W.R. Berkley (WRB) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hol ...

Shares of W.R. Berkley Corporation (WRB) have gained 33% in a year compared with the industry's growth of 21.1%. The Finance sector and the Zacks S&P 500 index have risen 19.5% and 26.1%, respectively, in the said time frame. With a market capitalization of $20 billion, the average volume of shares traded in the last three months was 1.75 million. The rally was largely driven by higher premiums, lower claims frequency in certain lines of business, growth in exposure, effective capital deployment and suffici ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Transition Period from to . Commission File Number 1-15202 W. R. BERKLEY CORPORATION (Exact name of registrant as specified in its charter) Delaware 22-1867895 | Title | Trading Sy ...

W. R. Berkley Corporation (NYSE:WRB) Q1 2024 Earnings Conference Call April 23, 2024 9:00 AM ET Company Participants Rob Berkley - President and CEO Rich Baio - CFO Bill Berkley - Executive Chairman Conference Call Participants Mike Zaremski - BMO Josh Shanker - Bank of America David Motemaden - Evercore Elyse Greenspan - Wells Fargo Ryan Tunis - Autonomous Research Mark Hughes - Truist Brian Meredith - UBS Operator Good day and welcome to W. R. Berkley Corporation First Quarter 2024 Earnings Conference Cal ...

[First Quarter 2024 Earnings Overview](index=1&type=section&id=First%20Quarter%202024%20Earnings%20Overview) W. R. Berkley Corporation achieved strong financial results in the first quarter of 2024, marked by significant growth in net income, operating income, and premiums written, alongside improved returns on equity [Headline Results](index=1&type=section&id=Headline%20Results) W. R. Berkley Corporation reported significant growth in net income and operating income for the first quarter of 2024, achieving strong returns on equity Key Financial Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------------- | :--------------------- | :--------------------- | :--------- | | Net income to common stockholders | $442,471 | $294,126 | 50.4% | | Operating income (1) | $423,324 | $275,966 | 53.4% | | Return on equity (2) | 23.7% | 17.4% | 6.3 pts | | Operating return on equity (1)(2)| 22.7% | 16.4% | 6.3 pts | [Summary Financial Data](index=1&type=section&id=Summary%20Financial%20Data) The company's summary financial data for Q1 2024 shows robust growth in premiums written and per-share earnings compared to the prior year Summary Financial Data (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :-------------------------- | :--------------------- | :--------------------- | | Gross premiums written | $3,362,755 | $3,049,317 | | Net premiums written | $2,851,291 | $2,574,824 | | Net income per diluted share| $1.64 | $1.06 | | Operating income per diluted share | $1.56 | $1.00 | [Management Commentary & Highlights](index=2&type=section&id=Management%20Commentary%20%26%20Highlights) Management highlighted strong Q1 2024 results driven by favorable market conditions, accelerated net premium growth, improved combined ratio, and record net investment income, positioning the company for future growth - The Company achieved a **23.7% annualized return** on beginning of year common stockholders' equity, demonstrating very strong results[6](index=6&type=chunk) - Growth in first quarter net premiums written accelerated year over year to **10.7%**, supported by favorable market conditions[7](index=7&type=chunk) - Net investment income increased **43.2%** over the prior year first quarter, reaching a record **$319.8 million**, despite challenges with investment funds[8](index=8&type=chunk)[10](index=10&type=chunk) First Quarter 2024 Key Highlights | Metric | Q1 2024 | YoY Change | | :------------------------------------ | :-------- | :--------- | | Net premiums written | $2.9 billion | +10.7% | | Reported combined ratio | 88.8% | -1.8 pts | | Pre-tax underwriting income | $309.0 million | +31.8% | | Average rate increases (excl. workers' comp) | ~7.8% | N/A | | Operating cash flow | $746.2 million | +67.6% | [Company Profile & Disclosures](index=3&type=section&id=Company%20Profile%20%26%20Disclosures) This section provides an overview of W. R. Berkley Corporation's business, webcast details, and important forward-looking information disclosures [About W. R. Berkley Corporation](index=3&type=section&id=About%20W.