W. R. Berkley Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	1,756	1,381	1,381	1,022
Depreciation & Amortization	-	63.63	59.94	55.87	129.68
Gain (Loss) on Sale of Investments	-	-117.71	-47.04	-202.4	-90.63
Stock-Based Compensation	-	54.38	51	49.41	46.68
Change in Accounts Receivable	-	-184.43	-334.18	-268.17	-364.4
Change in Unearned Revenue	-	485.49	617.54	466.59	786.63
Change in Income Taxes	-	-28.53	52.45	-3.53	-43.89
Change in Deferred Taxes	-	95.31	-26.69	-64.71	7.63
Change in Insurance Reserves / Liabilities	-	1,708	1,715	1,684	1,636
Change in Other Net Operating Assets	-	39.11	-291.56	-246.43	-344.18
Other Operating Activities	-	-222.78	-97.54	-145.1	-220.02
Operating Cash Flow	-	3,678	2,929	2,569	2,184
Operating Cash Flow Growth	-	25.57%	14.04%	17.61%	35.09%
Capital Expenditures	-	-105.62	-53.08	-52.68	-66.63
Cash Acquisitions	-	-	-11.56	-49.57	-
Investment in Securities	-	-1,909	-1,928	-2,581	-3,044
Other Investing Activities	-	107.28	-33.93	14.34	-17.98
Investing Cash Flow	-	-2,184	-1,962	-1,891	-2,989
Long-Term Debt Issued	-	3.11	0.98	-	1,034
Total Debt Repaid	-	-	-1.95	-429.81	-504.95
Net Debt Issued (Repaid)	-	3.11	-0.97	-429.81	529.16
Repurchases of Common Stock	-	-303.66	-537.16	-94.14	-122.43
Common Dividends Paid	-	-121.59	-501.46	-235.19	-355.74
Other Financing Activities	-	-19.98	-22.9	-12.85	-45.16
Financing Cash Flow	-	-852.49	-1,062	-771.99	5.83
Foreign Exchange Rate Adjustments	-	-29.84	9.07	-24.75	-4.2
Net Cash Flow	-	611.55	-86.15	-119.5	-803.52
Free Cash Flow	-	3,573	2,876	2,516	2,117
Free Cash Flow Growth	-	24.22%	14.32%	18.82%	34.14%
Free Cash Flow Margin	-	26.20%	23.69%	22.53%	22.39%
Free Cash Flow Per Share	-	8.86	7.02	6.00	5.05
Cash Interest Paid	-	138	114	138	141
Cash Income Tax Paid	-	410	332	295	244
Levered Free Cash Flow	-	3,329	2,846	2,535	2,181
Unlevered Free Cash Flow	-	3,408	2,926	2,616	2,273
Change in Working Capital	-	2,146	1,579	1,426	1,287

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.