MARKEL GROUP (MKL)

• Markel Group reported operating revenues of $15,513 million and adjusted operating income of $2,304 million for 2025, with its insurance operations achieving a combined ratio of 94%.
• The company sold the renewal rights of its reinsurance operations in 2025 to refocus on core Specialty underwriting, a strategic move expected to improve the Markel Insurance combined ratio and return on equity.
• Markel Group continued its conservative reserving practice, reporting $484 million in reserve redundancies in 2025, marking the 21st consecutive year.
• In 2025, the company repurchased 223,000 shares at an average cost of $1,894 per share, redeemed $600 million in preferred stock, and its public equity investments generated a 10.5% total return, contributing to an $8.9 billion total unrealized gain on the equity portfolio.

• Simon Wilson, CEO of Markel Insurance, and Andrew Crowley, President of Markel Ventures, have been appointed as Executive Vice Presidents of Markel Group, effective immediately.
• Amy McCann has been promoted to Chief Administrative Officer, Markel Group, and will also retain her responsibilities as General Counsel, Markel Ventures.
• Mike Heaton, EVP and Chief Operating Officer, will be leaving Markel Group.

• mea Platform secured a €42.2 million ($50 million) minority growth equity investment from London-based Scottish Equity Partners (SEP).
• The funding will be used to accelerate product development and customer engagement as mea expands its insurance-specific AI products across (re)insurance operations.
• mea, founded in 2021, is in its fourth consecutive year of profitable growth, operates in 21 countries, and processes over $400 billion in gross written premium for clients including Markel, AXIS, and The Hartford.
• SEP described mea as an IP-rich, production-grade platform with clear return on investment.

• Markel Group reported a 10% increase in consolidated adjusted operating income to $2.3 billion for the full year 2025, with operating cash flow growing to $2.8 billion.
• The Markel Insurance segment delivered $1.4 billion in adjusted operating income and a 94.6% combined ratio for 2025, achieving a 14% return on equity. The company also exited underperforming businesses, notably reinsurance, in 2025.
• Other segments also contributed positively, with the financial segment's adjusted operating income increasing 25% to $327 million, industrial earning $343 million, and consumer and other delivering $175 million.
• The company actively managed capital, deploying $1.4 billion in fixed maturity net purchases and repurchasing $430 million of its common shares, while increasing its cash balance by $411 million.
• Looking into 2026, the insurance pricing environment is mixed, with softening in U.S. property and London wholesale markets contrasted by continued rate increases in the casualty market.

• Markel Group's consolidated operating revenues were up 8% for Q4 2025 and 5% for the full year 2025, with adjusted operating income increasing 19% to $626 million for the quarter and 10% to $2.3 billion for the full year.
• Markel Insurance achieved a 92.9% combined ratio in Q4 2025 and 94.6% for the full year, contributing $399 million and $1.4 billion in adjusted operating income for the respective periods. The segment's return on equity for 2025 was 14%.
• The Financial segment's adjusted operating income grew 25% to $327 million in 2025, while the Industrial segment earned $343 million, and Consumer and Other delivered $175 million.
• The company's operating cash flow increased to $2.8 billion in 2025, and it repurchased $430 million of common shares.
• For 2026, Markel Group anticipates a decrease of approximately $2 billion in underwriting gross written premiums due to the exit of its Global Reinsurance business and the transition of the Hagerty partnership to a pure fronting model, changes expected to benefit future combined ratio, adjusted operating income, and return on equity.

• Markel Group reported a 10% increase in adjusted operating income to $2.3 billion for the full year 2025, up from $2.1 billion in 2024, with consolidated operating revenues up 5% for the year and operating cash flow growing to $2.8 billion.
• Markel Insurance achieved a 92.9% combined ratio in Q4 2025 and $1.4 billion in adjusted operating income for the full year, marking a 14% return on equity for 2025 and 21 consecutive years of favorable reserve development.
• The financial segment's adjusted operating income grew 25% to $327 million, while the industrial segment earned $343 million, and consumer and other delivered $175 million, up from $145 million last year.
• The company returned capital to shareholders by repurchasing $430 million of common shares and redeeming $600 million in preferred shares during 2025.

• Markel Group Inc. reported operating revenues of $15.51 billion for the year ended December 31, 2025, an increase of 5% from the prior year, and adjusted operating income of $2.30 billion, up 10% year-over-year.
• For the fourth quarter of 2025, operating revenues increased 8% and adjusted operating income grew 19%.
• The Markel Insurance segment's adjusted operating income increased 16% for the year and 31% for the quarter ended December 31, 2025, with its combined ratio improving to 95% for the year and 93% for the quarter. The segment's return on equity was 14% for 2025.
• The company repurchased $429.5 million in shares during 2025, resulting in 12.6 million shares outstanding at December 31, 2025, compared to 12.8 million at December 31, 2024.
• In August 2025, the Markel Insurance Global Reinsurance division entered run-off after selling its renewal rights.

• Markel Group reported operating revenues of $15.513 billion for the year ended December 31, 2025, marking a 5% increase compared to the prior year.
• Adjusted operating income grew by 10% to $2.304 billion for the full year 2025.
• The Markel Insurance segment's combined ratio improved by one point to 95% for the year, and its adjusted operating income increased by 16%.
• The company returned capital to shareholders through $429.5 million in share repurchases during 2025, contributing to $2.6 billion in comprehensive income to shareholders for the year.

Markel Group reported a significant improvement in its Markel Insurance segment, with the combined ratio decreasing to 93% in Q3 2025 from 97% in the comparable period. Consolidated revenues increased by 7% for the quarter and 4% year to date, while adjusted operating income grew 24% to $621 million in Q3 2025.

The company continued its capital return strategy, repurchasing $344 million in shares during Q3 2025. From the end of 2020 through Q3 2025, approximately $1.9 billion of capital was returned to shareholders via repurchases, reducing the share count from 13.8 million to 12.6 million.

New financial disclosures were implemented, reorganizing business results into four segments: Insurance, Industrial, Financial, and Consumer Other, and introducing adjusted operating income as a key performance metric.

• Markel Group reported consolidated revenues up 7% for the quarter and 4% year to date for Q3 2025, with the new metric of adjusted operating income totaling $621 million, a 24% increase compared to the same period last year.
• The Markel Insurance segment demonstrated significant improvement, achieving a combined ratio of 93% in Q3 2025, down from 97% in the prior year, and saw underwriting gross written premiums grow by 11% for the quarter.
• The company implemented enhanced financial disclosures, reorganizing business results into four segments: Insurance, Industrial, Financial, and Consumer Other, and introducing adjusted operating income as a primary performance metric.
• Markel Group continued its capital return program, repurchasing $344 million in shares year-to-date through Q3 2025, reducing the share count to 12.6 million. Since the end of 2020, $1.9 billion has been returned to shareholders through repurchases.