%20R.%20Berkley%20Corporation) W. R. Berkley Corporation is an insurance holding company operating globally in two property casualty business segments: Insurance and Reinsurance & Monoline Excess - W. R. Berkley Corporation, founded in 1967, is an insurance holding company and a major commercial lines writer in the U.S., operating in Insurance and Reinsurance & Monoline Excess segments worldwide[12](index=12&type=chunk) [Webcast Conference Call](index=3&type=section&id=Webcast%20Conference%20Call) The company scheduled a webcast conference call for April 23, 2024, to discuss its first quarter earnings, with a replay available afterward - A quarterly conference call with analysts and investors was scheduled for April 23, 2024, at 9:00 a.m. eastern time, accessible via webcast on the Company's website[11](index=11&type=chunk) [Forward-Looking Information](index=4&type=section&id=Forward-Looking%20Information) This section serves as a 'Safe Harbor' statement, outlining that forward-looking statements are based on current expectations and subject to various risks and uncertainties inherent in the property casualty industry and global economic conditions - The document includes a 'Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995, indicating that forward-looking statements are based on historical performance and current plans, estimates, and expectations[13](index=13&type=chunk) - Forward-looking information is subject to various risks and uncertainties, including the cyclical nature of the property casualty industry, competition, claims development, investment risks, catastrophic losses, economic conditions, and regulatory changes[13](index=13&type=chunk) [Detailed Financial Performance](index=6&type=section&id=Detailed%20Financial%20Performance) This section provides an in-depth analysis of the company's consolidated financial results and segment-specific operating performance [Consolidated Financial Summary](index=6&type=section&id=Consolidated%20Financial%20Summary) The consolidated financial summary details the company's revenues, expenses, and net income, showing significant year-over-year improvements across key financial indicators [Revenues Analysis](index=6&type=section&id=Revenues%20Analysis) Total revenues increased significantly, driven by strong growth in net premiums earned and net investment income, partially offset by a decrease in revenues from non-insurance businesses Consolidated Revenues (Q1 2024 vs. Q1 2023) | Revenue Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Total Revenues | $3,256,773 | $2,895,004 | 12.5% | | Net premiums earned | $2,764,347 | $2,491,432 | 10.9% | | Net investment income | $319,839 | $223,398 | 43.2% | | Net investment gains | $25,780 | $23,010 | 12.0% | | Revenues from non-insurance businesses | $120,992 | $124,200 | -2.6% | [Expenses Analysis](index=6&type=section&id=Expenses%20Analysis) Total expenses increased, primarily due to higher loss and loss expenses and other operating costs, while interest expense remained stable Consolidated Expenses (Q1 2024 vs. Q1 2023) | Expense Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Total expenses | $2,682,702 | $2,518,933 | 6.5% | | Loss and loss expenses | $1,663,778 | $1,538,755 | 8.1% | | Other operating costs and expenses | $868,589 | $825,575 | 5.2% | | Interest expense | $31,728 | $31,836 | -0.3% | [Net Income and EPS](index=6&type=section&id=Net%20Income%20and%20EPS) The company reported a substantial increase in net income to common stockholders and diluted earnings per share for the first quarter Consolidated Net Income and EPS (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Net income to common stockholders | $442,471 | $294,126 | 50.4% | | Net income per diluted share| $1.64 | $1.06 | 54.7% | [Business Segment Operating Results](index=7&type=section&id=Business%20Segment%20Operating%20Results) Both the Insurance and Reinsurance & Monoline Excess segments demonstrated improved profitability and premium growth, with the Reinsurance segment showing a particularly strong reduction in its combined ratio - The Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment, with 2023 financial information conformed to this new presentation[18](index=18&type=chunk) [Insurance