W

W. R. BERKLEY CORP

WRB-PH · CIK 0000011544Insurance lens

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$14.71B7.8%
FY2025
Net income (FY)
$1.78B1.3%
FY2025
Free cash flow (FY)
$1.08B89.9%
FY2019
Diluted EPS (FY)
$4.452.1%
FY2025
The story, charted

The shape of the business

FY2008–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10B$15BFY2008 · Revenue $4.71B · Net income $281.1M · 0000950123-11-019708 · filed 2011-02-28FY08Revenue $4.71BNet income $281.1M0000950123-11-019708 · filed 2011-02-28FY2009 · Revenue $4.43B · Net income $309.1M · 0000011544-12-000021 · filed 2012-02-28FY09Revenue $4.43BNet income $309.1M0000011544-12-000021 · filed 2012-02-28FY2010 · Revenue $4.72B · Net income $446.4M · 0000011544-13-000018 · filed 2013-02-28FY10Revenue $4.72BNet income $446.4M0000011544-13-000018 · filed 2013-02-28FY2011 · Revenue $5.16B · Net income $391.2M · 0000011544-14-000012 · filed 2014-02-28FY11Revenue $5.16BNet income $391.2M0000011544-14-000012 · filed 2014-02-28FY2012 · Revenue $5.82B · Net income $510.6M · 0000011544-15-000010 · filed 2015-02-27FY12Revenue $5.82BNet income $510.6M0000011544-15-000010 · filed 2015-02-27FY2013 · Revenue $6.41B · Net income $499.9M · 0000011544-16-000086 · filed 2016-02-22FY13Revenue $6.41BNet income $499.9M0000011544-16-000086 · filed 2016-02-22FY2014 · Revenue $7.13B · Net income $648.9M · 0000011544-17-000009 · filed 2017-02-28FY14Revenue $7.13BNet income $648.9M0000011544-17-000009 · filed 2017-02-28FY2015 · Revenue $7.21B · Net income $503.7M · 0000011544-18-000012 · filed 2018-02-23FY15Revenue $7.21BNet income $503.7M0000011544-18-000012 · filed 2018-02-23FY2016 · Revenue $7.65B · Net income $601.9M · 0000011544-19-000016 · filed 2019-02-22FY16Revenue $7.65BNet income $601.9M0000011544-19-000016 · filed 2019-02-22FY2017 · Revenue $7.68B · Net income $549.1M · 0000011544-20-000016 · filed 2020-02-20FY17Revenue $7.68BNet income $549.1M0000011544-20-000016 · filed 2020-02-20FY2018 · Revenue $7.69B · Net income $640.7M · 0000011544-21-000013 · filed 2021-02-18FY18Revenue $7.69BNet income $640.7M0000011544-21-000013 · filed 2021-02-18FY2019 · Revenue $7.90B · Net income $681.9M · 0000011544-22-000007 · filed 2022-02-24FY19Revenue $7.90BNet income $681.9M0000011544-22-000007 · filed 2022-02-24FY2020 · Revenue $8.10B · Net income $530.7M · 0000011544-23-000004 · filed 2023-02-24FY20Revenue $8.10BNet income $530.7M0000011544-23-000004 · filed 2023-02-24FY2021 · Revenue $9.46B · Net income $1.02B · 0000011544-24-000005 · filed 2024-02-23FY21Revenue $9.46BNet income $1.02B0000011544-24-000005 · filed 2024-02-23FY2022 · Revenue $11.17B · Net income $1.38B · 0000011544-25-000005 · filed 2025-02-24FY22Revenue $11.17BNet income $1.38B0000011544-25-000005 · filed 2025-02-24FY2023 · Revenue $12.14B · Net income $1.38B · 0000011544-26-000005 · filed 2026-02-27FY23Revenue $12.14BNet income $1.38B0000011544-26-000005 · filed 2026-02-27FY2024 · Revenue $13.64B · Net income $1.76B · 0000011544-26-000005 · filed 2026-02-27FY24Revenue $13.64BNet income $1.76B0000011544-26-000005 · filed 2026-02-27FY2025 · Revenue $14.71B · Net income $1.78B · 0000011544-26-000005 · filed 2026-02-27FY25Revenue $14.71BNet income $1.78B0000011544-26-000005 · filed 2026-02-27FY25Revenue $14.71BNet income $1.78B0000011544-26-000005 · filed 2026-02-27FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 3.1× since FY2008 · net margin 6.0% → 12.1%

