WR柏克利 2024年度报告

W. R . B e r k l e y C o r p o ra t i o n TheCheese VendorbyEdouard-Jean Dambourgez 2024ANNUAL REPORT W. R . B e r k l e y C o r p o ra t i o n Table of Contents 3Financial Highlights4Selected Financial Data5Letter to Shareholders8W. R. Berkley Corporation Performance vs. S&P 5009Cumulative Total Return & Growth in Book Value Per Share10A Recipe for Success14The Proof is in the Pudding18The Magic is in the Mix22The Secret is in the Sauce26Our Company27Our Business28Segment Overview and Data30Investments31Form 10-K165Businesses173Board of Directors & Officers175Corporate Information By the Numbers 2024 FinancialHighlights $13.6BIncreasedby 72.6%overthepast 5 yearsTOTALREVENUES 90.3COMBINEDRATIO %Averaged90.8%overthepast 5 years 23.6%Averaged17.9%overthepast 5 yearsRETURNON STOCKHOLDERS'EQUITY 22.09BOOKVALUE PER SHARE $Grew86.5%before dividendsandshare repurchases overthepast 5 years Selected Financial Data Inthousands,except per share data WILLIAMR. BERKLEYExecutive Chairman W.ROBERT BERKLEY,JR.PresidentandChiefExecutive Officer To OurShareholders The insurance business is a mathematically-basedanalytic enterprise, allowing one to measure andexamine the financial outcomes and the return toour shareholders. On the other hand, our businessonly succeeds when we meet the needs of multipleconstituents - our customers, our agents and brokers,and the society in which we operate. None of thishappens without employees who are committed to oursuccess. This success only occurs when we serve all ofthese groups while meeting our financial objectives. was the third year in a rowin which our return on2024 achievement was especially remarkable given theuncertainty of the current economic environment,in addition to the fact that we have not yet fullyrealized the benefits of rising interest rates inour portfolio. The extraordinary outcome was aresult of both outstanding underwriting profits,with a combined ratio of approximately 90%,and investment income in excess of $1.3 billion.This resulted in record net income of $1.756billion. The Company achieved these recordresults due to the exceptional execution andefforts of our employees. The current state of the world has not, in recenttimes, seen so much volatility and uncertainty.Insurance provides society with a way to manage theimpact of unforeseen events. This places insurancein an extremely important role in today's world.Our Company, because of its financial strengthand stability, has built a reputation that provides The strong results of 2024, in spite ofapproximately $300 million of catastrophelosses, allowed us to return $836 million to ourshareholders in the form of dividends, bothregular and special, equal to $532 million, and$304 million of stock repurchases. All this wasachieved while growing our premium volumeby nearly 10%. Contributing to this growth werestrong rate increases that set the stage for 2025to be another outstanding year, because half ofthe premiums that will be earned in2025 are already on the books. TotalRevenues Dollars in billions decisions. The current state of our uncertain worldmakes our business more challenging, but alsooffers more opportunity. 1.1BRECORDUNDERWRITING INCOME Every decision we make, whether it is startinga new business or considering an acquisition, ismore complicated in the current environment.Whether it is social or economic inflation, everydecision is impacted by the world around us. It isnot just underwriting, but also the building of ourinvestment portfolio that is affected, both in thequality of the security portfolio and its duration.These judgments are the critical issues that themanagement of our enterprise has to focus onto deliver long-term risk-adjusted returns. Thislong-term focus is one of the things that allows ourCompany to differentiate itself from its competitors. 1.8BRECORDNET INCOME $ This year our business grew by nearly 10% inpremiums written. We started one new business inIndia, a large potential market with a long-termattractive future. The insurance industry today isnot as it was in the past. All parts and segmentsof the industry do not change simultaneously.The availability of data causes each segment ofthe industry move independently from everyother segment of the industry. We believe weare effectively managing our enterprise in a waythat each business responds to its own individualmarketplace. Clearly, an economic slowdownof a significant proportion will challenge theopportunity for growth. At the moment, however,any recession ahead appears to be modest. peace of mind to its customers. People know weare always available and a dependable partner.We are in the marketplace every day offeringcoverage on a consistent basis. We are alwayshere day in and day out. We manage our business with a long-term view,consistently focused to achieve optimal risk-adjustedreturn. That means we understand the risks weassume and establish prices to reflect those risksand the economic environ