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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