Markel Group reports 2023 financial results
- None.
- None.
Insights
The reported financial results of Markel Group Inc. show a significant rebound in 2023, with a substantial increase in net investment gains and comprehensive income to shareholders, which could be indicative of a robust recovery from the previous year's losses. The growth in earned premiums and Markel Ventures operating revenues suggests an expansion in the company's core business activities. However, the increased combined ratio from 92% to 98% raises concerns about underwriting profitability, as it approaches the breakeven point of 100%, beyond which an insurer is paying out more in claims and expenses than it is receiving from premiums.
Investors should note the substantial unrealized gains on the equity portfolio, which have contributed to the volatility in net income. This could lead to potential balance sheet risks if market conditions deteriorate. The company's long-term investment philosophy and performance measurement over five-year periods may appeal to investors with a similar long-term outlook, but it also underscores the importance of understanding the inherent volatility in such an investment strategy.
Markel's increase in earned premiums is a testament to its growth strategy and ability to capitalize on favorable market conditions. However, the higher attritional loss ratio and the increase in the combined ratio highlight challenges in underwriting discipline and potential issues with claims management or pricing adequacy. The company's response to adverse prior accident year loss development, particularly in the general and professional liability lines, by taking a more cautious approach in reserving, could suggest a recalibration of risk assessment practices.
The disclosure of losses related to fraudulent letters of credit points to operational risks that need to be mitigated to prevent future occurrences. The reinsurance segment's decreased premium volume and the impact of the Russia-Ukraine conflict underscore the geopolitical risks that can affect this line of business. The detailed reserve study conducted by the company and subsequent adjustments indicate a proactive approach to addressing these challenges, which could stabilize future results.
Markel's financial performance, particularly the 64% increase in net investment income, reflects a broader economic environment characterized by rising yields. This environment has likely benefited the fixed maturity securities, short-term investments and cash equivalents in Markel's portfolio. However, the increased combined ratio and adverse development in prior accident years suggest that the company is not immune to economic pressures such as inflation and social inflation, which can lead to increased claims costs and litigation financing trends.
The company's focus on rate adequacy and underwriting profit targets in the face of market conditions and downward pressure on rates indicates a strategic response to these economic challenges. The long-term perspective on financial performance and the compound annual growth in book value per share provide a more stable view of the company's economic position, but stakeholders should remain cognizant of short-term economic fluctuations and their potential impact on the company's financial health.
"We enjoyed excellent returns in 2023 from Markel Ventures, our investment operations, and many portions of our insurance business," said Thomas S. Gayner, Chief Executive Officer. "While we remain focused on some areas of improvement for our insurance operations, our three-engine system continues to drive profitable growth. Strong operating cash flows from each of our insurance, investments, and Markel Ventures engines can now be reinvested to continue growing shareholder value."
This table presents summary financial data for 2023 and 2022. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. Given the magnitude of our equity portfolio, we believe that this approach creates volatility in revenues and net income that can obscure the operating performance of our businesses and does not align with our long-term investment philosophy. As of December 31, 2023, the fair value of our equity portfolio included cumulative unrealized gains of
Years Ended December 31, | |||
(in thousands, except per share amounts) | 2023 | 2022 | |
Earned premiums | $ 8,295,479 | $ 7,587,792 | |
Markel Ventures operating revenues | $ 4,985,081 | $ 4,757,527 | |
Net investment income | $ 734,532 | $ 446,755 | |
Net investment gains (losses) | $ 1,524,054 | $ (1,595,733) | |
Comprehensive income (loss) to shareholders | $ 2,285,344 | $ (1,205,779) | |
Diluted net income (loss) per common share | $ 146.98 | $ (23.72) | |
Combined ratio | 98 % | 92 % | |
Highlights of our 2023 results include:
- Earned premiums grew
9% in 2023, reflecting growth in gross premium volume in recent periods. - The higher combined ratio in 2023 compared to 2022 was primarily attributable to a higher attritional loss ratio.
- Operating income from Markel Ventures increased
35% , primarily driven by higher operating margins at our products businesses. - Net investment income increased
64% in 2023 due to higher yields across our fixed maturity securities, short-term investments and cash equivalents and an increase in our allocation of cash to money market funds. - Net investment gains in 2023 reflect an increase in the fair market value of our equity portfolio resulting from favorable market value movements.
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. We generally use five-year periods to measure our performance. Over the five-year period ended December 31, 2023, our share price increased at a compound annual rate of
The compound annual growth in book value per common share over the five-year period ended December 31, 2023 was
- Amortization expense - As we grow through acquisitions, our intangible assets grow. GAAP requires that we amortize a portion of these acquired intangible assets, which is a non-cash charge to net income. Amortization of acquired intangible assets for the five-year period ended December 31, 2023 totaled
$827.9 million - Unrealized gains and losses on fixed maturity securities - We invest in high credit quality, investment grade securities, with durations that are generally matched to the expected timing of claims-related payments. As such, unrealized gains and losses from our bond portfolio are generally expected to reverse as the securities mature. The fair value of our bond portfolio included cumulative pre-tax unrealized losses of
$559.6 million $92.4 million - Value of our businesses - Book value does not include changes in the fair value of our acquired businesses or equity method investments, other than decreases arising from an impairment. Acquired businesses include our Markel Ventures, insurance-linked securities and program services businesses.
