PR Newswire
RICHMOND, Va., April 28, 2026
RICHMOND, Va., April 28, 2026 /PRNewswire/ — Markel Group Inc. (NYSE:MKL) today reported its financial results for the first quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended March 31, 2026 with the Securities and Exchange Commission.
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«In the first quarter of 2026, we generated strong results across the company. We are pleased with the continued progress of our ongoing operations,» said Tom Gayner, Chief Executive Officer. «We continue to do more of what’s working and less of what’s not, while focusing on balance sheet strength, disciplined capital allocation, and ongoing share repurchases.»
Highlights of our 2026 first quarter results:
- Operating revenues were consistent quarter over quarter.
- Operating loss, which includes market movements in our equity portfolio, was $273 million for the quarter.
- Adjusted operating income, which excludes market movements in our equity portfolio, was $498 million for the quarter, which represents a 4% increase compared to the first quarter of 2025.
- For Markel Insurance, our cornerstone business:
- The combined ratio for the quarter, which included two points of net losses attributed to the Middle East conflict, was 93%, which represents a three point improvement compared to the first quarter of 2025.
- Adjusted operating income increased 31% for the quarter to $369 million with each of our three ongoing underwriting divisions meaningfully contributing to our overall profitability.
- Underwriting gross premium volume decreased 21% for the quarter, as expected, due to the impact of the sale of the renewal rights of our Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026. Excluding these items, underwriting gross premium volume increased 10% for the quarter.
- Our global specialty product diversification was on full display. Although our Wholesale and Specialty E&S platform faced difficult market conditions, we had robust growth within our International operations, our Bermuda platform, and within our personal lines and programs business units.
- Comprehensive loss to shareholders was $340 million for the quarter primarily due to unrealized losses on our investment portfolio.
- Share repurchases were $134 million for the quarter.
The following table presents summary consolidated financial data.
Three Months Ended March
31,
(dollars in thousands) 2026 2025
—
Operating revenues $3,550,605 $3,548,176
Operating income (loss) $(273,329) $282,524
Add: Amortization of acquired intangible assets 43,513 46,942
Less: Net investment losses (727,562) (149,071)
Adjusted operating income (1) $497,746 $478,537
Comprehensive income (loss) to shareholders $(340,430) $347,670
(1) See «Non-GAAP Financial Measures» for additional information on this non-GAAP measure.
Markel Insurance Segment
Three Months Ended March 31,
(dollars in thousands) 2026 2025 % Change
—
Gross premium volume:
Underwriting $2,215,573 $2,793,406 (21) %
Adjusted underwriting (1) $2,192,993 $1,996,551 10 %
Fronting $587,422 $378,145 55 %
Operating revenues:
Earned premiums $1,969,339 $2,016,539 (2) %
Net investment income 229,619 207,517 11 %
Services and other revenues 2,727 2,620 4 %
Operating revenues $2,201,685 $2,226,676 (1) %
Adjusted operating income:
Underwriting profit $142,249 $80,162 77 %
Net investment income 229,619 207,517 11 %
Services and other income (2,378) (5,564) (57) %
Adjusted operating income $369,490 $282,115 31 %
Combined ratio 93 % 96 %
(1) See «Non-GAAP Financial Measures» for additional information on this non-GAAP measure.
Industrial Segment
Three Months Ended March 31,
(dollars in thousands) 2026 2025 % Change
—
Operating revenues $883,058 $829,574 6 %
Adjusted operating income $49,286 $58,764 (16) %
Financial Segment
Three Months Ended March 31,
(dollars in thousands) 2026 2025 % Change
—
Operating revenues $161,530 $178,481 (9) %
Adjusted operating income $36,205 $79,611 (55) %
Consumer and Other Segment
Three Months Ended March 31,
(dollars in thousands) 2026 2025 % Change
—
Operating revenues $280,497 $287,786 (3) %
Adjusted operating income $39,755 $32,388 23 %
* * * * * * * *
A copy of our Form 10-Q is available on our website at mklgroup.com, under Investor Relations-Financials, or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, April 29, 2026, beginning at 9:30 a.m. (Eastern Time). Investors, analysts, and the general public may listen to the call via live webcast at ir.mklgroup.com. The call may be accessed telephonically by dialing (888) 660-9916 in the U.S., or +1 (646) 960-0452 internationally, and providing Conference ID: 4614568. A replay of the call will be available on our website approximately one hour after the conclusion of the call. Any person needing additional information can contact Markel Group’s Investor Relations Department at [email protected].
Additionally, we will be discussing financial results and related business and investments updates at our shareholders meeting on May 20, 2026 at the University of Richmond Robins Center at 2:00 p.m. (Eastern Time). The shareholders meeting will be part of the 2026 Reunion, which is open to shareholders, employees, and friends of Markel Group. More information on the 2026 Reunion, including the agenda and registration, is available at mklreunion.com.
