• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Markel Group reports 2024 third quarter and nine-months results

    10/30/24 4:39:00 PM ET
    $MKL
    Property-Casualty Insurers
    Finance
    Get the next $MKL alert in real time by email

    RICHMOND, Va., Oct. 30, 2024 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the third quarter of 2024. The Company also announced today it filed its Form 10-Q for the quarter ended September 30, 2024 with the Securities and Exchange Commission. Markel Group aspires to build one of the world's great companies and deploys three financial engines in pursuit of this goal: Insurance, Investments and Markel Ventures.

    "We've consistently emphasized the value of our family of businesses that have found a home under the Markel Group umbrella. The results of 2024 so far underscore that benefit. Many of our businesses performed exceptionally, others made solid improvements where there was room for improvement, and a few faced slowdowns or challenges," said Tom Gayner, Chief Executive Officer. "Overall, we achieved strong results, and we're confident in our long-term ability for that to continue to be the case."

    The following table presents summary financial data, by engine, for the quarters and nine months ended September 30, 2024 and 2023.



    Quarter Ended September 30,



    Nine Months Ended September 30,

    (dollars in thousands, except per share amounts)

    2024



    2023



    2024



    2023

    Operating revenues:















    Insurance

    $    2,185,758



    $        2,208,352



    $    6,519,744



    $        6,327,165

    Investments:















    Net investment income

    233,384



    191,015



    671,042



    518,536

    Net investment gains (losses)

    917,530



    (265,917)



    1,689,794



    591,173

    Other

    14,971



    (5,033)



    45,174



    (13,791)

    Total Investments

    1,165,885



    (79,935)



    2,406,010



    1,095,918

    Markel Ventures

    1,259,621



    1,246,769



    3,854,008



    3,738,028

    Total operating revenues

    $    4,611,264



    $        3,375,186



    $  12,779,762



    $      11,161,111

















    Operating income:















    Insurance (1)

    $        145,273



    $             69,870



    $        458,023



    $           444,571

    Investments:















    Net investment income

    233,384



    191,015



    671,042



    518,536

    Net investment gains (losses)

    917,530



    (265,917)



    1,689,794



    591,173

    Other

    14,971



    (5,033)



    45,174



    (13,791)

    Total Investments

    1,165,885



    (79,935)



    2,406,010



    1,095,918

    Markel Ventures

    106,627



    130,420



    388,040



    392,648

    Consolidated segment operating income (2)

    1,417,785



    120,355



    3,252,073



    1,933,137

    Amortization of acquired intangible assets

    (46,459)



    (47,545)



    (134,981)



    (136,367)

    Total operating income

    $    1,371,326



    $             72,810



    $    3,117,092



    $        1,796,770

















    Comprehensive income (loss) to shareholders

    $    1,329,458



    $         (107,500)



    $    2,482,199



    $        1,103,414

    Diluted net income per common share

    $           66.25



    $                3.14



    $         160.42



    $               90.69

















    Combined ratio

    96.4 %



    99.1 %



    95.1 %



    95.4 %



    (1)     See "Supplemental Financial Information" for the components of our Insurance engine operating income.

    (2)     See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

     

    Highlights of results from the quarter and nine months:

    • Operating revenue growth of 37% and 15% for the quarter and nine months ended September 30, 2024, respectively, as well as significant growth in operating income, was driven by our Investments engine.
    • Our Investments engine benefited from more favorable market value movements within our equity portfolio in 2024 compared to 2023. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. This may lead to short-term volatility in revenues and operating income that temporarily obscures our underlying operating performance.
    • Net investment income within our Investments engine increased 22% and 29% for the quarter and nine months ended September 30, 2024, respectively, reflecting higher interest rates and increased investment holdings in 2024 compared to 2023.
    • Our Insurance engine benefited from strong performance by our international operations, the favorable impact of underwriting actions by our U.S. operations and continued growth in our program services business in 2024, while the performance of our Reinsurance segment was negatively impacted by elevated levels of losses on certain product lines.
    • Underwriting results for the quarter and nine months ended September 30, 2024 included $62 million of net losses and loss adjustment expenses attributed to Hurricane Helene, or three points and one point on the quarter-to-date and year-to-date consolidated combined ratio, respectively.
    • Our Markel Ventures engine grew operating revenues in 2024 driven by our consumer and building products businesses, while operating income decreased due in part to lower operating margins at certain of our businesses.

    We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.