Insurance Results
Years Ended December 31, | |||||
(dollars in thousands) | 2023 | 2022 | % Change | ||
Operating revenues: | |||||
Insurance segment | $ 7,282,705 | $ 6,528,263 | 12 % | ||
Reinsurance segment | 1,014,294 | 1,063,347 | (5) % | ||
Program services, insurance-linked securities and other insurance | 280,131 | 493,746 | (43) % | ||
Insurance operations | $ 8,577,130 | $ 8,085,356 | 6 % | ||
Consolidated Underwriting Results
Years Ended December 31, | |||||
(dollars in thousands) | 2023 | 2022 | % Change | ||
Gross premium volume | $ 10,276,419 | $ 9,843,555 | 4 % | ||
Net written premiums | $ 8,397,575 | $ 8,203,390 | 2 % | ||
Earned premiums | $ 8,295,479 | $ 7,587,792 | 9 % | ||
Underwriting profit | $ 132,736 | $ 626,620 | (79) % | ||
Underwriting Ratios (1) | Point Change | ||||
Loss ratio | |||||
Current accident year loss ratio | 64.6 % | 60.8 % | 3.8 | ||
Prior accident years loss ratio | (0.5) % | (2.2) % | 1.7 | ||
Loss ratio | 64.2 % | 58.6 % | 5.6 | ||
Expense ratio | 34.2 % | 33.2 % | 1.0 | ||
Combined ratio | 98.4 % | 91.7 % | 6.7 | ||
Current accident year loss ratio event impact (2) | 0.5 % | 1.1 % | (0.6) | ||
Current accident year loss ratio, excluding impact of events (3) | 64.1 % | 59.7 % | 4.4 | ||
Combined ratio, excluding current year impact of events (3) | 97.9 % | 90.7 % | 7.2 | ||
(1) | Amounts may not reconcile due to rounding. |
(2) | Event impact represents the impact of catastrophes in 2023 and 2022, as well as the |
(3) | See Supplemental Financial Information for additional information regarding these non-GAAP financial measures. |
In 2023, underwriting results included
Insurance Segment
Years Ended December 31, | |||||
(dollars in thousands) | 2023 | 2022 | % Change | ||
Gross premium volume | $ 9,217,150 | $ 8,606,700 | 7 % | ||
Net written premiums | $ 7,432,062 | $ 7,040,176 | 6 % | ||
Earned premiums | $ 7,282,705 | $ 6,528,263 | 12 % | ||
Underwriting profit | $ 162,176 | $ 549,871 | (71) % | ||
Underwriting Ratios (1) | Point Change | ||||
Loss ratio | |||||
Current accident year loss ratio | 64.4 % | 60.3 % | 4.1 | ||
Prior accident years loss ratio | (1.4) % | (2.2) % | 0.8 | ||
Loss ratio | 63.0 % | 58.1 % | 4.9 | ||
Expense ratio | 34.8 % | 33.5 % | 1.3 | ||
Combined ratio | 97.8 % | 91.6 % | 6.2 | ||
Current accident year loss ratio event impact (2) | 0.5 % | 1.1 % | (0.6) | ||
Current accident year loss ratio, excluding impact of events (3) | 63.9 % | 59.2 % | 4.7 | ||
Combined ratio, excluding current year impact of events (3) | 97.2 % | 90.5 % | 6.7 | ||
(1) | Amounts may not reconcile due to rounding. |
(2) | Event impact represents the impact of catastrophes in 2023 and 2022, as well as the |
(3) | See Supplemental Financial Information for additional information regarding these non-GAAP financial measures. |
Premiums
The increase in gross premium volume in our Insurance segment in 2023 was driven by more favorable rates and new business growth across many of our product lines, most notably within our personal lines and property product lines. The increase was partially offset by lower premium volume within select lines of our professional liability and general liability product lines, where we are adjusting our writings in response to changes in market conditions and downward pressure on rates. We continue to focus on rate adequacy, particularly within certain classes of our casualty and professional liability product lines, and will not write business that we believe will not meet our underwriting profit targets. Net retention of gross premium volume was
Combined Ratio
The Insurance segment's current accident year losses and loss adjustment expenses in 2023 included
Additionally, we recognized losses on our intellectual property collateral protection insurance written within our professional liability product line in 2023 due to higher than anticipated levels of claims and loss experience. Losses on this product line included
The Insurance segment's 2023 combined ratio included
Net favorable development in 2023 was net of
In response to consecutive quarters of adverse development, in the fourth quarter of 2023, we conducted an extensive reserve study on selected general liability and professional liability product lines, which resulted in further increases to our prior accident year loss reserves in the fourth quarter of 2023. A significant portion of our casualty portfolio is associated with construction business, which has grown meaningfully in recent years. Our study determined that the ultimate claim reporting tail on certain of our casualty construction lines are likely to be longer than we initially anticipated. Within our excess and umbrella general liability and risk-managed errors and omissions professional liability books, we determined that there was a greater than expected propensity for limits below our attachment point to erode, pushing more claims into our layers. Further, reporting of these claims has lagged historical loss development patterns due to the effect of court closures and claims backlogs arising from the COVID-19 pandemic, in addition to aggressive tactics by the plaintiffs' bar and delayed claims reporting trends. Although we have achieved significant rate increases since 2019 on many of these lines in response to heightened loss trends, the findings of our study led us to increase our loss development factors and therefore our estimate of the ultimate loss ratios on our primary casualty contractors' liability, excess and umbrella general liability and risk-managed errors and omissions professional liability product lines. This resulted in significant strengthening of reserves on the impacted lines, including on the 2020 to 2022 accident years, where we determined that the incurred loss trends are following a similar loss development trend at the same stage as older accident years. Consistent with our reserving philosophy to hold reserves that are more likely to be redundant than deficient, we increased reserves in areas where there were indications that our reserves may have been deficient, however, in instances where claims trends have been more favorable than we previously anticipated, we will wait to reduce loss reserves until those trends are observed over additional periods of time. For those lines in which we strengthened reserves, although we believe the gross and net reserves are adequate based on information available at this time, we continue to closely monitor reported claims, claim settlements, ceded reinsurance contract attachments and judicial decisions, among other things, and may adjust our estimates as new information becomes available.
