Markel Group (NYSE: MKL) highlights revenue growth, 26% returns and buybacks
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Markel Group Inc. is sharing a leadership presentation at its 2026 Annual Meeting of Shareholders, outlining long-term financial performance and strategy. The slides show operating revenues rising across five-year buckets to $68.7 billion for 2021–2025 and consolidated adjusted operating income reaching $9.2 billion over the same period.
Adjusted operating income grew to $2.323 billion for the last twelve months ended Q1 2026, with a five-year compound annual growth rate of 16% for the Industrial, Financial, and Consumer & Other segments. These segments together also delivered five-year average organic revenue growth of 7.5% and a five-year average pre-tax return on tangible capital of 26%, including 27% in 2025.
The company highlights a declining share count from 13.8 million in 2020 to 12.6 million in 2025, underwriting combined ratios generally in the mid-90% range, and capital allocation that returned $2.1 billion from operating companies while investing $1.3 billion into acquisitions. Management emphasizes specialty insurance focus, decentralized P&L ownership, and “The Markel Style” culture as competitive advantages, and uses non-GAAP measures such as adjusted operating income and organic revenue growth with reconciliations provided in appendices.
Positive
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8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Operating revenues 2021–2025: $68.7 billion
Adjusted operating income LTM: $2.323 billion
Adjusted operating income CAGR: 16%
+5 more
8 metrics
Operating revenues 2021–2025
$68.7 billion
Five-year bucket 2021–2025
Adjusted operating income LTM
$2.323 billion
Last twelve months ended Q1 2026
Adjusted operating income CAGR
16%
5-year CAGR for Industrial, Financial, Consumer & Other
Average organic revenue growth
7.5%
5-year average for Industrial, Financial, Consumer & Other
Pre-tax return on tangible capital
27%
2025 for Industrial, Financial, Consumer & Other segments
Average pre-tax return on tangible capital
26%
5-year average across the same segments
Share count year-end 2025
12.6 million
Shares outstanding at end of 2025
Capital distributions from ops
$2.1 billion
Distributions from operating companies over 2021–2025
Key Terms
adjusted operating income, combined ratio, organic revenue growth, pre-tax return on tangible capital, +2 more
6 terms
adjusted operating income financial
"Please see Appendix A for adjusted operating income reconciliation."
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.
combined ratio financial
"Trending QTD Combined Ratio"
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.
organic revenue growth financial
"Please see Appendix B for average annual organic revenue growth reconciliation."
Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.
pre-tax return on tangible capital financial
"Please see Appendix C for pre-tax return on tangible capital."
non-GAAP financial measures financial
"This presentation also may include references to or discussion of certain non - GAAP financial measures."
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.
underwriting profit financial
"Earned premiums Underwriting profit"
Underwriting profit is the money an insurer keeps from its core insurance business after paying claims, covering operating costs, and accounting for reinsurance — essentially premiums collected minus the direct costs of providing coverage. It matters to investors because it shows whether the company’s insurance operations are sustainably profitable on their own, like the margin a store earns on goods sold before counting interest or investment gains.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________
FORM 8-K
_______________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 20, 2026
_______________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (804 ) 747-0136
Not Applicable
(Former name or former address, if changed since last report)
_______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 7.01. | Regulation FD Disclosure | ||||
On May 20, 2026, members of the leadership team of Markel Group Inc. (the Company) will make a presentation about the Company at its 2026 Annual Meeting of Shareholders (the 2026 Annual Meeting). A copy of the presentation is furnished as Exhibit 99.1. A copy of the presentation is also posted on the Company's website at ir.mklgroup.com/investor-relations.