MarginsNet marginFCF margin
0%10%20%30%FY2008 · Net margin 6.0% · FCF margin 31.3%FY08Net margin 6.0%FCF margin 31.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 7.0% · FCF margin 6.4%FY09Net margin 7.0%FCF margin 6.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 9.4% · FCF margin 8.5%FY10Net margin 9.4%FCF margin 8.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 7.6% · FCF margin 12.1%FY11Net margin 7.6%FCF margin 12.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 8.8% · FCF margin 10.9%FY12Net margin 8.8%FCF margin 10.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 7.8% · FCF margin 11.8%FY13Net margin 7.8%FCF margin 11.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 9.1% · FCF margin 9.7%FY14Net margin 9.1%FCF margin 9.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 7.0% · FCF margin 11.3%FY15Net margin 7.0%FCF margin 11.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 7.9% · FCF margin 10.4%FY16Net margin 7.9%FCF margin 10.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 7.1% · FCF margin 7.7%FY17Net margin 7.1%FCF margin 7.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 8.3% · FCF margin 7.4%FY18Net margin 8.3%FCF margin 7.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 8.6% · FCF margin 13.7%FY19Net margin 8.6%FCF margin 13.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 6.6%FY20Net margin 6.6%derived: net income ÷ revenueFY2021 · Net margin 10.8%FY21Net margin 10.8%derived: net income ÷ revenueFY2022 · Net margin 12.4%FY22Net margin 12.4%derived: net income ÷ revenueFY2023 · Net margin 11.4%FY23Net margin 11.4%derived: net income ÷ revenueFY2024 · Net margin 12.9%FY24Net margin 12.9%derived: net income ÷ revenueFY2025 · Net margin 12.1%FY25Net margin 12.1%derived: net income ÷ revenueFY25Net margin 12.1%derived: net income ÷ revenue’09’13’17’21’25

