Markel Group Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Investments in Debt Securities	17,260	15,746	14,373	11,857	12,587	10,682
Investments in Equity & Preferred Securities	12,788	12,647	10,184	8,166	9,484	7,372
Other Investments	2,116	2,525	2,571	2,669	1,800	2,034
Total Investments	32,163	30,917	27,128	22,692	23,871	20,088
Cash & Equivalents	4,049	3,693	3,747	4,137	3,978	4,342
Reinsurance Recoverable	12,990	11,605	9,236	8,447	7,294	5,989
Other Receivables	4,269	3,640	3,456	2,971	2,433	1,956
Deferred Policy Acquisition Cost	984.4	875.71	931.34	925.48	794.15	630.79
Property, Plant & Equipment	-	2,081	1,929	1,200	1,100	632
Goodwill	2,821	2,736	2,625	2,639	2,899	2,605
Other Intangible Assets	1,567	1,460	1,589	1,747	1,822	1,783
Restricted Cash	567.73	499.58	584.97	1,084	902.46	874.91
Other Current Assets	3,705	3,579	2,982	2,706	2,328	1,864
Long-Term Deferred Tax Assets	-	40	23.5	37.2	18.4	3.9
Other Long-Term Assets	4,276	772.01	815.13	1,205	1,037	941.32
Total Assets	67,392	61,898	55,046	49,791	48,477	41,710
Insurance & Annuity Liabilities	29,737	27,216	24,132	21,599	19,082	17,292
Unearned Premiums	8,234	7,064	6,642	6,221	5,384	4,433
Reinsurance Payable	1,800	1,435	1,038	669.74	616.67	493.47
Current Portion of Leases	-	130.94	-	-	-	-
Current Income Taxes Payable	-	40.3	29.4	2.2	31.3	17.2
Long-Term Debt	4,285	4,330	3,780	4,104	4,361	3,484
Long-Term Leases	-	592.98	657.22	554.39	571.34	565.25
Long-Term Deferred Tax Liabilities	-	1,600	1,200	896.7	1,400	990.1
Other Long-Term Liabilities	4,741	2,019	2,041	2,008	1,829	1,374
Total Liabilities	48,796	44,429	39,520	36,054	33,276	28,650
Preferred Stock, Redeemable	-	591.89	591.89	591.89	591.89	591.89
Common Stock	3,667	3,561	3,517	3,494	3,441	3,428
Retained Earnings	14,513	13,380	11,353	9,833	10,447	8,195
Comprehensive Income & Other	-138.97	-617.08	-478.21	-767.49	237.62	584.38
Total Common Equity	18,041	16,324	14,392	12,559	14,125	12,208
Minority Interest	554.65	553.08	541.97	585.95	484.24	260.53
Shareholders' Equity	18,595	17,469	15,526	13,737	15,202	13,060
Total Liabilities & Equity	67,392	61,898	55,046	49,791	48,477	41,710
Filing Date Shares Outstanding	12.61	12.77	13.11	13.41	13.61	13.78
Total Common Shares Outstanding	12.62	12.79	13.13	13.42	13.63	13.78
Total Debt	4,285	5,054	4,437	4,658	4,933	4,049
Net Cash (Debt)	-235.59	-1,362	-689.95	-520.59	-954.11	292.46
Net Cash Per Share	-18.45	-104.41	-51.57	-38.34	-69.14	21.16
Book Value Per Share	1429.48	1276.30	1095.95	935.65	1036.20	885.72
Tangible Book Value	13,653	12,129	10,179	8,173	9,404	7,821
Tangible Book Value Per Share	1081.81	948.27	775.10	608.87	689.84	567.41

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.