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BERKLEY W R CORP (WRB)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Insurance | 8,952.5 | 7,578.6 | 6,478.8 | 6,397.1 | 6,208.3 | 6,003.1 | 6,148.2 | 786.9 |
| Corporate, Other and Eliminations | 625.0 | 582.6 | 507.9 | 506.9 | 479.9 | 423.3 | 461.8 | |
| Other | | | | | | | 1,044.1 | 6,419.6 |
| Total revenues | 477.4 | 449.7 | 358.3 | 314.2 | 268.0 | 242.0 | 7,654.2 | 7,206.5 |
| Revenue growth | 6.2% | 25.5% | 14.0% | 17.2% | 10.8% | -96.8% | 6.2% | 1.1% |
| Loss and loss adjustment expenses | 5,861.8 | 4,954.0 | 4,468.7 | 4,131.1 | 3,974.7 | 4,002.3 | 3,845.8 | 3,656.3 |
| Policy acquisition costs | 1,038.9 | 961.6 | 905.0 | 1,001.6 | 915.2 | 1,111.5 | 1,156.0 | 1,102.5 |
| Other underwriting costs | 1,635.0 | 1,345.1 | 1,206.1 | 1,088.7 | 1,183.6 | 989.5 | 933.2 | 903.0 |
| Investment expenses | 9.9 | 7.8 | 9.1 | 5.7 | 4.4 | 7.0 | 9.2 | 10.7 |
| Other operating expenses | -9,918.2 | -8,248.8 | -7,085.9 | -6,919.3 | -6,779.2 | -6,788.4 | 672.7 | 671.0 |
| Equity in earnings | | | | | 160.2 | 335.9 | 285.1 | |
| EBITDA | 1,905.9 | 1,559.8 | 990.4 | 1,119.7 | 1,100.4 | 1,033.0 | 1,123.4 | 948.1 |
| EBITDA margin | 399.2% | 346.8% | 276.5% | 356.4% | 410.5% | 426.9% | 14.7% | 13.2% |
| Depreciation | 55.9 | 129.7 | 135.1 | 113.4 | 131.1 | 113.0 | 86.1 | 85.1 |
| EBIT | 1,850.1 | 1,430.1 | 855.3 | 1,006.3 | 969.3 | 920.1 | 1,037.3 | 863.0 |
| EBIT margin | 387.5% | 318.0% | 238.8% | 320.3% | 361.6% | 380.2% | 13.6% | 12.0% |
| Interest expense, net [+] | 118.0 | 102.4 | 119.1 | 156.2 | 157.4 | 21.9 | 82.0 | 37.4 |
| Interest expense | 130.4 | 147.2 | 150.5 | 153.4 | 157.2 | 147.3 | 140.9 | 130.9 |
| Interest income | 12.4 | 44.8 | 31.5 | -2.8 | -0.2 | 125.4 | 58.9 | 93.5 |
| Pre-tax income | 1,719.7 | 1,282.9 | 704.8 | 852.9 | 812.1 | 772.8 | 896.4 | 732.0 |
| Income taxes | 334.7 | 251.9 | 171.8 | 168.9 | 163.0 | 219.4 | 293.0 | 227.9 |
| Tax rate | 19.5% | 19.6% | 24.4% | 19.8% | 20.1% | 28.4% | 32.7% | 31.1% |
| Minority interest | 3.9 | 8.5 | 2.3 | 2.0 | 8.3 | 4.2 | 1.6 | 0.4 |
| Net income | 1,381.1 | 1,022.5 | 530.7 | 681.9 | 640.7 | 549.1 | 601.9 | 503.7 |
| Net margin | 289.3% | 227.4% | 148.1% | 217.0% | 239.1% | 226.9% | 7.9% | 7.0% |
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| Basic EPS | $4.99 | $3.69 | $1.89 | $3.58 | $3.37 | $2.93 | $4.91 | $4.06 |
| Diluted EPS | $4.94 | $3.66 | $1.87 | $3.52 | $3.33 | $2.84 | $4.68 | $3.87 |
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| Shares outstanding (basic) | 276.9 | 277.4 | 280.4 | 190.7 | 190.0 | 187.3 | 122.7 | 124.0 |
| Shares outstanding (diluted) | 279.5 | 279.7 | 283.1 | 193.5 | 192.4 | 193.5 | 128.6 | 130.2 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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