Markel Group releases Q1 earnings
Markel Group releases Q1 earnings | Insurance Business New Zealand
Insurance News
Markel Group releases Q1 earnings
Operating income sees 77% growth
Insurance News
By
Terry Gangcuangco
Markel Group, the parent company of insurance brand Markel, has released its financial results for the first three months of the year.
Here’s how Markel Group fared in the quarter:
Metric
Q1 2024
Q1 2023
Insurance operating revenues
US$2.19 billion
US$2.01 billion
Investments operating revenues
US$1.14 billion
US$528.78 million
Markel Ventures operating revenues
US$1.14 billion
US$1.10 billion
Total operating revenues
US$4.47 billion
US$3.64 billion
Insurance operating income
US$135.83 million
US$177.34 million
Investments operating income
US$1.14 billion
US$528.78 million
Markel Ventures operating income
US$103.92 million
US$92.18 million
Total operating income
US$1.34 billion
US$753.90 million
Of the group’s insurance operating income Q1, US$107.31 million came from the insurance segment, US$12.01 million from reinsurance, and US$16.51 million from other insurance operations.
Our insurance team grew the top line year over year, and both operating income and the combined ratio improved significantly from the close of last year as we work towards our long-term profitability objectives.
“Net investment income increased amid higher interest rates, and our public investments were up meaningfully. Lastly, our Markel Ventures businesses had another terrific quarter, and we couldn’t be more pleased with the results of their efforts.
“Our promise to shareholders is to drive strong performance over the long term, and with quarters like these, we continue to make progress towards that goal.”
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