Markel Group reported higher financial results for 2024, stating that it has exceeded its targets for the year.
The company reported total operating revenue of $16.62 billion for the year ended Dec. 31, 2024, up from $15.80 billion a year earlier. Net income was $199.32 per share, compared with $146.98 per share a year earlier.
Strong returns from the company’s equity portfolio and a 25% increase in net investment income supported the company’s recent results. Insurance operations grew through targeted premium increases and improved underwriting.
Meanwhile, the company estimates its range of underwriting losses due to the January wildfires in Los Angeles, including the impact of reinstatement premiums from these events, to be between $90 million and $130 million before income taxes.
Markel said that due to the uncertainty associated with the nature of the wildfires, it expects to update its estimate of net losses, which will be recorded in the first quarter of 2025, as details about the events and actual level of claims emerge.
The combined ratio also improved for the year, mainly due to favourable development on prior year’s loss reserves.
Markel Ventures also saw revenue growth, particularly from its consumer and building products businesses, as well as a contribution from Valor Environmental.
“In 2024, we exceeded our target with strong returns from our public equity portfolio, continued growth in Ventures, and notable performance in many areas of our insurance business, all while staying true to our values and striving for excellence,” said Tom Gayner, chief executive officer of Markel Group. “Over the past two years, Markel Group has made significant strides in improving accountability, capital allocation, and leadership.”
As of Dec. 31, 2024, the company had investments, cash and cash equivalents and restricted cash of $34.2 billion, compared with $30.9 billion a year earlier. The increase was primarily due to operating cash flows and an increase in the fair value of its equity portfolio.
