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Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING REVENUES      
Earned premiums $ 4,712,060 $ 4,247,978 $ 3,865,870
Net investment income 434,215 405,709 373,230
Net investment gains (losses):      
Other-than-temporary impairment losses recognized in net income 0 (7,589) (18,355)
Net realized investment gains (losses), excluding other-than-temporary impairment losses (11,974) 47,174 66,711
Change in fair value of equity securities [1] (425,622) (44,888) 16,791
Net investment gains (losses) (437,596) [2] (5,303) [3] 65,147 [4]
Products Revenues 1,497,523 951,012 885,473
Services and other revenues 635,083 462,263 422,306
Total Operating Revenues 6,841,285 6,061,659 5,612,026
OPERATING EXPENSES      
Losses and loss adjustment expenses 2,820,715 2,865,761 2,050,744
Underwriting, acquisition and insurance expenses 1,777,511 1,589,464 1,497,125
Products expenses 1,413,248 [5] 850,449 [6] 755,591 [7]
Services and other expenses 474,924 [5] 458,621 [6] 416,141 [7]
Amortization of intangible assets 115,930 [8] 80,758 [9] 68,533 [10]
Impairment of Goodwill and Intangible Assets 199,198 0 18,723
Total Operating Expenses 6,801,526 5,845,053 4,806,857
Operating Income 39,759 216,606 805,169
Interest expense 154,212 132,451 129,896
Net foreign exchange losses (gains) (106,598) (3,140) 1,253
Loss on early extinguishment of debt 0 0 44,100
Income (Loss) Before Income Taxes (7,855) 87,295 629,920
Income tax expense (benefit) 122,498 (313,463) 169,477
Net Income (loss) (130,353) 400,758 460,443
Net income (loss) attributable to noncontrolling interests (2,173) 5,489 4,754
Net Income (Loss) to Shareholders [11] (128,180) 395,269 455,689
OTHER COMPREHENSIVE INCOME (LOSS)      
Net holding gains (losses) arising during the period (241,325) 787,339 275,661
Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period 0 0 35
Reclassification adjustments for net gains (losses) included in net income 7,849 (24,296) (33,528)
Change in net unrealized gains on available-for-sale investments, net of taxes (233,476) 763,043 242,168
Change in foreign currency translation adjustments, net of taxes (16,495) 10,449 (11,704)
Change in net actuarial pension loss, net of taxes 2,341 6,259 (19,100)
Total Other Comprehensive Income (Loss) (247,630) 779,751 211,364
Comprehensive Income (Loss) (377,983) 1,180,509 671,807
Comprehensive income (loss) attributable to noncontrolling interests (2,213) 5,535 4,760
Comprehensive Income (Loss) to Shareholders $ (375,770) $ 1,174,974 $ 667,047
NET INCOME (LOSS) PER SHARE      
Basic (dollars per share) $ (9.55) $ 25.89 $ 31.41
Diluted (dollars per share) [12] $ (9.55) $ 25.81 $ 31.27
[1] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 1. Prior to adopting ASU No. 2016-01, the Company recorded certain investments in equity securities at estimated fair value with changes in fair value recorded in net income.
[2] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net investment losses within net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[3] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net investment losses within net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[4] Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the change in fair value of equity securities is no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in net investment gains within net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[5] Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $52.2 million for the year ended December 31, 2018.
[6] Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $41.7 million for the year ended December 31, 2017.
[7] Products expenses and services and other expenses for the Markel Ventures segment include depreciation expense of $35.5 million for the year ended December 31, 2016.
[8] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[9] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[10] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets is not allocated to any other reportable segments.
[11] Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale with unrealized gains and losses recognized in other comprehensive income, rather, changes in the fair value of equity securities are now recognized in net income. Prior periods have not been restated to conform to the current presentation. See note 1.
[12] The impact of restricted stock units and restricted stock of 25 thousand shares was excluded from the computation of diluted earnings per share for the year ended December 31, 2018 because the effect would have been anti-dilutive.