On this page of StockholderLetter.com we present the latest annual shareholder letter from MARKEL GROUP INC. — ticker symbol MKL. Reading current and past MKL letters to shareholders can bring important insights into the investment thesis.

 •  3/4/2025 Letter Continued (Full PDF)
 •  3/3/2023 MKL Stockholder Letter
 •  3/6/2024 MKL Stockholder Letter
 •  More "Insurance Brokers" Category Stockholder Letters
 •  MKL Benford's Law Stock Score = 87

MKL Shareholder/Stockholder Letter Transcript:

Markel Group
Annual Report
2024

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 financial 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 flexibility.
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.

Financial Highlights
(dollars in millions, except per share data)
2024
2023
2022
Consolidated
Operating revenues

16,621

15,804

Operating income (loss)

3,713

2,929

Operating cash flows

2,594

2,787

2,709
Comprehensive income (loss) to shareholders

2,608

2,285

(1,206)
Closing stock price
$ 1,726.23

1,419.90

5-Year CAGR in closing stock price
(1)
9 %
6%
11,675
(93)
1,317.49
3%
Insurance
Operating revenues

8,728

8,577

8,085
Operating income

601

348

929
Combined ratio
95 %
98 %
92 %
Investments
Net investment income

920

735

Net investment gains (losses)

1,807

1,524

Return on equity securities
(2)
5-Year annual return on equity securities
(2)
Markel Ventures
Operating revenues
Operating income
447
(1,596)
20.1 %
21.6 %
(16.1)%
12.8 %
14.6 %
9.3 %


5,120
520


4,985
520


4,758
404

34,247

30,854

27,420
Total assets

61,898

55,046

49,791
Shareholders' equity

16,916

14,984

13,151
Financial Position
Invested assets
(3)
Debt to capital
Common shares outstanding (at year end, in thousands)
20 %
12,790
20 %
13,132
24 %
13,423
(1)
CAGR   compound annual growth rate.
(2)
Return on equity securities is calculated by dividing dividends and the change in fair value of equity securities by the monthly average
equity securities at fair value and considers the timing of net purchases and sales.
(3)
Invested assets include total investments, cash and cash equivalents and restricted cash and cash equivalents.
2024 Highlights




Operating revenues and operating income reached record highs in 2024
Operating cash flows of $2.6 billion, fueled by our insurance operations
Insurance operations improved profitability while growing top line revenues
Net investment income grew 25% and our equity portfolio returned over 20%
Markel Ventures revenues surpassed $5 billion for the first time
Share repurchases totaled $573 million
Added two businesses, Valor Environmental and Educational Partners International, to our family of companies

Contents
Letter to Shareholders
2
Form 10-K
Business
10K - 2
Risk Factors
10K - 20
Cybersecurity
10K - 32
Executive Officers
10K - 35
Common Stock Data
10K - 36
Management's Discussion & Analysis
10K - 38
Critical Accounting Estimates
10K - 56
Safe Harbor and Cautionary Statement
10K - 63
Report of Independent Registered
Public Accounting Firm
Consolidated Financial Statements
10K - 70
10K - 72
Notes to Consolidated Financial
Statements
10K - 76
Management's Report on Internal
Control over Financial Reporting
Directors
10K - 124
i

2024
To Our Business Partners,
welcome new investors and refresh our long-term
owners on why it might be a good idea to stay. We
run the company using these key principles, and the
whole company is stronger when we're all aligned
with them.
Markel is a company built for people.
We follow a simple mission at Markel Group.
We aspire to build one of the world   s great
companies.
Those principles include:
This journey animates and motivates us.

Our desire to ensure that our customers, associates,
and shareholders all win as part of Markel Group
underpins everything we do. We do not walk this
journey alone. We enjoy a bedrock of unique
shareholders who share and support this goal.


We   ve spent decades building enduring relationships
with our long-term owners and aim to continue doing
so. We believe that you, as shareholders, are our
partners and not distant unnamed institutional
entities on a statement.

I write this letter as if we swapped places   to give
you as fulsome a report as we would hope to receive
if our roles were reversed. I write as if we were
sitting together and having a conversation.

As a public company, we always keep the welcome
mat out for new investors. We also hope that once
you arrive, you stay indefinitely.

We decided to discuss some of the most important
elements of the Markel Group    owner   s manual    to
The Markel Style, our company   s creed,
grounds and guides us.
Our approach to business and investing is
always done through a long-term lens, and
with a win-win-win mentality.
Our focus on the long term is never an
excuse for short-term underperformance or
complacency. Our zealous pursuit of
excellence requires continually looking to
improve.
We're a diverse and resilient family of
businesses, spanning insurance underwriting
and beyond.
We empower these businesses through local
autonomy with accountability. We seek to
become the best home in the world for our
businesses.
These businesses are focused on serving
their customers and the points of
differentiation through which they do so.
Financial Highlights
2024
(in millions, except per share data)
2023
2022
2021
2020
2019
2018
2017
2016
11,675
12,846
9,735
9,526
6,841
6,062
5,612
3,242
1,274
2,477
40
217
805
496
583
621
1,175
667
Total operating revenues

16,621
15,804
Total operating income

3,713
2,929
5-Year average operating income

2,213
1,966
1,388
1,450
963
880
Comprehensive income (loss) to
shareholders

2,608
2,285
(1,206)
2,076
1,192
2,094
Shareholders' equity

16,916
14,984
13,151
14,700
12,822
11,071
9,081
9,504
8,461
Closing stock price per share
$ 1,726.23
1,419.90
1,317.49
1,234.00
1,033.30
1,143.17
1,038.05
1,139.13
904.50
5-Year CAGR
in closing stock price
(1)
per share
Combined ratio
(93)
(376)
9%
6%
3%
6%
3%
11 %
12 %
21 %
17 %
95 %
98 %
92 %
90 %
98 %
94 %
98 %
105 %
92 %
Markel Ventures operating income

520
520
404
330
307
210
133
147
161
Invested assets

34,247
30,854
27,420
28,292
24,927
22,258
19,238
20,570
19,059
(1)
CAGR - compound annual growth rate
2



 3/4/2025 Letter Continued (Full PDF)