Markel Group reveals Q1 earnings

Markel Group reveals Q1 earnings | Insurance Business Canada

Insurance News

Markel Group reveals Q1 earnings

Operating income sees 77% jump

Insurance News

By
Terry Gangcuangco

Markel Group, the parent company of insurance brand Markel, has released its financial results for the first three months of the year.

Here’s how Markel Group fared in the quarter:

Metric

Q1 2024

Q1 2023

Insurance operating revenues

US$2.19 billion

US$2.01 billion

Investments operating revenues

US$1.14 billion

US$528.78 million

Markel Ventures operating revenues

US$1.14 billion

US$1.10 billion

Total operating revenues

US$4.47 billion

US$3.64 billion

Insurance operating income

US$135.83 million

US$177.34 million

Investments operating income

US$1.14 billion

US$528.78 million

Markel Ventures operating income

US$103.92 million

US$92.18 million

Total operating income

US$1.34 billion

US$753.90 million

Of the group’s insurance operating income Q1, US$107.31 million came from the insurance segment, US$12.01 million from reinsurance, and US$16.51 million from other insurance operations.

Our insurance team grew the top line year over year, and both operating income and the combined ratio improved significantly from the close of last year as we work towards our long-term profitability objectives.

“Net investment income increased amid higher interest rates, and our public investments were up meaningfully. Lastly, our Markel Ventures businesses had another terrific quarter, and we couldn’t be more pleased with the results of their efforts.

“Our promise to shareholders is to drive strong performance over the long term, and with quarters like these, we continue to make progress towards that goal.”

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