Witnesses increase in net income, operating income declines
W. R. Berkley, a US-based commercial lines writing company, has reported net income of $97 million for the second quarter of 2009, as compared to $80 million for the second quarter of 2008.
Operating income for the second quarter of 2009 was $100 million, compared to $139 million for the corresponding quarter of 2008.
William Berkley, chairman and CEO, said: “We were pleased with our quarterly results. The market value of our investment portfolio improved, and liquidity remains strong. While inflation is likely to be a significant intermediate and long-term concern, we do not consider it to be a near-term issue. From an operating point of view, we generally believe that the insurance cycle is bottoming out and see early signs of improving conditions.”
Operating income is a non-GAAP financial measure defined by the company as net income excluding income or losses from investment funds and net investment gains or losses.