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![MARKEL GROUP INC. [MKL] reports annual net loss of $2.1 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FMKL.png&w=1200&q=75)
MARKEL GROUP INC. [MKL] has reported a net loss of $2.1 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $15.8 billion
Based in GLEN ALLEN, Virginia, MARKEL GROUP INC. operates in the FINANCE sector.
In the consolidated statements of income (loss) and comprehensive income (loss) for the 12 months ended December 31, 2023, the company reported the following financial data:
Operating Revenues:
- Earned premiums amounted to $8.3 billion compared to $7.6 billion in 2022 and $6.5 billion in 2021.
- Net investment income totaled $734.5 million, up from $446.8 million in the previous year.
- Net investment gains (losses) were $1.5 billion, showing a significant improvement from a loss of $1.6 billion in 2022.
- Products revenues reached $2.5 billion, slightly increasing from the previous year.
- Services and other revenues stood at $2.7 billion, consistent with the prior year.
- Total operating revenues for the current period were $15.8 billion, a notable increase from $11.7 billion in 2022 and $12.8 billion in 2021.
Operating Expenses:
- Losses and loss adjustment expenses were $5.3 billion, compared to $4.4 billion in 2022.
- Underwriting, acquisition, and insurance expenses amounted to $2.8 billion, showing a moderate increase.
- Products expenses were relatively stable at $2.2 billion.
- Services and other expenses were consistent at $2.3 billion.
- The company reported an operating income of $2.9 billion, a substantial improvement from a loss of $93.3 million in 2022.
Other Financial Highlights:
- Net income (loss) was $2.1 billion, a significant improvement from a loss of $103.4 million in the previous year.
- Net income attributable to common shareholders was $2.0 billion, compared to a loss of $252.3 million in 2022.
- Earnings per share for the current period were $147.32 on a basic level and $146.98 on a diluted basis, whereas in 2022, there was a loss per share of $23.72.
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