W. R. Berkley (WRB) FY2020 results: revenue $8.1 billion, up 2.5% on the year
W. R. Berkley Corp. (WRB) reported revenue of $8.1 billion for fiscal 2020, the year ended 31 December 2020, up 2.5% on the year before. Net income was $531 million, down 22.2%, and diluted earnings per share $1.25. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$8.1 billion
+2.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$531 million
-22.2% on the year
FY2013FY2020
Diluted EPS
$1.25
-20.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,099
7,902
7,692
+2.5%
Interest expense
151
153
157
-1.9%
Pre-tax income
705
853
812
-17.4%
Income tax
172
169
163
+1.7%
Effective tax rate
24.4%
19.8%
20.1%
Net income
531
682
641
-22.2%
Net margin
6.6%
8.6%
8.3%
Diluted EPS
$1.25
$1.56
$1.48
-20.2%
$ million except per share. Read moreFree 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,617
1,144
620
+41.3%
Capital expenditure
n/a
60.5
49.9
Free cash flow
n/a
1,083
570
Free cash flow margin
n/a
13.7%
7.4%
Cash from investing
120
-425
-714
Cash from financing
-398
-513
-7.4
Depreciation and amortisation
135
113
131
+19.1%
Share-based compensation
49.7
49.3
36.6
+0.8%
Buybacks
346
18.2
24.8
+1,800.4%
Dividends paid
84.1
308
255
-72.7%
Dividend per share
$0.21
$0.75
$0.41
-72.0%
Diluted shares, weighted
425m
435m
433m
-2.5%
Shares outstanding at period end
400m
413m
412m
-3.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,311
6,075
5,438
+3.9%
Non-controlling interest
15.0
43.4
41.9
-65.5%
Trading liabilities
10.0
36.1
38.1
-72.2%
Other liabilities
22,271
20,489
19,378
+8.7%
Total liabilities and equity
28,607
26,643
24,896
+7.4%
Fixed assets
406
422
416
-3.8%
Goodwill
170
170
173
0.0%
Securities held for sale or to maturity
14,159
14,181
13,607
-0.2%
Trading assets
341
401
453
-14.8%
Cash and equivalents
2,372
1,024
818
+131.7%
Other assets
11,158
10,446
9,430
+6.8%
Total assets
28,607
26,643
24,896
+7.4%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.