Markel Group announces interim earnings

Markel Group announces interim earnings | Insurance Business Canada

Insurance News

Markel Group announces interim earnings

Numbers represent major turnaround

Insurance News

By
Terry Gangcuangco

Markel Group, a diverse family of businesses with specialty insurance at its core, has reported the firm’s financial results for the quarter and nine months ended September 30, 2023.

Here’s how the company fared in the two periods, as shown in its earnings release:

Metric

Q3 2023

Q3 2022

9M 2023

9M 2022

Earned premiums

US$2.12 billion

US$1.96 billion

US$6.12 billion

US$5.55 billion

Markel Ventures operating revenues

US$1.25 billion

US$1.22 billion

US$3.74 billion

US$3.53 billion

Net investment income

US$192.2 million

US$112.6 million

US$521.2 million

US$301.7 million

Comprehensive income / (loss) to shareholders

US$(107.5 million)

US$(348 million)

US$1.10 billion

US$(2.08 billion)

According to Markel Group, its underwriting results included US$46.2 million of net losses and loss adjustment expenses attributed to the Hawaiian wildfires and Hurricane Idalia.

Commenting on the interim financials, chief executive Tom Gayner said: “Markel Ventures delivered exceptional margins and cash flows this quarter, and our net investment income was up significantly.

“Additionally, our insurance engine generated strong cash flows for our investments engine while remaining intensely focussed on navigating current insurance market dynamics and shaping our portfolio for long-term value creation.

“This quarter stands as yet another example that we can go a lot further and faster on our road to build one of the world’s great companies with three engines instead of just one.”

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