W.R. Berkley (WRB) Q4 Earnings Meet Estimates, Improve Y/Y
Zacks Investment Research | Jan 28, 2020 10:57PM ET
W.R. Berkley Corporation’s (NYSE:WRB) fourth-quarter 2019 operating income of 72 cents per share came in line with the Zacks Consensus Estimate. The bottom line improved 18% year over year on higher premiums written.
Behind the Headlines
W.R. Berkley’s net premiums written were $1.6 billion, up 9.3% year over year. Higher premiums written at both the Insurance and Reinsurance & Monoline Excess segments contributed to this upside.
Operating revenues of $1.8 billion were up 3.8% year over year, mainly owing to higher net premiums earned. However, the same missed the consensus estimate by 5.8%.
Investment income decreased 14.1% year over year to $137.3 million due to weak performance of investment funds compared with strong returns in the year-ago quarter.
Total expenses inched up 2.3% to $1.8 billion, primarily on higher losses and loss expenses.
Catastrophe loss totaled $20.4 million in the quarter, reflecting a 55% plunge year over year. Consolidated combined ratio (a measure of underwriting profitability) was 93.3%, contracting 260 basis points year over year.
W.R. Berkley Corporation Price, Consensus and EPS Surprise
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