W. R. Berkley Company Reviews Fourth Quarter and Full 12 months Outcomes
Fourth Quarter Web Revenue Grew 29.8% and Return on Fairness of 23.0%
File Annual Pre-Tax Underwriting Revenue of $1.0 Billion and File Web Revenue of $1.4 Billion
GREENWICH, Conn., January 26, 2023–(BUSINESS WIRE)–W. R. Berkley Company (NYSE: WRB) as we speak reported its fourth quarter and full 12 months 2022 outcomes.
Abstract Monetary Information |
|||||||||||||||
(Quantities in 1000’s, besides per share information) |
|||||||||||||||
Fourth Quarter |
Twelve Months |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Gross premiums written |
$ |
2,914,877 |
$ |
2,766,688 |
$ |
11,909,052 |
$ |
10,700,134 |
|||||||
Web premiums written |
2,427,907 |
2,275,509 |
10,004,070 |
8,862,867 |
|||||||||||
Web revenue to widespread stockholders |
382,223 |
294,430 |
1,381,062 |
1,022,490 |
|||||||||||
Web revenue per diluted share (1) |
1.37 |
1.06 |
4.94 |
3.66 |
|||||||||||
Working revenue (2) |
323,329 |
284,323 |
1,223,934 |
951,861 |
|||||||||||
Working revenue per diluted share (1) |
1.16 |
1.02 |
4.38 |
3.40 |
|||||||||||
Return on fairness (3) |
23.0 |
% |
18.7 |
% |
20.8 |
% |
16.2 |
% |
|||||||
Working return on fairness (2) (3) |
19.4 |
% |
18.0 |
% |
18.4 |
% |
15.1 |
% |
(1) The 2021 per share quantities had been restated for comparative functions to replicate the 3-for-2 widespread inventory break up effected on March 23, 2022.
(2) Working revenue is a non-GAAP monetary measure outlined by the Firm as web revenue excluding after-tax web funding features (losses) and associated bills.
(3) Return on fairness and working return on fairness symbolize web revenue and working revenue, respectively, expressed on an annualized foundation as a share of starting of 12 months widespread stockholders’ fairness.
Fourth quarter highlights included:
-
Return on fairness of 23.0%.
-
Ebook worth per share grew 8.1%, earlier than dividends and share repurchases.
-
Web funding revenue grew 40.2% to a report $231.3 million.
-
File quarterly pre-tax underwriting revenue of $291.9 million.
-
The present accident 12 months mixed ratio earlier than disaster losses of 1.2 loss ratio factors was 87.2%.
-
The reported mixed ratio was 88.4%, together with disaster losses of $30.8 million.
-
Common price will increase excluding staff’ compensation had been roughly 6.9%.
Full 12 months highlights included:
-
Return on fairness of 20.8%.
-
Ebook worth per share grew 6.1%, earlier than dividends and share repurchases.
-
File annual pre-tax underwriting revenue and web revenue of $1.0 billion and $1.4 billion, respectively.
-
Gross and web premiums written grew 11.3% and 12.9% to data $11.9 billion and $10.0 billion, respectively.
-
Common price will increase excluding staff’ compensation had been roughly 7.5%.
-
Web funding revenue grew 16.0% to a report $779.2 million.
-
Working money circulate elevated 17.6% to a report of roughly $2.6 billion.
-
Whole capital returned to shareholders was $329.3 million, consisting of $132.6 million of particular dividends, $102.6 million of standard dividends and $94.1 million of share repurchases.
The Firm commented:
Our distinctive 23.0% annualized return on starting fairness within the fourth quarter of 2022 capped a record-setting 12 months, characterised by continued progress, robust underwriting efficiency and rising web funding revenue.
Web premiums written superior practically 7% within the fourth quarter, with additional progress in areas of enterprise which can be reaching or exceeding our focused risk-adjusted return on fairness. We proceed to thoughtfully place our guide of enterprise to navigate the uncertainties of the present inflationary atmosphere and punctiliously consider the alternatives obtainable to profitably deploy capital as we proceed to develop our enterprise.
Web funding revenue grew by 40% in the course of the quarter and core web funding revenue grew by 75%. The quick period and prime quality of our fixed-maturity portfolio, mixed with report annual money circulate, allowed us to take a position extra funds at larger rates of interest and improve guide worth per share for the total 12 months by 6.1%, earlier than dividends and share repurchases.
