Segment Reporting Disclosures

9 Months Ended

Sep. 30, 2025

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

The Company has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other.

In the first half of 2025, management made changes to the structure and leadership of its insurance operations, resulting in changes to its operating and reportable segments, primarily the creation of the Markel Insurance segment. Markel Insurance's underwriting operations were previously reported through the Company's Insurance and Reinsurance segments.

Management made additional changes to the Company's operating and reportable segments in the third quarter of 2025 to reflect changes in how the chief operating decision maker assesses the Company's diverse set of businesses and investments. The businesses previously reported under the Markel Ventures segment, as well as the Company's State National and Nephila businesses, which previously were not included in a reportable segment, are now reported in three new reportable segments: Industrial, Financial, and Consumer and Other. Additionally, the results from the Company's investing activities, previously reported in the Investing segment, are now attributed to the Company's segments or corporate operations based on the subsidiary that holds the investments. Markel Insurance's subsidiaries hold the most significant portion of the Company's investments. Prior periods have been recast to conform to the current presentation.

The Markel Insurance segment is the Company's core specialty insurance business, which is comprised of underwriting and other insurance-related activities. The Markel Insurance segment aligns with its network of insurance subsidiaries under the common leadership of the Markel Insurance chief executive officer. In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the division entered into run-off. The Global Reinsurance division's gross premium volume in 2024 was $1.2 billion. As many of the contracts previously written within this division are multi-year agreements, the Company expects premiums to continue earning over the next two to three years and loss reserves are expected to take several additional years to run off.

The Industrial segment consists of businesses that distribute building products, provide fire protection and life safety solutions, and manufacture a variety of products, including precast concrete, car hauler equipment, food processing equipment, flooring for dry van trailers, dredges, and wall systems. Other businesses in the Industrial segment provide equipment rental services and erosion control and stormwater management services.

The Financial segment consists of businesses that operate in the insurance services and investment management industries, including the Company's State National and Nephila businesses, as well as certain insurance-linked securities investment management businesses that are in run-off.

The Consumer and Other segment consists of businesses that produce ornamental houseplants, build homes, design leather handbags, and own and operate manufactured housing communities. Other businesses in the Consumer and Other segment provide information technology consulting services, retail intelligence, concierge primary care, and sponsorship of international teachers.

The Company's corporate operations, which are not an operating or reportable segment, are comprised of holding company activities, which include capital allocation, leadership support, and performing the responsibilities consistent with sound governance and required of a public company. Historically, corporate expenses were fully allocated to the Company's segment results, however, beginning in the third quarter of 2025, the Company discontinued allocating corporate expenses that are not integral to operating its underlying businesses.

Intersegment transactions primarily consist of loans from Markel Insurance to a corporate subsidiary to fund certain non-insurance acquisitions and from a corporate subsidiary to certain non-insurance businesses to fund strategic growth investments and projects. The Company's chief operating decision maker considers these loans, and the related interest income, to be similar to invested assets held by the respective segment. Interest income on these intersegment loans is included in the respective segment's profit and is eliminated in consolidation.

Segment profit for all of the Company's segments is measured by adjusted operating income, which does not include net investment gains, amortization of acquired intangible assets, or impairment of goodwill. Net investment gains and losses, which are primarily comprised of unrealized gains and losses on equity securities, are evaluated separately by the chief operating decision maker when assessing periodic segment financial performance due to the inherent volatility of these gains and losses, which can temporarily obscure the underlying segment performance. The chief operating decision maker believes such amounts are more meaningful when evaluated over longer periods of time. Amortization of acquired intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, are not considered a cost of operating the underlying businesses.

a) The following tables summarize the Company's segment disclosures. The Company's chief operating decision maker reviews net investment gains and losses by segment separately from the Company's segment profit.


	Quarter Ended September 30, 2025
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate and eliminations		Consolidated
Earned premiums	$	2,127,648	$	—	$	78,125	$	—	$	—	$	2,205,773
Net investment income	223,409		—		10,020		—		12,246		245,675
Products revenues	—		425,714		—		181,779		—		607,493
Services and other revenues	47,349		624,247		73,356		109,635		21,021		875,608
Total operating revenues	2,398,406		1,049,961		161,501		291,414		33,267		3,934,549
Losses and loss adjustment expenses:
Current accident year - attritional	(1,346,411)		—		(43,364)		—		—		(1,389,775)
Current accident year - catastrophe	4,315		—		—		—		—		4,315
Prior accident years	129,100		—		2,534		—		—		131,634
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs	(440,568)		—		(5,489)		—		—		(446,057)
Other underwriting expenses	(318,605)		—		(17,839)		—		—		(336,444)
Products expenses	—		(365,957)		—		(189,536)		—		(555,493)
Services and other expenses	2,238		(582,702)		(35,936)		(84,506)		(20,806)		(721,712)
Adjusted operating income	$	428,475	$	101,302	$	61,407	$	17,372	$	12,461	$	621,017
Net investment gains											432,886
Amortization of acquired intangible assets											(44,061)

Interest expense											(50,678)
Net foreign exchange gains											19,279

Income before income taxes											$	978,443


	Quarter Ended September 30, 2025
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate		Consolidated
Net investment gains	$	389,438	$	—	$	—	$	—	$	43,448	$	432,886


