Numbers show major turnaround
By Terry Gangcuangco
Nov 06, 2023 Share
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 | $2.12 billion | $1.96 billion | $6.12 billion | $5.55 billion |
| Markel Ventures operating revenues | $1.25 billion | $1.22 billion | $3.74 billion | $3.53 billion |
| Net investment income | $192.2 million | $112.6 million | $521.2 million | $301.7 million |
| Comprehensive income / (loss) to shareholders | $(107.5 million) | $(348 million) | $1.10 billion | $(2.08 billion) |
According to Markel Group, its underwriting results included $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 focused 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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