Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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. reported third-quarter 2026 operating revenue of $4,158.2 million, versus $3,934.5 million a year earlier. Net income to common shareholders was $259.3 million, compared with $751.3 million, and diluted earnings per share were $18.15 versus $59.25. Net investment results shifted from a $432.9 million gain to a $280.9 million loss; adjusted operating income, a non-GAAP measure, was $707.4 million versus $621.0 million.
For the first nine months, net income to common shareholders was $1,215.8 million versus $1,530.2 million, and operating cash flow was $1,390.8 million versus $2,099.1 million. Markel Insurance adjusted operating income rose 19% to $1,166.9 million, driven by higher underwriting profits and net investment income.
On October 27, 2026, Markel Insurance entered an adverse development cover agreement with Enstar subsidiary Cavello Bay Reinsurance Limited. Subject to regulatory approvals and customary conditions, it is expected to close in the fourth quarter of 2026. Markel Insurance will retain the first $2.6 billion of $4.8 billion in subject reserves and retrocede the next $2.3 billion to Enstar for a corresponding transfer of assets. The agreement provides $1.2 billion of additional adverse loss development coverage for a $120 million risk premium. Markel also recorded a $205.3 million expected-credit-loss provision tied to one capacity provider in bankruptcy.
Markel Group Inc. reported strong Q2 2026 results. Total operating revenues were about $4.0 billion, roughly flat year over year, but net investment gains rose to $1.17 billion, lifting net income to common shareholders to $1.17 billion and diluted EPS to $92.76. For the first six months, operating revenues were about $7.6 billion and net income to common shareholders was $956.6 million. The balance sheet remained sizable, with total assets of $71.3 billion, investments of $33.5 billion, and shareholders’ equity of $19.0 billion as of June 30, 2026.
The core Markel Insurance segment continued to perform well, posting a 93% combined ratio and a 40% increase in adjusted operating income for the quarter, helped by favorable prior‑year reserve development and higher investment income. However, the Financial segment swung to a loss after a $205.3 million provision for expected credit losses on reinsurance recoverables from a bankrupt capacity provider, raising the total allowance for credit losses to $234.4 million. Current‑year catastrophe losses tied to the emerging Middle East conflict totaled $76.0 million year‑to‑date, and management notes that additional losses from this conflict could be material.
Markel Group Inc. reported a Q1 2026 net loss to shareholders of $212.3 million, compared with net income of $121.7 million a year earlier. Total operating revenues were stable at $3.55 billion, essentially unchanged from Q1 2025.
The main swing factor was net investment losses of $727.6 million, largely from lower equity valuations, versus losses of $149.1 million last year. Core insurance operations improved: the Markel Insurance combined ratio was 92.8%, better than 96.0% a year ago, helped by lower attritional losses and ongoing favorable prior-year reserve development.
Results included $35.0 million of losses from the Middle East conflict, partly offset by $106.9 million of favorable prior-year reserve development. Net investment income rose to $255.9 million, but operating cash flow dropped to $15.9 million from $376.2 million. Total assets were $68.6 billion and shareholders’ equity was $18.1 billion as of March 31, 2026.
Markel Group Inc. reported third-quarter 2025 results. Total operating revenues were $3.934 billion, up from $3.694 billion a year ago, as earned premiums reached $2.206 billion and services and other revenues grew to $875.6 million. Operating income was $1.010 billion.
Profitability eased year over year. Net income to common shareholders was $751.3 million versus $905.0 million, with diluted EPS of $59.25 versus $66.25. Net investment gains were $432.9 million compared with $917.5 million last year, and foreign exchange moved to a $19.3 million gain from a $111.6 million loss. The company’s accumulated other comprehensive loss improved to $(138.97) million as unrealized losses narrowed.
Balance sheet and cash flow remained strong. Total assets were $67.39 billion and shareholders’ equity was $18.04 billion. Net cash provided by operating activities for the nine months was $2.099 billion. Year to date, the company redeemed $600 million of preferred stock and repurchased $344.0 million of common stock. Markel reorganized segments and, in August 2025, sold renewal rights for its Global Reinsurance division; premiums from prior multi‑year contracts will continue earning over the next two to three years.