Markel Group reports 2024 third quarter and nine-months results

30.10.24 21:39 Uhr

Werte in diesem Artikel
Aktien

1.654,00 EUR 23,00 EUR 1,41%

RICHMOND, Va., Oct. 30, 2024 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the third quarter of 2024. The Company also announced today it filed its Form 10-Q for the quarter ended September 30, 2024 with the Securities and Exchange Commission. Markel Group aspires to build one of the world's great companies and deploys three financial engines in pursuit of this goal: Insurance, Investments and Markel Ventures.

"We've consistently emphasized the value of our family of businesses that have found a home under the Markel Group umbrella. The results of 2024 so far underscore that benefit. Many of our businesses performed exceptionally, others made solid improvements where there was room for improvement, and a few faced slowdowns or challenges," said Tom Gayner, Chief Executive Officer. "Overall, we achieved strong results, and we're confident in our long-term ability for that to continue to be the case."

The following table presents summary financial data, by engine, for the quarters and nine months ended September 30, 2024 and 2023.


Quarter Ended September 30,


Nine Months Ended September 30,

(dollars in thousands, except per share amounts)

2024


2023


2024


2023

Operating revenues:








Insurance

$    2,185,758


$        2,208,352


$    6,519,744


$        6,327,165

Investments:








Net investment income

233,384


191,015


671,042


518,536

Net investment gains (losses)

917,530


(265,917)


1,689,794


591,173

Other

14,971


(5,033)


45,174


(13,791)

Total Investments

1,165,885


(79,935)


2,406,010


1,095,918

Markel Ventures

1,259,621


1,246,769


3,854,008


3,738,028

Total operating revenues

$    4,611,264


$        3,375,186


$  12,779,762


$      11,161,111









Operating income:








Insurance (1)

$        145,273


$             69,870


$        458,023


$           444,571

Investments:








Net investment income

233,384


191,015


671,042


518,536

Net investment gains (losses)

917,530


(265,917)


1,689,794


591,173

Other

14,971


(5,033)


45,174


(13,791)

Total Investments

1,165,885


(79,935)


2,406,010


1,095,918

Markel Ventures

106,627


130,420


388,040


392,648

Consolidated segment operating income (2)

1,417,785


120,355


3,252,073


1,933,137

Amortization of acquired intangible assets

(46,459)


(47,545)


(134,981)


(136,367)

Total operating income

$    1,371,326


$             72,810


$    3,117,092


$        1,796,770









Comprehensive income (loss) to shareholders

$    1,329,458


$         (107,500)


$    2,482,199


$        1,103,414

Diluted net income per common share

$           66.25


$                3.14


$         160.42


$               90.69









Combined ratio

96.4 %


99.1 %


95.1 %


95.4 %


(1)     See "Supplemental Financial Information" for the components of our Insurance engine operating income.

(2)     See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

 

Highlights of results from the quarter and nine months:

  • Operating revenue growth of 37% and 15% for the quarter and nine months ended September 30, 2024, respectively, as well as significant growth in operating income, was driven by our Investments engine.
  • Our Investments engine benefited from more favorable market value movements within our equity portfolio in 2024 compared to 2023. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. This may lead to short-term volatility in revenues and operating income that temporarily obscures our underlying operating performance.
  • Net investment income within our Investments engine increased 22% and 29% for the quarter and nine months ended September 30, 2024, respectively, reflecting higher interest rates and increased investment holdings in 2024 compared to 2023.
  • Our Insurance engine benefited from strong performance by our international operations, the favorable impact of underwriting actions by our U.S. operations and continued growth in our program services business in 2024, while the performance of our Reinsurance segment was negatively impacted by elevated levels of losses on certain product lines.
  • Underwriting results for the quarter and nine months ended September 30, 2024 included $62 million of net losses and loss adjustment expenses attributed to Hurricane Helene, or three points and one point on the quarter-to-date and year-to-date consolidated combined ratio, respectively.
  • Our Markel Ventures engine grew operating revenues in 2024 driven by our consumer and building products businesses, while operating income decreased due in part to lower operating margins at certain of our businesses.

We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.


