Markel Group reports 2026 first quarter results

Rhea-AI Summary

Markel Group (NYSE:MKL) reported first quarter 2026 results and filed Form 10-Q for the quarter ended March 31, 2026. Operating revenues were $3.55 billion. The company reported an operating loss of $273 million and adjusted operating income of $497.7 million (a 4% increase versus Q1 2025).

Markel Insurance posted a combined ratio of 93% (three-point improvement) and adjusted operating income of $369.5 million (up 31%). Net investment losses were $727.6 million, driving a comprehensive loss to shareholders of $340.4 million. Share repurchases were $134 million. The company will host a quarterly call April 29, 2026, and a shareholders meeting May 20, 2026.

Positive

• Adjusted operating income $497.7M (+4% YoY)
• Markel Insurance adjusted operating income $369.5M (+31% YoY)
• Combined ratio 93% (3-point improvement vs Q1 2025)
• Share repurchases $134M in the quarter

Negative

• Operating loss $273.3M, reflecting equity portfolio market movements
• Net investment losses $727.6M driving comprehensive loss of $340.4M
• Underwriting gross premium volume down 21% (structural changes)
• Financial segment adjusted operating income down 55% YoY

Key Figures

Operating revenues: $3,550,605 (thousands) Operating loss: $273,329 (thousands) Adjusted operating income: $497,746 (thousands) +5 more

8 metrics

Operating revenues $3,550,605 (thousands) Q1 2026 vs $3,548,176 (thousands) in Q1 2025

Operating loss $273,329 (thousands) Q1 2026 operating loss including equity portfolio movements

Adjusted operating income $497,746 (thousands) Q1 2026, up from $478,537 (thousands) in Q1 2025 (4% increase)

Insurance combined ratio 93% Markel Insurance Q1 2026, three-point improvement vs 96% in Q1 2025

Underwriting gross premium volume $2,215,573 (thousands) Markel Insurance Q1 2026, down from $2,793,406 (thousands)

Adjusted underwriting gross premium $2,192,993 (thousands) Q1 2026, up from $1,996,551 (thousands), 10% growth

Comprehensive loss to shareholders $340,430 (thousands) Q1 2026 comprehensive loss vs $347,670 (thousands) income in Q1 2025

Share repurchases $134 million Amount repurchased during Q1 2026

Market Reality Check

Price: $1908.99 Vol: Volume 87,315 vs 20-day a...

high vol

$1908.99 Last Close

Volume Volume 87,315 vs 20-day average 53,841 (relative volume 1.62) shows elevated trading ahead of/around results. high

Technical Shares at $1,908.99 are trading below the 200-day MA of $1,999.52, after a -0.87% move over the last 24 hours.

Peers on Argus

Key property & casualty peers (CINF, WRB, L, HIG, CNA) showed modest gains betwe...

Key property & casualty peers (CINF, WRB, L, HIG, CNA) showed modest gains between 0.01% and 1.10%, while MKL’s recent 24-hour move was -0.87%, indicating stock-specific trading rather than a sector-wide shift.

Historical Context

5 past events · Latest: Apr 27 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 27	Product launch	Positive	-0.9%	Launch of PlayMicro digital quote & bind solution in Canada.
Apr 22	Conference call	Neutral	-0.7%	Announcement of quarterly results conference call timing.
Apr 02	Leadership hire	Positive	-0.2%	Appointment of Head of Ocean Cargo, U.S. to drive cargo strategy.
Mar 12	AI initiative	Positive	-0.5%	Launch of AI Centre of Enablement and Head of AI appointment.
Mar 11	Leadership hire	Positive	-0.7%	New CIO International to lead technology and digital innovation.

Pattern Detected

Recent news items, including product launches and leadership appointments, were generally positive yet followed by modestly negative 24-hour returns, suggesting a pattern of muted or contrary price responses to positive headlines.

