RICHMOND, Va., Oct. 28, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the third quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended September 30, 2026 with the Securities and Exchange Commission.
"We build Markel to relentlessly compound value over the long-term, by serving our customers and policyholders, owning businesses with staying power, underwriting with discipline, and reinvesting patiently through cycles," said Tom Gayner, Chairman and Chief Executive Officer. "Our third quarter results demonstrate we continue to do exactly that. Markel Insurance increased profitability, our Industrial, Financial, and Consumer and Other businesses delivered strong returns, and we continued to deploy capital where we believe it creates the most long-term value."
Highlights of our 2026 third quarter and nine-months results:
- Operating revenues increased 6% for the quarter and 2% year to date.
- Operating income, which includes market movements in our equity portfolio, was $383 million in the quarter and $1.7 billion year to date.
- Adjusted operating income, which excludes market movements in our equity portfolio, increased 14% to $707 million for the quarter compared to $621 million in the third quarter of 2025. Adjusted operating income was $1.6 billion year to date, down 2% compared to $1.7 billion in the first nine months of 2025.
- Share repurchases were $315 million in the quarter and $685 million year to date.
- For Markel Insurance:
- Adjusted underwriting gross premium volume increased by 9% for the quarter and 10% year to date, which excludes the impact of our exited Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026.
- Adjusted operating income increased 19% year to date to $1.2 billion, due to improved underwriting profitability and higher net investment income.
- The combined ratio for the quarter was 92%, which includes a three point unfavorable impact from our exited Global Reinsurance division.
- The Industrial segment delivered 13% revenue growth, including 10% organic growth, and a 29% increase in adjusted operating income for the quarter. Adjusted operating income in our Financial segment increased 30%.
The following table presents summary consolidated financial data.
Quarter Ended September Nine Months Ended September
30, 30,
(dollars in thousands) 2026 2025 2026 2025
---
Operating revenues $4,158,203 $3,934,549 $11,727,245 $11,505,268
Operating income $383,232 $1,009,842 $1,670,248 $2,399,706
Add: Amortization of acquired intangible assets 43,256 44,061 130,070 142,216
Less: Net investment gains (losses) (280,909) 432,886 159,054 864,038
Adjusted operating income (1) $707,397 $621,017 $1,641,264 $1,677,884
Comprehensive income (loss) to shareholders $(156,334) $793,126 $604,561 $2,008,307
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
Markel Insurance Segment
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2026 2025 % Change 2026 2025 % Change
---
Gross premium volume:
Underwriting $2,486,250 $2,720,406 (9) % $7,088,913 $8,322,635 (15) %
Adjusted underwriting (1) $2,482,498 $2,269,006 9 % $7,077,809 $6,448,598 10 %
Fronting $419,040 $166,705 151 % $2,288,488 $1,838,499 24 %
Operating revenues:
Earned premiums $2,190,244 $2,127,648 3 % $6,151,944 $6,207,809 (1) %
Net investment income 233,569 223,409 5 % 694,411 638,654 9 %
Services and other revenues 20,095 47,349 (58) % 33,152 58,252 (43) %
Operating revenues $2,443,908 $2,398,406 2 % $6,879,507 $6,904,715 0 %
Adjusted operating income:
Underwriting profit $178,254 $155,479 15 % $462,622 $298,841 55 %
Net investment income 233,569 223,409 5 % 694,411 638,654 9 %
Services and other income 9,074 49,587 (82) % 9,844 42,850 (77) %
Adjusted operating income $420,897 $428,475 (2) % $1,166,877 $980,345 19 %
Combined ratio 92 % 93 % 92 % 95 %
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
Industrial Segment
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2026 2025 % Change 2026 2025 % Change
---
Operating revenues $1,181,602 $1,049,961 13 % $3,102,728 $2,895,250 7 %
Adjusted operating income $131,142 $101,302 29 % $255,862 $263,579 (3) %
Financial Segment
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2026 2025 % Change 2026 2025 % Change
---
Operating revenues $182,032 $161,501 13 % $514,910 $512,834 0 %
Adjusted operating income (loss) $80,074 $61,407 30 % $(32,661) $219,440 NM (1)
(1) NM - Not meaningful.
Consumer and Other Segment
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2026 2025 % Change 2026 2025 % Change
---
Operating revenues $296,309 $291,414 2 % $1,128,780 $1,108,426 2 %
Adjusted operating income $31,221 $17,372 80 % $193,122 $151,283 28 %
* * * * * * * *
A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Thursday, October 29, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing +1 (833) 461-5787 in the U.S., or +44 808 196 8935 internationally, and providing Meeting ID: 576 810 349. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group's Investor Relations Department at IR@markel.com.
Supplemental Financial Information
Markel Group manages the business and assesses performance using a variety of performance metrics, each reflecting a different time horizon and serving a different purpose, rather than relying upon a single metric.
Short-term Performance Metrics
In analyzing our current period performance, we believe adjusted operating income is the best metric to assess the performance of our operating businesses. Adjusted operating income excludes the market value movement in our equity portfolio and amortization of acquired intangible assets.
The following table summarizes adjusted operating income by segment.