FY2025: net 12.1% · free cash flow 13.7% of revenue

Cash engineOperating cash flowFree cash flow
$0$1B$2B$3BFY2008 · OCF $1.55B · FCF $1.47B · 0000950123-11-019708 · filed 2011-02-28FY08OCF $1.55BFCF $1.47B0000950123-11-019708 · filed 2011-02-28FY2009 · OCF $316.1M · FCF $285.6M · 0000011544-12-000021 · filed 2012-02-28FY09OCF $316.1MFCF $285.6M0000011544-12-000021 · filed 2012-02-28FY2010 · OCF $451.3M · FCF $401.7M · 0000011544-13-000018 · filed 2013-02-28FY10OCF $451.3MFCF $401.7M0000011544-13-000018 · filed 2013-02-28FY2011 · OCF $670.3M · FCF $625.0M · 0000011544-14-000012 · filed 2014-02-28FY11OCF $670.3MFCF $625.0M0000011544-14-000012 · filed 2014-02-28FY2012 · OCF $675.5M · FCF $634.9M · 0000011544-15-000010 · filed 2015-02-27FY12OCF $675.5MFCF $634.9M0000011544-15-000010 · filed 2015-02-27FY2013 · OCF $819.8M · FCF $756.6M · 0000011544-16-000086 · filed 2016-02-22FY13OCF $819.8MFCF $756.6M0000011544-16-000086 · filed 2016-02-22FY2014 · OCF $734.8M · FCF $692.9M · 0000011544-17-000009 · filed 2017-02-28FY14OCF $734.8MFCF $692.9M0000011544-17-000009 · filed 2017-02-28FY2015 · OCF $881.3M · FCF $817.7M · 0000011544-18-000012 · filed 2018-02-23FY15OCF $881.3MFCF $817.7M0000011544-18-000012 · filed 2018-02-23FY2016 · OCF $848.4M · FCF $797.5M · 0000011544-19-000016 · filed 2019-02-22FY16OCF $848.4MFCF $797.5M0000011544-19-000016 · filed 2019-02-22FY2017 · OCF $710.9M · FCF $595.2M · 0000011544-20-000016 · filed 2020-02-20FY17OCF $710.9MFCF $595.2M0000011544-20-000016 · filed 2020-02-20FY2018 · OCF $620.2M · FCF $570.3M · 0000011544-21-000013 · filed 2021-02-18FY18OCF $620.2MFCF $570.3M0000011544-21-000013 · filed 2021-02-18FY2019 · OCF $1.14B · FCF $1.08B · 0000011544-22-000007 · filed 2022-02-24FY19OCF $1.14BFCF $1.08B0000011544-22-000007 · filed 2022-02-24FY2020 · OCF $1.62B · 0000011544-23-000004 · filed 2023-02-24FY20OCF $1.62B0000011544-23-000004 · filed 2023-02-24FY2021 · OCF $2.18B · 0000011544-24-000005 · filed 2024-02-23FY21OCF $2.18B0000011544-24-000005 · filed 2024-02-23FY2022 · OCF $2.57B · 0000011544-25-000005 · filed 2025-02-24FY22OCF $2.57B0000011544-25-000005 · filed 2025-02-24FY2023 · OCF $2.93B · 0000011544-26-000005 · filed 2026-02-27FY23OCF $2.93B0000011544-26-000005 · filed 2026-02-27FY2024 · OCF $3.68B · 0000011544-26-000005 · filed 2026-02-27FY24OCF $3.68B0000011544-26-000005 · filed 2026-02-27FY2025 · OCF $3.58B · 0000011544-26-000005 · filed 2026-02-27FY25OCF $3.58B0000011544-26-000005 · filed 2026-02-27FY25OCF $3.58B0000011544-26-000005 · filed 2026-02-27’09’13’17’21’25
Returns on capitalReturn on equityReturn on assets
0%10%20%FY2009 · ROE 8.6% · ROA 1.8%FY09ROE 8.6%ROA 1.8%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 12.1% · ROA 2.5%FY10ROE 12.1%ROA 2.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 9.9% · ROA 2.1%FY11ROE 9.9%ROA 2.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 11.9% · ROA 2.5%FY12ROE 11.9%ROA 2.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 11.5% · ROA 2.4%FY13ROE 11.5%ROA 2.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 14.1% · ROA 3.0%FY14ROE 14.1%ROA 3.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 10.9% · ROA 2.3%FY15ROE 10.9%ROA 2.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 11.9% · ROA 2.6%FY16ROE 11.9%ROA 2.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 10.1% · ROA 2.3%FY17ROE 10.1%ROA 2.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 11.8% · ROA 2.6%FY18ROE 11.8%ROA 2.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 11.2% · ROA 2.6%FY19ROE 11.2%ROA 2.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 8.4% · ROA 1.9%FY20ROE 8.4%ROA 1.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 15.4% · ROA 3.2%FY21ROE 15.4%ROA 3.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 20.5% · ROA 4.1%FY22ROE 20.5%ROA 4.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 18.5% · ROA 3.7%FY23ROE 18.5%ROA 3.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 20.9% · ROA 4.3%FY24ROE 20.9%ROA 4.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 18.3% · ROA 4.0%FY25ROE 18.3%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 18.3%ROA 4.0%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 9% (FY2009) → 18% (FY2025) · on assets 4.0%

