Markel Group reports 2025 financial results
17.03.2026 - 22:52:08 | prnewswire.co.ukMARKEL GROUP INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
Consolidated Statements of Income and Comprehensive Income
Quarter Ended December 31,
Year Ended December 31,
(dollars in thousands, except per share data)
2025
2024
2025
2024
OPERATING REVENUES
Earned premiums
$ 2,278,829
$ 2,117,578
$ 8,715,667
$ 8,432,412
Net investment income
257,648
243,689
970,427
920,496
Products revenues
563,002
575,323
2,578,544
2,635,659
Services and other revenues
908,486
786,986
3,248,595
2,824,977
Total Operating Revenues
4,007,965
3,723,576
15,513,233
14,813,544
Net investment gains
212,043
117,425
1,076,081
1,807,219
OPERATING EXPENSES
Losses and loss adjustment expenses
1,283,320
1,241,815
5,079,845
5,052,749
Underwriting, acquisition, and insurance expenses
829,013
784,786
3,133,163
2,977,389
Products expenses
524,612
505,289
2,287,394
2,272,219
Services and other expenses
745,126
667,150
2,709,053
2,424,372
Amortization of acquired intangible assets
42,791
46,491
185,007
181,472
Total Operating Expenses
3,424,862
3,245,531
13,394,462
12,908,201
Operating Income
795,146
595,470
3,194,852
3,712,562
Interest expense
(50,016)
(52,794)
(205,910)
(204,300)
Net foreign exchange gains (losses)
(10,971)
180,839
(256,234)
129,438
Income Before Income Taxes
734,159
723,515
2,732,708
3,637,700
Income tax expense
(152,073)
(162,083)
(580,303)
(790,294)
Net Income
582,086
561,432
2,152,405
2,847,406
Net income attributable to noncontrolling interests
(5,274)
(12,254)
(45,395)
(100,384)
Net Income to Shareholders
576,812
549,178
2,107,010
2,747,022
Preferred stock dividends and redemption premiums
—
(18,000)
(26,109)
(36,000)
Net Income to Common Shareholders
$ 576,812
$ 531,178
$ 2,080,901
$ 2,711,022
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized losses on available-for-sale investments, net of taxes
$ 22,183
$ (413,287)
$ 490,350
$ (130,295)
Other, net of taxes
7,330
(9,918)
17,237
(8,459)
Total Other Comprehensive Income (Loss)
29,513
(423,205)
507,587
(138,754)
Comprehensive Income
611,599
138,227
2,659,992
2,708,652
Comprehensive income attributable to noncontrolling interests
(5,274)
(12,276)
(45,360)
(100,502)
Comprehensive Income to Shareholders
$ 606,325
$ 125,951
$ 2,614,632
$ 2,608,150
NET INCOME PER COMMON SHARE
Basic
$ 48.95
$ 38.83
$ 169.74
$ 199.69
Diluted
$ 48.75
$ 38.74
$ 169.22
$ 199.32
Fourth Quarter Financial Data
Quarter Ended December 31,
(dollars in thousands)
2025
2024
% Change
Operating revenues:
Markel Insurance
$ 2,448,176
$ 2,278,227
7 %
Industrial
1,032,999
995,068
4 %
Financial
224,130
159,302
41 %
Consumer and Other
274,486
263,470
4 %
Corporate and eliminations
28,174
27,509
2 %
Total operating revenues
$ 4,007,965
$ 3,723,576
8 %
Adjusted operating income:
Markel Insurance
$ 398,722
$ 304,007
31 %
Industrial
79,604
107,808
(26) %
Financial
107,132
67,876
58 %
Consumer and Other
23,353
17,336
35 %
Corporate and eliminations
17,083
27,509
(38) %
Total adjusted operating income (1)
$ 625,894
$ 524,536
19 %
(1)
See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
Markel Insurance Segment
Quarter Ended December 31,
(dollars in thousands)
2025
2024
% Change
Gross premium volume:
Underwriting
$ 2,321,068
$ 2,253,038
3 %
Fronting
$ 16,445
$ 89,612
(82) %
Operating revenues:
Earned premiums
$ 2,193,514
$ 2,044,294
7 %
Net investment income
232,877
214,558
9 %
Services and other revenues
21,785
19,375
12 %
Operating revenues
$ 2,448,176
$ 2,278,227
7 %
Adjusted operating income:
Underwriting profit
$ 156,830
$ 83,726
87 %
Net investment income
232,877
214,558
9 %
Services and other income
9,015
5,723
58 %
Adjusted operating income
$ 398,722
$ 304,007
31 %
Net investment gains
$ 230,924
$ 147,253
57 %
Combined ratio
92.9 %
95.9 %
Underwriting Results
Quarter Ended December 31,
(dollars in thousands)
2025
2024
% Change
Underwriting gross premium volume
$ 2,321,068
$ 2,253,038
3 %
Net written premiums
$ 1,839,079
$ 1,733,648
6 %
Earned premiums
$ 2,193,514
$ 2,044,294
7 %
Underwriting profit
$ 156,830
$ 83,726
87 %
Underwriting Ratios (1)
Point Change
Loss ratio
Current accident year loss ratio
61.9 %
64.1 %
(2.2)
Prior accident years loss ratio
(5.8) %
(5.5) %
(0.3)
Loss ratio
56.1 %
58.7 %
(2.6)
Expense ratio
36.7 %
37.2 %
(0.5)
Combined ratio
92.9 %
95.9 %
(3.0)
Current accident year loss ratio catastrophe impact (2)
0.2 %
0.4 %
(0.2)
Current accident year loss ratio, excluding catastrophe impact (3)
61.7 %
63.7 %
(2.0)
Combined ratio, excluding current accident year catastrophe impact (3)
92.6 %
95.5 %
(2.9)
(1)
Amounts may not reconcile due to rounding.
(2)
The point impact of catastrophes is calculated as the associated net losses and loss adjustment expenses divided by total earned premiums.
(3)
This metric is a non-GAAP financial measure. See "Non-GAAP Financial Measures" for additional details.
Industrial Segment
Quarter Ended December 31,
(dollars in thousands)
2025
2024
% Change
Operating revenues
$ 1,032,999
$ 995,068
4 %
Adjusted operating income
$ 79,604
$ 107,808
(26) %
Financial Segment
Quarter Ended December 31,
(dollars in thousands)
2025
2024
% Change
Operating revenues
$ 224,130
$ 159,302
41 %
Adjusted operating income
$ 107,132
$ 67,876
58 %
Consumer and Other Segment
Quarter Ended December 31,
(dollars in thousands)
2025
2024
% Change
Operating revenues
$ 274,486
$ 263,470
4 %
Adjusted operating income
$ 23,353
$ 17,336
35 %
Corporate
Quarter Ended December 31,
(dollars in thousands)
2025
2024
Net investment inc
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