The increase in the Insurance segment's expense ratio in 2023 was primarily due to higher personnel costs, professional fees and other general and administrative expenses, which were partially offset by the impact of higher earned premiums.
Reinsurance Segment
Years Ended December 31, | |||||
(dollars in thousands) | 2023 | 2022 | % Change | ||
Gross premium volume | $ 1,046,539 | $ 1,229,851 | (15) % | ||
Net written premiums | $ 967,799 | $ 1,167,312 | (17) % | ||
Earned premiums | $ 1,014,294 | $ 1,063,347 | (5) % | ||
Underwriting profit (loss) | $ (19,265) | $ 83,859 | NM (1) | ||
Underwriting Ratios (2) | Point Change | ||||
Loss ratio | |||||
Current accident year loss ratio | 66.0 % | 63.6 % | 2.4 | ||
Prior accident years loss ratio | 5.6 % | (2.4) % | 8.0 | ||
Loss ratio | 71.7 % | 61.2 % | 10.5 | ||
Expense ratio | 30.2 % | 30.9 % | (0.7) | ||
Combined ratio | 101.9 % | 92.1 % | 9.8 | ||
Current accident year loss ratio | — % | 1.2 % | (1.2) | ||
Current accident year loss ratio, excluding | 66.0 % | 62.4 % | 3.6 | ||
Combined ratio, excluding current year | 101.9 % | 90.9 % | 11.0 | ||
(1) | NM - Ratio not meaningful. |
(2) | Amounts may not reconcile due to rounding. |
(3) | The point impact of the |
(4) | See Supplemental Financial Information for additional information regarding these non-GAAP financial measures. |
Premiums
The decrease in gross premium volume in our Reinsurance segment in 2023 was driven by significantly lower gross premiums within our professional liability product lines, primarily attributable to unfavorable premium adjustments in 2023 compared to favorable premium adjustments in 2022, largely driven by transaction liability business, due to lower volume of deal activity, and the deterioration in the pricing environment on directors and officers liability. Lower premium volume within professional liability also reflects decreases on renewals, due to decreased exposures and participation. The decrease in professional liability premium volume was partially offset by higher gross premiums within our marine and energy product lines due to increases on renewals, arising from increased exposures and more favorable rates, as well as new business. Significant variability in gross premium volume can be expected in our Reinsurance segment due to individually significant contracts and multi-year contracts.
Net retention of gross premium volume was
The decrease in earned premiums in 2023 was primarily due to less favorable premium adjustments in 2023 compared to 2022, primarily attributable to our professional liability and credit and surety product lines, and the non-renewal of a large treaty within our workers' compensation product line.
Combined Ratio
The increase in the Reinsurance segment's current accident year loss ratio in 2023 compared to 2022 was primarily due to less favorable premium adjustments on prior accident years in 2023 compared to 2022, primarily on our professional liability and credit and surety product lines.
The Reinsurance segment's 2023 combined ratio included
Adverse development on our general liability product lines was primarily attributable to large reported loss claims and adverse loss development trends across multiple accident years. Substantially all of the adverse development on our public entity product line was attributable to a segment of this business that we discontinued writing in 2020, which experienced an increased frequency of large claims over the past several quarters, most significantly on the 2014 to 2019 accident years. Adverse development on both our general liability and public entity product lines included notable strengthening as a result of actions taken in the fourth quarter in response to changes in loss trends observed in the reserve study previously discussed under "Insurance Segment" and the expectation that those loss trends will ultimately emerge within comparable reinsurance product lines.
Program Services, Insurance-linked Securities and Other Insurance
Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
(dollars in thousands) | Operating | Operating | Net | Operating | Operating | Net | |||||
Services and other: | |||||||||||
Program services and other fronting | $ 155,654 | $ 31,591 | $ 124,063 | $ 149,993 | $ 27,613 | $ 122,380 | |||||
Program services - disposition gain | 16,923 | — | 16,923 | — | — | — | |||||
Insurance-linked securities | 97,550 | 75,950 | 21,600 | 109,020 | 125,316 | (16,296) | |||||
Insurance-linked securities - disposition gains | — | — | — | 225,828 | — | 225,828 | |||||
Life and annuity | 40 | 12,070 | (12,030) | 1,040 | 11,073 | (10,033) | |||||
Markel CATCo buy-out | — | — | — | — | 101,904 | (101,904) | |||||
Markel CATCo Re (1) | — | (71,491) | 71,491 | — | (89,862) | 89,862 | |||||
Other | 11,484 | 18,122 | (6,638) | 11,683 | 19,431 | (7,748) | |||||
281,651 | 66,242 | 215,409 | 497,564 | 195,475 | 302,089 | ||||||
Underwriting (2) | (1,520) | 8,655 | (10,175) | (3,818) | 3,292 | (7,110) | |||||
280,131 | 74,897 | 205,234 | 493,746 | 198,767 | 294,979 | ||||||
Amortization of intangible assets | 61,168 | (61,168) | 61,202 | (61,202) | |||||||
Impairment of goodwill | — | — | 80,000 | (80,000) | |||||||
$ 280,131 | $ 136,065 | $ 144,066 | $ 493,746 | $ 339,969 | $ 153,777 | ||||||
(1) | Results attributable to Markel CATCo Re were entirely attributable to noncontrolling interest holders in Markel CATCo Re. |
(2) | Underwriting results attributable to our other insurance operations include results from discontinued lines of business and the retained portion of our program services operations. |
Program Services and Other Fronting
The increase in operating revenues in 2023 was due to modest increases at both our program services business and other fronting operations as a result of higher gross premium volume in 2023 compared to 2022.
