Markel Group announces interim financials

Markel Group announces interim financials

Markel Group announces interim financials | Insurance Business New Zealand

Insurance News

Markel Group announces interim financials

Numbers indicate 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.

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“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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