Markel Group Balance Sheet

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
Investments in Debt Securities	-	15,746	14,373	11,857	12,587
Investments in Equity & Preferred Securities	-	12,647	10,184	8,166	9,484
Other Investments	-	2,525	2,571	2,669	1,800
Total Investments	-	30,917	27,128	22,692	23,871
Cash & Equivalents	-	3,693	3,747	4,137	3,978
Reinsurance Recoverable	-	11,605	9,236	8,447	7,294
Other Receivables	-	3,640	3,456	2,971	2,433
Deferred Policy Acquisition Cost	-	875.71	931.34	925.48	794.15
Property, Plant & Equipment	-	2,081	1,929	1,200	1,100
Goodwill	-	2,736	2,625	2,639	2,899
Other Intangible Assets	-	1,460	1,589	1,747	1,822
Restricted Cash	-	499.58	584.97	1,084	902.46
Other Current Assets	-	3,579	2,982	2,706	2,328
Long-Term Deferred Tax Assets	-	40	23.5	37.2	18.4
Other Long-Term Assets	-	772.01	815.13	1,205	1,037
Total Assets	-	61,898	55,046	49,791	48,477
Insurance & Annuity Liabilities	-	27,216	24,132	21,599	19,082
Unearned Premiums	-	7,064	6,642	6,221	5,384
Reinsurance Payable	-	1,435	1,038	669.74	616.67
Current Portion of Leases	-	130.94	-	-	-
Current Income Taxes Payable	-	40.3	29.4	2.2	31.3
Long-Term Debt	-	4,330	3,780	4,104	4,361
Long-Term Leases	-	592.98	657.22	554.39	571.34
Long-Term Deferred Tax Liabilities	-	1,600	1,200	896.7	1,400
Other Long-Term Liabilities	-	2,019	2,041	2,008	1,829
Total Liabilities	-	44,429	39,520	36,054	33,276
Preferred Stock, Redeemable	-	591.89	591.89	591.89	591.89
Common Stock	-	3,561	3,517	3,494	3,441
Retained Earnings	-	13,380	11,353	9,833	10,447
Comprehensive Income & Other	-	-617.08	-478.21	-767.49	237.62
Total Common Equity	18,041	16,324	14,392	12,559	14,125
Minority Interest	-	553.08	541.97	585.95	484.24
Shareholders' Equity	18,595	17,469	15,526	13,737	15,202
Total Liabilities & Equity	-	61,898	55,046	49,791	48,477
Filing Date Shares Outstanding	12.59	12.77	13.11	13.41	13.61
Total Common Shares Outstanding	12.59	12.79	13.13	13.42	13.63
Total Debt	4,285	5,054	4,437	4,658	4,933
Net Cash (Debt)	-235.59	-1,362	-689.95	-520.59	-954.11
Net Cash Per Share	-19.16	-104.41	-51.57	-38.34	-69.14
Book Value Per Share	1429.48	1276.30	1095.95	935.65	1036.20
Tangible Book Value	13,653	12,129	10,179	8,173	9,404
Tangible Book Value Per Share	1081.81	948.27	775.10	608.87	689.84

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

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