W.R. Berkley's profit rises on record net premiums written, investment income
Oct 23 (Reuters) - Insurer W.R. Berkley on Monday reported a near 46% rise in third-quarter profit, helped by record-high net premiums written and investment income.
The demand environment for the insurance sector remains strong against a weakening economy, with analysts expecting the companies, usually considered recession proof, to stay resilient.
W.R. Berkley's net premiums written climbed 10.5% to $2.8 billion.
Insurers, which invest a chunk of their capital in a diverse portfolio of assets including stocks and bonds, have also benefited this year as markets recover from a downbeat 2022, when investor appetite was hit by rising interest rates and geopolitical turmoil.
The company's net investment income rose to a quarterly record of $270.9 million, driven by a core portfolio increase of 59.3%.
Net income to common shareholders came in at $333.6 million, or $1.23 per diluted share, for the three months ended Sept. 30, compared with $228.9 million, or 82 cents per diluted share, a year earlier.
Shares of the insurer were flat in extended trading after its results. (Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber and Devika Syamnath)
