WRBW. R. Berkley Corporation

The Company reported net income of $1,779 million in 2025 and $1,756 million in 2024 and $1,381 million in 2023. 2024. The $375 $23 million increase in net income reflected an after-tax increase in net investment income of $217 $75 million primarily due to higher interest rates, a larger fixed maturity securities portfolio and increased investment income associated with our Argentine inflation-linked securities, from investment funds, an after-tax increase in foreign currency gains underwriting income of $65 $29 million mainly due to strengthening growth in premium rates, a reduction of $18 million in tax expense due to a change in the U.S. dollar against other currencies in 2024, effective tax rate, an after-tax increase in net investment gains of $55 million due to change in market value of equity securities and impairment loss recognized on a real estate investment in 2023, an after-tax increase in underwriting income of $37 million mainly due to growth in premium rates, an after-tax reduction in corporate expenses of $15 $11 million, an after-tax increase of $4 million in noncontrolling interests, an after-tax increase in profits from non-insurance businesses of $3 $8 million and an after-tax increase in profit from insurance service businesses of $3 $5 million, partially offset by an after-tax increase in foreign currency losses of $24 $94 million in tax expense due to a change the U.S. dollar weakening against other major currencies in the effective tax rate. 2025, an after-tax increase in corporate expenses of $22 million and an after-tax decrease in income of $7 million related to minority interests. The number of weighted average diluted shares decreased by 6.7 3.4 million for 2024 2025 compared to 2023, 2024, mainly reflecting shares repurchased in 2025 and 2024.

In addition, AI technologies may be misused, and that risk is increased by the relative newness of the technology, the speed at which it is being adopted, and ongoing uncertainty with respect to the laws, regulations, and standards governing its development and deployment federally, across states, and internationally. Such misuse, and a realization of the previously mentioned risks, could negatively impact our reputation, financial condition and results of operations, the demand for our products and services, otherwise cause competitive harm, and/or draw adverse legal and regulatory scrutiny. Moreover, because some AI technologies are relatively new, such as generative AI, AI are relatively new and rapidly evolving, many of the potential risks regarding their use are currently unknown. Our investment in and use of AI technologies and the introduction of new products and services may also expose us to new or enhanced risks, particularly in areas where we have less experience or our existing internal control systems may be insufficient, which could require us to make substantial expenditures or subject us to legal liability, heightened regulatory scrutiny and brand or reputational harm.