Segment Performance](index=7&type=section&id=Insurance%20Segment%20Performance) The Insurance segment experienced solid growth in premiums and pre-tax income, alongside an improvement in its GAAP combined ratio Insurance Segment Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------- | :--------------------- | :--------------------- | :--------- | | Gross premiums written| $2,921,050 | $2,626,346 | 11.2% | | Net premiums written | $2,445,715 | $2,185,421 | 11.9% | | Pre-tax income | $478,149 | $352,626 | 35.6% | | GAAP Combined ratio | 90.2% | 91.2% | -1.0 pts | [Reinsurance & Monoline Excess Segment Performance](index=7&type=section&id=Reinsurance%20%26%20Monoline%20Excess%20Segment%20Performance) The Reinsurance & Monoline Excess segment showed growth in premiums and a significant improvement in pre-tax income and combined ratio, reflecting strong underwriting performance Reinsurance & Monoline Excess Segment Performance (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------- | :--------------------- | :--------------------- | :--------- | | Gross premiums written| $441,705 | $422,971 | 4.4% | | Net premiums written | $405,576 | $389,403 | 4.1% | | Pre-tax income | $127,624 | $101,285 | 26.0% | | GAAP Combined ratio | 79.6% | 86.6% | -7.0 pts | [Corporate and Eliminations Impact](index=7&type=section&id=Corporate%20and%20Eliminations%20Impact) Corporate and Eliminations recorded a reduced pre-tax loss, primarily due to lower other expenses, while net investment gains and interest expense remained relatively stable Corporate and Eliminations Financials (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :---------------- | :--------------------- | :--------------------- | :--------- | | Net investment gains | $25,780 | $23,010 | 12.0% | | Interest expense | $(31,728) | $(31,836) | -0.3% | | Other expenses | $(25,754) | $(69,014) | -62.7% | | Pre-tax loss | $(31,702) | $(77,840) | -59.3% | [Supplemental Financial Information](index=8&type=section&id=Supplemental%20Financial%20Information) Supplemental data provides a detailed breakdown of net premiums by line, catastrophe losses, investment income components, operating costs, and a reconciliation of net income to operating income [Net Premiums Written by Line](index=8&type=section&id=Net%20Premiums%20Written%20by%20Line) Net premiums written showed growth across most lines, with 'Other liability' and 'Short-tail lines' being the largest contributors to the increase Net Premiums Written by Line (Q1 2024 vs. Q1 2023) | Line of Business | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Other liability | $1,015,614 | $901,293 | 12.7% | | Short-tail lines | $532,341 | $426,654 | 24.8% | | Auto | $348,582 | $293,857 | 18.6% | | Workers' compensation | $304,632 | $309,984 | -1.7% | | Professional liability | $244,546 | $253,633 | -3.6% | | Total Insurance | $2,445,715 | $2,185,421 | 11.9% | | Total Reinsurance & Monoline Excess | $405,576 | $389,403 | 4.1% | | Total | $2,851,291 | $2,574,824 | 10.7% | [Catastrophe Losses](index=8&type=section&id=Catastrophe%20Losses) Current accident year catastrophe losses decreased significantly year-over-year, primarily driven by a reduction in the Insurance segment Current Accident Year Catastrophe Losses (Q1 2024 vs. Q1 2023) | Segment | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Insurance | $27,451 | $45,242 | -39.3% | | Reinsurance & Monoline Excess | $3,055 | $2,627 | 16.3% | | Total | $30,506 | $47,869 | -36.2% | [Net Investment Income Breakdown](index=8&type=section&id=Net%20Investment%20Income%20Breakdown) Net investment income saw substantial growth, primarily from the core portfolio, despite a negative contribution from investment funds in the current quarter Net Investment Income Breakdown (Q1 2024 vs. Q1 2023) | Source | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------- | :--------------------- | :--------------------- | :--------- | | Core portfolio | $331,177 | $202,962 | 63.2% | | Investment funds | $(29,349) | $2,180 | -1449.0% | | Arbitrage trading account | $18,011 | $18,256 | -1.3% | | Total | $319,839 | $223,398 | 43.2% | [Other Operating Costs and Expenses](index=8&type=section&id=Other%20Operating%20Costs%20and%20Expenses) Other operating costs and expenses increased, mainly driven by higher policy acquisition