MARKEL GROUP INC.

Listed Company

MKLCIK 0001096343NYSELarge AcceleratedFire, Marine & Casualty InsuranceVirginiaFY ends Dec 31

Period

FY 2025

Revenue

$15.51B

Net Income

$2.11B

Total Assets

$68.91B

Equity

$18.60B

Shares Out

12.51M

Op. Cash Flow

$2.76B

+ 13F Filer

Business

Markel Group Inc. is a holding company that operates a diverse family of businesses built around a core specialty insurance operation. It offers specialty insurance and reinsurance underwriting, program services (fronting), insurance-linked securities investment and management, a centralized investments function for fixed maturity and equity securities, and Markel Ventures, which owns controlling interests in a portfolio of operating businesses. Its primary business engines are Insurance (underwriting, program services, ILS), Investments and Markel Ventures. The company distributes products globally, with major platforms in the United States, the United Kingdom, Bermuda and Germany, using brokers, managing general agents, retail agents, Lloyd’s syndicates and institutional investors as distribution channels.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Earned premiums	8,716	8,432	8,295	7,588	6,503
Net investment income	970	920	735	447	367
Products revenues	2,579	2,636	2,545	2,427	1,712
Services and other revenues	3,249	2,825	2,705	2,809	2,285
Total Operating Revenues	15,513	14,814	14,280	11,675	12,846
Net investment gains	1,076	1,807	1,524	−1,596	1,979
Losses and loss adjustment expenses	5,080	5,053	5,322	4,446	—
Underwriting, acquisition and insurance expenses	3,133	2,977	2,841	2,516	2,294
Products expenses	2,287	2,272	2,221	2,242	1,545
Services and other expenses	2,709	2,424	2,311	2,307	2,025
Amortization of intangible assets	185	181	181	179	161
Total Operating Expenses	13,394	12,908	12,875	11,769	9,605
Operating Income	3,195	3,713	2,929	−93	3,242
Interest expense	−206	−204	−185	−196	−184
Net foreign exchange gains (losses)	−256	129	−90	138	72
Income Before Income Taxes	2,733	3,638	2,654	−152	3,130
Income tax expense	−580	−790	−553	48	−684
Net Income	2,152	2,847	2,101	−103	2,446
Net income attributable to noncontrolling interests	−45	−100	−105	−113	−23
Net Income to Shareholders	2,107	2,747	1,996	−216	2,423
Preferred stock dividends and redemption premiums	−26	−36	−36	−36	−36
Net Income to Common Shareholders	2,081	2,711	1,960	−252	2,387
Change in net unrealized losses on available-for-sale investments, net of taxes	490	−130	307	−1,155	−405
Other, net of taxes	17	−8	−18	—	—
Total Other Comprehensive Income (Loss)	508	−139	289	−989	−347
Comprehensive Income	2,660	2,709	2,390	−1,093	2,099
Comprehensive income attributable to noncontrolling interests	−45	−101	−105	−113	−23
Comprehensive Income to Shareholders	2,615	2,608	2,285	−1,206	2,076
Basic (dollars per share)	169.74	199.69	147.32	−23.72	176.79
Diluted (dollars per share)	169.22	199.32	146.98	−23.72	176.38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available-for-sale (amortized cost of $17,895,918 in 2025 and $16,457,723 in 2024)	17,798	15,746	14,373	11,857	12,587
Equity securities (cost of $4,094,745 in 2025 and $3,887,820 in 2024)	13,004	11,785	9,578	7,672	9,024
Short-term investments, available-for-sale (estimated fair value approximates cost)	2,034	2,525	2,571	2,669	1,800
Total Investments	32,836	30,055	26,522	22,198	23,411
Cash and cash equivalents	3,965	3,693	3,747	4,137	3,978
Restricted cash and cash equivalents	639	500	585	1,084	902
Receivables	3,965	3,627	3,455	2,961	2,414
Reinsurance recoverables	14,616	11,605	9,236	8,447	7,294
Deferred policy acquisition costs	910	876	931	925	794
Prepaid reinsurance premiums	3,074	2,947	2,365	2,066	1,799
Goodwill	2,822	2,736	2,625	2,639	2,899
Intangible assets	1,543	1,460	1,589	1,747	1,822
Other assets	4,536	4,401	3,991	3,586	3,163
Total Assets	68,905	61,898	55,046	49,791	48,477
Unpaid losses and loss adjustment expenses	30,900	26,633	23,483	20,948	18,179
Unearned premiums	7,253	7,064	6,642	6,221	5,384
Payables to insurance and reinsurance companies	1,668	1,435	1,038	670	617
Senior long-term debt and other debt (estimated fair value of $3,856,000 in 2025 and $3,791,000 in 2024)	4,304	4,330	3,780	4,104	4,361
Other liabilities	5,721	4,967	3,927	3,461	3,832
Total Liabilities	49,803	44,429	39,520	36,054	33,276
Redeemable noncontrolling interests	506	540	470	523	461
Commitments and contingencies	—	—	—	—	—
Preferred stock	0	592	592	592	592
Common stock	3,672	3,561	3,517	3,494	3,441
Retained earnings	15,035	13,380	11,353	9,833	10,447
Accumulated other comprehensive loss	−109	−617	−478	−767	238
Total Shareholders' Equity	18,598	16,916	14,984	13,151	14,717
Noncontrolling interests	−2	13	72	63	23
Total Equity	18,596	16,929	15,056	13,214	14,740
Total Liabilities and Equity	68,905	61,898	55,046	49,791	48,477

