Supplemental Financial Information

The following table presents the components of our Insurance engine operating income.

 
                         Quarter Ended September      Nine Months Ended 
                                   30,                  September 30,                Years Ended December 31, 
                         ------------------------                           ------------------------------------------ 
(dollars in thousands)     2024         2023         2024         2023        2023       2022       2021       2020 
-----------------------  ---------  -------------  ---------  ------------  ---------  ---------  ---------  --------- 
Insurance operating 
income (loss): 
   Insurance segment     $ 109,584  $      25,092  $ 350,073  $    256,247  $ 162,176  $ 549,871  $ 696,413  $ 169,001 
   Reinsurance segment    (33,531)        (5,812)   (20,200)        33,606   (19,265)     83,859   (55,129)   (75,470) 
   Other insurance 
    operations              69,220         50,590    128,150       154,718    205,234    294,979     77,516     43,454 
                         ---------  -------------  ---------  ------------  ---------  ---------  ---------  --------- 
      Insurance          $ 145,273  $      69,870  $ 458,023  $    444,571  $ 348,145  $ 928,709  $ 718,800  $ 136,985 
 

Non-GAAP Financial Measures

Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income.

 
                         Quarter Ended September      Nine Months Ended 
                                   30,                   September 30,                    Years Ended December 31, 
                         ------------------------                            --------------------------------------------------- 
(dollars in thousands)      2024         2023         2024         2023         2023          2022         2021         2020 
-----------------------  -----------  -----------  -----------  -----------  -----------  ------------  -----------  ----------- 
Operating income (loss)  $ 1,371,326  $    72,810  $ 3,117,092  $ 1,796,770  $ 2,928,828  $   (93,336)  $ 3,241,505  $ 1,273,884 
   Amortization of 
    acquired intangible 
    assets                    46,459       47,545      134,981      136,367      180,614       178,778      160,539      159,315 
   Impairment of 
   goodwill                       --           --           --           --           --        80,000           --           -- 
                         -----------  -----------  -----------  -----------  -----------  ------------  -----------  ----------- 
Consolidated segment 
 operating income        $ 1,417,785   $  120,355  $ 3,252,073  $ 1,933,137  $ 3,109,442    $  165,442  $ 3,402,044  $ 1,433,199 
 

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 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, 2023, 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, 2024, including under "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". 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

/CONTACT: Investor Relations, Markel Group Inc., IR@markel.com

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October 30, 2024 16:39 ET (20:39 GMT)