Markel Group reports 2023 financial results

Markel Group Virginia

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Markel Group Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

Quarters Ended December 31,

Years Ended December 31,

(dollars in thousands, except per share data)

2023

2022

2023

2022

OPERATING REVENUES

Earned premiums

$   2,174,887

$   2,038,088

$   8,295,479

$   7,587,792

Net investment income

213,297

145,069

734,532

446,755

Net investment gains (losses)

932,881

598,792

1,524,054

(1,595,733)

Products revenues

580,721

581,985

2,545,053

2,427,096

Services and other revenues

740,733

846,813

2,704,512

2,809,425

Total Operating Revenues

4,642,519

4,210,747

15,803,630

11,675,335

OPERATING EXPENSES

Losses and loss adjustment expenses

1,556,794

1,229,094

5,322,009

4,445,589

Underwriting, acquisition and insurance expenses

769,013

672,477

2,840,734

2,515,583

Products expenses

507,884

515,369

2,220,676

2,241,736

Services and other expenses

632,523

613,229

2,310,769

2,306,985

Amortization of intangible assets

44,247

43,788

180,614

178,778

Impairment of goodwill

—

80,000

—

80,000

Total Operating Expenses

3,510,461

3,153,957

12,874,802

11,768,671

Operating Income (Loss)

1,132,058

1,056,790

2,928,828

(93,336)

Interest expense

(43,865)

(48,972)

(185,077)

(196,062)

Net foreign exchange gains (losses)

(81,387)

(103,874)

(90,045)

137,832

Income (Loss) Before Income Taxes

1,006,806

903,944

2,653,706

(151,566)

Income tax (expense) benefit

(212,713)

(192,420)

(552,616)

48,209

Net Income (Loss)

794,093

711,524

2,101,090

(103,357)

Net income attributable to noncontrolling interests

(24,787)

(19,858)

(105,030)

(112,920)

Net Income (Loss) to Shareholders

769,306

691,666

1,996,060

(216,277)

Preferred stock dividends

(18,000)

(18,000)

(36,000)

(36,000)

Net Income (Loss) to Common Shareholders

$      751,306

$      673,666

$   1,960,060

$    (252,277)

OTHER COMPREHENSIVE INCOME (LOSS)

Change in net unrealized gains (losses) on available-for-sale investments, net of taxes

$      441,750

$      151,402

$      306,903

$ (1,154,830)

Other, net of taxes

(29,155)

28,797

(17,565)

165,345

Total Other Comprehensive Income (Loss)

412,595

180,199

289,338

(989