MARKEL GROUP INC.MKL
MARKEL GROUP INC. Segments Disclosure
2. Segment Reporting Disclosures
The Company has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other. The Company's chief operating decision maker is the .
In 2025, management made changes to the structure and leadership of its insurance operations, resulting in changes to its operating and reportable segments, primarily the creation of the Markel Insurance segment. Markel Insurance's underwriting operations were previously reported through the Company's Insurance and Reinsurance segments.
Management also made changes to the Company's operating and reportable segments in 2025 to reflect changes in how the chief operating decision maker assesses the Company's other set of businesses and investments. The businesses previously reported under the Markel Ventures segment, as well as the Company's State National and Nephila businesses, which previously were not included in a reportable segment, are now reported in three new reportable segments: Industrial, Financial, and Consumer and Other. Additionally, the results from the Company's investing activities, previously reported in the Investing segment, are now attributed to the Company's segments or corporate operations based on the subsidiary that holds the investments. Markel Insurance's subsidiaries hold the most significant portion of the Company's investments. Prior periods have been recast to conform to the current presentation.
The Markel Insurance segment is the Company's core specialty insurance business, which is comprised of underwriting and other insurance-related activities. The Markel Insurance segment aligns with the business's network of insurance subsidiaries under the common leadership of the Markel Insurance chief executive officer. In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. The Global Reinsurance division's gross premium volume in 2025 was $1.0 billion. As many of the contracts previously written within this division are multi-year agreements, the Company expects premiums to continue earning over the next two to three years and loss reserves are expected to take several additional years to run off.
The Industrial segment consists of businesses that operate in the industrial sector. These businesses distribute building products, provide fire protection and life safety solutions, and manufacture a variety of products, including precast concrete, car hauler equipment, industrial baking equipment, flooring for dry van trailers, dredges, and wall systems. Other businesses in the Industrial segment provide equipment rental services and erosion control and stormwater management services.
The Financial segment consists of businesses that operate in the insurance services and investment management industries, including the Company's State National and Nephila businesses, as well as certain insurance-linked securities investment management businesses that are in run-off.
The Consumer and Other segment consists of businesses that operate in the consumer sector, as well as a variety of other sectors. These businesses produce ornamental houseplants, build homes, design leather handbags, and own and operate manufactured housing communities. Other businesses in the Consumer and Other segment provide information technology consulting services, retail intelligence, concierge primary healthcare, and sponsorship of international teachers.
The Company's corporate operations, which are not an operating or reportable segment, are comprised of holding company activities, which include capital allocation, leadership support, and performing the responsibilities consistent with sound governance and required of a public company. The Company's corporate operations include activities at Markel Group Inc. and investments and loans to and from its operating businesses, which are held by other corporate subsidiaries. Historically, corporate expenses were fully allocated to the Company's segment results, however, beginning in the third quarter of 2025, the Company discontinued allocating corporate expenses that are not integral to operating its underlying businesses.
Intersegment transactions primarily consist of loans from Markel Insurance to a corporate subsidiary to fund certain non-insurance acquisitions and from a corporate subsidiary to certain non-insurance businesses to fund strategic growth investments and projects. The Company's chief operating decision maker considers these loans, and the related interest income, to be similar to invested assets held by the respective segment. Interest income on these intercompany loans is included in the respective segment's profit and is eliminated in consolidation.
Segment profit for all of the Company's segments is measured by adjusted operating income, which does not include net investment gains, amortization of acquired intangible assets, or impairment of goodwill. Net investment gains and losses, which are primarily comprised of unrealized gains and losses on equity securities, are evaluated separately by the chief operating decision maker when assessing periodic segment financial performance due to the inherent volatility of these gains and losses, which can temporarily obscure the underlying segment performance. The chief operating decision maker believes such amounts are more meaningful when evaluated over longer periods of time. Amortization of acquired intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, are not considered a cost of operating the underlying businesses.
a) The following tables summarize the Company's segment disclosures. The Company's chief operating decision maker reviews net investment gains and losses by segment separately from segment profit.