Throughout 2022, our Firm carried out exceptionally nicely. Our outcomes demonstrated how our core data in underwriting and investing, mixed with our deal with risk-adjusted return, allowed us to raised navigate dangers and embrace alternatives to ship superior outcomes for our shareholders. We stay inspired in regards to the alternatives that we see in 2023 and past.
Webcast Convention Name
The Firm will maintain its quarterly convention name with analysts and buyers to debate its earnings and different data on January 26, 2023, at 5:00 p.m. japanese time. The convention name will likely be webcast stay on the Firm’s web site at https://ir.berkley.com/news-and-events/events-and-presentations/default.aspx. Please go surfing at the least ten minutes early to register and obtain and set up any crucial software program. A replay of the webcast will likely be obtainable on the Firm’s web site roughly two hours after the top of the convention name. Extra monetary data could be discovered on the Firm’s web site at https://ir.berkley.com/investor-relations/financial-information/quarterly-results/default.aspx.
About W. R. Berkley Company
Based in 1967, W. R. Berkley Company is an insurance coverage holding firm that’s among the many largest business traces writers in america and operates worldwide in two segments of the property casualty enterprise: Insurance coverage and Reinsurance & Monoline Extra.
Ahead Wanting Data
It is a “Secure Harbor” Assertion underneath the Personal Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, together with statements associated to our outlook for the trade and for our efficiency for the 12 months 2023 and past, are primarily based upon the Firm’s historic efficiency and on present plans, estimates and expectations. The inclusion of this forward-looking data shouldn’t be considered a illustration by us or some other individual that the longer term plans, estimates or expectations contemplated by us will likely be achieved. They’re topic to numerous dangers and uncertainties, together with however not restricted to: the cyclical nature of the property casualty trade; the impression of great competitors, together with new entrants to the trade; the long-tail and doubtlessly risky nature of the insurance coverage and reinsurance enterprise; product demand and pricing; claims growth and the method of estimating reserves; funding dangers, together with these of our portfolio of mounted maturity securities and investments in fairness securities, together with investments in monetary establishments, municipal bonds, mortgage-backed securities, loans receivable, funding funds, together with actual property, merger arbitrage, power associated and personal fairness investments; the consequences of rising declare and protection points; the unsure nature of harm theories and loss quantities, together with claims for cybersecurity-related dangers; pure and man-made catastrophic losses, together with on account of terrorist actions; the continued COVID-19 pandemic; the impression of local weather change, which can alter the frequency and improve the severity of disaster occasions; common financial and market actions, together with inflation, rates of interest, and volatility within the credit score and capital markets; the impression of the situations within the monetary markets and the worldwide financial system, and the potential impact of legislative, regulatory, accounting or different initiatives taken in response, on our outcomes and monetary situation; international foreign money and political dangers (together with these related to the UK’s withdrawal from the European Union, or “Brexit”) referring to our worldwide operations; our means to draw and retain key personnel and certified workers; continued availability of capital and financing; the success of our new ventures or acquisitions and the provision of different alternatives; the provision of reinsurance; our retention underneath the Terrorism Danger Insurance coverage Program Reauthorization Act of 2019; the power or willingness of our reinsurers to pay reinsurance recoverables owed to us; different legislative and regulatory developments, together with these associated to enterprise practices within the insurance coverage trade; credit score threat associated to our policyholders, unbiased brokers and brokers; modifications within the rankings assigned to us or our insurance coverage firm subsidiaries by ranking companies; the provision of dividends from our insurance coverage firm subsidiaries; potential difficulties with expertise and/or cyber safety points; the effectiveness of our controls to make sure compliance with tips, insurance policies and authorized and regulatory requirements; and different dangers detailed sometimes within the Firm’s filings with the Securities and Alternate Fee. These dangers and uncertainties might trigger our precise outcomes for the 12 months 2023 and past to vary materially from these expressed in any forward-looking assertion we make. Any projections of progress in our revenues wouldn’t essentially lead to commensurate ranges of earnings. Ahead-looking statements communicate solely as of the date on which they’re made, and the Firm undertakes no obligation to replace publicly or revise any forward-looking assertion, whether or not on account of new data, future developments or in any other case.