    Nine Months

    Ended

    September 30,



    Years Ended December 31,

    (dollars in thousands)

    2024



    2023



    2022



    2021



    2020

    Operating income (loss):



















    Insurance (1)

    $     458,023



    $     348,145



    $     928,709



    $     718,800



    $     136,985

    Investments (2)

    2,406,010



    2,241,419



    (1,167,548)



    2,353,124



    989,564

    Markel Ventures

    388,040



    519,878



    404,281



    330,120



    306,650

    Consolidated segment operating income (3)

    3,252,073



    3,109,442



    165,442



    3,402,044



    1,433,199

    Amortization and impairment

    (134,981)



    (180,614)



    (258,778)



    (160,539)



    (159,315)

    Total operating income (loss)

    $  3,117,092



    $  2,928,828



    $      (93,336)



    $  3,241,505



    $  1,273,884





















    Net investment gains (losses) (2)

    $  1,689,794



    $  1,524,054



    $ (1,595,733)



    $  1,978,534



    $     617,979

    Compound annual growth rate in closing stock price

    per share from December 31, 2019 to September 30, 2024

    7 %





















    (1)

    See "Supplemental Financial Information" for the components of our Insurance engine operating income.

    (2)

    Investments engine operating income includes net investment gains (losses), which are primarily comprised of unrealized gains and losses on equity securities.

    (3)

    See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

     

    * * * * * * * *

    A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, 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, October 31, 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 (800) 715-9871 in the U.S., or (646) 307-1963 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 [email protected].

    Supplemental Financial Information

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



    Quarter Ended September 30,



    Nine Months Ended

    September 30,



    Years Ended December 31,

    (dollars in thousands)

    2024



    2023



    2024



    2023



    2023



    2022



    2021



    2020

    Insurance operating income (loss):































    Insurance segment

    $  109,584



    $       25,092



    $  350,073



    $     256,247



    $  162,176



    $  549,871



    $  696,413



    $  169,001

    Reinsurance segment

    (33,531)



    (5,812)



    (20,200)



    33,606



    (19,265)



    83,859



    (55,129)



    (75,470)

    Other insurance operations

    69,220



    50,590



    128,150



    154,718



    205,234



    294,979



    77,516



    43,454

    Insurance

    $  145,273



    $       69,870



    $  458,023



    $     444,571



    $  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 September 30,



    Nine Months Ended

    September 30,



    Years Ended December 31,

    (dollars in thousands)

    2024



    2023



    2024



    2023



    2023



    2022



    2021



    2020

    Operating income (loss)

    $  1,371,326



    $     72,810



    $  3,117,092



    $  1,796,770



    $  2,928,828



    $    (93,336)



    $  3,241,505



    $  1,273,884

    Amortization of acquired

    intangible assets

    46,459



    47,545



    134,981



    136,367



    180,614



    178,778



    160,539



    159,315

    Impairment of goodwill

    —



    —



    —



    —



    —



    80,000



    —



    —

    Consolidated segment

    operating income

    $  1,417,785



    $   120,355



    $  3,252,073



    $  1,933,137



    $  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 September 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.

    Markel Group logo (PRNewsfoto/Markel Corporation)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-group-reports-2024-third-quarter-and-nine-months-results-302292094.html

    SOURCE Markel Group

    Get the next $MKL alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $MKL

    DatePrice TargetRatingAnalyst
    12/2/2024$1986.00 → $1836.00Buy → Hold
    TD Cowen
    7/9/2024$1986.00Buy
    TD Cowen
    3/15/2024$1600.00Buy → Neutral
    Janney
    2/5/2024$1680.00 → $1500.00Buy → Hold
    Jefferies
    1/8/2024$1475.00Outperform → Sector Perform
    RBC Capital Mkts
    11/22/2023$1275.00Sell
    Citigroup
    9/7/2023$1750.00Buy
    Jefferies
    12/22/2022$1550.00Buy
    Janney
    More analyst ratings

    $MKL
    Leadership Updates

    Live Leadership Updates

    See more
    • Markel Insurance announces new divisional structure and leadership appointments to drive simplification and growth

      Markel's US and Bermuda operations to split into two divisions: US Wholesale and Specialty and Programs and SolutionsWendy Houser appointed President, US Wholesale and SpecialtyAlex Martin appointed President, Programs and SolutionsAndrew McMellin appointed President, International Glenn Harris appointed Chief Commercial OfficerHenry Gardener appointed Chief Risk OfficerRICHMOND, Va., April 22, 2025 /PRNewswire/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced a new divisional structure for its US and Bermuda operations and new leadership appointments. The changes, effective today, follow the appointment of Simon Wilson as Chief Executive Off