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2026 2025 % Change 2026 2025 % Change
---
Markel Insurance $420,897 $428,475 (2) % $1,166,877 $980,345 19 %
Industrial 131,142 101,302 29 % 255,862 263,579 (3) %
Financial 80,074 61,407 30 % (32,661) 219,440 NM (1)
Consumer and Other 31,221 17,372 80 % 193,122 151,283 28 %
Corporate and eliminations 44,063 12,461 254 % 58,064 63,237 (8) %
Adjusted operating income (2) $707,397 $621,017 14 % $1,641,264 $1,677,884 (2) %
(1) NM - Not meaningful.
(2) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
Long-term Performance Metrics
We believe our financial performance is most meaningfully measured over longer periods of time, which helps mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses, making capital allocation decisions, and determining executive compensation.
The following tables present a long-term view of our performance over multiple time periods. These metrics drive the growth in intrinsic value per share.
Twelve Months Ended September 30,
(dollars in thousands) 2026 2025 2024 2023 2022
---
Operating revenues $15,735,210 $15,228,844 $14,799,606 $14,181,893 $12,614,475
Operating income $2,465,394 $2,995,176 $4,249,150 $2,853,560 $27,059
Add: Amortization of acquired intangible assets 172,861 188,707 179,228 180,155 176,979
Add: Impairment of goodwill - 80,000
Less: Net investment gains (losses) 371,097 981,463 2,622,675 1,189,965 (1,391,782)
Adjusted operating income (1) $2,267,158 $2,202,420 $1,805,703 $1,923,750 $1,595,820
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
Five-Year Period From Five-Year Compound
Annual Growth Rate
(
dollars in thousands, except per share data
) Q4 2021 -Q3 2026 Q4 2016 -Q3 2021
---
Average operating income (1) $2,518,068 $1,256,867 15 %
Average operating income per share (2) $192.06 $90.37 16 %
Average adjusted operating income (1) (3) $1,958,970 $838,120 19 %
Average shareholders' equity (4) $15,809,632 $10,550,132 8 %
Average debt (4) $4,209,113 $3,278,967 5 %
(
in thousands
) September 30, 2026 September 30, 2021
% Change
---
Shares outstanding 12,250 13,685 (10) %
(1) Represents the average of the five trailing-twelve-month periods.
(2) Represents average operating income divided by the average of the quarterly weighted average diluted shares outstanding.
(3) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
(4) Represents the average of quarter-end balances in the trailing five-year period.
Non-GAAP Financial Measures
Markel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.
Consolidated Adjusted Operating Income
Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and typically include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.
The following table reconciles average operating income to average adjusted operating income for the last two trailing-five-year periods.
Five-Year Period From
(
dollars in thousands
) Q4 2021 -Q3 Q4 2016 -Q3
2026 2021
---
Average operating income $2,518,068 $1,256,867
Add: Average amortization of acquired intangible assets 179,586 128,050
Add: Average impairment of goodwill and acquired intangible assets 16,000 43,583
Less: Average net investment gains 754,684 590,381
Average adjusted operating income $1,958,970 $838,120
Adjusted Underwriting Gross Premium Volume
Adjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance's business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment.
The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.
Quarter Ended September 30, Nine Months Ended September 30,
(dollars in thousands) 2026 2025 % Change 2026 2025 % Change
---
Underwriting gross premium volume $2,486,250 $2,720,406 (9) % $7,088,913 $8,322,635 (15) %
Less: Global Reinsurance division 3,752 166,770 11,104 1,065,374
underwriting gross premium volume
Less: Hagerty underwriting gross premium 284,630 808,663
volume
Adjusted underwriting gross premium volume $2,482,498 $2,269,006 9 % $7,077,809 $6,448,598 10 %
Organic Revenue Growth
Organic revenue growth is a non-GAAP measure. We believe organic revenue growth is a meaningful measure as it provides growth in comparable revenues from period-to-period by adjusting for the impact of acquisitions and dispositions. For acquisitions and dispositions, the calculation of organic revenue growth excludes the revenue of the business from the two periods being compared unless our consolidated results include a full period of revenue from the business for both periods. The following table reconciles revenue growth to organic revenue growth for our Industrial segment.
Quarter Ended
September 30,
2026
Revenue growth 12.5 %
Impact of inorganic activity (2.1) %
Organic revenue growth 10.4 %
About Markel Group
Markel Group Inc. is a diverse family of companies that includes everything from insurance to bakery equipment, building supplies, houseplants, and more. The leadership teams of these businesses operate with a high degree of independence, while at the same time living the values that we call the Markel Style. Our specialty insurance business sits at the core of our company. Through decades of sound underwriting, the Markel Insurance team has provided the capital base from which we built a system of businesses and investments that collectively increase Markel Group's durability and adaptability. It's a system that provides diverse income streams, access to a wide range of investment opportunities, and the ability to efficiently move capital to the best ideas across the company. Most importantly though, this system enables each of our businesses to advance our shared goal of helping our customers, associates, and shareholders win over the long term. Visit mklgroup.com to learn more.
Cautionary Statement
Certain of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additional factors that could cause actual results to differ from those predicted are set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, including under "Business Overview," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," and "Quantitative and Qualitative Disclosures About Market Risk," and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, including under "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Safe Harbor and Cautionary Statement," "Quantitative and Qualitative Disclosures About Market Risk," and "Risk Factors." We assume no obligation to update this release (including any forward-looking statements) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.
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SOURCE Markel Group