Years Ended December 31, | |||||
(dollars in thousands) | 2023 | 2022 | % Change | ||
Gross premium volume: | |||||
Program services | $ 2,883,737 | $ 2,800,273 | 3 % | ||
Other fronting | $ 840,868 | $ 553,871 | 52 % | ||
The increase in gross premium volume within our program services operations in 2023 was attributable to expansion of existing programs and growth from new programs. The increase in gross premium volume in our other fronting operating in 2023 was driven by expansion of our property catastrophe programs with Nephila Reinsurers and achieving more favorable rates on this business, as well as growth from a new specialty program with Nephila Reinsurers.
In June 2023, we sold Independent Specialty Insurance Company, a subsidiary within our program services operations, which resulted in a gain of
Insurance-Linked Securities
The decrease in operating revenues and operating expenses in our Nephila insurance-linked securities operations in 2023 was primarily due to the disposition of our Velocity managing general agent operations in February 2022, which resulted in a gain of
Markel CATCo Buy-Out
In March 2022, we completed a buy-out transaction with Markel CATCo Re Ltd. and Markel CATCo Reinsurance Fund Ltd. that resulted in the consolidation of Markel CATCo Re Ltd. In order to complete the transaction, we made
Investing Results
The following table summarizes our consolidated investment performance, which consists predominantly of the results of our Investing segment. Net investment gains or losses in any given period are typically attributable to changes in the fair value of our equity portfolio due to market value movements. The change in net unrealized gains (losses) on available-for-sale investments in any given period is typically attributable to changes in the fair value of our fixed maturity portfolio due to changes in interest rates during the period.
Years Ended December 31, | |||||||||
(dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net investment income | $ 734,532 | $ 446,755 | $ 367,417 | $ 375,826 | $ 442,182 | ||||
Yield on fixed maturity securities (1) | 2.8 % | 2.3 % | 2.6 % | 3.1 % | 3.5 % | ||||
Yield on short-term investments (1) | 4.5 % | 1.5 % | 0.1 % | 0.5 % | 1.9 % | ||||
Yield on cash and cash equivalents and restricted cash and cash equivalents (1) | 2.8 % | 0.6 % | 0.0 % | 0.2 % | 0.9 % | ||||
Net realized investment gains (losses) | $ (42,177) | $ (40,983) | $ 37,908 | $ 14,780 | $ (1,482) | ||||
Change in fair value of equity securities | 1,566,231 | (1,554,750) | 1,940,626 | 603,199 | 1,603,204 | ||||
Net investment gains (losses) | $ (1,595,733) | $ 1,978,534 | $ 617,979 | ||||||
Return on equity securities (2) | 21.6 % | (16.1) % | 29.4 % | 15.1 % | 29.8 % | ||||
Five-year annual return | 14.6 % | 9.3 % | 18.4 % | 15.2 % | 11.4 % | ||||
Ten-year annual return | 11.9 % | 12.9 % | 16.9 % | 14.3 % | 14.7 % | ||||
Twenty-year annual return | 10.2 % | 10.6 % | 11.0 % | 10.5 % | 11.0 % | ||||
Other | $ (11,854) | $ (17,661) | $ 7,184 | $ (3,996) | $ 9,706 | ||||
Change in net unrealized gains (losses) on available-for-sale investments | $ 390,558 | $ (1,463,876) | $ (513,084) | $ 510,247 | $ 433,280 | ||||
(1) | Yield reflects the applicable interest income as a percentage of the applicable monthly average invested assets at amortized cost. |
(2) | Return on equity securities is calculated by dividing dividends and the change in fair value of equity securities by the monthly average equity securities at fair value and considers the timing of net purchases and sales. |
The increase in net investment income in 2023 was primarily attributable to higher interest income on cash equivalents, fixed maturity securities and short-term investments due to higher yields during 2023 compared to 2022. Throughout 2023, we increased our allocation of cash to money market funds in response to increases in short-term interest rates. Additionally, interest income on our fixed maturity securities increased in part due to higher average holdings of fixed maturity securities in 2023 compared to 2022. During 2023, we continued to increase our allocation of cash and short-term investments to fixed maturity securities in response to increasing interest rates and to support our growing underwriting business.
As of December 31, 2023,
Markel Ventures Results
Years Ended December 31, | |||||
(dollars in thousands) | 2023 | 2022 | Change | ||
Operating revenues | $ 4,985,081 | $ 4,757,527 | 5 % | ||
Operating income (1) | $ 437,508 | $ 325,238 | 35 % | ||
EBITDA (1) | $ 628,483 | $ 506,336 | 24 % | ||
Net income to shareholders | $ 265,106 | $ 192,601 | 38 % | ||
(1) | See Supplemental Financial Information for a reconciliation of Markel Ventures operating income to Markel Ventures earnings before interest, income taxes, depreciation and amortization (EBITDA). |
The increase in operating revenues in 2023 was driven by higher revenues at our construction services businesses and transportation-related businesses, due to a combination of increased demand, higher prices, and growth, as well as increased production at one of our equipment manufacturing businesses compared to 2022. The increase also reflected a full-year contribution from Metromont, compared to an 11-month contribution in 2022 following its acquisition. These increases in operating revenues were partially offset by the impact of decreased demand at our consumer and building products businesses, consulting services businesses and one of our construction services businesses.
The increases in operating income, EBITDA and net income to shareholders in 2023 were driven by our products businesses, particularly our consumer and building products businesses, which had higher margins in 2023 compared to 2022. In 2022, the operating margins at many of our products businesses were impacted by increased costs of materials, freight and labor, which reflected the impact of broader economic conditions. As conditions stabilized throughout 2023, particularly in regard to materials and freight costs, our operating margins for those businesses improved. The increases in operating income, EBITDA and net income to shareholders at many of our businesses were partially offset by the impact of lower revenues and operating margins at one of our construction services businesses due to decreased demand.