| Item 9.01 | Financial Statements and Exhibits. | ||||
| Exhibit No. | Description | |||||||
99.1 | Markel Group Leadership Team Presentation, May 20, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MARKEL GROUP INC. | |||||||||||
May 20, 2026 | By: | /s/ Richard R. Grinnan | |||||||||
Name: | Richard R. Grinnan | ||||||||||
Title: | Senior Vice President, Chief Legal Officer and Secretary | ||||||||||
3
Forward - looking statements and non -GAAP financial measures This presentation may include forward - looking statements. Additional information about factors that could cause actual results to differ materially from these projected in such forward - looking statements is included in Markel Group’s most recent annual report on Form 10 - K, quarterly report on Form 10 - Q and current report(s) on Form 8 - K, including under the captions “Risk Factors” and “Safe Harbor and Cautionary Statement.” Markel Group undertakes no obligation to publicly update or review any forward - looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This presentation also may include references to or discussion of certain non - GAAP financial measures. You may find the most directly comparable GAAP measures and a reconciliation to GAAP for these measures in Markel Group’s Q1 2026 quarterly results press release, most recent annual report on Form 10 - K and quarterly report on Form 10 - Q, and on our website at mklgroup.com under the Investor Relations page. Markel Group’s Q1 2026 quarterly results press release, Form 10 - K, Form 10 - Q and Form 8 - K can be found on our website at mklgroup.com under the Investor Relations page. 1
2 All numbers in billions, except stock price, which is rounded. Please see Appendix A for adjusted operating income reconcilia tio n. Operating revenues Adjusted operating income Earned premiums Underwriting profit Products, services & other revenues Products, services & other income Net investment income Mark to market on equity securities Comprehensive income to shareholders Closing stock price per share $20.2 $35.9 $68.7 2011 –15 2016 –20 2021 –25 $2.6 $3.8 $9.2 2011 –15 2016 –20 2021 –25 $15.0 $23.5 $39.5 2011 –15 2016 –20 2021 –25 $0.7 $0.6 $2.3 2011 –15 2016 –20 2021 –25 $3.6 $10.4 $25.8 2011 –15 2016 –20 2021 –25 $0.2 $1.1 $3.4 2011 –15 2016 –20 2021 –25 $1.5 $2.0 $3.4 2011 –15 2016 –20 2021 –25 $1.4 $3.3 $4.8 2011 –15 2016 –20 2021 –25 $2.4 $4.8 $8.4 2011 –15 2016 –20 2021 –25 $883 $1,033 $2,150 12/31/15 12/31/20 12/31/25 1 2 3 4 5 6 7 8 9 10
3 Adjusted operating income, by segment $0.3 $0.8 $1.0 $0.8 $1.4 $1.8 $1.6 $2.1 $2.3 $2.3 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 1Q'26 Markel Insurance Industrials Financial Consumer and other Corporate & Eliminations ($ in billions) Please see Appendix A for adjusted operating income reconciliation.
4 Share count at end of year, over the last 5 years 13.8 13.6 13.4 13.1 12.8 12.6 2020 2021 2022 2023 2024 2025 (# in millions)
Quality , market - leading businesses 5 Diverse , durable income streams across industries Financial conservatism with a strong balance sheet E fficient structure with cost and tax advantages Large and scalable set of attractive reinvestment opportunities W in -win -win outcomes, guided by the Markel Style Markel Group competitive advantages
“Markel has a commitment to success. We believe in hard work and a zealous pursuit of excellence while keeping a sense of humor. Our creed is honesty and fairness in all our dealings. The Markel way is to seek to be a market leader in each of our pursuits. We seek to know our customers' needs and to provide our customers with quality products and service. Our pledge to our shareholders is that we will build the financial value of our company. We respect our relationships with our suppliers and have a commitment to our communities. We are encouraged to look for a better way to do things . . . to challenge management. We have the ability to make decisions or alter a course quickly. The Markel approach is one of spontaneity and flexibility. This requires a respect for authority but a disdain of bureaucracy. At Markel we hold the individual's right to self -determination in the highest light, providing an atmosphere in which people can reach their personal potential. Being results -oriented, we are willing to put aside individual concerns in the spirit of teamwork to achieve success. Above all, we enjoy what we are doing. There is excitement at Markel, one that comes from innovating, creating, striving for a better way, sharing success with others . . . winning.” 6 The Markel Style
$2.6 $3.8 $9.2 2011 –15 2016 –20 2021 –25 7 Adjusted operating income – 5-year buckets Consolidated adjusted operating income ($ in billions) Industrial $1.5B Financial $1.3B Consumer & Other $0.7B Industrial, Financial and Consumer & Other Segments Please see Appendix A for adjusted operating income reconciliation.