Supplemental Financial Information
The following table summarizes our results by segment.
Three Months Ended March 31,
(dollars in thousands) 2026 2025 % Change
—
Operating revenues:
Markel Insurance $2,201,685 $2,226,676 (1) %
Industrial 883,058 829,574 6 %
Financial 161,530 178,481 (9) %
Consumer and Other 280,497 287,786 (3) %
Corporate and eliminations 23,835 25,659 (7) %
Total operating revenues $3,550,605 $3,548,176 0 %
Operating income (loss) $(273,329) $282,524 NM (1)
Add: Amortization of acquired intangible assets 43,513 46,942 (7) %
Less: Net investment losses (727,562) (149,071) 388 %
Adjusted operating income (2) $497,746 $478,537 4 %
Markel Insurance $369,490 $282,115 31 %
Industrial 49,286 58,764 (16) %
Financial 36,205 79,611 (55) %
Consumer and Other 39,755 32,388 23 %
Corporate and eliminations 3,010 25,659 (88) %
Adjusted operating income (2) $497,746 $478,537 4 %
(1) NM – Not meaningful
(2) See «Non-GAAP Financial Measures» for additional information on this non-GAAP measure.
We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and better aligns with the long-term perspective we apply to operating our businesses and making investment decisions. The following table presents a long-term view of our performance.
Three Months
Ended
Year Ended December 31,
March 31, 2026
(dollars in thousands) 2025 2024 2023 2022
—
Operating revenues $3,550,605 $15,513,233 $14,813,544 $14,279,576 $13,271,068
Operating income (loss) $(273,329) $3,194,852 $3,712,562 $2,928,828 $(93,336)
Add: Amortization of acquired intangible assets 43,513 185,007 181,472 180,614 178,778
Add: Impairment of goodwill 80,000
Less: Net investment gains (losses) (727,562) 1,076,081 1,807,219 1,524,054 (1,595,733)
Adjusted operating income (1) $497,746 $2,303,778 $2,086,815 $1,585,388 $1,761,175
(1) See «Non-GAAP Financial Measures» for additional information on this non-GAAP measure.
Non-GAAP Financial Measures
Markel Group utilizes certain non-GAAP measures that we believe enhance the understanding of our performance. These measures should not be viewed as a substitute for measures determined in accordance with U.S. GAAP.
Consolidated Adjusted Operating Income
Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. We believe adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from our investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. We believe that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of our businesses. We do not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating our businesses, and therefore exclude those amounts from our adjusted operating income metric.
Adjusted Underwriting Gross Premium Volume
Adjusted underwriting gross premium volume is a non-GAAP measure that excludes underwriting gross premium volume from the Global Reinsurance division and our business with Hagerty for both periods. In August 2025, Markel Insurance sold the renewal rights for contracts written through its Global Reinsurance division, and the division entered into run-off, which resulted in a significant decline in underwriting gross premium volume. Beginning on January 1, 2026, Markel Insurance’s business written on behalf of Hagerty transitioned from being an underwriting product to a fronting arrangement, which resulted in a change in the presentation of the related gross premium volume and therefore, a significant decline in underwriting gross premium volume. We believe adjusted underwriting gross premium volume is a meaningful measure when comparing underwriting gross premium volume from period-to-period as it adjusts for the impact of these significant contractual restructuring changes within the Markel Insurance segment. The following table reconciles underwriting gross premium volume to adjusted underwriting gross premium volume.
Three Months Ended March 31,
(dollars in thousands) 2026 2025 % Change
—
Underwriting gross premium volume $2,215,573 $2,793,406 (21) %
Less: Global Reinsurance division underwriting gross premium volume 22,580 576,928
Less: Hagerty underwriting gross premium volume 219,927
Adjusted underwriting gross premium volume $2,192,993 $1,996,551 10 %
About Markel GroupMarkel 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 Markel 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 StatementCertain 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, 2025, 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 March 31, 2026, including under «Management’s Discussion and Analysis of Financial Condition and Results of Operations,» «Safe Harbor and Cautionary Statement,» «Quantitative and Qualitative Disclosures About Market Risk,» and «Risk Factors.» 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.
View original content:https://www.prnewswire.co.uk/news-releases/markel-group-reports-2026-first-quarter-results-302756298.html
Tengo varias preguntas sobre esto a ver si me podiais aclarar:
-¿Puedo hacer un ingreso regular de 800 euros y me cobran 0euos de comisiones y mto.?
-¿Puedo sacar el dinero cuando quiera?,¿todo ó tengo entendido que hay que mantener un mínimo de 100 euros los 30 meses?