Consolidated Monetary Abstract |
|||||||||||||||
(Quantities in 1000’s, besides per share information) |
|||||||||||||||
Fourth Quarter |
Twelve Months |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Revenues: |
|||||||||||||||
Web premiums written |
$ |
2,427,907 |
$ |
2,275,509 |
$ |
10,004,070 |
$ |
8,862,867 |
|||||||
Change in unearned premiums |
85,317 |
(72,076 |
) |
(442,641 |
) |
(756,836 |
) |
||||||||
Web premium earned |
2,513,224 |
2,203,433 |
9,561,429 |
8,106,031 |
|||||||||||
Web funding revenue |
231,283 |
165,003 |
779,185 |
671,618 |
|||||||||||
Web funding features: |
|||||||||||||||
Web realized and unrealized features on investments |
77,647 |
17,551 |
217,311 |
106,958 |
|||||||||||
Change in allowance for credit score losses on investments |
(2,549 |
) |
(5,322 |
) |
(14,914 |
) |
(16,326 |
) |
|||||||
Web funding features |
75,098 |
12,229 |
202,397 |
90,632 |
|||||||||||
Revenues from non-insurance companies |
164,338 |
172,225 |
509,548 |
489,151 |
|||||||||||
Insurance coverage service charges |
28,260 |
24,326 |
110,544 |
93,857 |
|||||||||||
Different Revenue |
1,599 |
1,014 |
3,396 |
4,177 |
|||||||||||
Whole Revenues |
3,013,802 |
2,578,230 |
11,166,499 |
9,455,466 |
|||||||||||
Bills: |
|||||||||||||||
Loss and loss bills |
1,522,104 |
1,330,330 |
5,861,750 |
4,953,960 |
|||||||||||
Different working prices and bills |
822,248 |
692,252 |
2,961,505 |
2,599,270 |
|||||||||||
Bills from non-insurance companies |
159,127 |
163,698 |
493,189 |
472,151 |
|||||||||||
Curiosity expense |
31,902 |
37,333 |
130,374 |
147,180 |
|||||||||||
Whole bills |
2,535,381 |
2,223,613 |
9,446,818 |
8,172,561 |
|||||||||||
Revenue earlier than revenue tax |
478,421 |
354,617 |
1,719,681 |
1,282,905 |
|||||||||||
Revenue tax expense |
(96,437 |
) |
(60,313 |
) |
(334,727 |
) |
(251,890 |
) |
|||||||
Web Revenue earlier than noncontrolling pursuits |
381,984 |
294,304 |
1,384,954 |
1,031,015 |
|||||||||||
Noncontrolling curiosity |
239 |
126 |
(3,892 |
) |
(8,525 |
) |
|||||||||
Web revenue to widespread stockholders |
$ |
382,223 |
$ |
294,430 |
$ |
1,381,062 |
$ |
1,022,490 |
|||||||
Web revenue per share (1): |
|||||||||||||||
Primary |
$ |
1.38 |
$ |
1.06 |
$ |
4.99 |
$ |
3.69 |
|||||||
Diluted |
$ |
1.37 |
$ |
1.06 |
$ |
4.94 |
$ |
3.66 |
|||||||
Common shares excellent (1) (2): |
|||||||||||||||
Primary |
276,625 |
276,654 |
276,852 |
277,430 |
|||||||||||
Diluted |
278,888 |
278,535 |
279,461 |
279,749 |
(1) The 2021 per share quantities had been restated for comparative functions to replicate the 3-for-2 widespread inventory break up effected on March 23, 2022.
(2) Primary shares excellent include the weighted common variety of widespread shares excellent in the course of the interval (together with shares held in a grantor belief). Diluted shares excellent include the weighted common variety of primary and customary equal shares excellent in the course of the interval.
