Markel Group reports 2024 second quarter and six-months results

07.08.2025 - 18:04:00

Markel Group Virginia

or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, August 1, 2024, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com.

Supplemental Financial Information
The following table presents the components of our Insurance engine operating income.

Quarter Ended June 30,

Six Months Ended June 30,

Years Ended December 31,

(dollars in thousands)

2024

2023

2024

2023

2022

2021

2020

Insurance operating income (loss):

Insurance segment

$ 133,179

$ 134,651

$ 240,489

$ 231,155

$ 162,176

$ 549,871

$ 696,413

$ 169,001

Reinsurance segment

1,321

15,184

13,331

39,418

(19,265)

83,859

(55,129)

(75,470)

Other insurance operations

42,425

47,526

58,930

104,128

205,234

294,979

77,516

43,454

Insurance

$ 176,925

$ 197,361

$ 312,750

$ 374,701

$ 348,145

$ 928,709

$ 718,800

$ 136,985

Non-GAAP Financial Measures
Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income.

Quarter Ended June 30,

Six Months Ended June 30,

Years Ended December 31,

(dollars in thousands)

2024

2023

2024

2023

2022

2021

2020

Operating income (loss)

$ 409,980

$ 970,064

$ 1,745,766

$ 1,723,960

$ 2,928,828

$ (93,336)

$ 3,241,505

$ 1,273,884

Amortization of acquired intangible assets

44,237

44,423

88,522

88,822

180,614

178,778

160,539

159,315

Impairment of goodwill

—

80,000

—

Consolidated segment operating income

$ 454,217

$ 1,014,487

$ 1,834,288

$ 1,812,782

$ 3,109,442

$ 165,442

$ 3,402,044

$ 1,433,199

About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk". We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.