-No necesito pero me obligan a sacar una tarjeta de débito que me cuesta 11 euros el primer año y 22 euros la renovación, también otra de credito que me cuesta 0 euros el primer año y 35 euros la renovación.
¿Hay que mantenerlas 13 meses?
¿Puedo cancelar alguna de ellas desde el principio?
¿Puedo cancelar alguna de ellas antes de la renovación?
¿Hay alguna tarjeta de credito más barata?
Aparte de la cuenta nómina he visto que también que para que te den la tv también se puede sacar una cuenta tarifa plana básica o personal, ¿sabeis algo de estas cuentas?¿que requisitos tienen?
Muchas gracias a todos por responder
Yo fui a informarme y te cuento. Únicamente admiten los ingresos regulares en el caso de que seas autónomo. Te abren una cuenta Tarifa Plana Cero que está exenta de comisiones y presenta alguna ventaja más. Sobre dejar un mínimo de saldo en la cuenta no es necesario, pero sí te obligan a mantener varias tarjetas durante los 30 meses con un coste aproximado de 100 euros anuales.
hola buenas!
me llamo javi y estoy dudando de que banco, me puede dar mas beficios, sin sorpresas por domiciliar la nomina, ya que llevo años en la caixa y no me da nada ningun beneficio. es mas me rechazan los prestamos que solicito, ni siquiera una targeta de credito, por alegan de que siempre esta a cero la cuenta, yo cuando cobro la nomina dejo el dinero para los pagos, y saco el resto, pues no me fio, de que un dia me quede sin dinero, ya que esta todo muy mal, corre riesgo mi dinero o mis ahorros en el banco?? muchas gracias y un cordial saludo.
javi
NO TE EXTRAÑE QUE NO TE DEN LOS PTMOS, PORQUE LO QUE VEN ES QUE NO TIENES CAPACIDAD DE AHORRO PORQUE SIEMPRE DEJAS LA CTA. EN MINIMOS, ASI NINGUN BANCO TE LO VA A CONCEDER. TAMBIEN ES VERDAD QUE LA CAIXA, COMO TANTAS OTRAS CAJAS, TIENE EL PUÑO CERRADO PARA LOS RIESGOS, PARA REMONTAR. NO TE PREOCUPES, QUE POR UNA NOMINA NO CREO QUE NINGUN BANCO SE COJA LAS MANOS. LOS QUE SE TIENEN QUE PREOCUPAR SON LOS QUE TIENEN DÉPÓSITOS Y FONDOS EN BANCOS DE DUDOSA ACTIVIDAD. LA GENTE SE PIENSA QUE PORQUE LES DEN UN 7% YA ES UN GRAN BANCO Y SE EQUIVOCAN. LO QUE LES PASA ES QUE EL BANCO DE ESPAÑA LES PRESTA EL DINERO MAS CARO Y POR ESO OPTAN POR CONSEGUIRLO EN EL MERCADO MONETARIO, Y SI EL BANCO DE ESPAÑA NO SE FIA DE ELLOS, VA Y SE FIA LA GENTE. QUE LOS BANCOS NOES LA ADMON PUBLICA, ABRAN OS OJOS.
Hola , cuando vallais al banco queos dejen lo que hay que pagar de irpf y de iva sobre el valor de la tele ya que en la mayoria de bancos esto no lo dicen y luego llagan las sorpresas .A mi ya me ha pasado con la promoción del portatil y nunca me hablaros de esto . Cuidado
Yo he estado calculando y la tele entre unas cosas y otras te sale sobre unos 250euros que tampoco regalan tanto .Hay oficinas en las que han dado la occión de poner un dinero a plazo fijo a 12meses de 9300euros o 6800euros a 18 meses.
No es ningún chollo. Te obligan a contratar dos tarjetas de crédito que tienes que pagar porque las tienes que mantener 13 meses por lo menos y además llevan unos costes desproporcionados si las utilizas. En total, no usando las tarjetas y anulándolas una vez cumplidos los 13 meses puedes ahorrar unos 38 euros con respecto al precio de ese televisor en una gran superficie. Y además luego vendrá que te cobran para hacienda la retención correspondiente, por lo que probablemente incluso en las mejores condiciones te cueste más que si ahorras un poco y lña compras directamente.
Creó que teneis toda la razón, que aqui no te regalan nada, ya que a mí me paso con unas sartenes que regalaban el banco bilbao, que al final entre el irpf y el descuento de Hacienda, al final me salieron caras, así es que no os tomen el pelo, que al final siempre esta la letra pequeña que es la que nos joroba, por no decir otra cosa.
