Markel Group Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Premiums Earned	8,716	8,432	8,295	7,588	6,503
Investment Income	970.43	920.5	734.53	446.76	367.42
Net Gains on Investments	1,076	1,807	1,524	-1,596	1,979
Total Other Revenues	5,827	5,461	5,250	5,237	3,997
Revenue	15,513	14,814	14,280	11,675	12,846
Revenue Growth (YoY)	4.72%	3.74%	22.30%	-9.12%	31.96%
Insurance Benefits & Claims	5,080	5,053	5,322	4,446	3,581
Policy Amortization Costs	3,133	2,977	2,841	2,516	2,294
Other Operating Expenses	5,181	4,878	4,712	4,807	3,730
Operating Income	3,195	3,713	2,929	-93.34	3,242
Interest Expense	-205.91	-204.3	-185.08	-196.06	-183.58
Other Non-Operating Income (Expense)	-256.23	129.44	-90.05	137.83	71.9
Total Non-Operating Income (Expense)	-462.14	-74.86	-275.12	-58.23	-111.68
Pretax Income	2,733	3,638	2,654	-151.57	3,130
Provision for Income Taxes	580.3	790.29	552.62	-48.21	683.96
Net Income	2,081	2,711	1,960	-252.28	2,387
Minority Interest in Earnings	45.4	100.38	105.03	112.92	22.73
Net Income Attributable to Preferred Dividends	26.11	36	36	36	36
Net Income to Common	2,081	2,711	1,960	-252.28	2,387
Net Income Growth	-23.24%	38.31%	-	-	199.28%
Shares Outstanding (Basic)	13	13	13	14	14
Shares Outstanding (Diluted)	13	13	13	14	14
Shares Change (YoY)	-3.01%	-2.52%	-1.49%	-1.59%	-0.17%
EPS (Basic)	169.74	199.69	147.32	-23.72	176.79
EPS (Diluted)	169.22	199.32	146.98	-23.72	176.38
EPS Growth	-15.10%	35.61%	-	-	217.06%
Free Cash Flow	2,554	2,339	2,528	2,455	2,129
Free Cash Flow Growth	9.21%	-7.48%	2.99%	15.31%	30.10%
Free Cash Flow Per Share	201.96	179.36	188.98	180.76	154.26
Operating Margin	20.59%	25.06%	20.51%	-0.80%	25.23%
Profit Margin	13.87%	19.22%	14.71%	-0.89%	19.04%
FCF Margin	16.47%	15.79%	17.70%	21.02%	16.57%
EBITDA	3,543	4,055	3,249	216.11	3,578
EBITDA Margin	22.84%	27.37%	22.75%	1.85%	27.85%
EBIT	3,195	3,713	2,929	-93.34	3,242
EBIT Margin	20.59%	25.06%	20.51%	-0.80%	25.23%
Effective Tax Rate	21.24%	21.73%	20.82%	31.81%	21.85%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.