Markel reported comprehensive income to shareholders of $793.1m for the third quarter of 2025 (Q3 2025), compared to $1.3bn in the same period a year earlier.
The insurer’s quarterly operating revenues were up 7% to $3.9bn.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Operating income was $1bn, a 26% decline, which the company attributed to fluctuations in its equity portfolio, while its adjusted operating income rose 24% to $621m, excluding the equity market impacts.
Within Markel Insurance, adjusted operating income increased 55% for the quarter, supported by underwriting profitability and higher net investment income.
Underwriting profit stood at $155.4m, up 150%, while net investment income totalled $223.4m, a 10% increase.
The company’s underwriting gross premium volume grew 11% to $2.7bn and earned premiums increased 5% to $2.12bn.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe combined ratio improved by more than four points in the quarter to 93% from 97% in the previous year.
The group repurchased $344m of shares year to date and reported 12.6 million shares outstanding as of 30 September 2025.
Markel CEO Tom Gayner said: “I am very pleased with our overall results and the progress we have made as a company this year.
“Revenues and adjusted operating income of our businesses are both up for the year and for the quarter. We are seeing improvement in our insurance combined ratio, and $2.1bn in operating cash flow has helped fund continued steady share repurchases. In short, the strength of our diversified approach is on display, and we are seeing tangible signs of improvement in areas we have been focused on.”
For the nine months to October, comprehensive income to shareholders stood at $2bn. Year-to-date operating revenues rose 3% and underwriting gross premium volume was up 4%.
Operating income fell 23% year to date, while adjusted operating income, excluding equity market effects, declined by 7% over the same period.
In August, Markel Insurance completed the sale of renewal rights for its Global Reinsurance business to Nationwide.
The company said the transaction is part of a strategy to concentrate on its core specialty insurance markets and did not involve the sale of any Markel insurance company entities.