Yo saque el portatil y ahora me he sacado la TV LCD 32. Estas promos no hay que declararlas. No es obligado domiciliar nomina. Si, meter en la cuenta 800€ todos los meses en un margen de 10 dias. Cero matacero, pero cero,cero, cero de gastos de mantenimiento, ni por recibos, ni por el correo a casa, ni por transfer. Las tarjets gratis el 1er año. Resto fuera. Dadas de baja Menos la de debito. Banesto no pierde nada, ganar, gana clientes que es el proposito de esta promo. Precio de portatil y tv 32 en mercao unos 900€ los 2. En banest 197€. Los hay mejores, nos ha jodio! portatiles a 1200€, TV LCD 32 a 1000€. Señores, son lentejas. Relacion calida-precio-promo es cojonud…….Un saludit a los viandantes.
hola , no se si llegara mi comentario pero os voi a esplicar. esto es el cuento de la abuela. mira yo tengo el portatil. y he cogio tab la tele, pero sabeis ke?, me ha pasado de todo. os esplico. primero me cobran 74 euros y 25 euros de unas tarjetas que yo no las he visto aparecer por mi casa , me cabreo con el banco. llamo y pido esplicaciones. me dicen que van en la promocion, nunca jamas nadie me informo de las tarjetas, no me devuelven el dinero. me cabreo y me dicen que llame aun numero de tefono para darlas de baja, se pasan los dias, intentamos darlas de baja. largas y larga, que si este numero de tefono que si el otro bla bla bla. conseguimos hablar y nos dicen que tenemos que cambiar el contrato a tarifa plana o no se ke historias, llamando al banco se pasan los dias, largas y largas. me cabreo y estoi por suspender todo, me dicen que si lo quiero cambiar y dar de baja las tarjetas que nunca he tenido. tengo que pagar comisiones cada seis meses de doce y pico euros, y que si no quiero que me cobren comisiones tengo que ir todos los meses al banco a hacerlo yo, ufffffffffff.aun hay mas. me dan de baja y me hacen la tarifa plana, se equivocan un monton de veces. me hacen pasar muchos cabreos.y al final cuando llego a casa me han cobrado 25, 50 euros. y llamo por telefono y se lo digo , me dicen claro por dar de baja la otra cuenta , la madre que los pario. ladrones. o sea os digo que la tele no sale regalada, se la cobran y muy bien cobrada , nadie da nada por nada. en cuento termine de pagar lo que debo quito todas las cuentas del banesto.espero que alguien me lea y que me conteste gracias .
Banesto ha jodido a mi marido y a un amigo tambien. Para mi, despues de Banco de Andalucía son los peores. Y quieran creerlo o no ni la television ni el portátil te lo regalan.. como no cumplas cualquiera de las reglas te sancionan con 300 y pico de euros.. porque nos hemos mudado de casa y los recibos domiciados se cortaron «temporalmente» la sancion fue de mas de 300 euros.. y el cabreo q te llevas cuando ves lo q te han descontado y luego para ir a reclamarlos.. y como te tratan !! en fin.. espero que Banesto sea lo primero en undirse en el fin del mundo!!
CHOLLO!!!!!!!!!JAJAJAJAJA…….NO ES NINGUN CHOLLO!!!!!!! te cobran 100 € de gastos de manipulacion, mas 150 € en tarjetas durante 2 años, mas 6 € mensuales de mantenimiento de cuenta durante 30 meses, total que pagas 630 Euros por un ordenador o una TV que su valor seguro que no llega a 500 €. Y encima si vas a cancelar la cuenta cuando cumples los 30 meses requeridos te hacen esperar dos horas para decirte que no tienen linea de telefono para dar de baja la cuenta, cosa que no para nunca cuando vas a contratarlo. Y del trato que dispensan….., es el mismo que si vas con un fajo de billetes de 500 € por los CO-JONES
Banesto «premia», menuda falacia…
No hay ningún banco que premie a nadie.
BANESTO NECESITA NUESTRAS NÓMINAS, Y EN CUANTO VAS UN POCO JUSTO, COMO BUENOS JUDÍOS Y ÁVAROS QUE SON, TE ACOSAN Y MACHACAN, Y TE SACAN HASTA LAS ENTRAÑAS EN COMISIONES.
DESPUÉS EL ESTADO APOYA A LOS BANCOS, CON LA EXCUSA DE QUE SI CAEN LOS BANCOS CAEMOS TODOS. LOS BANCOS NECESITAN UN BOICOT DE VEZ EN CUANDO, PARA QUE NO NOS RESTREGUEN POR LA CARA SUS BENEFICIOS.
POR CIERTO, LO QUE MÁS FASTIDIA A UN BANCO ES UNA RECLAMACIÓN EN LA OFICINA DEL CONSUMIDOR Y OTRA AL BANCO DE ESPAÑA.
ES POR DAR PISTAS…