Enterprise Section Working Outcomes |
|||||||||||||||
(Quantities in 1000’s, besides ratios) (1) |
|||||||||||||||
Fourth Quarter |
Twelve Months |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Insurance coverage: |
|||||||||||||||
Gross premiums written |
$ |
2,607,497 |
$ |
2,463,050 |
$ |
10,583,785 |
$ |
9,471,667 |
|||||||
Web premiums written |
2,147,121 |
2,002,584 |
8,784,146 |
7,743,814 |
|||||||||||
Web premiums earned |
2,207,057 |
1,926,456 |
8,369,062 |
7,077,708 |
|||||||||||
Pre-tax revenue |
403,473 |
357,399 |
1,455,658 |
1,219,798 |
|||||||||||
Loss ratio |
61.4 |
% |
60.5 |
% |
61.3 |
% |
61.1 |
% |
|||||||
Expense ratio |
27.8 |
% |
27.6 |
% |
27.9 |
% |
28.3 |
% |
|||||||
GAAP Mixed ratio |
89.2 |
% |
88.1 |
% |
89.2 |
% |
89.4 |
% |
|||||||
Reinsurance & Monoline Extra: |
|||||||||||||||
Gross premiums written |
$ |
307,380 |
$ |
303,638 |
$ |
1,325,267 |
$ |
1,228,467 |
|||||||
Web premiums written |
280,786 |
272,925 |
1,219,924 |
1,119,053 |
|||||||||||
Web premiums earned |
306,167 |
276,977 |
1,192,367 |
1,028,323 |
|||||||||||
Pre-tax revenue |
107,161 |
74,378 |
316,527 |
270,563 |
|||||||||||
Loss ratio |
54.2 |
% |
59.7 |
% |
61.3 |
% |
61.0 |
% |
|||||||
Expense ratio |
28.6 |
% |
28.7 |
% |
28.4 |
% |
29.7 |
% |
|||||||
GAAP Mixed ratio |
82.8 |
% |
88.4 |
% |
89.7 |
% |
90.7 |
% |
|||||||
Company and Eliminations: |
|||||||||||||||
Web funding features |
$ |
75,098 |
$ |
12,229 |
$ |
202,397 |
$ |
90,632 |
|||||||
Curiosity expense |
(31,902 |
) |
(37,333 |
) |
(130,374 |
) |
(147,180 |
) |
|||||||
Different revenues and bills |
(75,409 |
) |
(52,056 |
) |
(124,527 |
) |
(150,908 |
) |
|||||||
Pre-tax loss |
(32,213 |
) |
(77,160 |
) |
(52,504 |
) |
(207,456 |
) |
|||||||
Consolidated: |
|||||||||||||||
Gross premiums written |
$ |
2,914,877 |
$ |
2,766,688 |
$ |
11,909,052 |
$ |
10,700,134 |
|||||||
Web premiums written |
2,427,907 |
2,275,509 |
10,004,070 |
8,862,867 |
|||||||||||
Web premiums earned |
2,513,224 |
2,203,433 |
9,561,429 |
8,106,031 |
|||||||||||
Pre-tax revenue |
478,421 |
354,617 |
1,719,681 |
1,282,905 |
|||||||||||
Loss ratio |
60.6 |
% |
60.4 |
% |
61.3 |
% |
61.1 |
% |
|||||||
Expense ratio |
27.8 |
% |
27.8 |
% |
28.0 |
% |
28.5 |
% |
|||||||
GAAP Mixed ratio |
88.4 |
% |
88.2 |
% |
89.3 |
% |
89.6 |
% |
(1) Loss ratio is losses and loss bills incurred expressed as a share of premiums earned. Expense ratio is underwriting bills expressed as a share of premiums earned. GAAP mixed ratio is the sum of the loss ratio and the expense ratio.
Supplemental Data |
|||||||||||||||
(Quantities in 1000’s) |
|||||||||||||||
Fourth Quarter |
Twelve Months |
||||||||||||||
2022 |
2021 |
2022 |
2021 |
||||||||||||
Web premiums written: |
|||||||||||||||
Different legal responsibility |
$ |
838,516 |
$ |
744,972 |
$ |
3,408,254 |
$ |
2,914,651 |
|||||||
Quick-tail traces (1) |
431,528 |
392,430 |
1,749,926 |
1,482,687 |
|||||||||||
Employees’ compensation |
281,070 |
269,060 |
1,221,804 |
1,148,912 |
|||||||||||
Business car |
308,746 |
297,663 |
1,257,659 |
1,120,566 |
|||||||||||
Skilled legal responsibility |
287,261 |
298,459 |
1,146,503 |
1,076,998 |
|||||||||||
Whole Insurance coverage |
2,147,121 |
2,002,584 |
8,784,146 |
7,743,814 |
|||||||||||
Casualty reinsurance |