Recent Company History

Over the last few months, Markel Group has focused on operational and strategic initiatives, including digital expansion in Canada (Apr 27), conference call scheduling (Apr 22), and multiple senior appointments in cargo, AI, and technology roles in March 2026. Despite these constructive developments, 24-hour price reactions were slightly negative after each event. Today’s Q1 2026 results highlight stable operating revenues of $3.55B and higher adjusted operating income, fitting into a narrative of steady core operations amid market volatility.

Market Pulse Summary

This announcement highlights stable Q1 2026 operating revenues of $3.55B and a 4% increase in adjust...

Analysis

This announcement highlights stable Q1 2026 operating revenues of $3.55B and a 4% increase in adjusted operating income to $497.7M, alongside a stronger Markel Insurance combined ratio of 93%. Offsetting this, the quarter included an operating loss of $273.3M and a comprehensive loss of $340.4M, largely from net investment losses. Historically, Markel stresses long-term performance, so investors may watch trends in adjusted underwriting premium growth, segment profitability, and investment results over coming periods.

Key Terms

combined ratio, fronting arrangement, non-gaap financial measures, adjusted operating income, +4 more

8 terms

combined ratio financial

"The combined ratio for the quarter, which included two points of net losses..."

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

fronting arrangement financial

"the transition of our Hagerty business to a fronting arrangement in 2026."

A fronting arrangement is a setup where a licensed insurer issues a policy or permit on behalf of another company that ultimately assumes the financial risk, with the licensed insurer acting mainly as a legal face. For investors, it matters because the visible insurer’s balance sheet may not reflect the true risk exposure or claims cost, so understanding who actually carries the loss helps assess credit, regulatory and earnings risk—think of it as a local spokesperson guaranteeing something that someone else must pay for.

non-gaap financial measures financial

"(1) See "Non-GAAP Financial Measures" for additional information..."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

adjusted operating income financial

"Adjusted operating income, which excludes market movements in our equity portfolio..."

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

comprehensive income financial

"Comprehensive income (loss) to shareholders | $ (340,430) | | $ 347,670"

Comprehensive income is the total change in a company’s value in a reporting period that comes from everyday operations plus other gains or losses not shown on the regular profit-and-loss statement. Think of net income as the visible money earned this year and comprehensive income as that money plus hidden adjustments—such as currency swings, unrealized gains or losses on investments, and pension revaluations—that also affect shareholders’ stake and help investors see the fuller financial picture.

underwriting gross premium volume financial

"Underwriting gross premium volume | $ 2,215,573 | | $ 2,793,406"

Underwriting gross premium volume is the total value of insurance premiums a company has issued through its underwriting activities before any deductions for reinsurance, cancellations or refunds — essentially the company’s “gross sales” of insurance policies. Investors watch this number as a basic measure of an insurer’s scale and growth (like store revenue), but it must be viewed alongside claims, loss ratios and reserve levels to judge profitability and risk exposure.

net investment losses financial

"Less: Net investment losses | (727,562) | | (149,071)"

Net investment losses are the amount by which losses in an investment portfolio exceed gains after taking out fees and expenses; this can include money lost from selling assets for less than paid and drops in value that haven’t been sold yet. Investors watch this figure because it directly reduces returns and asset value, can affect taxable income and distributions, and signals when a strategy or manager is underperforming — like a household spending more than it earns and shrinking its savings.

goodwill financial

"Add: Impairment of goodwill | — | | — | | — | | — | | 80,000"

Goodwill is the extra value a buyer pays for a company above the measurable worth of its buildings, inventory and other tangible items, reflecting things like brand reputation, customer loyalty and expected future profits. Think of paying more for a café because of its famous name and regulars rather than its furniture alone. It matters to investors because changes in goodwill — for example a write-down if expected benefits don’t materialize — can reduce reported earnings and signal that past acquisitions aren’t delivering as hoped.

AI-generated analysis. Not financial advice.

RICHMOND, Va., April 28, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission.

