Segment Reporting Disclosures (Tables)

9 Months Ended

Sep. 30, 2024

The following tables summarize the Company's segment disclosures.


	Quarter Ended September 30, 2024
(dollars in thousands)	Insurance		Reinsurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	1,859,934	$	250,680	$	—	$	—	$	(506)	$	—	$	2,110,108
Net investment income	—		—		233,384		2,093		—		—		235,477
Net investment gains	—		—		917,530		—		—		—		917,530
Products revenues	—		—		—		612,277		—		—		612,277
Services and other revenues	—		—		14,971		645,251		75,650		—		735,872
Total operating revenues	1,859,934		250,680		1,165,885		1,259,621		75,144		—		4,611,264
Losses and loss adjustment expenses:
Current accident year	(1,215,469)		(198,057)		—		—		—		—		(1,413,526)
Prior accident years	130,431		(7,937)		—		—		420		—		122,914
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(369,320)		(62,354)		—		—		—		—		(431,674)
Other underwriting expenses	(295,992)		(15,863)		—		—		(27)		—		(311,882)
Products expenses	—		—		—		(549,990)		—		—		(549,990)
Services and other expenses	—		—		—		(603,004)		(6,317)		—		(609,321)
Amortization of acquired intangible assets											(46,459)		(46,459)

Operating income (loss)	$	109,584	$	(33,531)	$	1,165,885	$	106,627	$	69,220	$	(46,459)	$	1,371,326
Interest expense													(53,361)
Net foreign exchange losses													(111,612)

Income before income taxes													$	1,206,353


	Quarter Ended September 30, 2023
(dollars in thousands)	Insurance		Reinsurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	1,848,267	$	274,161	$	—	$	—	$	(683)	$	—	$	2,121,745
Net investment income	—		—		191,015		1,192		—		—		192,207
Net investment losses	—		—		(265,917)		—		—		—		(265,917)
Products revenues	—		—		—		601,524		—		—		601,524
Services and other revenues	—		—		(5,033)		644,053		86,607		—		725,627
Total operating revenues	1,848,267		274,161		(79,935)		1,246,769		85,924		—		3,375,186
Losses and loss adjustment expenses:
Current accident year	(1,258,864)		(176,007)		—		—		—		—		(1,434,871)
Prior accident years	55,374		(23,262)		—		—		(1,566)		—		30,546
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(369,001)		(68,919)		—		—		—		—		(437,920)
Other underwriting expenses	(250,684)		(11,785)		—		—		2,260		—		(260,209)
Products expenses	—		—		—		(545,567)		—		—		(545,567)
Services and other expenses	—		—		—		(570,782)		(36,028)		—		(606,810)
Amortization of acquired intangible assets											(47,545)		(47,545)

Operating income (loss)	$	25,092	$	(5,812)	$	(79,935)	$	130,420	$	50,590	$	(47,545)	$	72,810
Interest expense													(44,553)
Net foreign exchange gains													39,246

Income before income taxes													$	67,503


	Nine Months Ended September 30, 2024
(dollars in thousands)	Insurance		Reinsurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	5,547,398	$	768,649	$	—	$	—	$	(1,213)	$	—	$	6,314,834
Net investment income	—		—		671,042		5,765		—		—		676,807
Net investment gains	—		—		1,689,794		—		—		—		1,689,794
Products revenues	—		—		—		2,060,336		—		—		2,060,336
Services and other revenues	—		—		45,174		1,787,907		204,910		—		2,037,991
Total operating revenues	5,547,398		768,649		2,406,010		3,854,008		203,697		—		12,779,762
Losses and loss adjustment expenses:
Current accident year	(3,608,979)		(546,167)		—		—		—		—		(4,155,146)
Prior accident years	374,215		(13,749)		—		—		(16,254)		—		344,212
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(1,101,256)		(186,644)		—		—		—		—		(1,287,900)
Other underwriting expenses	(861,305)		(42,289)		—		—		(1,109)		—		(904,703)
Products expenses	—		—		—		(1,766,930)		—		—		(1,766,930)
Services and other expenses	—		—		—		(1,699,038)		(58,184)		—		(1,757,222)
Amortization of acquired intangible assets											(134,981)		(134,981)

Operating income (loss)	$	350,073	$	(20,200)	$	2,406,010	$	388,040	$	128,150	$	(134,981)	$	3,117,092
Interest expense													(151,506)
Net foreign exchange losses													(51,401)

Income before income taxes													$	2,914,185


	Nine Months Ended September 30, 2023
(dollars in thousands)	Insurance		Reinsurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	5,322,377	$	799,683	$	—	$	—	$	(1,468)	$	—	$	6,120,592
Net investment income	—		—		518,536		2,699		—		—		521,235
Net investment gains	—		—		591,173		—		—		—		591,173
Products revenues	—		—		—		1,964,332		—		—		1,964,332
Services and other revenues	—		—		(13,791)		1,770,997		206,573		—		1,963,779
Total operating revenues	5,322,377		799,683		1,095,918		3,738,028		205,105		—		11,161,111
Losses and loss adjustment expenses:
Current accident year	(3,415,860)		(519,109)		—		—		—		—		(3,934,969)
Prior accident years	179,564		(6,584)		—		—		(3,226)		—		169,754
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(1,096,500)		(202,271)		—		—		—		—		(1,298,771)
Other underwriting expenses	(733,334)		(38,113)		—		—		(1,503)		—		(772,950)
Products expenses	—		—		—		(1,712,792)		—		—		(1,712,792)
Services and other expenses	—		—		—		(1,632,588)		(45,658)		—		(1,678,246)
Amortization of acquired intangible assets											(136,367)		(136,367)

Operating income	$	256,247	$	33,606	$	1,095,918	$	392,648	$	154,718	$	(136,367)	$	1,796,770
Interest expense													(141,212)
Net foreign exchange losses													(8,658)

Income before income taxes													$	1,646,900

The following table reconciles segment assets to the Company's consolidated balance sheets.