8 Key financial data $ in millions 2020 2021 2022 2023 2024 2025 Industrial Adjusted operating income $138 $169 $286 $378 $365 $343 Total capital $1,292 $2,297 $2,604 $2,657 $2,771 $2,772 Financial Adjusted operating income $95 $134 $355 $260 $262 $327 Total capital $2,171 $2,187 $1,899 $1,946 $1,901 $2,012 Consumer & Other Adjusted operating income $164 $149 $113 $136 $145 $175 Total capital $1,124 $1,193 $1,245 $1,227 $1,162 $1,423 Total – Industrial, Financial, and Consumer & Other 5-yr CAGR Adjusted operating income $397 $452 $754 $774 $772 $845 16% Total capital $4,587 $5,677 $5,748 $5,830 $5,834 $6,207 6% Industrial, Financial and Consumer & Other Segments
9 Last 5 years – three drivers of performance Growth in earnings ~8 % average annual organic revenue growth Capital discipline $2.1 billion distributions from operating companies Reinvestment $1.3 billion invested into acquisitions Industrial, Financial and Consumer & Other Segments Please see Appendix B for average annual organic revenue growth reconciliation.
10 Going forward – three drivers of performance Growth in earnings • Durable markets growing at upper single digits • Strong market positioning • High quality leadership Capital discipline Reinvestment • 5-year pre - tax return on tangible capital averages 26% • Focus on ‘fair price’: <9x operating income paid • Return of $2.1 billion excess capital to Holdco • Acquisition and expansion opportunities in existing businesses • Unique and proven market positioning Note: metrics over last five years (2021 - 2025). Industrial, Financial and Consumer & Other Segments Please see Appendix C for pre - tax return on tangible capital.
Winning isn’t a moment. It’s a mindset.
Underwriting profitability is our central focus 94% 93% 100% 108% 95% 94% 97% 96% 96% 97% 93% 93% 93% 85% 90% 95% 100% 105% 110% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Trending QTD Combined Ratio
We overhauled our matrix reporting structure in the US. We reorganized into three simple and distinct divisions. We created 14 business units under these divisions, each with their own P&L. We aligned our financial reporting to the new structure. We exited Global Re. Execution of change: Over the past year we have walked the walk We moved over 80% of the people that worked for central functions into the business units.
Our goal is to build the preeminent specialty insurer on the planet HOW TO WIN Obsess over the customer. Everything we do must provide something that the standard market does not. Build expert teams focused on delivering risk solutions better than anyone else. Make decisions and deliver responses with speed. Leading technology and local empowerment are central to success. Honor long -standing commitments with integrity, fairness, and dependable claims service. CUSTOMER FOCUS MARKET - LEADING EXPERTISE SPEED IS CRITICAL CONSISTENTLY DO THE RIGHT THING WHERE TO PLAY Strategy
Structure: A business of businesses US Wholesale and Specialty ~$3B Programs and Solutions ~$3B International ~$3B Markel Insurance We organize with a principle of P&L ownership and accountability at the lowest level. London Europe Canada UK APAC West Central Southeast Northeast Bermuda Small Commercial Personal Lines Surety Programs & Alliances Core E&S specialty insurance in the US Portfolio of specialty businesses International specialty insurance
Operations : Our approach to delivering value from AI Empowered divisions Responsible innovation driven by judgment Learning from quick wins Transformational investments
Culture Founder’s Mentality Respect for authority but disdain for bureaucracy Winning Enjoy what we're doing
Appendix A Reconciliation of Operating Income to Adjusted Operating Income (Non - GAAP) 18 LTM 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 ($ in millions) Q1 2026 Operating income (loss) $ 2,639 $ 3,195 $ 3,713 $ 2,929 $ (93) $ 3,242 $ 1,274 $ 2,477 $ 40 $ 217 $ 805 $ 860 $ 558 $ 476 $ 405 $ 276 Add: Amortization of acquired intangible assets 182 185 181 181 179 161 159 149 116 81 69 69 58 55 34 24 Add: Impairment of goodwill and acquired intangible assets - - - - 80 - - - 199 - 19 15 14 - - - Less: Net investment gains (losses) 498 1,076 1,807 1,524 (1,596) 1,979 618 1,602 (438) (5) 65 106 46 63 32 36 Adjusted operating income $ 2,323 $ 2,304 $ 2,087 $ 1,586 $ 1,762 $ 1,424 $ 815 $ 1,024 $ 793 $ 303 $ 828 $ 838 $ 584 $ 468 $ 407 $ 264