and insurance operating expenses, while net foreign currency results shifted from losses to gains Other Operating Costs and Expenses (Q1 2024 vs. Q1 2023) | Expense Category | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :------------------------------------ | :--------------------- | :--------------------- | :--------- | | Policy acquisition and insurance operating expenses | $791,532 | $718,276 | 10.2% | | Insurance service expenses | $21,439 | $25,180 | -14.8% | | Net foreign currency (gains) losses | $(13,177) | $9,495 | -238.8% | | Other costs and expenses | $68,795 | $72,624 | -5.2% | | Total | $868,589 | $825,575 | 5.2% | [Operating Cash Flow & Reconciliation to Operating Income](index=8&type=section&id=Operating%20Cash%20Flow%20%26%20Reconciliation%20to%20Operating%20Income) Operating cash flow significantly increased, and the reconciliation highlights the strong growth in operating income after-tax, a non-GAAP measure Operating Cash Flow & Operating Income Reconciliation (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Cash flow from operations | $746,235 | $445,323 | 67.6% | | Net income | $442,471 | $294,126 | 50.4% | | Operating income after-tax (4)| $423,324 | $275,966 | 53.4% | - Operating income is a non-GAAP financial measure defined as net income excluding after-tax net investment gains (losses), used by management as a useful indicator of underlying operations[20](index=20&type=chunk) [Balance Sheet & Investment Portfolio](index=10&type=section&id=Balance%20Sheet%20%26%20Investment%20Portfolio) This section presents key balance sheet figures and a detailed breakdown of the company's investment portfolio composition [Selected Balance Sheet Information](index=10&type=section&id=Selected%20Balance%20Sheet%20Information) The balance sheet at March 31, 2024, shows an increase in total assets, net invested assets, and common stockholders' equity, with a corresponding rise in book value per share Selected Balance Sheet Information (March 31, 2024 vs. December 31, 2023) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (%) | | :-------------------------- | :---------------------------- | :------------------------------- | :--------- | | Net invested assets (1) | $27,583,673 | $26,973,703 | 2.3% | | Total assets | $37,851,072 | $37,111,830 | 2.0% | | Reserves for losses and loss expenses | $19,099,628 | $18,739,652 | 1.9% | | Common stockholders' equity (2) | $7,784,832 | $7,455,431 | 4.4% | | Book value per share (4) | $30.34 | $29.06 | 4.4% | | Tangible book value per share (4) | $29.38 | $28.08 | 4.6% | - Common stockholders' equity as of March 31, 2024, reflected after-tax unrealized investment losses of **$657 million** and unrealized currency translation losses of **$367 million**[22](index=22&type=chunk) [Investment Portfolio Composition](index=11&type=section&id=Investment%20Portfolio%20Composition) The investment portfolio is predominantly composed of fixed maturity securities, with a diversified allocation across corporate, asset-backed, and government bonds, complemented by equity securities, investment funds, and real estate Investment Portfolio Composition (March 31, 2024) | Investment Category | Carrying Value (in thousands) | Percent of Total | | :------------------------------------ | :---------------------------- | :--------------- | | Total fixed maturity securities (1) | $20,964,854 | 75.9% | | Corporate | $8,162,703 | 29.5% | | Asset-backed securities | $4,239,561 | 15.4% | | United States government and government agencies | $1,829,552 | 6.6% | | Total equity securities available for sale | $1,178,048 | 4.3% | | Investment funds | $1,555,818 | 5.6% | | Real estate | $1,273,063 | 4.6% | | Cash and cash equivalents (2) | $1,237,005 | 4.5% | | Arbitrage trading account | $1,146,119 | 4.2% | | Loans receivable | $228,766 | 0.9% | | Net invested assets | $27,583,673 | 100.0% | - Total fixed maturity securities had an average rating of **AA-** and an average duration of **2.5 years**, including cash and cash equivalents[24](index=24&type=chunk)

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | 22-1867895 | | --- | | Delaware | (State or other jurisdiction of incorporation or organization) 475 Steamboat Road Greenwich, CT 06830 (Address of principal executive of ices) (Zip Code) Registrant's telep ...