Nine Months
Ended
September 30,


Years Ended December 31,

(dollars in thousands)

2024


2023


2022


2021


2020

Operating income (loss):










Insurance (1)

$     458,023


$     348,145


$     928,709


$     718,800


$     136,985

Investments (2)

2,406,010


2,241,419


(1,167,548)


2,353,124


989,564

Markel Ventures

388,040


519,878


404,281


330,120


306,650

Consolidated segment operating income (3)

3,252,073


3,109,442


165,442


3,402,044


1,433,199

Amortization and impairment

(134,981)


(180,614)


(258,778)


(160,539)


(159,315)

Total operating income (loss)

$  3,117,092


$  2,928,828


$      (93,336)


$  3,241,505


$  1,273,884











Net investment gains (losses) (2)

$  1,689,794


$  1,524,054


$ (1,595,733)


$  1,978,534


$     617,979

Compound annual growth rate in closing stock price
per share from December 31, 2019 to September 30, 2024

7 %











(1)

See "Supplemental Financial Information" for the components of our Insurance engine operating income.

(2)

Investments engine operating income includes net investment gains (losses), which are primarily comprised of unrealized gains and losses on equity securities.

(3)

See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

 

* * * * * * * *

A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, October 31, 2024, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (800) 715-9871 in the U.S., or (646) 307-1963 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com.

Supplemental Financial Information
The following table presents the components of our Insurance engine operating income.


Quarter Ended September 30,


Nine Months Ended
September 30,


Years Ended December 31,

(dollars in thousands)

2024


2023


2024


2023


2023


2022


2021


2020

Insurance operating income (loss):
















Insurance segment

$  109,584


$       25,092


$  350,073


$     256,247


$  162,176


$  549,871


$  696,413


$  169,001

Reinsurance segment

(33,531)


(5,812)


(20,200)


33,606


(19,265)


83,859


(55,129)


(75,470)

Other insurance operations

69,220


50,590


128,150


154,718


205,234


294,979


77,516


43,454

Insurance

$  145,273


$       69,870


$  458,023


$     444,571


$  348,145


$  928,709


$  718,800


$  136,985

 

Non-GAAP Financial Measures
Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income.


Quarter Ended September 30,


Nine Months Ended
September 30,


Years Ended December 31,

(dollars in thousands)

2024


2023


2024


2023


2023


2022


2021


2020

Operating income (loss)

$  1,371,326


$     72,810


$  3,117,092


$  1,796,770


$  2,928,828


$    (93,336)


$  3,241,505


$  1,273,884

Amortization of acquired
intangible assets

46,459


47,545


134,981


136,367


180,614


178,778


160,539


159,315

Impairment of goodwill






80,000



Consolidated segment
operating income

$  1,417,785


$   120,355


$  3,252,073


$  1,933,137


$  3,109,442


$   165,442


$  3,402,044


$  1,433,199

 

About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk". We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.

Markel Group logo (PRNewsfoto/Markel Corporation)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/markel-group-reports-2024-third-quarter-and-nine-months-results-302292094.html

SOURCE Markel Group

Ausgewählte Hebelprodukte auf Markel

Mit Knock-outs können spekulative Anleger überproportional an Kursbewegungen partizipieren. Wählen Sie einfach den gewünschten Hebel und wir zeigen Ihnen passende Open-End Produkte auf Markel

NameHebelKOEmittent
NameHebelKOEmittent
Wer­bung

Nachrichten zu Markel Corp.

Analysen zu Markel Corp.

DatumRatingAnalyst
24.05.2019Markel HoldDeutsche Bank AG
07.08.2015Markel Sector PerformRBC Capital Markets
08.05.2015Markel OutperformRBC Capital Markets
22.09.2006Update Markel Corp.: BuyFerris Baker Watts
05.08.2005Update Markel Corp.: NeutralAdvest Inc
DatumRatingAnalyst
08.05.2015Markel OutperformRBC Capital Markets
22.09.2006Update Markel Corp.: BuyFerris Baker Watts
DatumRatingAnalyst
24.05.2019Markel HoldDeutsche Bank AG
07.08.2015Markel Sector PerformRBC Capital Markets
05.08.2005Update Markel Corp.: NeutralAdvest Inc
04.08.2005Update Markel Corp.: HoldBB&T Capital Markets
DatumRatingAnalyst

Keine Analysen im Zeitraum eines Jahres in dieser Kategorie verfügbar.

Eventuell finden Sie Nachrichten die älter als ein Jahr sind im Archiv

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Markel Corp. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"