Markel Group Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total operating revenues reaching $16.6 billion, up from $15.8 billion in 2023, marking a 5.2% increase. The company achieved an operating income of $3.7 billion, a substantial rise from $2.9 billion the previous year, reflecting a 26.7% increase. Comprehensive income attributable to shareholders also rose to $2.6 billion, compared to $2.3 billion in 2023, driven primarily by net investment gains of $1.8 billion, up from $1.5 billion in the prior year.
The company’s insurance segment reported operating revenues of $8.7 billion, a 1.8% increase from $8.6 billion in 2023, with an operating income of $601 million, significantly higher than the $348 million reported in the previous year. The combined ratio improved to 95% from 98%, indicating enhanced underwriting profitability. In the reinsurance segment, gross premium volume increased by 10% to $1.2 billion, while the segment incurred a smaller underwriting loss of $5.4 million compared to a loss of $19.3 million in 2023.
Strategically, Markel Group made notable acquisitions in 2024, including a 98% stake in Valor Environmental and a 68% interest in Educational Partners International (EPI). The acquisition of EPI is expected to be consolidated in the first quarter of 2025 following regulatory approval. The company also expanded its program services internationally, enhancing its operational capabilities. Markel Ventures, which encompasses a diverse portfolio of businesses, reported revenues of $5.1 billion, a slight increase from $5.0 billion in 2023, with operating income remaining stable at $520 million.
Operationally, Markel Group's total assets grew to $61.9 billion, up from $55.0 billion in 2023, with invested assets increasing to $34.2 billion. The company maintained a strong employee base of approximately 22,000, with 5,600 in insurance operations and 16,400 in Markel Ventures. The company’s focus on specialty insurance products and disciplined underwriting practices contributed to its improved market position, with a notable increase in its market share in the excess and surplus lines market, where it ranked as the fourth largest writer in the U.S.
Looking ahead, Markel Group expressed optimism about its growth trajectory, emphasizing its commitment to long-term value creation through strategic investments and acquisitions. The company plans to continue leveraging its diversified business model to navigate market challenges and capitalize on emerging opportunities, while maintaining a focus on underwriting profitability and operational efficiency.
About MARKEL GROUP INC.
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