W. R. Berkley Corporation (NYSE:WRB) Q4 2023 Earnings Conference Call January 24, 2024 5:00 PM ET Company Participants Rob Berkley - President and CEO Rich Baio - EVP and CFO Bill Berkley - Executive Chairman Conference Call Participants Elyse Greenspan - Wells Fargo Mark Hughes - Truist Mike Zaremski - BMO Capital Markets David Motemaden - Evercore ISI Ryan Tunis - Autonomous Research Meyer Shields - KBW Brian Meredith - UBS Josh Shanker - Bank of America Yaron Kinar - Jefferies Alex Scott - Goldman Sachs ...

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Transition Period from to . UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 or Former name, former address and former fiscal year, if changed since last report. Securities registered pursuant to Section 12(b) of the Act: Commis ...

W. R. Berkley Corporation (NYSE:WRB) Q3 2023 Earnings Conference Call October 23, 2023 5:00 PM ET Company Participants Rob Berkley - President and Chief Executive Officer Rich Baio - Executive Vice President & Chief Financial Officer Conference Call Participants Mike Zaremski - BMO Capital Markets Elyse Greenspan - Wells Fargo Mark Hughes - Truist Alex Scott - Goldman Sachs Josh Shanker - Bank of America David Motemaden - Evercore ISI Ryan Tunis - Autonomous Research Brian Meredith - UBS Meyer Shields - KBW ...

Investment Gains and Losses - W. R. Berkley Corporation reported a pre-tax net realized gain on investment of $88 million from the sale of Breckenridge IS, Inc.'s property and casualty insurance services division in June 2023[126]. - The company realized a pre-tax gain of $317 million from the sale of a London office building for £718 million in Q1 2022, with a net gain of $251 million after adjustments[127]. - The Company recognized an impairment of $51 million on a real estate investment during the second quarter of 2023[225]. - Net realized and unrealized gains on investments were $91 million in 2023, down from $206 million in 2022, reflecting a pre-tax net realized gain of $88 million from the sale of a division[186]. Reserves and Losses - As of June 30, 2023, the company's net reserves for losses and loss expenses were approximately $15.0 billion, with about $3.1 billion, or 20%, related to the Reinsurance & Monoline Excess segment[141][142]. - The establishment of loss reserves involves complex judgments and is subject to change based on new data and trends[134]. - The company utilizes various actuarial methods to derive loss reserve estimates, including paid loss development and incurred loss development techniques[135]. - The Insurance segment's reserves for losses and loss expenses amounted to $11,902,235 thousand as of June 30, 2023, up from $11,233,924 thousand at the end of 2022, indicating an increase of about 5.9%[144]. - The Reinsurance & Monoline Excess segment's reserves were $3,066,246 thousand as of June 30, 2023, compared to $3,014,955 thousand as of December 31, 2022, reflecting a rise of approximately 1.7%[144]. - The Company recognized COVID-19-related claims losses of approximately $352 million as of June 30, 2023, with $298 million attributed to the Insurance segment and $54 million to the Reinsurance & Monoline Excess segment[149]. - For the six months ended June 30, 2023, the net unfavorable prior year development was $(20,798) thousand, compared to a favorable development of $2,647 thousand for the same period in 2022[148]. - The Company reported an increase in prior year loss reserves of $(28,853) thousand for the six months ended June 30, 2023, compared to $(9,765) thousand for the same period in 2022[148]. - The overall adverse development for the Insurance segment during the six months ended June 30, 2023, included $25 million of adverse development, primarily due to property catastrophe losses[150]. - The favorable development in the Reinsurance & Monoline Excess segment was mainly driven by excess workers' compensation, which benefited from lower claim frequency