Re/insurance holding company W.R Berkley Corporation has reported a net income of $382.2 million for the fourth quarter of 2022, a major increase compared to 2021’s $294.4 million.
At the same time, the firm witnessed a record net income of $1.4 billion for the full year, compared to last years $1.0 billion.
The firm noted that its net investment income for the quarter grew 40.2% to a record $231.3 million.
Additionally, net investment income for the full year also grew 16% to a record $779.2 million.
Net premiums written for Q4 also saw an increase at $2.4 billion, compared to $2.2 billion from the prior year quarter. For the full year, net premiums written grew 12.9% to $10.0 billion, compared to 2021’s $8.8 billion.
Moreover, gross written premiums for Q4 were $2.9 billion, compared to $2.7 billion from Q421. Gross written premiums for the full year also grew 11.3% to $11.9 billion from 2021’s $10.7 billion.
W.R Berkley Corporation, said: “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.”
