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Markel Group
Annual Report
2023
The Markel Style
Markel Group 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    nancial value of our company. We respect our
relationship 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    exibility.
This requires a respect for authority but a disdain of
bureaucracy.
At Markel, we hold the individual   s right to selfdetermination 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.
 • shareholder letter icon 3/6/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/3/2023 MKL Stockholder Letter
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MKL Shareholder/Stockholder Letter Transcript:

Markel Group
Annual Report
2023

The Markel Style
Markel Group 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    nancial value of our company. We respect our
relationship 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    exibility.
This requires a respect for authority but a disdain of
bureaucracy.
At Markel, we hold the individual   s right to selfdetermination 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.

Highlights
Financial Highlights
(dollars in millions, except per share data)
2023
2022
2021
Gross premium volume

14,002

13,202

11,439
Earned premiums

8,295

7,588

6,503
Net investment income

735

447

367
Net investment gains (losses)

1,524


1,979
U.S. GAAP combined ratio
98 %
(1,596)
92 %
90 %
Markel Ventures operating revenues

4,985

4,758

3,644
Total operating revenues

15,804

11,675

12,846
Markel Ventures operating income

438

325

273
Total operating income (loss)

2,929

(93)

3,242
Net income (loss) to common shareholders

1,960

(252)

2,387
Comprehensive income (loss) to shareholders

2,285

(1,206)

2,076
Invested assets

30,854

27,420

28,292
Total assets

55,046

49,791

48,477
Senior long-term debt and other debt

3,780

4,104

4,361
Shareholders' equity

14,984

13,151

14,700
Debt to capital
20 %
24 %
23 %
Per Share Data
Common shares outstanding (at year end, in thousands)
13,132
13,423
Diluted net income (loss) per common share

146.98

Closing stock price per common share
$ 1,419.90

5-Year CAGR in closing stock price
(1)
(1)
(2)
1,317.49
6 %
Book value per common share
5-Year CAGR in book value per common share
(23.72)
$ 1,095.95
(1)
13,632

176.38

1,234.00
3%

935.65
11 %
6%
6%

1,034.92
11 %
CAGR   compound annual growth rate.
Invested assets include total investments, cash and cash equivalents and restricted cash and cash equivalents.
Operating Highlights




Gross premium volume across our Insurance engine reached $14 billion
Net investment income grew 64% and significantly exceeded our previous record high
Markel Ventures hit record highs for both revenues ($5.0 billion) and operating income ($438 million)
Invested assets of nearly $31 billion at the end of the year
Operating cash flows of $2.8 billion, reflecting contributions from each of our three engines
Comprehensive income to shareholders of $2.3 billion, driven by an increase in the fair value of our equity
portfolio
Share repurchases totaling $445 million

Contents
Letter to Business Partners
2
Form 10-K
Business
10K - 2
Risk Factors
10K - 22
Cybersecurity
10K - 34
Legal Proceedings
10K - 36
Executive Officers
10K - 37
Common Stock Data
10K - 38
Management's Discussion & Analysis
10K - 40
Critical Accounting Estimates
10K - 58
Safe Harbor and Cautionary Statement
10K - 66
Report of Independent Registered
Public Accounting Firm
Consolidated Financial Statements
10K - 73
10K - 75
Notes to Consolidated Financial
Statements
10K - 79
Management's Report on Internal
Control over Financial Reporting
Directors
10K - 130
i

2023
To Our Business Partners,
The Markel Group has a commitment to
success.
continuously learn, create, and work for our
customers. They help each other and work as a
team. They also provide for their families and
communities.
These are the first words in the Markel Style, our
creed, written in 1986.
Three: We believe great companies attract and
maintain long-term, committed and high-quality
shareholders by earning excellent and sustainable
returns on the capital needed to run the business.
We work to honor that pledge.
We define success as:    building one of the world   s
great companies.   
We believe this definition of success applies across
all industries. It is universal.
You might ask,    What does it mean to be a great
company?   
We believe it describes the story of the Markel
Group.
One: We believe great companies provide first-rate
products and services. Customers then come back
the next day. Quality creates referrals and a virtuous
cycle of ultimate sustainability.
The 2023 letter will be longer than usual. As Charles
Dickens might say about 2023,    It was the best of
times, it was the worst of times.    The letter is long,
but we hope it clarifies what   s working at the Markel
Group and our awareness of where we can improve.
Two: We believe great companies provide
meaningful careers. The Markel Style states,    We
provide an atmosphere where people can reach their
personal potential.    Thousands do just that. Starting
with our IPO in 1986, we had roughly 300
employees. Today, more than 20,000 people
By the time you finish reading, I hope you will share
my optimism that we are truly on the path of
building one of the world   s great companies.
Financial Highlights
2023
(in millions, except per share data)
2022
2021
2020
2019
2018
2017
2016
2015
Total operating revenues

15,804
11,675
12,846
9,735
9,526
6,841
6,062
5,612
5,370
Gross written premiums

14,002
13,202
11,439
9,267
8,780
7,864
5,507
4,797
4,633
Combined ratio
98 %
90 %
98 %
94 %
98 %
105 %
92 %
89 %
Invested assets

Invested assets per common share
$ 2,349.53
Net income (loss) to common
shareholders

1,960
(252)
2,387
798
1,790
(128)
395
456
583
Comprehensive income (loss) to
shareholders

2,285
(1,206)
2,076
1,192
2,094
(376)
1,175
667
233
Shareholders' equity

14,984
13,151
14,700
12,822
11,071
9,081
9,504
8,461
7,834
Book value per common share
$ 1,095.95
935.65
1,034.92
887.34
802.59
653.85
683.55
606.30
561.23
5-Year CAGR in(1)
book value per
common share
Closing stock price per share
5-Year CAGR
in closing stock price
(1)
per share
(1)
30,854
92 %
11 %
$ 1,419.90
6%
27,420
28,292
24,927
22,258
19,238
20,570
19,059
18,181
2,042.73
2,075.42
1,808.50
1,613.62
1,385.24
1,479.45
1,365.72
1,302.48
6%
1,317.49
3%
11 %
1,234.00
6%
CAGR - compound annual growth rate
2
10 %
1,033.30
3%
8%
1,143.17
11 %
7%
1,038.05
12 %
11 %
1,139.13
21 %
11 %
904.50
17 %
11 %
883.35
18 %



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