MKL 8-K
Markel Group Inc. (MKL)
8-K
2025-10-29
For: 2025-10-29
View Original
Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
FORM 8-K
_______________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2025
_______________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (804 ) 747-0136
Not Applicable
(Former name or former address, if changed since last report)
_______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 | Results of Operations and Financial Condition | |||||||
On October 29, 2025, Markel Group Inc. (Markel Group or the Company) issued a press release announcing its 2025 third quarter and nine-months financial results. A copy of the press release is furnished as Exhibit 99.1.
Additionally, the Company has furnished supplemental recast quarterly financial information as Exhibit 99.2 in connection with the re-segmentation of its businesses (see Item 7.01 below).
Item 7.01 | Regulation FD Disclosure | |||||||
In the third quarter of 2025, Markel Group made notable changes to its financial reporting, including the re-segmentation of its businesses, the expansion of both consolidated and segment financial metrics, and the addition of detail regarding its business strategy, among others. The Company has furnished a "Reporting Changes Guide" as Exhibit 99.3 to assist users in navigating the changes. The guide is also posted on the Company's website at ir.mklgroup.com.
| Item 9.01 | Financial Statements and Exhibits | |||||||
| Exhibit No. | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARKEL GROUP INC. | |||||||||||
| October 29, 2025 | By: | /s/ Brian J. Costanzo | |||||||||
| Name: | Brian J. Costanzo | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
3
 | For more information contact: Investor Relations Markel Group Inc. | |||||||
For immediate release
Markel Group reports 2025 third quarter and nine-months results
Richmond, VA, October 29, 2025 -- Markel Group Inc. (NYSE:MKL) today reported its financial results for the third quarter of 2025. The Company also announced today it filed its Form 10-Q for the quarter ended September 30, 2025 with the Securities and Exchange Commission.
"I’m very pleased with our overall results and the progress we’ve made as a company this year," said Tom Gayner, Chief Executive Officer. "Revenues and adjusted operating income of our businesses are both up for the year and for the quarter. We’re seeing improvement in our insurance combined ratio. And $2.1 billion in operating cash flow has helped fund continued steady share repurchases. In short, the strength of our diversified approach is on display, and we’re seeing tangible signs of improvement in areas we’ve been focused on."
Summary of our third quarter results:
•Operating revenues increased 7% for the quarter and 4% year to date.
•Operating income, which is affected by market movements in our equity portfolio, decreased 26% for the quarter and 23% year to date.
•Adjusted operating income, which excludes the impact of market movements in our equity portfolio, increased 24% for the quarter and 7% year to date.
•For Markel Insurance, our cornerstone business:
◦Underwriting gross premium volume increased 11% for the quarter and 4% year to date.
◦Operating revenues increased 6% for the quarter and 3% year to date.
◦Adjusted operating income increased 55% for the quarter and 11% year to date due to increases in underwriting profitability and net investment income.
◦The combined ratio improved by more than four points in the quarter to 93%. For the year-to-date period, Markel Insurance’s combined ratio was consistent period-over-period at 95%.
•Comprehensive income to shareholders was over $2 billion year to date.
•Operating cash flows were $2.1 billion year to date.
•Share repurchases were $344 million year to date, and we had 12.6 million shares outstanding at September 30, 2025.
The following table presents summary consolidated financial data.
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Operating revenues | $ | 3,934,549 | $ | 3,693,734 | $ | 11,505,268 | $ | 11,089,968 | |||||||||||||||
| Operating income | $ | 1,009,842 | $ | 1,371,326 | $ | 2,399,706 | $ | 3,117,092 | |||||||||||||||
| Add: Amortization of acquired intangible assets | 44,061 | 46,459 | 142,216 | 134,981 | |||||||||||||||||||
| Less: Net investment gains | 432,886 | 917,530 | 864,038 | 1,689,794 | |||||||||||||||||||
Adjusted operating income (1) | $ | 621,017 | $ | 500,255 | $ | 1,677,884 | $ | 1,562,279 | |||||||||||||||
| Comprehensive income to shareholders | $ | 793,126 | $ | 1,329,458 | $ | 2,008,307 | $ | 2,482,199 | |||||||||||||||
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
We made notable changes to our financial reporting in the third quarter of 2025. Please refer to the “Reporting Changes Guide” posted to our website at ir.mklgroup.com and furnished as Exhibit 99.3 in the Form 8-K that was filed by the Company on October 29, 2025.