201,851 |
199,263 |
785,631 |
724,595 |
|||||||||||
Monoline extra |
29,798 |
27,346 |
222,521 |
212,022 |
|||||||||||
Property reinsurance |
49,137 |
46,317 |
211,772 |
182,436 |
|||||||||||
Whole Reinsurance & Monoline Extra |
280,786 |
272,925 |
1,219,924 |
1,119,053 |
|||||||||||
Whole |
$ |
2,427,907 |
$ |
2,275,509 |
$ |
10,004,070 |
$ |
8,862,867 |
|||||||
Present accident 12 months losses from catastrophes (together with COVID-19 associated losses): |
|||||||||||||||
Insurance coverage |
$ |
24,592 |
$ |
41,462 |
$ |
126,393 |
$ |
150,326 |
|||||||
Reinsurance & Monoline Extra |
6,253 |
7,000 |
85,317 |
51,721 |
|||||||||||
Whole |
$ |
30,845 |
$ |
48,462 |
$ |
211,710 |
$ |
202,047 |
|||||||
Web Funding revenue: |
|||||||||||||||
Core portfolio (2) |
$ |
186,897 |
$ |
107,027 |
$ |
588,873 |
$ |
413,928 |
|||||||
Funding funds |
23,180 |
50,476 |
145,099 |
220,014 |
|||||||||||
Arbitrage buying and selling account |
21,206 |
7,500 |
45,213 |
37,676 |
|||||||||||
Whole |
$ |
231,283 |
$ |
165,003 |
$ |
779,185 |
$ |
671,618 |
|||||||
Web realized and unrealized features on investments: |
|||||||||||||||
Web realized (losses) features on investments |
$ |
(10,422 |
) |
$ |
(5,812 |
) |
$ |
217,943 |
$ |
145,413 |
|||||
Change in unrealized features (losses) on fairness securities |
88,069 |
23,363 |
(632 |
) |
(38,455 |
) |
|||||||||
Whole |
$ |
77,647 |
$ |
17,551 |
$ |
217,311 |
$ |
106,958 |
|||||||
Different working prices and bills: |
|||||||||||||||
Coverage acquisition and insurance coverage working bills |
$ |
699,227 |
$ |
612,179 |
$ |
2,673,903 |
$ |
2,306,727 |
|||||||
Insurance coverage service bills |
25,071 |
22,186 |
96,419 |
86,003 |
|||||||||||
Web international foreign money losses (features) |
34,130 |
(6,508 |
) |
(50,930 |
) |
(25,725 |
) |
||||||||
Debt extinguishment prices |
— |
— |
— |
11,521 |
|||||||||||
Different prices and bills |
63,820 |
64,395 |
242,113 |
220,744 |
|||||||||||
Whole |
$ |
822,248 |
$ |
692,252 |
$ |
2,961,505 |
$ |
2,599,270 |
|||||||
Money circulate from operations |
$ |
795,301 |
$ |
659,593 |
$ |
2,568,604 |
$ |
2,183,987 |
|||||||
Reconciliation of web revenue to working revenue: |
|||||||||||||||
Web revenue |
$ |
382,223 |
$ |
294,430 |
$ |
1,381,062 |
$ |
1,022,490 |
|||||||
Pre-tax funding features, web of associated bills |
(75,098 |
) |
(12,317 |
) |
(199,087 |
) |
(87,712 |
) |
|||||||
Revenue tax expense |
16,204 |
2,210 |
41,959 |
17,083 |
|||||||||||
Working revenue after-tax (3) |
$ |
323,329 |
$ |
284,323 |
$ |
1,223,934 |
$ |
951,861 |
(1) Quick-tail traces embrace business multi-peril (non-liability), inland marine, accident and well being, constancy and surety, boiler and equipment and different traces.
(2) Core portfolio contains mounted maturity securities, fairness securities, money and money equivalents, actual property and loans receivable.
(3) Working revenue is a non-GAAP monetary measure outlined by the Firm as web revenue excluding after-tax web funding features (losses). Web funding features (losses) are computed web of associated bills, together with performance-based compensatory prices related to realized funding features. Administration believes this measurement gives a helpful indicator of traits within the Firm’s underlying operations.