Balance sheetLiabilitiesEquity
$0$20B$40BFY2009 · Liabilities $13.73B · Equity $3.60BFY09Liabilities $13.73BEquity $3.60B0000950123-11-019708 · filed 2011-02-28FY2010 · Liabilities $13.82B · Equity $3.70BFY10Liabilities $13.82BEquity $3.70B0000011544-12-000021 · filed 2012-02-28FY2011 · Liabilities $14.44B · Equity $3.95BFY11Liabilities $14.44BEquity $3.95B0000011544-13-000018 · filed 2013-02-28FY2012 · Liabilities $15.82B · Equity $4.31BFY12Liabilities $15.82BEquity $4.31B0000011544-14-000012 · filed 2014-02-28FY2013 · Liabilities $16.18B · Equity $4.34BFY13Liabilities $16.18BEquity $4.34B0000011544-15-000010 · filed 2015-02-27FY2014 · Liabilities $17.09B · Equity $4.59BFY14Liabilities $17.09BEquity $4.59B0000011544-16-000086 · filed 2016-02-22FY2015 · Liabilities $17.10B · Equity $4.60BFY15Liabilities $17.10BEquity $4.60B0000011544-17-000009 · filed 2017-02-28FY2016 · Liabilities $18.28B · Equity $5.05BFY16Liabilities $18.28BEquity $5.05B0000011544-18-000012 · filed 2018-02-23FY2017 · Liabilities $18.85B · Equity $5.41BFY17Liabilities $18.85BEquity $5.41B0000011544-19-000016 · filed 2019-02-22FY2018 · Liabilities $19.42B · Equity $5.44BFY18Liabilities $19.42BEquity $5.44B0000011544-20-000016 · filed 2020-02-20FY2019 · Liabilities $20.54B · Equity $6.07BFY19Liabilities $20.54BEquity $6.07B0000011544-21-000013 · filed 2021-02-18FY2020 · Liabilities $22.28B · Equity $6.31BFY20Liabilities $22.28BEquity $6.31B0000011544-22-000007 · filed 2022-02-24FY2021 · Liabilities $25.42B · Equity $6.65BFY21Liabilities $25.42BEquity $6.65B0000011544-23-000004 · filed 2023-02-24FY2022 · Liabilities $27.09B · Equity $6.75BFY22Liabilities $27.09BEquity $6.75B0000011544-24-000005 · filed 2024-02-23FY2023 · Liabilities $29.73B · Equity $7.46BFY23Liabilities $29.73BEquity $7.46B0000011544-25-000005 · filed 2025-02-24FY2024 · Liabilities $32.16B · Equity $8.40BFY24Liabilities $32.16BEquity $8.40B0000011544-26-000005 · filed 2026-02-27FY2025 · Liabilities $34.36B · Equity $9.70BFY25Liabilities $34.36BEquity $9.70B0000011544-26-000005 · filed 2026-02-27FY25Liabilities $34.36BEquity $9.70B0000011544-26-000005 · filed 2026-02-27’09’13’17’21’25

FY2025: $44.07B assets · $34.36B liabilities · $9.70B equity

The receipts

Insurance lens

Specialized rows for insurer companies — not in the generic statement table above.

USD millions (ratios as %)FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016FY2015FY2014
Premiums earned12,44711,54810,4019,5618,1066,9316,6336,3726,3116,2936,0415,744
Policyholder benefits & claims7,7727,1326,3725,8624,9544,4694,1313,9754,0023,8463,6563,491
Loss ratio62.4%61.8%61.3%61.3%61.1%64.5%62.3%62.4%63.4%61.1%60.5%60.8%

Premiums earned and policyholder benefits & claims are as-reported XBRL components — absent (not zero) for insurance brokers such as Aon and Marsh McLennan, which earn fees and commissions rather than underwriting premiums, so these rows are correctly blank for them. The loss ratio (policyholder benefits ÷ premiums earned) is computed by stonks for full fiscal years only.