      4/22/25 9:00:00 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Markel Group appoints Simon Wilson as Chief Executive Officer of Markel Insurance

      RICHMOND, Va., March 17, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) announced today that Simon Wilson, currently President of Markel International, has been appointed Chief Executive Officer of the company's three primary underwriting businesses—Markel Specialty, Markel International, and Markel Global Reinsurance—which will collectively be referred to as Markel Insurance. This leadership transition is part of a broader effort to sharpen the company's customer focus by empowering each of their teams to serve the distinct needs of their respective markets—an approach that propelled Markel's growth from a small U.S. insurer when it went public in 1986 to a global specialty insurance lea

      3/17/25 8:00:00 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Tony Markel to retire as Vice Chairman of Markel Group in May 2025 and Jon Michael joins Board of Directors

      RICHMOND, Va., March 17, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) announced today that Anthony F. (Tony) Markel, Vice Chairman of the Board, informed the company that he will not stand for re-election at the company's annual meeting of shareholders in May. Mr. Markel will retire as a director of the company at the end of the meeting, at which time he will assume the honorary position of Chairman Emeritus of the Board.  Markel Group also announced the appointment of Jon Michael to its Board of Directors, effective March 15, 2025. Mr. Michael is a proven specialty insur

      3/17/25 8:00:00 AM ET
      $MKL
      Property-Casualty Insurers
      Finance

    $MKL
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Markel Group announces redemption of Series A Preferred Shares

      RICHMOND, Va., May 7, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) will redeem for cash all of its outstanding Series A 6.000% Fixed-Rate Reset Non-Cumulative Preferred Shares, no par value (the Series A Preferred Shares), effective June 1, 2025 (the Redemption Date) at a price of $1,000 per share, which is equal to the per-share liquidation preference of the Series A Preferred Shares. Since the Redemption Date is not a business day, the redemption will be processed on June 2, 2025. There are currently 600,000 Series A Preferred Shares outstanding with an aggregate liquidation preference of $600.0 million.

      5/7/25 4:30:00 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Markel launches Clinical Trials products to support clinical trials research, globally

      LONDON, May 7, 2025 /PRNewswire/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced the launch of its Clinical Trials insurance product – underscoring its commitment to providing best-in-class solutions to support clinical trials research and product development on an international scale. The new clinical trials offering provides comprehensive cover to sponsors, researchers and participants throughout all phases of clinical research and is tailored to meet the regulatory requirements of more than 100 territories, ensuring smooth

      5/7/25 5:00:00 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Velocity Announces Strategic Sale of Velocity Specialty Insurance Company; Oaktree to Fully Exit

      Nashville, TN, May 05, 2025 (GLOBE NEWSWIRE) -- Velocity HoldCo, LLC ("Velocity" or the "Company"), the former parent company for Velocity Specialty Insurance Company ("VSIC") and Velocity Risk Underwriters, LLC ("VRU"), announced the sale of VSIC to FM, a leading property mutual insurance company. This transaction follows the earlier sale of VRU to Ryan Specialty (NYSE:RYAN) which together represents a full exit of Oaktree Capital Management, L.P.'s ("Oaktree") interests in Velocity through a transformative three-way transaction. In partnership with Oaktree, Velocity has achieved significant milestones since 2022. Oaktree acquired VRU from Markel (NYSE:MKL) in a strategic carve-out with

      5/5/25 9:00:00 AM ET
      $MKL
      $RYAN
      Property-Casualty Insurers
      Finance
      Specialty Insurers

    $MKL
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Chief Executive Officer Gayner Thomas Sinnickson bought $200,801 worth of shares (100 units at $2,008.01), increasing direct ownership by 0.20% to 48,945 units (SEC Form 4)

      4 - MARKEL GROUP INC. (0001096343) (Issuer)

      2/7/25 4:35:19 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Chief Executive Officer Gayner Thomas Sinnickson bought $154,972 worth of shares (100 units at $1,549.72), increasing direct ownership by 0.20% to 48,890 units (SEC Form 4)

      4 - MARKEL GROUP INC. (0001096343) (Issuer)

      11/5/24 4:34:07 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Director Cunningham Lawrence A bought $45,750 worth of shares (30 units at $1,525.00), increasing direct ownership by 4% to 743 units (SEC Form 4)

