excluding 
 current year 
 catastrophe 
 impact           95.8 %       93.3 %        95.3 %    105.0 %      125.3 %       107.2 % 
 
 
 
(1)  Amounts may not reconcile due to rounding. 
(2)  The point impact of catastrophes is calculated as 
      the associated net losses and loss adjustment expenses 
      divided by total earned premiums. 
 
 
Net Income per Common Share 
 
                 Quarters Ended December 31,  Years Ended December 31, 
(in thousands,   2024          2023           2024          2023 
except per 
share amounts) 
--------------- 
Net income to 
 common 
 shareholders       $ 531,178      $ 751,306   $ 2,711,022   $ 1,960,060 
Adjustment of 
 redeemable 
 noncontrolling 
 interests           (30,433)          (875)     (111,700)         6,212 
Adjusted net 
 income to 
 common 
 shareholders       $ 500,745      $ 750,431   $ 2,599,322   $ 1,966,272 
 
Basic common 
 shares 
 outstanding           12,896         13,242        13,017        13,347 
Dilutive 
 potential 
 common shares 
 from 
 restricted 
 stock 
 units and 
 restricted 
 stock                     31             44            24            31 
Diluted common 
 shares 
 outstanding           12,927         13,286        13,041        13,378 
Basic net 
 income per 
 common share         $ 38.83        $ 56.67      $ 199.69      $ 147.32 
Diluted net 
 income per 
 common share         $ 38.74        $ 56.48      $ 199.32      $ 146.98 
 

Non-GAAP Financial Measures

Underwriting

In addition to the U.S. GAAP combined ratio, loss ratio and expense ratio, we also evaluate our underwriting performance using measures that exclude the impacts of certain items on these ratios. We believe these adjusted measures, which are non-GAAP measures, provide financial statement users with a better understanding of the significant factors that comprise our underwriting results and how management evaluates underwriting performance. When analyzing our combined ratio, we exclude current accident year losses and loss adjustment expenses attributed to natural catastrophes and certain other significant, infrequent loss events. Due to the unique characteristics of these events, there is inherent variability as to the timing or amount of the loss, which cannot be predicted in advance. We believe measures that exclude the effects of such events are meaningful to understand the underlying trends and variability in our underwriting results that may be obscured by these items.

When analyzing our loss ratio, we typically evaluate losses and loss adjustment expenses attributable to the current accident year separate from losses and loss adjustment expenses attributable to prior accident years. Prior accident year reserve development, which can either be favorable or unfavorable, represents changes in our estimates of losses and loss adjustment expenses related to loss events that occurred in prior years. We believe a discussion of current accident year loss ratios, which exclude prior accident year reserve development, is helpful in most cases since it provides more insight into estimates of current underwriting performance and excludes changes in estimates related to prior year loss reserves. We also analyze our current accident year loss ratio excluding losses and loss adjustment expenses attributable to catastrophes. The current accident year loss ratio excluding the impact of catastrophes and other significant, infrequent loss events is also commonly referred to as an attritional loss ratio within the property and casualty insurance industry.

The components of our consolidated and segment combined ratios, including the non-GAAP measures discussed above, are included in "Insurance Results".

Consolidated Segment Operating Income

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.

 
                         Years Ended December 31, 
(dollars in thousands)   2024         2023         2022        2021         2020 
----------------------- 
Operating income (loss)  $ 3,712,562  $ 2,928,828  $ (93,336)  $ 3,241,505  $ 1,273,884 
Amortization of 
 acquired intangible 
 assets                      181,472      180,614     178,778      160,539      159,315 
Impairment of goodwill            --           --      80,000           --           -- 
Consolidated segment 
 operating income        $ 3,894,034  $ 3,109,442   $ 165,442  $ 3,402,044  $ 1,433,199 
 

Markel Ventures

Markel Ventures segment EBITDA is a non-GAAP financial measure. We use Markel Ventures segment EBITDA as an operating performance measure in conjunction with our segment performance metric, segment operating income, to monitor and evaluate the performance of our Markel Ventures segment. Because EBITDA excludes interest, income taxes, depreciation and amortization, it provides an indicator of economic performance that is useful to both management and investors in evaluating our Markel Ventures businesses as it is not affected by levels of debt, interest rates, effective tax rates or levels of depreciation or amortization resulting from purchase accounting. The following table reconciles Markel Ventures segment operating income to EBITDA.

 
                         Quarters Ended          Years Ended December 
                         December 31,            31, 
(dollars in thousands)   2024        2023        2024        2023 
----------------------- 
Markel Ventures segment 
 operating income         $ 132,042   $ 127,230   $ 520,082    $ 519,878 
Depreciation expense         32,226      26,966     122,125      108,605 
Markel Ventures segment 
 EBITDA                   $ 164,268   $ 154,196   $ 642,207    $ 628,483 
 

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SOURCE Markel Group

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/CONTACT:

For more information contact: Investor Relations, Markel Group Inc., IR@markel.com

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February 05, 2025 16:34 ET (21:34 GMT)