Markel Group has reported a net income attributable to shareholders of $549.2m in the fourth quarter of 2024 (Q4 2024), a decrease of 40.1% from $769.3m reported in the same quarter the previous year.
Total operating revenues also saw a decline, reaching $3.9bn compared with $4.6bn in the same quarter last year.
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The company’s operating income for the quarter stood at $595.4m, down from $1.3bn in Q4 2023.
Diluted net income per common share was $38.74 compared with $56.48 in the same quarter the previous year.
For the full year of 2024 (FY24), net income to shareholders reached $2.7bn, an increase of 47.37% from $1.9bn in 2023.
Operating income for the year stood at $3.8bn, compared with $2.93bn in the previous year.
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By GlobalDataDiluted net income per common share also increased to $199.32, up from $146.98 in 2023.
Net written premiums for the insurance segment stood at $7.2bn in 2024, down 2% from the previous year.
Net written premiums for the reinsurance segment were $1.03bn, up by 7% from $967.8m in 2023, with gross premiums increasing by 10% to $1.15bn.
The rise in gross premium volume in the reinsurance segment in 2024 was attributed to increases in renewals and new business within marine and energy product lines, as well as new business and favourable timing differences on the workers’ compensation product line.
The underwriting results for the year included $70.6m of net losses and loss adjustment expenses attributed to Hurricanes Helene and Milton.
In January 2025, a series of wildfires in southern California resulted in an estimated range of underwriting losses, including the impact of reinstatement premiums, of between $90m and $130m before income taxes, based on information currently available.
Markel Group CEO Tom Gayner said: “In 2024, we exceeded our target with strong returns from our public equity portfolio, continued growth in Ventures, and notable performance in many areas of our insurance business, all while staying true to our values and striving for excellence.
“Over the past two years, Markel Group has made significant strides in improving accountability, capital allocation and leadership. As we continue to build on this progress, we are committed to enhancing our insurance performance and driving profitable growth across our entire family of businesses.”
