WR柏克利 2025年度报告

2 0 2 5 A N N U A LR E P O R T The FabricofBerkley 2 0 2 5 A N N U A LR E P O R TW. R. Berkley Corporation Table ofContents 5781314155354555758196204206Financial HighlightsSelect Financial DataLetter to ShareholdersW. R. Berkley Corporation Performance vs. S&P 500Cumulative Total Return & Growth in Book Value Per ShareThe Fabric of BerkleyOur CompanyOur BusinessSegment OverviewInvestment OverviewForm 10-KBusinessesBoard of Directors & OfficersCorporate Information 2025FinancialHighlights 90.7% C O M B I N E D R A T I OAveraged 89.9%over the past 5 years. $14.7B T O T A L R E V E N U E SIncrease by 81.6%over the past 5 years. $25.72 B O O K V A L U E P E R S H A R EGrew 108.5%before dividends and sharerepurchases over the past 5 years. Selected Financial Data I N T H O U S A N D S , E X C E P TP E R S H A R E D A T A Net Income Per Common Share At Year End ToOurShareholders was an outstanding year for our Companyby almost every measure. Return on shareholders’ equityexceeded 21%, making it the fourth consecutive year above20%. During the year, we returned more than $970 millionto shareholders, through $700 million in regular and specialdividends and over $270 million in share repurchases.Over the past five years, our earnings per share havegrown at a compound annual rate exceeding 16.5%.2025 These outcomes are fully aligned with the core objectivethat has guided our Company since its founding: optimizinglong-term risk-adjusted returns. In the insurance business,pursuing the highest possible return without regard to riskis neither prudent nor sustainable. We rigorously assessthe risks we assume before seeking to optimize returns,and this disciplined approach remains a key differentiatorin our ability to create long-term value for shareholders. W . R O B E R TB E R K L E Y, J R .President and Chief Executive Officer W I L L I A MR . B E R K L E YExecutive Chairman We achieved these results and grew substantially fasterthan the rate of inflation, while simultaneously reducingthe risk in our Company. We continued to strengthen ourbalance sheet, increasing the percentage of IBNR in ourreserves and maintaining the short duration, high quality,and strong liquidity in our investment portfolio. We arerunning the business with less operating leverage andhave reduced financial leverage to slightly over 22%of total capital, the lowest level in more than 25 years. We continue to manage the Company with a clear focuson the long-term interests of our shareholders. At the sametime, long-term success requires that we also meet theneeds of our customers, employees, distribution partners,and the communities we serve. Our management team takesthese responsibilities seriously. Our 60 unique business-es each serve specific customer segments with productstailored to those particular markets. These products aredelivered with appropriate policy forms, knowledgeabledistribution, and responsive service from our employees. Ultimately, insurance is a product in which value can onlytruly be measured at the moment coverage is needed.We therefore place great emphasis on prompt andappropriate claims service, delivering on the promisewe make to our customers when they purchase a policy. R E C O R DN E T I N C O M E This is the foundation of a successful insurance company.We often say that our Company has two key ingredients- people and capital. Capital performance is measured byrisk-adjusted returns. People are measured by customersatisfaction, the delivery of appropriate products andservices, and business outcomes. We strive to beoutstanding in both areas. Our Company operates primarily in the United States,where more than 80% of our business is conducted, withthe balance spread across Latin America, Canada, Europeand the UK, Australia, Asia, and other international markets.Around the world we apply the same philosophy, continuallysearching for market niches and specialized opportunitiesthat offer the potential for attractive risk-adjusted returns.This disciplined global approach has, over time, led us toopen new businesses and expand into new lines, allowing usto grow at a somewhat faster pace than we otherwise might. This year was no exception. We launched two new businesses in 2025. The first isBerkley Embedded, which offers insurance coverage asa companion to a product at its point of sale. For example,when a customer purchases a piece of jewelry, insurancecoverage can be purchased at the same time at a tailoredprice. This approach relieves the customer of uncertaintywhile also allowing us to establish a direct relationshipwith the insured. We also expanded our Excess & Surplus lines businessby introducing a product suite that differs from ourtraditional offerings. Historically, our products havebeen comprehensive, deluxe level coverages. We achieved these results and grew substantially fasterthan the rate of inflation, while simultaneouslyreducing the risk in our Company.“ Our decentralized model puts us