"In the first quarter of 2026, we generated strong results across the company. We are pleased with the continued progress of our ongoing operations," said Tom Gayner, Chief Executive Officer. "We continue to do more of what's working and less of what's not, while focusing on balance sheet strength, disciplined capital allocation, and ongoing share repurchases."

Highlights of our 2026 first quarter results:

• Operating revenues were consistent quarter over quarter.
• Operating loss, which includes market movements in our equity portfolio, was $273 million for the quarter.
• Adjusted operating income, which excludes market movements in our equity portfolio, was $498 million for the quarter, which represents a 4% increase compared to the first quarter of 2025.
• For Markel Insurance, our cornerstone business:
  • The combined ratio for the quarter, which included two points of net losses attributed to the Middle East conflict, was 93%, which represents a three point improvement compared to the first quarter of 2025.
  • Adjusted operating income increased 31% for the quarter to $369 million with each of our three ongoing underwriting divisions meaningfully contributing to our overall profitability.
  • Underwriting gross premium volume decreased 21% for the quarter, as expected, due to the impact of the sale of the renewal rights of our Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026. Excluding these items, underwriting gross premium volume increased 10% for the quarter.
  • Our global specialty product diversification was on full display. Although our Wholesale and Specialty E&S platform faced difficult market conditions, we had robust growth within our International operations, our Bermuda platform, and within our personal lines and programs business units.
• Comprehensive loss to shareholders was $340 million for the quarter primarily due to unrealized losses on our investment portfolio.
• Share repurchases were $134 million for the quarter.

The following table presents summary consolidated financial data.

	Three Months Ended March 31,
(dollars in thousands)	2026		2025
Operating revenues	$  3,550,605		$    3,548,176
Operating income (loss)	$   (273,329)		$      282,524
Add: Amortization of acquired intangible assets	43,513		46,942
Less: Net investment losses	(727,562)		(149,071)
Adjusted operating income (1)	$    497,746		$      478,537
Comprehensive income (loss) to shareholders	$   (340,430)		$      347,670

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Markel Insurance Segment

	Three Months Ended March 31,
(dollars in thousands)	2026		2025		% Change
Gross premium volume:
Underwriting	$ 2,215,573		$   2,793,406		(21) %
Adjusted underwriting (1)	$ 2,192,993		$   1,996,551		10 %
Fronting	$   587,422		$     378,145		55 %
Operating revenues:
Earned premiums	$ 1,969,339		$   2,016,539		(2) %
Net investment income	229,619		207,517		11 %
Services and other revenues	2,727		2,620		4 %
Operating revenues	$ 2,201,685		$   2,226,676		(1) %
Adjusted operating income:
Underwriting profit	$   142,249		$       80,162		77 %
Net investment income	229,619		207,517		11 %
Services and other income	(2,378)		(5,564)		(57) %
Adjusted operating income	$   369,490		$     282,115		31 %
Combined ratio	93 %		96 %

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Industrial Segment

	Three Months Ended March 31,
(dollars in thousands)	2026		2025		% Change
Operating revenues	$    883,058		$      829,574		6 %
Adjusted operating income	$      49,286		$        58,764		(16) %

Financial Segment

	Three Months Ended March 31,
(dollars in thousands)	2026		2025		% Change
Operating revenues	$    161,530		$      178,481		(9) %
Adjusted operating income	$      36,205		$        79,611		(55) %

Consumer and Other Segment

	Three Months Ended March 31,
(dollars in thousands)	2026		2025		% Change
Operating revenues	$    280,497		$      287,786		(3) %
Adjusted operating income	$      39,755		$        32,388		23 %

* * * * * * * *

A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, April 29, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com. 

Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including the agenda and registration, is available at mklreunion.com.

Supplemental Financial Information

The following table summarizes our results by segment.

