$MKL

MARKEL CORP

CIK:0001096343|SEC Filings

Consolidated Statements Of Income And Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES
Earned premiums	$ 2,071,778	$ 2,141,691	$ 4,120,664	$ 4,231,065
Net investment income	256,123	230,009	512,013	467,104
Products revenues	859,465	846,925	1,431,886	1,408,049
Services and other revenues	831,071	803,918	1,504,479	1,464,501
Total Operating Revenues	4,018,437	4,022,543	7,569,042	7,570,719
Net investment gains (losses)	1,167,525	580,223	439,963	431,152
OPERATING EXPENSES
Losses and loss adjustment expenses	1,187,151	1,288,034	2,353,968	2,542,699
Underwriting, acquisition, and insurance expenses	735,811	774,211	1,475,639	1,521,649
Products expenses	723,458	707,381	1,240,888	1,207,289
Services and other expenses	935,896	674,587	1,564,680	1,242,215
Amortization of acquired intangible assets	43,301	51,213	86,814	98,155
Total Operating Expenses	3,625,617	3,495,426	6,721,989	6,612,007
Operating Income	1,560,345	1,107,340	1,287,016	1,389,864
Interest expense	(52,390)	(53,076)	(103,276)	(105,216)
Net foreign exchange gains (losses)	10,378	(191,909)	64,655	(264,542)
Income Before Income Taxes	1,518,333	862,355	1,248,395	1,020,106
Income tax expense	(332,869)	(185,170)	(267,287)	(213,574)
Net Income	1,185,464	677,185	981,108	806,532
Net income attributable to noncontrolling interests	(16,625)	(20,037)	(24,558)	(27,670)
Net Income to Shareholders	1,168,839	657,148	956,550	778,862
Preferred stock dividends and redemption premiums	0	(26,109)	0	(26,109)
Net income to common shareholders	1,168,839	631,039	956,550	752,753
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized losses on available-for-sale investments, net of taxes	(59,712)	202,512	(193,533)	420,889
Other, net of taxes	(7,785)	7,892	(2,068)	15,444
Total Other Comprehensive Income (Loss)	(67,497)	210,404	(195,601)	436,333
Comprehensive Income	1,117,967	887,589	785,507	1,242,865
Comprehensive income attributable to noncontrolling interests	(16,642)	(20,078)	(24,612)	(27,684)
Comprehensive Income to Shareholders	$ 1,101,325	$ 867,511	$ 760,895	$ 1,215,181
NET INCOME PER COMMON SHARE
Basic	$ 93.08	$ 49.80	$ 73.81	$ 61.76
Diluted	$ 92.76	$ 49.67	$ 73.57	$ 61.60

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 981,108	$ 806,532
Adjustments to reconcile net income to net cash provided by operating activities	(536,327)	74,056
Net Cash Provided By Operating Activities	444,781	880,588
INVESTING ACTIVITIES
Proceeds from sales, maturities, calls, and prepayments of fixed maturity securities	1,361,307	1,044,717
Cost of fixed maturity securities purchased	(1,484,484)	(1,530,292)
Proceeds from sales of equity securities	205,645	103,788
Cost of equity securities purchased	(226,922)	(200,317)
Net change in short-term investments	(274,160)	728,977
Additions to property and equipment	(91,592)	(91,353)
Acquisitions, net of cash acquired	(24,374)	(60,003)
Other	(10,960)	87,879
Net Cash Provided (Used) By Investing Activities	(545,540)	83,396
FINANCING ACTIVITIES
Additions to senior long-term debt and other debt	622,601	540,821
Repayment of senior long-term debt and other debt	(558,950)	(509,632)
Repurchases of common stock	(370,653)	(269,621)
Dividends paid on preferred stock	0	(18,000)
Redemption of preferred stock	0	(600,000)
Purchase of noncontrolling interests	(73,753)	(61,777)
Other	(40,727)	(9,538)
Net Cash Used By Financing Activities	(421,482)	(927,747)
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents	(13,017)	66,608
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(535,258)	102,845
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	4,603,302	4,192,248
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD	$ 4,068,044	$ 4,295,093

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets [Abstract]
Fixed maturity securities, available-for-sale (amortized cost of $18,044,608 in 2026 and $17,895,918 in 2025)	$ 17,708,607	$ 17,797,986
Equity securities (cost of $4,163,590 in 2026 and $4,094,745 in 2025)	13,462,553	13,004,312
Short-term investments, available-for-sale (estimated fair value approximates cost)	2,333,419	2,033,662
Total Investments	33,504,579	32,835,960
Cash and cash equivalents	3,423,224	3,964,705
Restricted cash and cash equivalents	644,820	638,597
Receivables	4,127,453	3,964,598
Reinsurance recoverables	15,813,915	14,616,279
Deferred policy acquisition costs	819,999	909,516
Prepaid reinsurance premiums	3,909,766	3,073,999
Goodwill	2,835,351	2,822,091
Intangible assets	1,459,860	1,543,002
Other assets	4,724,179	4,536,303
Total Assets	71,263,146	68,905,050
Liabilities and Equity [Abstract]
Unpaid losses and loss adjustment expenses	32,172,616	30,857,453
Unearned premiums	7,923,440	7,253,079
Payables to insurance and reinsurance companies	1,678,867	1,667,871
Senior long-term debt and other debt (estimated fair value of $3,924,000 in 2026 and $3,856,000 in 2025)	4,367,740	4,303,811
Other liabilities	5,649,026	5,720,647
Total Liabilities	51,791,689	49,802,861
Redeemable noncontrolling interests	467,023	506,064
Commitments and contingencies
Shareholders' equity:
Common stock	3,716,892	3,672,381
Retained earnings	15,593,743	15,034,835
Accumulated other comprehensive loss	(305,115)	(109,460)
Total Shareholders' Equity	19,005,520	18,597,756
Noncontrolling interests	(1,086)	(1,631)
Total Equity	19,004,434	18,596,125
Total Liabilities and Equity	$ 71,263,146	$ 68,905,050