BERKLEY W R CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Schedule II — Condensed Financial Information of Registrant
Schedule II
Condensed Financial Information of Registrant
Balance Sheets (Parent Company)
| December 31, | ||
|---|---|---|
| (In thousands) | 2025 | 2024 |
| Assets: | ||
| Cash and cash equivalents | $55,322 | $112,931 |
| Fixed maturity securities available for sale at fair value (cost $641,917 and $251,938 at December 31, 2025 and 2024) | 642,451 | 251,800 |
| Loans receivable (net of allowance for expected credit losses of $161 and $591 at December 31, 2025 and 2024) | 23,089 | 27,659 |
| Equity securities, at fair value (cost $3,430 at both December 31, 2025 and 2024) | 3,430 | 3,430 |
| Investment in subsidiaries | 11,940,355 | 10,770,734 |
| Current federal income taxes | — | 36,417 |
| Deferred federal income taxes | 151,031 | 228,329 |
| Property, furniture and equipment at cost, less accumulated depreciation | 8,581 | 9,320 |
| Other assets | 62,179 | 126,799 |
| Total assets | $12,886,438 | $11,567,419 |
| Liabilities and stockholders’ equity: | ||
| Liabilities: | ||
| Due to subsidiaries | $144,740 | $182,445 |
| Other liabilities | 188,851 | 158,281 |
| Current federal income taxes | 19,626 | — |
| Subordinated debentures | 1,010,527 | 1,009,808 |
| Senior notes | 1,821,876 | 1,821,774 |
| Total liabilities | 3,185,620 | 3,172,308 |
| Stockholders’ equity: | ||
| Preferred stock, par value $.10 per share: | ||
| Authorized 5,000,000 shares; issued and outstanding — none | — | — |
| Common stock, par value $.20 per share: | ||
| Authorized 1,875,000,000 shares; issued and outstanding, net of treasury shares, 377,155,799 and 380,066,070 shares, respectively | 158,705 | 158,705 |
| Additional paid-in capital | 987,708 | 984,825 |
| Retained earnings (including accumulated undistributed net income of subsidiaries of $9,674,616 and $9,216,210 at December 31, 2025 and 2024, respectively) | 13,344,204 | 12,265,070 |
| Accumulated other comprehensive loss | (451,097) | (934,269) |
| Treasury stock, at cost, 416,366,010 and 413,455,739 shares, respectively | (4,338,702) | (4,079,220) |
| Total stockholders’ equity | 9,700,818 | 8,395,111 |
| Total liabilities and stockholders’ equity | $12,886,438 | $11,567,419 |
Schedule II, Continued
Statements of Income (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Management fees and investment income including dividends from subsidiaries of $1,643,345, $1,196,538, and $1,261,166 for the years ended December 31, 2025, 2024 and 2023, respectively | $1,716,680 | $1,252,194 | $1,325,997 |
| Net investment gains (losses) | 945 | 90,284 | (5,895) |
| Other income | 834 | 853 | 368 |
| Total revenues | 1,718,459 | 1,343,331 | 1,320,470 |
| Operating costs and expense | 315,233 | 277,679 | 272,750 |
| Interest expense | 126,400 | 126,400 | 126,397 |
| Income before federal income taxes | 1,276,826 | 939,252 | 921,323 |
| Federal income taxes: | |||
| Federal income taxes provided by subsidiaries on a separate return basis | 422,289 | 424,456 | 253,292 |
| Federal income tax expense on a consolidated return basis | (378,117) | (356,943) | (284,757) |
| Net federal income tax benefit (expense) | 44,172 | 67,513 | (31,465) |
| Income before undistributed equity in net income of subsidiaries | 1,320,998 | 1,006,765 | 889,858 |
| Equity in undistributed net income of subsidiaries | 458,405 | 749,350 | 491,501 |
| Net income | $1,779,403 | $1,756,115 | $1,381,359 |
Schedule II, Continued
Statements of Cash Flows (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Cash flow from operating activities: | |||
| Net income | $1,779,403 | $1,756,115 | $1,381,359 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Net investment (gains) losses | (945) | (90,284) | 5,895 |
| Depreciation and (accretion) amortization | (5,780) | (5,120) | (6,753) |
| Equity in undistributed earnings of subsidiaries | (458,405) | (749,350) | (491,501) |
| Tax payments received from subsidiaries | 372,731 | 432,402 | 373,504 |
| Federal income taxes provided by subsidiaries on a separate return basis | (422,289) | (424,456) | (253,292) |
| Stock incentive plans | 54,524 | 54,381 | 51,000 |
| Change in: | |||
| Federal income taxes | 34,361 | (9,346) | (15,793) |
| Equity in undistributed earnings of other investments | (15,047) | (10,444) | — |
| Other assets | (4,552) | (9,888) | (5,647) |
| Other liabilities | 30,248 | 114,418 | (88,954) |
| Accrued investment income | (1,810) | (1,740) | 1,200 |
| Net cash from operating activities | 1,362,439 | 1,056,688 | 951,018 |
| Cash (used in) from investing activities: | |||
| Proceeds from sales of fixed maturity securities | 81,035 | 598,915 | 748,825 |
| Proceeds from maturities and prepayments of fixed maturity securities | 562,308 | 260,999 | 82,075 |
| Cost of purchases of fixed maturity securities | (1,029,227) | (824,476) | (732,685) |
| Change in loans receivable | 5,000 | 64,200 | 17,843 |
| Investments in and advances to subsidiaries, net | (102,615) | (238,337) | 21,605 |
| Change in balance due to security broker | 71,083 | (71,143) | (38) |
| Net additions to real estate, furniture & equipment | (63) | (37) | (18) |
| Other, net | 3,823 | 73 | 290 |
| Net cash (used in) from investing activities | (408,656) | (209,806) | 137,897 |
| Cash used in financing activities: | |||
| Purchase of common treasury shares | (270,221) | (303,655) | (537,163) |
| Cash dividends to common stockholders | (700,269) | (531,953) | (501,456) |
| Other, net | (40,902) | (26,777) | (25,384) |
| Net cash used in financing activities | (1,011,392) | (862,385) | (1,064,003) |
| Net (decrease) increase in cash and cash equivalents | (57,609) | (15,503) | 24,912 |
| Cash and cash equivalents at beginning of year | 112,931 | 128,434 | 103,522 |
| Cash and cash equivalents at end of year | $55,322 | $112,931 | $128,434 |
December 31, 2025
Note to Condensed Financial Information (Parent Company)
The accompanying condensed financial information should be read in conjunction with the notes to consolidated financial statements included elsewhere herein. Reclassifications have been made in the 2024 and 2023 financial statements as originally reported to conform them to the presentation of the 2025 financial statements.
The Company files a consolidated federal income tax return with the results of its domestic insurance subsidiaries included on a statutory basis. Under present Company policy, federal income taxes payable by subsidiary companies on a separate-return basis are paid to W. R. Berkley Corporation, and the Company pays the tax due on a consolidated return basis.
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