MARKEL GROUP (MKL)

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.

• Markel Group reported strong financial performance for Q3 2025, with consolidated revenues up 7% for the quarter and adjusted operating income increasing 24% year-over-year to $621 million.
• The company enhanced its financial disclosures, reorganizing business results into four reportable segments: Insurance, Industrial, Financial, and Consumer and Other, and introduced adjusted operating income as a new metric.
• Markel Insurance demonstrated improved profitability, achieving a combined ratio of 93% in Q3 2025, an improvement from 97% in the comparable period, and saw gross written premiums increase 11% for the quarter.
• Markel Group returned approximately $1.9 billion to shareholders through share repurchases from the end of 2020 through Q3 2025, reducing the share count from 13.8 million to 12.6 million.

• Markel Group Inc. reported a 7% increase in operating revenues and a 24% increase in adjusted operating income for the third quarter of 2025.
• The Markel Insurance segment's adjusted operating income grew by 55% for the quarter, and its combined ratio improved by more than four points to 93%.
• The company generated $2.1 billion in operating cash flows year-to-date and repurchased $344 million of its shares, with 12.6 million shares outstanding as of September 30, 2025.
• Markel Group implemented notable changes to its financial reporting in Q3 2025, including re-segmentation of businesses and updating the presentation of operating revenues to exclude net investment gains and losses, with prior periods recast.

• Markel Group's operating revenues increased 7% to $3,934,549 thousand for Q3 2025 and 4% to $11,505,268 thousand year to date.
• Adjusted operating income rose 24% to $621,017 thousand for Q3 2025 and 7% to $1,677,884 thousand year to date.
• The Markel Insurance combined ratio improved by more than four points to 93% in Q3 2025, with the year-to-date ratio consistent at 95%.
• Year to date, operating cash flows reached $2.1 billion, and the company repurchased $344 million in shares, with 12.6 million shares outstanding as of September 30, 2025.

• mea Platform launched mea Operations, a new suite of agentic AI products designed to replace core insurance industry workflows.
• These products aim to achieve up to a 50 percent reduction in operating costs for (re)insurance carriers and brokers, addressing the roughly $2 trillion annually consumed by operating expenses.
• mea Operations extends mea's existing Intelligent Underwriting products and covers workflows from pre-bind underwriting and claims processing through post-bind, policy issuance, settlement, and finance services.
• The suite includes specific modules for Underwriting Operations, Claims Operations, Finance Operations, and Broking Operations, automating various tasks within these areas.
• Leading carriers including The Hartford, Markel, AXIS, CNA, and SCOR are already utilizing mea's platform.