Appendix B Reconciliation of Industrial, Financial, and Consumer & Other Segments Revenue Growth to Organic Revenue Growth (Non -GAAP) 19 Industrial: Revenue growth 3.9% 1.4% 9.7% 42.9% 51.5% Impact of inorganic activity (1.4%) (1.3%) (2.0%) (25.2%) (30.4%) Organic revenue growth 2.5% 0.1% 7.7% 17.7% 21.1% Financial: Revenue growth 24.2% 7.3% (23.0%) 45.2% 3.5% Impact of inorganic activity (7.0%) 0.5% 43.6% (25.8%) -% Organic revenue growth 17.2% 7.8% 20.6% 19.4% 3.5% Consumer & Other: Revenue growth 4.2% 6.4% (7.5%) 7.9% 2.6% Impact of inorganic activity (3.2%) (4.6%) -% 0.6% 6.2% Organic revenue growth 1.0% 1.8% (7.5%) 8.5% 8.8% Industrial, Financial, and Consumer & Other: Revenue growth 6.1% 3.1% 1.1% 32.6% 26.2% Impact of inorganic activity (1.4%) (1.8%) 3.5% (17.6%) (14.2%) Organic revenue growth 4.7% 1.3% 4.6% 15.0% 12.0% 5-Year average organic revenue growth 7.5% 2025 2024 2023 2022 2021
Appendix C Industrial, Financial, and Consumer & Other Segments Pre - Tax Return on Tangible Capital 20 ($ in millions) Adjusted operating income: Industrial 343$ 365$ 378$ 286$ 169$ Financial 327 262 260 355 134 Consumer & Other 175 145 136 113 149 Total adjusted operating income $ 845 $ 772 $ 774 $ 754 $ 452 Tangible capital: Industrial 1,475 1,437 1,417 1,315 1,023 471 Financial 1,119 950 936 825 838 762 Consumer & Other 657$ 649$ 691$ 680$ 602$ 503$ Total tangible capital $ 3,251 $ 3,036 $ 3,044 $ 2,820 $ 2,462 $ 1,736 Average tangible capital 3,144$ 3,040$ 2,932$ 2,641$ 2,099$ Pre-tax return on tangible capital 27% 25% 26% 29% 22% 5-Year average pre-tax return on tangible capital 26% 20202025 2024 2023 2022 2021
FAQ
What is Markel Group (MKL) presenting at its 2026 Annual Meeting?
Markel Group is presenting a leadership team deck highlighting long-term financial performance, underwriting results, capital allocation, and strategy. It covers revenue and earnings growth, returns on tangible capital, segment results, and cultural principles described as The Markel Style.
How has Markel Group’s adjusted operating income evolved through 2025?
Markel Group reports consolidated adjusted operating income totaling $2.6 billion for 2011–2015, $3.8 billion for 2016–2020, and $9.2 billion for 2021–2025. Adjusted operating income for the last twelve months ended Q1 2026 is $2.323 billion, reflecting continued scaling of its diversified operations.
What growth metrics does Markel Group (MKL) highlight in this presentation?
For its Industrial, Financial, and Consumer & Other segments, Markel Group cites a five-year adjusted operating income CAGR of 16% and five-year average organic revenue growth of 7.5%. Management links these figures to disciplined capital allocation and reinvestment in both acquisitions and existing businesses.
What return metrics does Markel Group emphasize for recent years?
The company emphasizes pre-tax return on tangible capital for its Industrial, Financial, and Consumer & Other segments, showing 27% in 2025 and a five-year average of 26%. These returns are based on adjusted operating income over average tangible capital as reconciled in Appendix C of the presentation.
What capital allocation actions does Markel Group (MKL) describe for 2021–2025?
The presentation notes $2.1 billion of capital distributions from operating companies and $1.3 billion invested into acquisitions over 2021–2025. Management positions this mix as reflecting capital discipline, focusing on fair-price deals and returning excess capital to the holding company.
What underwriting performance does Markel Group show in this deck?
Markel Group highlights a trending quarterly combined ratio series mostly in the mid-90% range, including 93% in Q1 2026. A combined ratio below 100% indicates underwriting profitability, which the company frames as its central focus in building a leading specialty insurance franchise.