W R Berkley Tops Earnings Estimates in Q3 as Underwriting Income Climbs 11 Percent

W. R. Berkley Corporation posted third-quarter 2026 adjusted EPS of $1.17, a penny above the $1.15 consensus estimate and 6 percent higher than a year ago, though net income fell to $446.0 million from $511.0 million in Q3 2025. Gross premiums written rose to $3.95 billion from $3.84 billion a year earlier, and net premiums written edged up to $3.27 billion. Pre-tax underwriting income grew 11 percent year over year to $237.7 million, while the combined ratio held nearly flat at 90.8 percent versus 90.9 percent last year. The accident-year combined ratio excluding catastrophes was 88.1 percent, with catastrophe losses accounting for 2.7 loss ratio points. Net investment income reached $383.5 million, and the operating return on equity came in at 18.8 percent. Average rate increases excluding workers' compensation ran at approximately 4.0 percent, with insurance segment gross premiums up 4.9 percent. Revenue of $3.27 billion came in below the $3.83 billion estimate on a top-line basis, and the company repurchased $21.1 million in shares during the quarter.

Crown Holdings delivered a stronger-than-expected quarter, with revenue of $3.71 billion surpassing estimates of $3.44 billion by 8 percent and rising 16 percent year over year, driven by a 6 percent increase in global beverage can volumes including double-digit gains in Asia. Adjusted EPS of $2.39 beat estimates by $0.13 and rose 7 percent from a year ago. The company maintained its full-year adjusted EPS guidance of $8.35 to $8.45 and raised its adjusted free cash flow floor to at least $950 million, though its Q4 EPS guidance of $1.63 to $1.73 fell short of the $1.80 consensus.

Among regional banks, Zions Bancorporation reported Q3 EPS of $1.78, well above the $1.67 estimate, as net interest income rose 2 percent to $684 million and customer-related noninterest income jumped 18 percent to $192 million. Loans and leases grew 4 percent to $62.5 billion and deposits grew 4 percent to $77.9 billion, with a CET1 ratio of 11.8 percent. Wintrust Financial beat on both lines, with EPS of $3.37 topping the $3.30 estimate by 21 percent year over year and net interest income climbing 10 percent to $621.6 million on total loan growth of 9 percent. Western Alliance met EPS expectations at $2.45, up 7.5 percent, on revenue of $1.01 billion that exceeded estimates, while deposit optimization actions of $4.5 billion over two quarters cut ECR-related deposit costs by $14 million. BOK Financial posted EPS of $2.64, beating estimates of $2.53 by 19 percent year over year, with net interest margin expanding 9 basis points to 3.00 percent and no provision for credit losses required in the quarter.

AGNC Investment reported a GAAP loss of $1.17 per share in Q3 as fixed-income markets came under severe pressure, particularly in the final weeks of September, with tangible book value per share falling 16.9 percent quarter over quarter to $7.13 and economic return coming in at negative 12.7 percent. Adjusted EPS of $0.37 matched estimates. The mortgage REIT's investment portfolio stood at $94.4 billion with at-risk leverage of 7.9 times, and net losses in other gains and losses totaled $1.7 billion, or $1.44 per share.