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.
Commenting on the numbers, chief executive Tom Gayner (pictured) said: “We are pleased with the overall performance of our businesses as we start the year.
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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