	Quarter Ended September 30, 2024
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate and eliminations		Consolidated
Earned premiums	$	2,035,773	$	—	$	74,335	$	—	$	—	$	2,110,108
Net investment income	203,767		—		10,012		—		21,698		235,477
Products revenues	—		438,858		—		173,419		—		612,277
Services and other revenues	18,085		559,450		54,503		91,880		11,954		735,872
Total operating revenues	2,257,625		998,308		138,850		265,299		33,652		3,693,734
Losses and loss adjustment expenses:
Current accident year - attritional	(1,310,108)		—		(41,418)		—		—		(1,351,526)
Current accident year - catastrophe	(62,000)		—		—		—		—		(62,000)
Prior accident years	119,408		—		3,506		—		—		122,914
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs	(426,149)		—		(5,525)		—		—		(431,674)
Other underwriting expenses	(294,768)		—		(17,114)		—		—		(311,882)
Products expenses	—		(364,923)		—		(185,067)		—		(549,990)
Services and other expenses	(8,405)		(521,612)		1,353		(80,657)		—		(609,321)
Adjusted operating income (loss)	$	275,603	$	111,773	$	79,652	$	(425)	$	33,652	$	500,255
Net investment gains											917,530
Amortization of acquired intangible assets											(46,459)

Interest expense											(53,361)
Net foreign exchange losses											(111,612)

Income before income taxes											$	1,206,353


	Quarter Ended September 30, 2024
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate		Consolidated
Net investment gains	$	709,130	$	—	$	10	$	—	$	208,390	$	917,530


	Nine Months Ended September 30, 2025
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate and eliminations		Consolidated
Earned premiums	$	6,207,809	$	—	$	229,029	$	—	$	—	$	6,436,838
Net investment income	638,654		—		28,578		—		45,547		712,779
Products revenues	—		1,219,532		—		796,010		—		2,015,542
Services and other revenues	58,252		1,675,718		255,227		312,416		38,496		2,340,109
Total operating revenues	6,904,715		2,895,250		512,834		1,108,426		84,043		11,505,268
Losses and loss adjustment expenses:
Current accident year - attritional	(3,977,735)		—		(122,701)		—		—		(4,100,436)
Current accident year - catastrophe	(56,562)		—		—		—		—		(56,562)
Prior accident years	356,871		—		3,602		—		—		360,473
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs	(1,280,953)		—		(17,491)		—		—		(1,298,444)
Other underwriting expenses	(950,589)		—		(55,117)		—		—		(1,005,706)
Products expenses	—		(1,058,275)		—		(704,507)		—		(1,762,782)
Services and other expenses	(15,402)		(1,573,396)		(101,687)		(252,636)		(20,806)		(1,963,927)
Adjusted operating income	$	980,345	$	263,579	$	219,440	$	151,283	$	63,237	$	1,677,884
Net investment gains											864,038
Amortization of acquired intangible assets											(142,216)

Interest expense											(155,894)
Net foreign exchange losses											(245,263)

Income before income taxes											$	1,998,549


	Nine Months Ended September 30, 2025
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate		Consolidated
Net investment gains	$	745,816	$	—	$	—	$	—	$	118,222	$	864,038


	Nine Months Ended September 30, 2024
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate and eliminations		Consolidated
Earned premiums	$	6,086,418	$	—	$	228,416	$	—	$	—	$	6,314,834
Net investment income	583,349		—		29,797		—		63,661		676,807
Products revenues	—		1,280,894		—		779,442		—		2,060,336
Services and other revenues	35,449		1,503,654		175,798		284,421		38,669		2,037,991
Total operating revenues	6,705,216		2,784,548		434,011		1,063,863		102,330		11,089,968
Losses and loss adjustment expenses:
Current accident year - attritional	(3,959,695)		—		(133,451)		—		—		(4,093,146)
Current accident year - catastrophe	(62,000)		—		—		—		—		(62,000)
Prior accident years	343,510		—		702		—		—		344,212
Underwriting, acquisition, and insurance expenses:
Amortization of policy acquisition costs	(1,270,322)		—		(17,578)		—		—		(1,287,900)
Other underwriting expenses	(854,661)		—		(50,042)		—		—		(904,703)
Products expenses	—		(1,073,044)		—		(693,886)		—		(1,766,930)
Services and other expenses	(21,567)		(1,454,278)		(39,436)		(241,941)		—		(1,757,222)
Adjusted operating income	$	880,481	$	257,226	$	194,206	$	128,036	$	102,330	$	1,562,279
Net investment gains											1,689,794
Amortization of acquired intangible assets											(134,981)

Interest expense											(151,506)
Net foreign exchange losses											(51,401)

Income before income taxes											$	2,914,185


	Nine Months Ended September 30, 2024
(dollars in thousands)	Markel Insurance		Industrial		Financial		Consumer and Other		Corporate		Consolidated
Net investment gains (losses)	$	1,300,433	$	—	$	(158)	$	—	$	389,519	$	1,689,794

b) The chief operating decision maker also reviews capital expenditures attributable to the Industrial and Consumer and Other segments.


	Quarter Ended September 30,				Nine Months Ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Industrial	$	24,267	$	24,962	$	58,136	$	105,095
Consumer and Other	$	14,848	$	9,516	$	41,471	$	33,097

c) The following table reconciles segment assets to the Company's consolidated balance sheets.


(dollars in thousands)	September 30, 2025		December 31, 2024
Segment assets:
Markel Insurance	$	44,398,876	$	40,603,824
Industrial	3,931,643		3,878,918
Financial	12,899,959		11,059,318
Consumer and Other	1,870,391		1,540,514
Total segment assets	$	63,100,869	$	57,082,574
Corporate and eliminations	4,290,693		4,815,408
Total assets	$	67,391,562	$	61,897,982

d) As a result of the Company's segment changes, the Company reassessed its reporting units. For any changes in reporting units that required a reallocation of goodwill, the Company tested goodwill for impairment immediately prior to the change in reporting units and determined that there was no impairment of goodwill. The Company expects to complete its annual tests for goodwill impairment in the fourth quarter of 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

MARKEL GROUP INC. 10-Q