Chosen Stability Sheet Data |
|||||
(Quantities in 1000’s, besides per share information) |
|||||
December 31, 2022 |
December 31, 2021 |
||||
Web invested property (1) |
$ |
24,545,672 |
$ |
23,705,508 |
|
Whole property |
33,861,099 |
32,086,414 |
|||
Reserves for losses and loss bills |
17,011,223 |
15,390,888 |
|||
Senior notes and different debt |
1,828,823 |
2,259,416 |
|||
Subordinated debentures |
1,008,371 |
1,007,652 |
|||
Widespread stockholders’ fairness (2) |
6,748,332 |
6,653,011 |
|||
Widespread inventory excellent (3) (4) |
264,546 |
265,171 |
|||
Ebook worth per share (4) (5) |
25.51 |
25.09 |
|||
Tangible guide worth per share (4) (5) |
24.58 |
24.27 |
(1) Web invested property embrace investments, money and money equivalents, buying and selling accounts receivable from brokers and clearing organizations, buying and selling account securities offered however not but bought and unsettled purchases, web of associated liabilities.
(2) As of December 31, 2022, mirrored in widespread stockholders’ fairness are after-tax unrealized funding losses of $893 million and unrealized foreign money translation losses of $372 million. As of December 31, 2021, after-tax unrealized funding features had been $91 million and unrealized foreign money translation losses had been $373 million.
(3) Through the twelve months ended December 31, 2022, the Firm repurchased 1,370,394 shares of its widespread inventory for $94.1 million. Through the three months ended December 31, 2022, the Firm repurchased 1,264,090 shares of its widespread inventory for $87.6 million. The variety of shares of widespread inventory excellent excludes shares held in a grantor belief.
(4) The 2021 per share quantities had been restated for comparative functions to replicate the 3-for-2 widespread inventory break up effected on March 23, 2022.
(5) Ebook worth per share is whole widespread stockholders’ fairness divided by the variety of widespread shares excellent. Tangible guide worth per share is whole widespread stockholders’ fairness excluding the after-tax worth of goodwill and different intangible property divided by the variety of widespread shares excellent.
Funding Portfolio |
|||||
December 31, 2022 |
|||||
(Quantities in 1000’s, besides percentages) |
|||||
Carrying Worth |
% of Whole |
||||
Fastened maturity securities: |
|||||
United States authorities and authorities companies |
$ |
892,258 |
3.6 |
% |
|
State and municipal: |
|||||
Particular income |
1,721,497 |
7.0 |
% |
||
Native common obligation |
441,097 |
1.8 |
% |
||
State common obligation |
416,713 |
1.7 |
% |
||
Company backed |
199,639 |
0.8 |
% |
||
Pre-refunded |
158,840 |
0.7 |
% |
||
Whole state and municipal |
2,937,786 |
12.0 |
% |
||
Mortgage-backed securities: |
|||||
Company |
901,332 |
3.7 |
% |
||
Business |
528,609 |
2.1 |
% |
||
Residential – Prime |
235,315 |
1.0 |
% |
||
Residential – Alt A |
3,762 |
0.1 |
% |
||
Whole mortgage-backed securities |
1,669,018 |
6.9 |
% |
||
Asset-backed securities |
3,982,773 |
16.2 |
% |
||
Company: |
|||||
Industrial |
3,252,999 |
13.3 |
% |
||
Monetary |
2,470,372 |
10.1 |
% |
||
Utilities |
551,048 |
2.2 |
% |
||
Different |
429,573 |
1.7 |
% |
||
Whole company |
6,703,992 |
27.3 |
% |
||
International authorities |
1,401,522 |
5.7 |
% |
||
Whole mounted maturity securities (1) |
17,587,349 |
71.7 |
% |
||
Fairness securities obtainable on the market: |
|||||
Widespread shares |
982,751 |
4.0 |
% |
||
Most well-liked shares |
203,143 |
0.8 |
% |
||
Whole fairness securities obtainable on the market |
1,185,894 |
4.8 |
% |
||
Money and money equivalents (2) |
1,686,819 |
6.9 |
% |
||
Funding funds (3) |
1,607,756 |
6.5 |
% |
||
Actual property |
1,340,622 |
5.4 |
% |
||
Arbitrage buying and selling account |
944,230 |
3.9 |
% |
||
Loans receivable |
193,002 |
0.8 |
% |
||
Web invested property |
$ |
24,545,672 |
100.0 |
% |
(1) Whole mounted maturity securities had a median ranking of AA- and a median period of two.4 years, together with money and money equivalents.
(2) Money and money equivalents contains buying and selling accounts receivable from brokers and clearing organizations, buying and selling account securities offered however not but bought and unsettled purchases.
(3) Funding funds are web of associated liabilities of $0.8 million.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20230126005791/en/
Contacts
Karen A. Horvath
Vice President – Exterior
Monetary Communications
(203) 629-3000