Markel Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Markel Group Inc. (MKL) has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

MARKEL GROUP INC. (MKL) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Markel Group Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's previous name was Markel Corp, with a name change to Markel Group Inc. on May 26, 2023. Markel Group Inc. is incorporated in Virginia (VA). The company's Standard Industrial Classification code is 6331 (Fire, Marine & Casualty Insurance).

Why It Matters

For investors and stakeholders tracking MARKEL GROUP INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for Markel Group Inc., crucial for assessing recent performance and trends. Understanding the company's historical name changes and corporate structure, as detailed in the filing, is important for long-term investment analysis.

Risk Assessment

Risk Level: low — MARKEL GROUP INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies in the insurance sector.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Markel Group Inc.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly period ended)
• 2024-05-01 — Filing Date (Date the report was filed)
• 2023-05-26 — Name Change Date (Date Markel Group Inc. was formerly known as Markel Corp)
• 6331 — SIC Code (Fire, Marine & Casualty Insurance)

Key Players & Entities

• MARKEL GROUP INC. (company) — Filer name
• MKL (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date
• Markel Corp (company) — Former company name
• 2023-05-26 (date) — Date of name change
• VA (location) — State of incorporation
• 6331 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance between annual reports.)

SIC Code

Standard Industrial Classification code used to classify businesses. (Helps categorize Markel Group Inc. within the insurance industry (Fire, Marine & Casualty Insurance).)

Filing Documents

• mkl-20240331.htm (10-Q) — 1732KB
• mkl03312024ex102a.htm (EX-10.2(A)) — 51KB
• mkl03312024ex102b.htm (EX-10.2(B)) — 35KB
• mkl03312024ex311.htm (EX-31.1) — 10KB
• mkl03312024ex312.htm (EX-31.2) — 10KB
• mkl03312024ex321.htm (EX-32.1) — 6KB
• 0001096343-24-000057.txt (&nbsp;) — 9132KB
• mkl-20240331.xsd (EX-101.SCH) — 49KB
• mkl-20240331_cal.xml (EX-101.CAL) — 87KB
• mkl-20240331_def.xml (EX-101.DEF) — 238KB
• mkl-20240331_lab.xml (EX-101.LAB) — 593KB
• mkl-20240331_pre.xml (EX-101.PRE) — 439KB
• mkl-20240331_htm.xml (XML) — 1767KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets— March 3 1 , 202 4 and December 31, 202 3 3 Consolidated Statements of Income and Comprehensive Income—Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Changes in Equity— Th ree Months Ended March 31, 2024 and 202 3 5 Condensed C onsolidated Statements of Cash Flows— Three Months Ended March 31, 202 4 and 202 3 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 39

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

Signatures

Signatures 43 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MARKEL GROUP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (dollars in thousands) (unaudited) ASSETS Investments, at estimated fair value: Fixed maturity securities, available-for-sale (amortized cost of $ 15,227,752 in 2024 and $ 14,932,286 in 2023) $ 14,519,370 $ 14,372,732 Equity securities (cost of $ 3,573,927 in 2024 and $ 3,497,071 in 2023) 10,570,975 9,577,871 Short-term investments, available-for-sale (estimated fair value approximates cost) 2,617,642 2,571,382 Total Investments 27,707,987 26,521,985 Cash and cash equivalents 3,627,142 3,747,060 Restricted cash and cash equivalents 649,598 584,974 Receivables 3,608,947 3,455,306 Reinsurance recoverables 9,575,066 9,235,501 Deferred policy acquisition costs 961,819 931,344 Prepaid reinsurance premiums 2,783,613 2,365,243 Goodwill 2,626,258 2,624,749 Intangible assets 1,545,709 1,588,684 Other assets 4,200,246 3,990,864 Total Assets $ 57,286,385 $ 55,045,710 LIABILITIES AND EQUITY Unpaid losses and loss adjustment expenses $ 24,144,955 $ 23,483,321 Life and annuity benefits 617,266 649,054 Unearned premiums 7,153,997 6,642,426 Payables to insurance and reinsurance companies 1,237,996 1,037,722 Senior long-term debt and other debt (estimated fair value of $ 3,386,000 in 2024 and $ 3,353,000 in 2023) 3,855,494 3,779,796 Other liabilities 3,959,161 3,927,498 Total Liabilities 40,968,869 39,519,817 Redeemable noncontrolling interests 499,993 469,685 Commitments and contingencies Shareholders' equity: Preferred stock 591,891 591,891 Common stock 3,547,912 3,517,146 Retained earnings 12,184,925 11,353,101 Accumulated other comprehensive loss ( 595,009 ) ( 478,210 ) Total Shareholders' Equity 15,729,719 14,983,928 Noncontrolling interests 87,804 72,280 Total Equity 15,817,523 15,056,208 Total Liabilities and Equity $ 57,286,385 $ 55,045,710 See accompanying notes to consolidated financial statements. 3

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Summary of Significant Accounting Policies Markel Group Inc. (Markel Group) is a holding company comprised of a diverse group of companies and investments with specialty insurance at its core. Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Group owns controlling interests in businesses that operate in a variety of industries. See note 2 for details regarding reportable segments. a) Basis of Presentation. The consolidated balance sheet as of March 31, 2024 and the related consolidated statements of income and comprehensive income and changes in equity for the three months ended March 31, 2024 and 2023, and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal, recurring items. Interim results are not necessarily indicative of results of operations for the entire year. The consolidated balance sheet as of December 31, 2023 was derived from Markel Group's audited annual consolidated financial statements. The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Group and its consolidated subsidiaries, as well as variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of fina

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