BERKLEY W R CORP
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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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) | 2024 | 2023 |
| Assets: | ||
| Cash and cash equivalents | $112,931 | $128,434 |
| Fixed maturity securities available for sale at fair value (cost $251,938 and $190,708 at December 31, 2024 and 2023, respectively) | 251,800 | 189,189 |
| Loans receivable (net of allowance for expected credit losses of $591 and $1,146 at December 31, 2024 and 2023, respectively) | 27,659 | 91,304 |
| Equity securities, at fair value (cost $3,430 at both December 31, 2024 and 2023) | 3,430 | 3,430 |
| Investment in subsidiaries | 10,770,734 | 9,887,117 |
| Current federal income taxes | 36,417 | — |
| Deferred federal income taxes | 228,329 | 278,946 |
| Property, furniture and equipment at cost, less accumulated depreciation | 9,320 | 10,382 |
| Other assets | 126,799 | 44,186 |
| Total assets | $11,567,419 | $10,632,988 |
| Liabilities and stockholders’ equity: | ||
| Liabilities: | ||
| Due to subsidiaries | $182,445 | $178,676 |
| Other liabilities | 158,281 | 166,399 |
| Current federal income taxes | — | 1,721 |
| Subordinated debentures | 1,009,808 | 1,009,090 |
| Senior notes | 1,821,774 | 1,821,671 |
| Total liabilities | 3,172,308 | 3,177,557 |
| Stockholders’ equity: | ||
| Preferred stock | — | — |
| Common stock | 158,705 | 158,705 |
| Additional paid-in capital | 984,825 | 964,789 |
| Retained earnings (including accumulated undistributed net income of subsidiaries of $9,216,210 and $8,497,674 at December 31, 2024 and 2023, respectively) | 12,265,070 | 11,040,908 |
| Accumulated other comprehensive loss | (934,269) | (925,838) |
| Treasury stock, at cost | (4,079,220) | (3,783,133) |
| Total stockholders’ equity | 8,395,111 | 7,455,431 |
| Total liabilities and stockholders’ equity | $11,567,419 | $10,632,988 |
Schedule II, Continued
Statements of Income (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2022 |
| Management fees and investment income including dividends from subsidiaries of $1,196,538, $1,261,166, and $22,807 for the years ended December 31, 2024, 2023 and 2022, respectively | $1,252,194 | $1,325,997 | $32,585 |
| Net investment gains (losses) | 90,284 | (5,895) | 1,007 |
| Other income | 853 | 368 | 1,916 |
| Total revenues | 1,343,331 | 1,320,470 | 35,508 |
| Operating costs and expense | 277,679 | 272,750 | 192,175 |
| Interest expense | 126,400 | 126,397 | 129,633 |
| Income (loss) before federal income taxes | 939,252 | 921,323 | (286,300) |
| Federal income taxes: | |||
| Federal income taxes provided by subsidiaries on a separate return basis | 424,456 | 253,292 | 414,660 |
| Federal income tax expense on a consolidated return basis | (356,943) | (284,757) | (258,776) |
| Net federal income tax benefit (expense) | 67,513 | (31,465) | 155,884 |
| Income (loss) before undistributed equity in net income of subsidiaries | 1,006,765 | 889,858 | (130,416) |
| Equity in undistributed net income of subsidiaries | 749,350 | 491,501 | 1,511,478 |
| Net income | $1,756,115 | $1,381,359 | $1,381,062 |
Schedule II, Continued
Statements of Cash Flows (Parent Company)
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2022 |
| Cash flow from (used in) operating activities: | |||
| Net income | $1,756,115 | $1,381,359 | $1,381,062 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Net investment (gains) losses | (90,284) | 5,895 | (1,007) |
| Depreciation and (accretion) amortization | (5,120) | (6,753) | 4,281 |
| Equity in undistributed earnings of subsidiaries | (749,350) | (491,501) | (1,511,478) |
| Tax payments received from subsidiaries | 432,402 | 373,504 | 321,682 |
| Federal income taxes provided by subsidiaries on a separate return basis | (424,456) | (253,292) | (414,660) |
| Stock incentive plans | 54,381 | 51,000 | 49,411 |
| Change in: | |||
| Federal income taxes | (9,346) | (15,793) | (40,746) |
| Equity in undistributed earnings of other investments | (10,444) | — | — |
| Other assets | (9,888) | (5,647) | 3,163 |
| Other liabilities | 114,418 | (88,954) | 87,100 |
| Accrued investment income | (1,740) | 1,200 | 890 |
| Net cash from (used in) operating activities | 1,056,688 | 951,018 | (120,302) |
| Cash (used in) from investing activities: | |||
| Proceeds from sales of fixed maturity securities | 598,915 | 748,825 | 543,549 |
| Proceeds from maturities and prepayments of fixed maturity securities | 260,999 | 82,075 | 83,134 |
| Cost of purchases of fixed maturity securities | (824,476) | (732,685) | (109,289) |
| Change in loans receivable | 64,200 | 17,843 | (16,249) |
| Investments in and advances to subsidiaries, net | (238,337) | 21,605 | (171,062) |
| Change in balance due to security broker | (71,143) | (38) | (10,289) |
| Net additions to real estate, furniture & equipment | (37) | (18) | (432) |
| Other, net | 73 | 290 | 368 |
| Net cash (used in) from investing activities | (209,806) | 137,897 | 319,730 |
| Cash used in financing activities: | |||
| Net proceeds from issuance of senior notes | — | — | (914) |
| Repayment and redemption of debt | — | — | (426,503) |
| Purchase of common treasury shares | (303,655) | (537,163) | (94,140) |
| Cash dividends to common stockholders | (531,953) | (501,456) | (235,192) |
| Other, net | (26,777) | (25,384) | (23,194) |
| Net cash used in from financing activities | (862,385) | (1,064,003) | (779,943) |
| Net (decrease) increase in cash and cash equivalents | (15,503) | 24,912 | (580,515) |
| Cash and cash equivalents at beginning of year | 128,434 | 103,522 | 684,037 |
| Cash and cash equivalents at end of year | $112,931 | $128,434 | $103,522 |
December 31, 2024
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 2023 and 2022 financial statements as originally reported to conform them to the presentation of the 2024 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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