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense	151	395	234	−282	453
Depreciation and amortization expense	348	342	320	309	336
Net amortization of investment premium or discount	−104	−124	−60	58	—
Net investment gains	−1,076	−1,807	−1,524	1,596	−1,979
Increase in receivables	−288	−159	−486	−653	−372
Increase in reinsurance recoverables	−2,929	−2,387	−768	−1,168	−1,312
Decrease (increase) in deferred policy acquisition costs	−22	50	−2	−141	−140
Increase in prepaid reinsurance premiums	−102	−584	−298	−271	−348
Increase in unpaid losses and loss adjustment expenses	3,974	3,251	2,443	2,383	2,042
Increase in unearned premiums	104	448	400	886	970
Increase in payables to insurance and reinsurance companies	224	398	365	211	132
Other	73	52	−29	214	191
Net Cash Provided By Operating Activities	2,761	2,594	2,787	2,709	2,274
Proceeds from sales, maturities, calls, and prepayments of fixed maturity securities	2,378	2,069	2,127	1,152	708
Cost of fixed maturity securities purchased	−3,783	−3,589	−4,303	−2,112	−3,165
Proceeds from sales of equity securities	306	177	299	242	201
Cost of equity securities purchased	−449	−571	−638	−443	−255
Net change in short-term investments	578	152	203	−846	229
Cost of other investments purchased	−41	−206	−193	—	—
Additions to property and equipment	−207	−255	−259	−255	−145
Acquisitions, net of cash acquired	−106	−208	−4	−79	−517
Other	134	32	64	28	16
Net Cash Used By Investing Activities	−1,190	−2,399	−2,704	−1,670	−2,938
Additions to senior long-term debt and other debt	883	1,434	625	1,034	1,199
Repayment of senior long-term debt and other debt	−912	−897	−950	−1,255	−487
Repurchases of common stock	−430	−573	−445	−291	−207
Dividends paid on preferred stock	−18	−36	−36	−36	−36
Redemption of preferred stock	−600	0	0	—	—
Distributions to noncontrolling interests	−39	−54	−29	−15	—
Redemption of Markel CATCo Re noncontrolling interests	−20	−117	−89	0	0
Other	−10	−9	−12	−32	−42
Net Cash Used By Financing Activities	−1,210	−298	−1,000	−595	370
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	50	−37	27	−103	−42
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	411	−140	−889	341	−336

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 208 positions

Reported AUM

$8.47B

Holdings

208

Top sector

$8.47B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$8.47B	100.0%

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