      4 - MARKEL GROUP INC. (0001096343) (Issuer)

      8/5/24 4:36:58 PM ET
      $MKL
      Property-Casualty Insurers
      Finance

    $MKL
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Markel Corporation (Amendment)

      SC 13G/A - MARKEL CORP (0001096343) (Subject)

      2/10/22 8:22:30 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • SEC Form SC 13G/A filed

      SC 13G/A - MARKEL CORP (0001096343) (Subject)

      2/10/21 11:22:44 AM ET
      $MKL
      Property-Casualty Insurers
      Finance

    $MKL
    Financials

    Live finance-specific insights

    See more
    • Markel Group announces redemption of Series A Preferred Shares

      RICHMOND, Va., May 7, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) will redeem for cash all of its outstanding Series A 6.000% Fixed-Rate Reset Non-Cumulative Preferred Shares, no par value (the Series A Preferred Shares), effective June 1, 2025 (the Redemption Date) at a price of $1,000 per share, which is equal to the per-share liquidation preference of the Series A Preferred Shares. Since the Redemption Date is not a business day, the redemption will be processed on June 2, 2025. There are currently 600,000 Series A Preferred Shares outstanding with an aggregate liquidation preference of $600.0 million.

      5/7/25 4:30:00 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Markel Group reports 2025 first quarter results

      RICHMOND, Va., April 30, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2025. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2025 with the Securities and Exchange Commission. "The first quarter was a productive one at Markel Group. Our cornerstone insurance business moved along its path to better. We experienced a lower than initially anticipated impact from the California wildfires. Excluding that impact, our combined ratio returned to the low nineties. We also elevated S

      4/30/25 4:38:00 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Markel Group Inc. announces conference call date and time

      RICHMOND, Va., April 24, 2025 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) announced today it will hold a conference call on Thursday, May 1, 2025 beginning at 9:30 am (Eastern Time) to discuss quarterly results and business developments. 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 +1 (646) 960-0452 internationally, and providing Conference ID: 4614568.  A replay of the call will be available on our website approximately one hour after th

      4/24/25 4:30:00 PM ET
      $MKL
      Property-Casualty Insurers
      Finance

    $MKL
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Markel Group downgraded by TD Cowen with a new price target

      TD Cowen downgraded Markel Group from Buy to Hold and set a new price target of $1,836.00 from $1,986.00 previously

      12/2/24 6:59:01 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • TD Cowen initiated coverage on Markel Group with a new price target

      TD Cowen initiated coverage of Markel Group with a rating of Buy and set a new price target of $1,986.00

      7/9/24 8:00:56 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Markel Group downgraded by Janney with a new price target

      Janney downgraded Markel Group from Buy to Neutral and set a new price target of $1,600.00

      3/15/24 7:21:40 AM ET
      $MKL
      Property-Casualty Insurers
      Finance

    $MKL
    SEC Filings

    See more
    • Markel Group Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - MARKEL GROUP INC. (0001096343) (Filer)

      5/5/25 8:00:28 AM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • SEC Form 13F-HR filed by Markel Group Inc.

      13F-HR - MARKEL GROUP INC. (0001096343) (Filer)

      5/2/25 4:38:48 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • SEC Form 10-Q filed by Markel Group Inc.

      10-Q - MARKEL GROUP INC. (0001096343) (Filer)

      4/30/25 4:31:09 PM ET
      $MKL
      Property-Casualty Insurers
      Finance

    $MKL
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • CAO and Controller Grandis Meade P. sold $750,976 worth of shares (400 units at $1,877.44) (SEC Form 4)

      4 - MARKEL GROUP INC. (0001096343) (Issuer)

      5/7/25 4:32:14 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • CEO, Markel Insurance Wilson Simon acquired $644 worth of shares (0 units at $1,602.95), increasing direct ownership by 0.02% to 1,844 units (SEC Form 4)

      4 - MARKEL GROUP INC. (0001096343) (Issuer)

      4/17/25 4:56:16 PM ET
      $MKL
      Property-Casualty Insurers
      Finance
    • Director Michael Jonathan E acquired $18,333 worth of shares (11 units at $1,602.95), increasing direct ownership by 76% to 26 units (SEC Form 4)

      4 - MARKEL GROUP INC. (0001096343) (Issuer)

      4/17/25 4:55:19 PM ET
      $MKL
      Property-Casualty Insurers
      Finance