Markel Group reports 2023 second quarter and six-months results

RICHMOND, Va., Aug. 2, 2023 /PRNewswire/ -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the second quarter of 2023. The Company also announced today it filed its Form 10-Q for the quarter ended June 30, 2023 with the Securities and Exchange Commission.

"Insurance, Investments, and Markel Ventures all contributed to solid operating results in the second quarter," said Tom Gayner, Chief Executive Officer. "Markel Ventures recorded strong margins and cash flows, our insurance business increased gross written premiums while maintaining our long-term discipline of profitable underwriting and conservative reserving, and investment income grew significantly amid higher interest rates. I am grateful to the more than 20,000 people in our family of companies who work every day to drive results like these as we continue our journey to build one of the world's great companies."

The following tables present summary financial data for the quarters and six months ended June 30, 2023 and 2022. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. Given the magnitude of our equity portfolio, we believe that this approach creates volatility in revenues and net income that can obscure the operating performance of our businesses and does not align with our long-term investment philosophy. As of June 30, 2023, the fair value of our equity portfolio included cumulative unrealized gains of $5.4 billion.

	Quarter Ended June 30,				Six Months Ended June 30,
(dollars in thousands, except per share amounts)	2023		2022		2023		2022
Earned premiums	$     2,031,143		$        1,833,104