.44M | 433.87M | 439.39M | 451.08M | 475.01M | 322.46M | 327.76M | 348.93M | 374.79M | 390.27M | 442.57M | 454.89M | 450.74M | 446.03M | 441.13M | 400.98M | 333.42M | 296.96M | 295.2M | 330.94M | 343.29M | 339.73M |
Social inflation litigation exposure
As indicated by the most recent quarterly data, W. R. Berkley's revenue growth has decelerated to 4.0% in 2026Q1, a notable shift from the double-digit expansion observed throughout 2024, suggesting that the company is encountering a more challenging pricing environment across its specialized commercial insurance segments.
The deceleration in top-line growth may reflect a strategic pivot toward underwriting discipline rather than volume expansion in a softening market. Investors should monitor whether this trend indicates a broader industry-wide pricing fatigue or a deliberate choice by management to prioritize margin protection over market share.
Based on the reported combined ratio of 83.3% for 2026Q1, W. R. Berkley continues to demonstrate superior underwriting efficiency, maintaining a consistent profit margin that significantly outperforms the industry threshold of 100% despite the inherent volatility of its specialized casualty and professional liability insurance portfolios.
The company's ability to keep the combined ratio well below the break-even point suggests that its decentralized boutique unit structure effectively manages risk selection. This performance appears to validate the firm's focus on niche markets where granular underwriting expertise can command higher premiums relative to the underlying loss costs.
According to the provided financial statements, the loss ratio experienced a sharp spike to 79.4% in 2025Q4 before moderating to 52.5% in 2026Q1, highlighting potential instability in claim estimation that may necessitate a closer examination of the company's prior-year reserve development and long-tail liability adequacy.
The significant variance in the loss ratio suggests that the company may be navigating unpredictable claim patterns, possibly linked to the broader industry trend of social inflation. Analysts should investigate whether the recent improvement in 2026Q1 is a sustainable trend or merely a temporary fluctuation resulting from favorable reserve releases.
While W. R. Berkley reports strong operating income, the persistent threat of social inflation and nuclear jury verdicts, as noted in recent industry context, may imply that current underwriting profits are potentially masking future reserve strengthening requirements that could weigh on long-term earnings sustainability for the firm.
The reliance on decentralized units, while agile, may create challenges in maintaining uniform reserve standards across diverse specialty lines. Investors should remain cautious, as any systemic underestimation of long-tail casualty claims could lead to significant earnings volatility if management is forced to adjust reserves in future periods.
Quick answers to the most common questions about buying WRB stock.
For fiscal year 2025, W. R. Berkley Corporation (WRB) reported total revenue of $14.71B. This represents a 1100.3% increase compared to $1.23B in 1996.
W. R. Berkley Corporation (WRB) is profitable, generating $1.78B in net income for the fiscal year ending 2025 with a net profit margin of 12.1%.
W. R. Berkley Corporation (WRB) reported an operating income of $2.33B, resulting in an operating profit margin of 15.9%. This margin reflects the operational efficiency of the business before interest and taxes.
W. R. Berkley Corporation (WRB) generated $2.91B in gross profit for the year, representing a gross profit margin of 19.8%. This demonstrates the company's core pricing power and production efficiency.