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Markel Insurance | Industrial | Financial | Consumer and Other | Corporate and eliminations | Consolidated | |||||||||||||||||||||||||||||
| Earned premiums | $ | 8,401,323 | $ | — | $ | 314,344 | $ | — | $ | — | $ | 8,715,667 | |||||||||||||||||||||||
| Net investment income | 871,531 | — | 38,699 | — | 60,197 | 970,427 | |||||||||||||||||||||||||||||
| Products revenues | — | 1,620,280 | — | 958,264 | — | 2,578,544 | |||||||||||||||||||||||||||||
| Services and other revenues | 80,037 | 2,307,969 | 383,921 | 424,648 | 52,020 | 3,248,595 | |||||||||||||||||||||||||||||
| Total operating revenues | 9,352,891 | 3,928,249 | 736,964 | 1,382,912 | 112,217 | 15,513,233 | |||||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||
| Current accident year - attritional | (5,331,183) | — | (175,092) | — | — | (5,506,275) | |||||||||||||||||||||||||||||
Current accident year - catastrophe | (61,896) | — | — | — | — | (61,896) | |||||||||||||||||||||||||||||
| Prior accident years | 484,000 | — | 4,326 | — | — | 488,326 | |||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses: | |||||||||||||||||||||||||||||||||||
| Amortization of policy acquisition costs | (1,752,831) | — | (23,953) | — | — | (1,776,784) | |||||||||||||||||||||||||||||
| Other underwriting expenses | (1,283,742) | — | (72,637) | — | — | (1,356,379) | |||||||||||||||||||||||||||||
| Products expenses | — | (1,411,983) | — | (875,411) | — | (2,287,394) | |||||||||||||||||||||||||||||
| Services and other expenses | (28,172) | (2,173,083) | (143,036) | (332,865) | (31,897) | (2,709,053) | |||||||||||||||||||||||||||||
| Adjusted operating income | $ | 1,379,067 | $ | 343,183 | $ | 326,572 | $ | 174,636 | $ | 80,320 | $ | 2,303,778 | |||||||||||||||||||||||
| Net investment gains | 1,076,081 | ||||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets | (185,007) | ||||||||||||||||||||||||||||||||||
| Interest expense | (205,910) | ||||||||||||||||||||||||||||||||||
| Net foreign exchange losses | (256,234) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 2,732,708 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Markel Insurance | Industrial | Financial | Consumer and Other | Corporate | Consolidated | |||||||||||||||||||||||||||||
| Net investment gains | $ | 976,740 | $ | — | $ | — | $ | — | $ | 99,341 | $ | 1,076,081 | |||||||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Markel Insurance | Industrial | Financial | Consumer and Other | Corporate and eliminations | Consolidated | |||||||||||||||||||||||||||||
| Earned premiums | $ | 8,130,712 | $ | — | $ | 301,700 | $ | — | $ | — | $ | 8,432,412 | |||||||||||||||||||||||
| Net investment income | 797,907 | — | 39,341 | — | 83,248 | 920,496 | |||||||||||||||||||||||||||||
| Products revenues | — | 1,690,336 | — | 945,323 | — | 2,635,659 | |||||||||||||||||||||||||||||
| Services and other revenues | 54,824 | 2,089,280 | 252,272 | 382,010 | 46,591 | 2,824,977 | |||||||||||||||||||||||||||||
| Total operating revenues | 8,983,443 | 3,779,616 | 593,313 | 1,327,333 | 129,839 | 14,813,544 | |||||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||
Current accident year - attritional | (5,262,005) | — | (175,405) | — | — | (5,437,410) | |||||||||||||||||||||||||||||
Current accident year - catastrophe | (70,649) | — | — | — | — | (70,649) | |||||||||||||||||||||||||||||
| Prior accident years | 454,932 | — | 378 | — | — | 455,310 | |||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses: | |||||||||||||||||||||||||||||||||||
| Amortization of policy acquisition costs | (1,730,789) | — | (23,352) | — | — | (1,754,141) | |||||||||||||||||||||||||||||
| Other underwriting expenses | (1,155,225) | — | (68,023) | — | — | (1,223,248) | |||||||||||||||||||||||||||||
| Products expenses | — | (1,412,792) | — | (859,427) | — | (2,272,219) | |||||||||||||||||||||||||||||
| Services and other expenses | (35,219) | (2,001,790) | (64,829) | (322,534) | — | (2,424,372) | |||||||||||||||||||||||||||||
| Adjusted operating income | $ | 1,184,488 | $ | 365,034 | $ | 262,082 | $ | 145,372 | $ | 129,839 | $ | 2,086,815 | |||||||||||||||||||||||
| Net investment gains | 1,807,219 | ||||||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (181,472) | ||||||||||||||||||||||||||||||||||
| Interest expense | (204,300) | ||||||||||||||||||||||||||||||||||
| Net foreign exchange gains | 129,438 | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 3,637,700 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Markel Insurance | Industrial | Financial | Consumer and Other | Corporate | Consolidated | |||||||||||||||||||||||||||||
| Net investment gains (losses) | $ | 1,447,686 | $ | — | $ | (150) | $ | — | $ | 359,683 | $ | 1,807,219 | |||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Markel Insurance | Industrial | Financial | Consumer and Other | Corporate and eliminations | Consolidated | |||||||||||||||||||||||||||||
| Earned premiums | $ | 8,011,501 | $ | — | $ | 283,978 | $ | — | $ | — | $ | 8,295,479 | |||||||||||||||||||||||
| Net investment income | 642,676 | — | 27,624 | — | 64,232 | 734,532 | |||||||||||||||||||||||||||||
