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Earnings Results: W.R. Berkley stock drops nearly 5% after insurer falls short of Wall Street expectations

W.R. Berkley shares dropped in the extended session Thursday after the insurer missed the Wall Street consensus by several marks in its earnings report. Read More...

W.R. Berkley Corp. shares dropped in the extended session Thursday after the insurer missed the Wall Street consensus by several marks in its first-quarter earnings report.

W.R. Berkley WRB, +0.84% shares fell 4.5% after hours, following a 0.8% rise in the regular session to close at $63.36.

Net income fell to $294.1 million, or $1.06 a share, from $590.6 million, or $2.12 a share, in the year-ago period. The company, however, reported that operating income per share fell to $1 from $1.10 a year ago, while analysts surveyed by FactSet were looking for $1.23, making for the company’s first operating income miss in the past 10 quarters.

Total revenue fell to $2.9 billion from $2.92 billion a year ago, while analysts had forecast $2.92 billion. W.R. Berkley has missed in three of the past four quarters, according to FactSet.

Similarly, gross and net premiums both logged a third consecutive quarter of falling just short of the Wall Street consensus.

Gross premiums written in the first quarter rose to $3.05 billion from $2.86 billion, but were short of the $3.06 billion consensus from analysts.

Net premiums written increased to $2.57 billion from $2.41 billion last year, but short of the Street’s $2.6 billion expectation.

W.R. Berkley shares are down 12.7% year to date, while the S&P 500 index SPX, -0.60% has gained 7.6%, and the tech-heavy Nasdaq Composite Index COMP, -0.80% has surged 15.2%

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