W. R. Berkley Corporation reported significant financial growth in its third quarter and nine-month period ending September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $3,400.4 million, up from $3,030.6 million in Q3 2023, driven by increased net premiums earned and investment income. For the nine months ended September 30, 2024, total revenues were $9,971.2 million, compared to $8,537.6 million in the prior year.
Net premiums written for Q3 2024 were $3,057.3 million, an increase from $2,848.5 million in Q3 2023. For the nine-month period, net premiums written rose to $9,035.3 million from $8,234.8 million. The growth in premiums was attributed to higher gross premiums in both the Insurance and Reinsurance & Monoline Excess segments, with notable increases in other liability and short-tail lines.
Net investment income also saw a substantial increase, totaling $323.8 million for Q3 2024, compared to $270.9 million in Q3 2023. For the nine months, net investment income reached $1,015.7 million, up from $739.5 million in the previous year. This growth was primarily driven by higher interest rates and a larger investment portfolio.
Profitability metrics improved as well, with net income to common stockholders for Q3 2024 at $365.6 million, up from $333.6 million in Q3 2023. For the nine-month period, net income increased to $1,180.0 million from $984.0 million, reflecting a $196 million increase. The basic net income per share rose to $0.92 for Q3 2024, compared to $0.83 in the prior year.
Total assets as of September 30, 2024, were $40,359.3 million, up from $37,111.8 million at the end of 2023. Total stockholders’ equity increased to $8,426.3 million from $7,455.4 million, indicating a strong capital position. The company also reported a rise in reserves for losses and loss expenses, which increased to $20,155.3 million from $18,739.7 million.
Strategically, W. R. Berkley completed a 3-for-2 common stock split effective July 10, 2024, and repurchased 4.5 million shares for $236 million during the nine months ended September 30, 2024. The company declared a regular quarterly cash dividend of $0.08 per share and a special dividend of $0.25 per share in Q3 2024.
Overall, W. R. Berkley Corporation demonstrated robust growth in revenue and profitability, supported by strategic initiatives and favorable market conditions.
About BERKLEY W R CORP
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