Financial Condition
Investments, cash and cash equivalents and restricted cash and cash equivalents (invested assets) were
At December 31, 2023, our holding company held
* * * * * * * *
Our previously announced conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, February 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
Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 22, 2024 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of a two-day event we are calling the 2024 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the agenda and registration for the 2024 Reunion is available at mklreunion.com.
Safe Harbor and Cautionary Statement
This release contains statements concerning or incorporating our expectations, assumptions, plans, objectives, future financial or operating performance and other statements that are not historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may use words such as "anticipate," "believe," "estimate," "expect," "intend," "predict," "project" and similar expressions as they relate to us or our management.
There are risks and uncertainties that may cause actual results to differ materially from predicted results in forward-looking 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 under "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in our 2022 Annual Report on Form 10-K, or our most recent Quarterly Report on Form 10-Q, or are included in the items listed below:
- the effect of cyclical trends or changes in market conditions on our underwriting, investing, Markel Ventures and other operations, including demand and pricing in the insurance, reinsurance and other markets in which we operate;
- actions by competitors, including the use of technology and innovation to simplify the customer experience, increase efficiencies, redesign products, alter models and effect other potentially disruptive changes in the insurance industry, and the effect of competition on market trends and pricing;
- our efforts to develop new products, expand in targeted markets or improve business processes and workflows may not be successful and may increase or create new risks (e.g., insufficient demand, change to risk exposures, distribution channel conflicts, execution risk, regulatory risk, increased expenditures);
- the frequency and severity of man-made, health-related and natural catastrophes may exceed expectations, are unpredictable and, in the case of some natural catastrophes, may be exacerbated by changing conditions in the climate, oceans and atmosphere, resulting in increased frequency and/or severity of extreme weather-related events;
- we offer insurance and reinsurance coverage against terrorist acts in connection with some of our programs, and in other instances we are legally required to offer terrorism insurance; in both circumstances, we actively manage our exposure, but if there is a covered terrorist attack, we could sustain material losses;
- emerging claim and coverage issues, changing industry practices and evolving legal, judicial, social and other claims and coverage trends or conditions, can increase the scope of coverage, the frequency and severity of claims and the period over which claims may be reported; these factors, as well as uncertainties in the loss estimation process, can adversely impact the adequacy of our loss reserves and our allowance for reinsurance recoverables;
- reinsurance reserves are subject to greater uncertainty than insurance reserves, primarily because of reliance upon the original underwriting decisions made by ceding companies and the longer lapse of time from the occurrence of loss events to their reporting to the reinsurer for ultimate resolution;
- inaccuracies (whether due to data error, human error or otherwise) in the various modeling techniques and data analytics (e.g., scenarios, predictive and stochastic modeling, and forecasting) we use to analyze and estimate exposures, loss trends and other risks associated with our insurance and insurance-linked securities businesses could cause us to misprice our products or fail to appropriately estimate the risks to which we are exposed;
- changes in the assumptions and estimates used in establishing reserves for our life and annuity reinsurance book (which is in runoff), for example, changes in assumptions and estimates of mortality, longevity, morbidity and interest rates, could result in material changes in our estimated loss reserves for that business;
- adverse developments in insurance coverage litigation or other legal or administrative proceedings could result in material increases in our estimates of loss reserves;
- initial estimates for catastrophe losses and other significant, infrequent events are often based on limited information, are dependent on broad assumptions about the nature and extent of losses, coverage, liability and reinsurance, and those losses may ultimately differ materially from our expectations;
- changes in the availability, costs, quality and providers of reinsurance coverage, which may impact our ability to write or continue to write certain lines of business or to mitigate the volatility of losses on our results of operations and financial condition;
- the ability or willingness of reinsurers to pay balances due may be adversely affected by industry and economic conditions, deterioration in reinsurer credit quality and coverage disputes, and collateral we hold, if any, may not be sufficient to cover a reinsurer's obligation to us;
- after the commutation of ceded reinsurance contracts, any subsequent adverse development in the re-assumed loss reserves will result in a charge to earnings;
- regulatory actions can impede our ability to charge adequate rates and efficiently allocate capital;
- general economic and market conditions and industry specific conditions, including extended economic recessions or expansions; prolonged periods of slow economic growth; inflation or deflation; fluctuations in foreign currency exchange rates, commodity and energy prices and interest rates; volatility in the credit and capital markets; and other factors;
