XML 23 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements Of Income And Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
OPERATING REVENUES        
Earned premiums $ 1,300,032 $ 1,185,323 $ 3,703,470 $ 3,484,528
Net investment income 113,382 106,307 339,395 319,710
Net realized investment gains (losses) 150 (496) 764 (9,084)
Change in fair value of equity securities 31,994 426,571 1,069,224 417,410
Net investment gains 32,144 426,075 1,069,988 408,326
Products revenues 386,708 362,577 1,237,178 1,129,036
Services and other revenues 200,792 155,667 594,631 456,833
Total Operating Revenues 2,033,058 2,235,949 6,944,662 5,798,433
OPERATING EXPENSES        
Losses and loss adjustment expenses 752,134 736,846 2,118,000 1,951,142
Underwriting, acquisition and insurance expenses 475,219 441,961 1,392,747 1,317,921
Products expenses 354,404 341,718 1,098,968 1,062,000
Services and other expenses 153,358 132,024 498,760 394,311
Amortization of intangible assets 35,695 [1] 27,795 [2] 112,663 [3] 86,259 [4]
Impairment of goodwill and intangible assets 0 0 0 14,904
Total Operating Expenses 1,770,810 1,680,344 5,221,138 4,826,537
Operating Income 262,248 555,605 1,723,524 971,896
Interest expense 47,465 37,961 129,022 114,722
Net foreign exchange gains (53,850) (1,383) (57,001) (65,427)
Loss on early extinguishment of debt 6,705 0 6,705 0
Income Before Income Taxes 261,928 519,027 1,644,798 922,601
Income tax expense 57,975 109,999 356,849 299,580
Net Income 203,953 409,028 1,287,949 623,021
Net income (loss) attributable to noncontrolling interests (1,684) (410) 8,587 (342)
Net Income to Shareholders 205,637 409,438 1,279,362 623,363
OTHER COMPREHENSIVE INCOME        
Net holding gains (losses) arising during the period 48,315 (91,002) 329,113 (306,069)
Reclassification adjustments for net losses included in net income 203 10,573 760 5,496
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes 48,518 (80,429) 329,873 (300,573)
Change in foreign currency translation adjustments, net of taxes (4,606) (14,471) (5,978) (19,968)
Change in net actuarial pension loss, net of taxes 462 509 2,338 1,741
Total Other Comprehensive Income (Loss) 44,374 (94,391) 326,233 (318,800)
Comprehensive Income (Loss) 248,327 314,637 1,614,182 304,221
Comprehensive income (loss) attributable to noncontrolling interests (1,742) (469) 8,538 (382)
Comprehensive Income to Shareholders $ 250,069 $ 315,106 $ 1,605,644 $ 304,603
NET INCOME PER SHARE        
Basic (in dollars per share) $ 13.97 $ 28.56 $ 92.92 $ 44.29
Diluted (in dollars per share) $ 13.95 $ 28.50 $ 92.84 $ 44.21
[1]
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.
[2]
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.
[3]
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.
[4]
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.