W. R. Berkley Corporation reported third-quarter net income to common stockholders of $446 million, lower than a year earlier, while operating income and Insurance segment underwriting profit both increased.
The figures appeared in the company's earnings release attached to its Oct. 19 filing with the Securities and Exchange Commission. Diluted earnings per share were $1.14, down from $1.28 in third-quarter 2025. Net income before noncontrolling interests totaled $448.3 million, with $446 million attributable to common stockholders.
Operating income climbed to $456.5 million from $440.2 million. Berkley defines operating income as a non-GAAP measure that excludes after-tax net investment gains or losses and related expenses, as well as after-tax net foreign currency gains or losses. That treatment separates the operating figure from those items in reported net income.
Net investment results changed from a $79 million gain in third-quarter 2025 to an $18.3 million loss. Net investment income, reported separately, rose to $383.5 million from $351.2 million. The two investment measures moved in opposite directions over the year.
Chairman, Chief Executive Officer and President W. Robert Berkley, Jr., said domestic fixed-maturity securities were the main driver of investment income. The company also cited prevailing interest rates and said its reinvestment yields exceeded the portfolio's book yield.
The Insurance segment generated $237.7 million in pretax underwriting income, up 10.6%. Companywide net premiums written increased to $3.27 billion from $3.23 billion. Net premiums written in Insurance grew, while net premiums written in Reinsurance & Monoline Excess declined. The consolidated GAAP combined ratio was 90.8%, compared with 90.9% a year earlier.
For the nine months through Sept. 30, Berkley said shareholders received $728.6 million in capital returns, including $435.1 million used for share repurchases.