- economic conditions, actual or potential defaults in corporate bonds, municipal bonds, mortgage-backed securities or sovereign debt obligations, volatility in interest and foreign currency exchange rates, changes in
U.S. government debt ratings and changes in market value of concentrated investments can have a significant impact on the fair value of our fixed maturity securities and equity securities, as well as the carrying value of our other assets and liabilities, and this impact may be heightened by market volatility and our ability to mitigate our sensitivity to these changing conditions; - economic conditions may adversely affect our access to capital and credit markets;
- the effects of government intervention, including material changes in the monetary policies of central banks, to address financial downturns, inflation and other economic and currency concerns;
- the impacts that political and civil unrest and regional conflicts may have on our businesses and the markets they serve or that any disruptions in regional or worldwide economic conditions generally arising from these situations may have on our businesses, industries or investments;
- the impacts of liability, transaction and physical risks associated with climate change;
- the significant volatility, uncertainty and disruption caused by health epidemics and pandemics, as well as governmental, legislative, judicial or regulatory actions or developments in response thereto;
- changes in
U.S. tax laws, regulations or interpretations, or in the tax laws, regulations or interpretations of other jurisdictions in which we operate, and adjustments we may make in our operations or tax strategies in response to those changes; - a failure or security breach of, or cyberattack on, enterprise information technology systems that we, or third parties who perform certain functions for us, use or a failure to comply with data protection or privacy regulations;
- third-party providers may perform poorly, breach their obligations to us or expose us to enhanced risks;
- our acquisitions may increase our operational and internal control risks for a period of time;
- we may not realize the contemplated benefits, including cost savings and synergies, of our acquisitions;
- any determination requiring the write-off of a significant portion of our goodwill and intangible assets;
- the failure or inadequacy of any methods we employ to manage our loss exposures;
- the loss of services of any senior executive or other key personnel, or an inability to attract and retain qualified personnel, for our businesses could adversely impact one or more of our operations;
- the manner in which we manage our global operations through a network of business entities could result in inconsistent management, governance and oversight practices and make it difficult for us to implement strategic decisions and coordinate procedures;
- our substantial international operations and investments expose us to increased political, civil, operational and economic risks, including foreign currency exchange rate and credit risk;
- our ability to obtain additional capital for our operations on terms favorable to us;
- the compliance, or failure to comply, with covenants and other requirements under our credit facilities, senior debt and other indebtedness and our preferred shares;
- our ability to maintain or raise third-party capital for existing or new investment vehicles and risks related to our management of third-party capital;
- the effectiveness of our procedures for compliance with existing and future guidelines, policies and legal and regulatory standards, rules, laws and regulations;
- the impact of economic and trade sanctions and embargo programs on our businesses, including instances in which the requirements and limitations applicable to the global operations of
U.S. companies and their affiliates are more restrictive than, or conflict with, those applicable to non-U.S. companies and their affiliates; - regulatory changes, or challenges by regulators, regarding the use of certain issuing carrier or fronting arrangements;
- our dependence on a limited number of brokers for a large portion of our revenues and third-party capital;
- adverse changes in our assigned financial strength, debt or preferred share ratings or outlook could adversely impact us, including our ability to attract and retain business, the amount of capital our insurance subsidiaries must hold and the availability and cost of capital;
- changes in the amount of statutory capital our insurance subsidiaries are required to hold, which can vary significantly and is based on many factors, some of which are outside our control;
- losses from litigation and regulatory investigations and actions; and
- a number of additional factors may adversely affect our Markel Ventures operations, and the markets they serve, and negatively impact their revenues and profitability, including, among others: adverse weather conditions, plant disease and other contaminants; changes in government support for education, healthcare and infrastructure projects; changes in capital spending levels; changes in the housing, commercial and industrial construction markets; liability for environmental matters; supply chain and shipping issues, including increases in freight costs; volatility in the market prices for their products; and volatility in commodity, wholesale and raw materials prices and interest and foreign currency exchange rates.
Results from our underwriting, investing, Markel Ventures and other operations have been and will continue to be potentially materially affected by these factors.
By making forward-looking statements, we do not intend to become obligated to publicly update or revise any such statements whether as a result of new information, future events or other changes. Readers are cautioned not to place undue reliance on any forward-looking statements, which are based on our current knowledge and speak only as at their dates.
* * * * * * * *
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.
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 | ||||
Other, net of taxes | (29,155) | 28,797 | (17,565) | 165,345 | |||
Total Other Comprehensive Income (Loss) | 412,595 | 180,199 | 289,338 | (989,485) | |||
