Here are the 10-K annual reports from Markel Group Inc. (MKL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow MKL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MKL filings page.
Markel Group Inc. reports 2025 operating revenues of $15,513 million and adjusted operating income of $2,304 million, supported by a diversified mix of insurance, industrial, financial, and consumer businesses. Shareholders' equity reached $18,598 million, with a debt-to-capital ratio of 19%.
The company emphasizes long-term capital compounding, citing five-year compound annual growth of 16% in its closing stock price and 15% in intrinsic value per share. Markel Insurance remains the cornerstone, generating $9,353 million of operating revenues with a 95% combined ratio and a five-year average annual return on equity of 13%.
Invested assets totaled $37,439 million, including $13,004 million of equity securities and $18,827 million of insurance float. Management highlights a culture of decentralized leadership guided by “The Markel Style,” while outlining extensive risk factors around equity concentration, catastrophe exposure, reserving uncertainty, reinsurance credit risk, competition, regulation, liquidity, and acquisition integration.