Berkley W R Corporation (WRB) has reported a 39.22 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $152.79 million, or $1.20 a share in the quarter, compared with $109.74 million, or $0.85 a share for the same period last year.
Revenue during the quarter grew 8.85 percent to $1,971.33 million from $1,811.06 million in the previous year period. Net premium earned for the quarter increased 4.94 percent or $76.28 million to $1,620.28 million. During the quarter, the company has written premium worth $1,510.26 million on net basis, up 0.74 percent or $11.11 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $1,739.50 million, or 107.36 percent of premium earned from $1,654.85 million or 107.18 percent of premium earned in the last year period. Operating income for the quarter was $231.83 million, compared with $156.21 million in the previous year period.
Net investment income was at $159.31 million for the quarter, up 24.84 percent or $31.70 million from year-ago period. Meanwhile, income from fees and commission for the quarter declined 7.17 percent or $2.28 million to $29.51 million. The company has recorded a gain on investments of $77.61 million in the quarter compared with a gain of $33.41 million for the previous year period.
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