| Products revenues | — | 1,686,315 | — | 858,738 | — | 2,545,053 | |||||||||||||||||||||||||||||
| Services and other revenues | 33,372 | 2,042,326 | 241,531 | 388,333 | (1,050) | 2,704,512 | |||||||||||||||||||||||||||||
| Total operating revenues | 8,687,549 | 3,728,641 | 553,133 | 1,247,071 | 63,182 | 14,279,576 | |||||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||
Current accident year - attritional | (5,162,880) | — | (157,607) | — | — | (5,320,487) | |||||||||||||||||||||||||||||
Current accident year - catastrophe | (40,072) | — | — | — | — | (40,072) | |||||||||||||||||||||||||||||
| Prior accident years | 36,670 | — | 1,880 | — | — | 38,550 | |||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses: | |||||||||||||||||||||||||||||||||||
| Amortization of policy acquisition costs | (1,740,790) | — | (22,880) | — | — | (1,763,670) | |||||||||||||||||||||||||||||
| Other underwriting expenses | (1,011,643) | — | (65,421) | — | — | (1,077,064) | |||||||||||||||||||||||||||||
| Products expenses | — | (1,432,637) | — | (788,039) | — | (2,220,676) | |||||||||||||||||||||||||||||
| Services and other expenses | (21,659) | (1,917,673) | (48,870) | (322,567) | — | (2,310,769) | |||||||||||||||||||||||||||||
| Adjusted operating income | $ | 747,175 | $ | 378,331 | $ | 260,235 | $ | 136,465 | $ | 63,182 | $ | 1,585,388 | |||||||||||||||||||||||
| Net investment gains | 1,524,054 | ||||||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (180,614) | ||||||||||||||||||||||||||||||||||
| Interest expense | (185,077) | ||||||||||||||||||||||||||||||||||
| Net foreign exchange losses | (90,045) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 2,653,706 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Markel Insurance | Industrial | Financial | Consumer and Other | Corporate | Consolidated | |||||||||||||||||||||||||||||
| Net investment gains (losses) | $ | 1,249,362 | $ | — | $ | (457) | $ | — | $ | 275,149 | $ | 1,524,054 | |||||||||||||||||||||||
b) The chief operating decision maker also reviews capital expenditures attributable to the Industrial and Consumer and Other segments.
Year Ended December 31, | |||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Industrial | $ | 82,094 | $ | 132,346 | $ | 183,045 | |||||||||||
Consumer and Other | $ | 52,692 | $ | 44,729 | $ | 37,991 | |||||||||||
c) The following table reconciles segment assets to the Company's consolidated balance sheets.
December 31, | |||||||||||
| (dollars in thousands) | 2025 | 2024 | |||||||||
| Segment assets: | |||||||||||
| Markel Insurance | $ | 44,314,601 | $ | 40,603,824 | |||||||
| Industrial | 3,965,449 | 3,878,918 | |||||||||
| Financial | 14,444,426 | 11,059,318 | |||||||||
| Consumer and Other | 1,783,183 | 1,540,514 | |||||||||
| Total segment assets | 64,507,659 | 57,082,574 | |||||||||
| Corporate and eliminations | 4,397,391 | 4,815,408 | |||||||||
| Total assets | $ | 68,905,050 | $ | 61,897,982 | |||||||
d) The following table summarizes earned premiums by major product grouping within the Markel Insurance segment.
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
General liability | $ | 2,458,096 | $ | 2,445,980 | $ | 2,496,686 | |||||||||||
Professional liability | 1,959,713 | 2,027,046 | 2,187,492 | ||||||||||||||
Marine and energy | 853,387 | 814,788 | 738,507 | ||||||||||||||
Personal lines | 751,771 | 625,542 | 538,816 | ||||||||||||||
Property | 654,479 | 615,285 | 544,520 | ||||||||||||||
Programs | 653,901 | 573,517 | 509,866 | ||||||||||||||
Workers compensation | 464,770 | 448,029 | 453,767 | ||||||||||||||
Credit and surety | 346,733 | 326,261 | 301,660 | ||||||||||||||
Other products | 258,473 | 254,264 | 240,187 | ||||||||||||||
Total | $ | 8,401,323 | $ | 8,130,712 | $ | 8,011,501 | |||||||||||
Markel Insurance does not manage products at this level of aggregation as it offers a diverse portfolio of products and manages these products in more disaggregated groupings.
During the years ended December 31, 2025, 2024, and 2023, 73%, 75%, and 76%, respectively, of underwriting gross premiums written in the Company's Markel Insurance segment were attributed to risks or cedents located in the United States.
Most of the Markel Insurance segment's underwriting gross written premiums are placed through insurance and reinsurance brokers. During the years ended December 31, 2025, 2024, and 2023, the Markel Insurance segment's top five independent brokers accounted for 37%, 39%, and 38% of its underwriting gross premiums written. The top five independent brokers may vary from year to year.
e) The following table summarizes the proportion of products, services, and other revenues attributable to U.S. customers by segment. For the Financial segment, revenues not attributable to U.S. customers were attributable to Bermuda-based funds, consisting of third-party investor capital managed by the Company.
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Industrial | 94 | % | 92 | % | 94 | % | |||||||||||
Financial | 58 | % | 61 | % | 59 | % | |||||||||||
Consumer and Other | 99 | % | 99 | % | 99 | % | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2018 | Feb 28, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.