and favorable claim settlements[154]. Premiums and Revenue - Gross premiums written increased by 8% to $6.386 billion in 2023 from $5.912 billion in 2022, driven by a $412 million increase in the Insurance segment[180]. - Net premiums earned rose by 10% to $5.044 billion in 2023, compared to $4.606 billion in 2022[182]. - Average renewal premium rates for insurance and facultative reinsurance increased by 7.1% in 2023, adjusted for changes in exposures[181]. - Net premiums written increased by 9% to $2,812 million in 2023 from $2,586 million in 2022[201]. - Premiums earned rose by 8% to $2,553 million in 2023 compared to $2,357 million in 2022[202]. - Insurance service fees rose to $58 million in 2023 from $54 million in 2022, mainly due to organic growth within the business[184]. Financial Performance - The Company reported net income to common stockholders of $650 million for the six months ended June 30, 2023, a decrease of 15.4% from $770 million in the same period of 2022[179]. - Net income to common stockholders was $356 million in 2023, compared to $179 million in 2022, driven by an after-tax increase in net investment gains[199]. - The GAAP combined ratio for the consolidated segment was 90.1% in 2023, indicating an underwriting profit, compared to 88.2% in 2022[179]. - The loss ratio for the Insurance segment increased to 62.9% in 2023 from 60.3% in 2022, while the expense ratio rose to 28.4% from 27.9%[179]. - Losses and loss expenses increased to $3,108 million in 2023 from $2,775 million in 2022, with a consolidated loss ratio of 61.6% in 2023 compared to 60.2% in 2022[189]. - Other operating costs and expenses rose to $1,649 million in 2023 from $1,414 million in 2022, with policy acquisition and insurance operating expenses increasing by 11%[190]. Investment Income - The company's investment income is primarily derived from fixed maturity securities, with returns influenced by general interest rates and credit quality[124]. - The Company expects continued fluctuations in investment income from its alternative investments, including private equity and real estate[125]. - Net investment income increased 36% to $469 million in 2023 from $345 million in 2022, primarily due to an $188 million increase in income from fixed maturity securities[183]. - Net investment income surged by 43% to $245 million in 2023 from $172 million in 2022, driven by a $93 million increase in income from fixed maturity securities[203]. Capitalization and Equity - Total common stockholders' equity was $6.9 billion as of June 30, 2023, with stockholders' equity per outstanding share at $26.74[235]. - The Company repurchased 7,098,959 shares of its common stock for $427.6 million during the six months ended June 30, 2023[235]. - Total capitalization, including equity and debt, was $9.7 billion at June 30, 2023, with 29% attributable to debt[236]. - At June 30, 2023, the Company had outstanding debt with a carrying value of $2,836 million, with maturities extending to 2061[233]. Tax and Allowances - The effective income tax rate increased to 21.8% in 2023 from 19.1% in 2022, primarily due to a net reduction in the valuation allowance against foreign tax credits[195]. - The effective income tax rate increased to 22.2% in 2023 from 19.4% in 2022 due to higher foreign and state income taxes[215]. - Loans receivable reported an allowance for expected credit losses of $5 million as of June 30, 2023, up from $2 million at the end of 2022[168]. - Loans receivable had an amortized cost of $182 million, with an allowance for expected credit losses of $5 million as of June 30, 2023[227]. Operating Activities - Cash flow from operating activities increased to $1,154 million for the six months ended June 30, 2023, up from $1,006 million in the same period of 2022, primarily due to increased premium receipts[231]. - The Company declared a regular quarterly cash dividend of $0.11 per share in the second quarter of 2023[235].