Comprehensive Income (Loss) | 1,206,688 | 891,723 | 2,390,428 | (1,092,842) | |||
Comprehensive income attributable to noncontrolling interests | (24,758) | (19,941) | (105,084) | (112,937) | |||
Comprehensive Income (Loss) to Shareholders | $ 1,181,930 | $ 871,782 | $ 2,285,344 | ||||
NET INCOME (LOSS) PER COMMON SHARE | |||||||
Basic | $ 56.67 | $ 49.35 | $ 147.32 | $ (23.72) | |||
Diluted | $ 56.48 | $ 49.20 | $ 146.98 | $ (23.72) | |||
Selected Data | |||
December 31, | |||
(in thousands, except per share data) | 2023 | 2022 | |
Invested assets | $ 30,854,019 | $ 27,419,522 | |
Reinsurance recoverables | $ 9,235,501 | $ 8,446,745 | |
Goodwill and intangible assets | $ 4,213,433 | $ 4,386,302 | |
Total assets | $ 55,045,710 | $ 49,791,259 | |
Unpaid losses and loss adjustment expenses | $ 23,483,321 | $ 20,947,898 | |
Senior long-term debt and other debt | $ 3,779,796 | $ 4,103,629 | |
Total shareholders' equity | $ 14,983,928 | $ 13,151,094 | |
Book value per common share | $ 1,095.95 | $ 935.65 | |
Common shares outstanding | 13,132 | 13,423 | |
Markel Group Inc. and Subsidiaries Supplemental Financial Information Components of Consolidated Operating Income Segment Results | |||||||||||
Quarter Ended December 31, 2023 | |||||||||||
(dollars in thousands) | Insurance | Reinsurance | Investing | Markel | Other (1) | Consolidated | |||||
Earned premiums | $ 1,960,328 | $ 214,611 | $ — | $ — | $ (52) | $ 2,174,887 | |||||
Net investment income | — | — | 210,683 | 2,614 | — | 213,297 | |||||
Net investment gains | — | — | 932,881 | — | — | 932,881 | |||||
Products revenues | — | — | — | 580,721 | — | 580,721 | |||||
Services and other revenues | — | — | 1,937 | 663,718 | 75,078 | 740,733 | |||||
Total operating revenues | 1,960,328 | 214,611 | 1,145,501 | 1,247,053 | 75,026 | 4,642,519 | |||||
Losses and loss adjustment expenses: | |||||||||||
Current accident year | (1,274,885) | (150,705) | — | — | — | (1,425,590) | |||||
Prior accident years | (74,821) | (50,497) | — | — | (5,886) | (131,204) | |||||
Underwriting, acquisition and insurance expenses | (704,693) | (66,280) | — | — | 1,960 | (769,013) | |||||
Products expenses | — | — | — | (507,884) | — | (507,884) | |||||
Services and other expenses | — | — | — | (611,939) | (20,584) | (632,523) | |||||
Amortization of intangible assets (2) | — | — | — | (19,842) | (24,405) | (44,247) | |||||
Operating income (loss) | $ (94,071) | $ (52,871) | $ 1,145,501 | $ 107,388 | $ 26,111 | $ 1,132,058 | |||||
Quarter Ended December 31, 2022 | |||||||||||
(dollars in thousands) | Insurance | Reinsurance | Investing | Markel | Other (1) | Consolidated | |||||
Earned premiums | $ 1,786,085 | $ 254,691 | $ — | $ — | $ (2,688) | $ 2,038,088 | |||||
Net investment income | — | — | 144,584 | 485 | — | 145,069 | |||||
Net investment gains | — | — | 598,792 | — | — | 598,792 | |||||
Products revenues | — | — | — | 581,985 | — | 581,985 | |||||
Services and other revenues | — | — | 9,902 | 647,204 | 189,707 | 846,813 | |||||
Total operating revenues | 1,786,085 | 254,691 | 753,278 | 1,229,674 | 187,019 | 4,210,747 | |||||
Losses and loss adjustment expenses: | |||||||||||
Current accident year | (1,030,394) | (161,735) | — | — | — | (1,192,129) | |||||
Prior accident years | (53,169) | 12,207 | — | — | 3,997 | (36,965) | |||||
Underwriting, acquisition and insurance expenses | (592,096) | (81,681) | — | — | 1,300 | (672,477) | |||||
Products expenses | — | — | — | (515,369) | — | (515,369) | |||||
Services and other expenses | — | — | — | (587,343) | (25,886) | (613,229) | |||||
Amortization of intangible assets (2) | — | — | — | (18,966) | (24,822) | (43,788) | |||||
Impairment of goodwill and intangible assets | — | — | — | — | (80,000) | (80,000) | |||||
Operating income | $ 110,426 | $ 23,482 | $ 753,278 | $ 107,996 | $ 61,608 | $ 1,056,790 | |||||
(1) | Other represents the total profit (loss) attributable to our operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to our underwriting segments, which is not allocated between the Insurance and Reinsurance segments. |
(2) | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. |
Year Ended December 31, 2023 | |||||||||||
(dollars in thousands) | Insurance | Reinsurance | Investing | Markel | Other (1) | Consolidated | |||||
Earned premiums | $ 7,282,705 | $ 1,014,294 | $ — | $ — | $ (1,520) | $ 8,295,479 | |||||
Net investment income | — | — | 729,219 | 5,313 | — | 734,532 | |||||
Net investment gains | — | — | 1,524,054 | — | — | 1,524,054 | |||||
Products revenues | — | — | — | 2,545,053 | — | 2,545,053 | |||||
Services and other revenues | — | — | (11,854) | 2,434,715 | 281,651 | 2,704,512 | |||||
Total operating revenues | 7,282,705 | 1,014,294 | 2,241,419 | 4,985,081 | 280,131 | 15,803,630 | |||||
Losses and loss adjustment expenses: | |||||||||||
Current accident year | (4,690,745) | (669,814) | — | — | — | (5,360,559) | |||||
Prior accident years | 104,743 | (57,081) | — | — | (9,112) | 38,550 | |||||
Underwriting, acquisition and insurance expenses | (2,534,527) | (306,664) | — | — | 457 | (2,840,734) | |||||
Products expenses | — | — | — | (2,220,676) | — | (2,220,676) | |||||
Services and other expenses | — | — | — | (2,244,527) | (66,242) | (2,310,769) | |||||
Amortization of intangible assets (2) | — | — | — | (82,370) | (98,244) | (180,614) | |||||
Operating income (loss) | $ 162,176 | $ (19,265) | $ 2,241,419 | $ 437,508 | $ 106,990 | $ 2,928,828 | |||||
Year Ended December 31, 2022 | |||||||||||
(dollars in thousands) | Insurance | Reinsurance | Investing | Markel | Other (1) | Consolidated | |||||
Earned premiums | $ 6,528,263 | $ 1,063,347 | $ — | $ — | $ (3,818) | $ 7,587,792 | |||||
Net investment income | — | — | 445,846 | 909 | — | 446,755 | |||||
Net investment losses | — | — | (1,595,733) | — | — | (1,595,733) | |||||
Products revenues | — | — | — | 2,427,096 | — | 2,427,096 | |||||
Services and other revenues | — | — | (17,661) | 2,329,522 | 497,564 | 2,809,425 | |||||
Total operating revenues | 6,528,263 | 1,063,347 | (1,167,548) | 4,757,527 | 493,746 | 11,675,335 | |||||
Losses and loss adjustment expenses: | |||||||||||
