W. R. Berkley (WRB) FY2017 results: revenue $7.7 billion, up 0.4% on the year

W. R. Berkley Corp. (WRB) reported revenue of $7.7 billion for fiscal 2017, the year ended 31 December 2017, up 0.4% on the year before. Net income was $549 million, down 8.8%, and diluted earnings per share $1.26. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2018.

Revenue

$7.7 billion

+0.4% on the year

FY2010FY2017

Operating margin

n/a

FY2010FY2017

Net income

$549 million

-8.8% on the year

FY2010FY2017

Diluted EPS

$1.26

-9.0% on the year

FY2010FY2017

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ million	FY2017	FY2016	FY2015	On the year
Revenue	7,685	7,654	7,206	+0.4%
Interest expense	147	141	131	+4.5%
Pre-tax income	773	896	732	-13.8%
Income tax	219	293	228	-25.1%
Effective tax rate	28.4%	32.7%	31.1%
Net income	549	602	504	-8.8%
Net margin	7.1%	7.9%	7.0%
Diluted EPS	$1.26	$1.39	$1.15	-9.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2017	FY2016	FY2015	On the year
Operating cash flow	711	848	881	-16.2%
Capital expenditure	116	50.8	63.6	+127.7%
Free cash flow	595	798	818	-25.4%
Free cash flow margin	7.7%	10.4%	11.3%
Cash from investing	-333	-794	-171
Cash from financing	-235	-6.9	-555
Depreciation and amortisation	113	86.1	85.1	+31.3%
Share-based compensation	40.5	37.2	32.1	+8.9%
Buybacks	47.8	132	224	-63.9%
Dividends paid	188	184	58.0	+2.3%
Dividend per share	$0.31	n/a	n/a
Diluted shares, weighted	435m	434m	439m	+0.4%
Shares outstanding at period end	410m	409m	416m	+0.3%

Balance sheet

$ million	FY2017	FY2016	FY2015	On the year
Shareholders' equity	5,411	5,047	4,600	+7.2%
Non-controlling interest	39.8	33.9	33.0	+17.4%
Trading liabilities	64.4	51.2	37.0	+25.8%
Other liabilities	18,784	18,233	17,061	+3.0%
Total liabilities and equity	24,300	23,365	21,731	+4.0%
Fixed assets	423	349	348	+21.0%
Goodwill	179	145	153	+23.8%
Securities held for sale or to maturity	13,551	13,191	12,444	+2.7%
Trading assets	618	300	377	+105.9%
Cash and equivalents	950	795	764	+19.5%
Other assets	8,579	8,585	7,645	-0.1%
Total assets	24,300	23,365	21,731	+4.0%

10-K for the year ended 31 December 2017, filed 23 February 2018: the filing.