W. R. Berkley Q3 2026: Operating EPS Beats Consensus, Net Income Falls 12.7%
W. R. Berkley's third quarter was a solid underwriting quarter wrapped in a softer headline. Operating earnings per share of $1.17 came in just above the $1.1628 consensus and rose 6.4% from a year ago, yet GAAP net income fell 12.7% to $446.0 million because investment results flipped to a loss. Read the operating line, not the GAAP line.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $1.14 is down from $1.28, and that gap is almost entirely investment marks rather than underwriting. Operating EPS of $1.17 rose 6.4% and landed a shade above the $1.1628 consensus. The Insurance segment's pre-tax underwriting income grew 10.6% to $237.7 million and the consolidated combined ratio improved to 90.8% from 90.9%.
Revenue slipped 0.8% to $3.74 billion from $3.77 billion, but the mix was better than the total suggests. Net premiums written rose 1.3% to $3.27 billion and net investment income climbed 9.2% to $383.5 million. The drag came from reinsurance, where net premiums earned fell to $351.7 million from $383.4 million, and from net investment losses of $18.3 million versus a $79.0 million gain a year ago.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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