Current accident year | (3,936,425) | (676,610) | — | — | — | (4,613,035) | |||||
Prior accident years | 142,924 | 26,052 | — | — | (1,530) | 167,446 | |||||
Underwriting, acquisition and insurance expenses | (2,184,891) | (328,930) | — | — | (1,762) | (2,515,583) | |||||
Products expenses | — | — | — | (2,241,736) | — | (2,241,736) | |||||
Services and other expenses | — | — | — | (2,111,510) | (195,475) | (2,306,985) | |||||
Amortization of intangible assets (2) | — | — | — | (79,043) | (99,735) | (178,778) | |||||
Impairment of goodwill | — | — | — | — | (80,000) | (80,000) | |||||
Operating income (loss) | $ 549,871 | $ 83,859 | $ (1,167,548) | $ 325,238 | $ 115,244 | $ (93,336) | |||||
(1) | Other represents the total profit (loss) attributable to our operations that are not included in a reportable segment as well as amortization of intangible assets attributable to our underwriting segments, which is not allocated between the Insurance and Reinsurance segments. |
(2) | Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. |
Underwriting Results Quarter-to-Date Premium Volume | |||
Quarters Ended December 31, | |||
(dollars in thousands) | 2023 | 2022 | |
Gross premium volume: | |||
Insurance segment | $ 2,290,868 | $ 2,126,911 | |
Reinsurance segment | 87,341 | 185,024 | |
Other underwriting | 531 | 3,631 | |
Total underwriting | 2,378,740 | 2,315,566 | |
Program services and other fronting | 720,494 | 733,009 | |
Total | $ 3,099,234 | $ 3,048,575 | |
Net written premium: | |||
Insurance segment | $ 1,868,181 | $ 1,751,011 | |
Reinsurance segment | 76,782 | 184,225 | |
Other underwriting | (441) | (4,609) | |
Total underwriting | 1,944,522 | 1,930,627 | |
Program services and other fronting | (223) | (933) | |
Total | $ 1,944,299 | $ 1,929,694 | |
Components of Quarter-to-Date Combined Ratio | |||||||||||
Quarters Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Insurance | Reinsurance | Consolidated | Insurance | Reinsurance | Consolidated | ||||||
Underwriting Ratios (1) | |||||||||||
Loss ratio | |||||||||||
Current accident year loss ratio | 65.0 % | 70.2 % | 65.5 % | 57.7 % | 63.5 % | 58.5 % | |||||
Prior accident years loss ratio | 3.8 % | 23.5 % | 6.0 % | 3.0 % | (4.8) % | 1.8 % | |||||
Loss ratio | 68.9 % | 93.8 % | 71.6 % | 60.7 % | 58.7 % | 60.3 % | |||||
Expense ratio | 35.9 % | 30.9 % | 35.4 % | 33.2 % | 32.1 % | 33.0 % | |||||
Combined ratio | 104.8 % | 124.6 % | 106.9 % | 93.8 % | 90.8 % | 93.3 % | |||||
Current accident year loss ratio event impact (2) | (0.2) % | (0.6) % | (0.3) % | (1.2) % | (0.9) % | (1.1) % | |||||
Current accident year loss ratio, excluding impact of events | 65.3 % | 70.9 % | 65.8 % | 58.9 % | 64.4 % | 59.6 % | |||||
Combined ratio, excluding current year impact of events | 105.0 % | 125.3 % | 107.2 % | 95.0 % | 91.7 % | 94.4 % | |||||
(1) | Amounts may not reconcile due to rounding. |
(2) | Event impact represents the impact of catastrophes in 2023 and 2022, as well as the |
Net Income per Common Share | |||||||
Quarters Ended December 31, | Years Ended December 31, | ||||||
(in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||
Net income (loss) to common shareholders | $ 751,306 | $ 673,666 | $ 1,960,060 | $ (252,277) | |||
Adjustment of redeemable noncontrolling interests | (875) | (7,728) | 6,212 | (69,896) | |||
Adjusted net income (loss) to common shareholders | $ 750,431 | $ 665,938 | $ 1,966,272 | $ (322,173) | |||
Basic common shares outstanding | 13,242 | 13,494 | 13,347 | 13,580 | |||
Dilutive potential common shares from restricted stock units and restricted stock (1) | 44 | 42 | 31 | — | |||
Diluted common shares outstanding | 13,286 | 13,536 | 13,378 | 13,580 | |||
Basic net income (loss) per common share | $ 56.67 | $ 49.35 | $ 147.32 | $ (23.72) | |||
Diluted net income (loss) per common share (1) | $ 56.48 | $ 49.20 | $ 146.98 | $ (23.72) | |||
(1) | The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive. |
Non-GAAP Financial Measures
Underwriting
In addition to the
When analyzing our combined ratio, we exclude current accident year losses and loss adjustment expenses attributed to natural catastrophes and certain other significant, infrequent loss events, for example, the on-going military conflict between
When analyzing our loss ratio, we evaluate losses and loss adjustment expenses attributable to the current accident year separate from losses and loss adjustment expenses attributable to prior accident years. Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in our estimates of losses and loss adjustment expenses related to loss events that occurred in prior years. We believe a discussion of current accident year loss ratios, which exclude prior accident year reserve development, is helpful since it provides more insight into estimates of current underwriting performance and excludes changes in estimates related to prior year loss reserves. We also analyze our current accident year loss ratio excluding losses and loss adjustment expenses attributable to catastrophes and, in 2022, the
The components of our consolidated and segment combined ratios, including the non-GAAP measures discussed above, are included in "Insurance Results".
Markel Ventures
Markel Ventures EBITDA is a non-GAAP financial measure. We use Markel Ventures EBITDA as an operating performance measure in conjunction with
Quarters Ended December 31, | Years Ended December 31, | ||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||
Markel Ventures operating income | $ 107,388 | $ 107,996 | $ 437,508 | $ 325,238 | |||
Depreciation expense | 26,966 | 26,751 | 108,605 | 102,055 | |||
Amortization of intangible assets | 19,842 | 18,966 | 82,370 | 79,043 | |||
Markel Ventures EBITDA | $ 154,196 | $ 153,713 | $ 628,483 | $ 506,336 | |||
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SOURCE Markel Group
FAQ
What are the financial results for Markel Group Inc. for the year ended December 31, 2023?
What was the compound annual growth in book value per common share over the five-year period ended December 31, 2023?
What was the increase in the combined ratio for Markel Group Inc. in 2023?
What caused the increase in the Insurance segment's current accident year loss ratio in 2023?