	Three Months Ended March 31,
(dollars in thousands)	2026		2025		% Change
Operating revenues:
Markel Insurance	$ 2,201,685		$   2,226,676		(1) %
Industrial	883,058		829,574		6 %
Financial	161,530		178,481		(9) %
Consumer and Other	280,497		287,786		(3) %
Corporate and eliminations	23,835		25,659		(7) %
Total operating revenues	$ 3,550,605		$   3,548,176		0 %
Operating income (loss)	$  (273,329)		$     282,524		NM (1)
Add: Amortization of acquired intangible assets	43,513		46,942		(7) %
Less: Net investment losses	(727,562)		(149,071)		388 %
Adjusted operating income (2)	$   497,746		$     478,537		4 %
Markel Insurance	$   369,490		$     282,115		31 %
Industrial	49,286		58,764		(16) %
Financial	36,205		79,611		(55) %
Consumer and Other	39,755		32,388		23 %
Corporate and eliminations	3,010		25,659		(88) %
Adjusted operating income (2)	$   497,746		$     478,537		4 %

(1) NM - Not meaningful

(2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.

	Three Months Ended March 31, 2026		Year Ended December 31,
(dollars in thousands)			2025		2024		2023		2022
Operating revenues	$        3,550,605		$ 15,513,233		$ 14,813,544		$ 14,279,576		$ 13,271,068
Operating income (loss)	$         (273,329)		$  3,194,852		$  3,712,562		$  2,928,828		$    (93,336)
Add: Amortization of acquired intangible assets	43,513		185,007		181,472		180,614		178,778
Add: Impairment of goodwill	—		—		—		—		80,000
Less: Net investment gains (losses)	(727,562)		1,076,081		1,807,219		1,524,054		(1,595,733)
Adjusted operating income (1)	$           497,746		$  2,303,778		$  2,086,815		$  1,585,388		$  1,761,175

(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.

Non-GAAP Financial Measures

Markel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.

Consolidated Adjusted Operating Income

Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.

Adjusted Underwriting Gross Premium Volume

Adjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance's business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment. The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.

	Three Months Ended March 31,
(dollars in thousands)	2026		2025		% Change
Underwriting gross premium volume	$         2,215,573		$ 2,793,406		(21) %
Less: Global Reinsurance division underwriting gross premium volume	22,580		576,928
Less: Hagerty underwriting gross premium volume	—		219,927
Adjusted underwriting gross premium volume	$         2,192,993		$ 1,996,551		10 %

About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.

Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.

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SOURCE Markel Group

FAQ

What were Markel Group's Q1 2026 revenues and operating income (NYSE:MKL)?

Markel reported operating revenues of $3.55 billion and an operating loss of $273.3 million. According to the company, adjusted operating income was $497.7 million, a 4% increase versus Q1 2025.

Why did Markel Group report a comprehensive loss in Q1 2026 (MKL)?

The comprehensive loss was $340.4 million, primarily from unrealized investment losses. According to the company, net investment losses totaled $727.6 million, driven by market value movements.

How did Markel Insurance perform in Q1 2026 and what was the combined ratio (MKL)?

Markel Insurance delivered a combined ratio of 93% and adjusted operating income of $369.5 million. According to the company, the combined ratio improved three points versus Q1 2025.

What caused the decline in underwriting gross premium volume for Markel in Q1 2026 (MKL)?

Underwriting gross premium volume fell 21% due to contractual changes, including sale of Global Reinsurance renewal rights and Hagerty transitioning to fronting. According to the company, adjusted underwriting volume rose 10% excluding those items.

Did Markel repurchase shares in Q1 2026 and how much (MKL)?

Yes. Markel repurchased $134 million of shares in the quarter. According to the company, share repurchases remain part of its disciplined capital-allocation approach and balance-sheet focus.

When will Markel Group discuss Q1 2026 results and where can investors listen (MKL)?

The company will hold a quarterly conference call on April 29, 2026 at 9:30 a.m. ET and a shareholders meeting on May 20, 2026. According to the company, both events include webcast access on its investor site.