Markel Insurance Segment
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||
Gross premium volume: | |||||||||||||||||||||||||||||||||||
Underwriting | $ | 2,720,406 | $ | 2,455,776 | 11 | % | $ | 8,322,635 | $ | 8,006,824 | 4 | % | |||||||||||||||||||||||
Fronting | $ | 166,705 | $ | 95,686 | 74 | % | $ | 1,838,499 | $ | 1,216,410 | 51 | % | |||||||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 2,127,648 | $ | 2,035,773 | 5 | % | $ | 6,207,809 | $ | 6,086,418 | 2 | % | |||||||||||||||||||||||
| Net investment income | 223,409 | 203,767 | 10 | % | 638,654 | 583,349 | 9 | % | |||||||||||||||||||||||||||
| Services and other revenues | 47,349 | 18,085 | 162 | % | 58,252 | 35,449 | 64 | % | |||||||||||||||||||||||||||
Operating revenues | $ | 2,398,406 | $ | 2,257,625 | 6 | % | $ | 6,904,715 | $ | 6,705,216 | 3 | % | |||||||||||||||||||||||
Adjusted operating income: | |||||||||||||||||||||||||||||||||||
Underwriting profit | $ | 155,479 | $ | 62,156 | 150 | % | $ | 298,841 | $ | 283,250 | 6 | % | |||||||||||||||||||||||
Net investment income | 223,409 | 203,767 | 10 | % | 638,654 | 583,349 | 9 | % | |||||||||||||||||||||||||||
Other income | 49,587 | 9,680 | 412 | % | 42,850 | 13,882 | 209 | % | |||||||||||||||||||||||||||
Adjusted operating income | $ | 428,475 | $ | 275,603 | 55 | % | $ | 980,345 | $ | 880,481 | 11 | % | |||||||||||||||||||||||
Combined ratio | 93 | % | 97 | % | 95 | % | 95 | % | |||||||||||||||||||||||||||
Industrial Segment
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||
Operating revenues | $ | 1,049,961 | $ | 998,308 | 5 | % | $ | 2,895,250 | $ | 2,784,548 | 4 | % | |||||||||||||||||||||||
Adjusted operating income | $ | 101,302 | $ | 111,773 | (9) | % | $ | 263,579 | $ | 257,226 | 2 | % | |||||||||||||||||||||||
Financial Segment
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||
Operating revenues | $ | 161,501 | $ | 138,850 | 16 | % | $ | 512,834 | $ | 434,011 | 18 | % | |||||||||||||||||||||||
| Adjusted operating income | $ | 61,407 | $ | 79,652 | (23) | % | $ | 219,440 | $ | 194,206 | 13 | % | |||||||||||||||||||||||
Consumer and Other Segment
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||
Operating revenues | $ | 291,414 | $ | 265,299 | 10 | % | $ | 1,108,426 | $ | 1,063,863 | 4 | % | |||||||||||||||||||||||
Adjusted operating income (loss) | $ | 17,372 | $ | (425) | NM (1) | $ | 151,283 | $ | 128,036 | 18 | % | ||||||||||||||||||||||||
(1) NM - Not meaningful
* * * * * * * *
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 Thursday, October 30, 2025, 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].
Supplemental Financial Information
The following table summarizes our results by segment.
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||||||||||||||||
| Markel Insurance | $ | 2,398,406 | $ | 2,257,625 | 6 | % | $ | 6,904,715 | $ | 6,705,216 | 3 | % | |||||||||||||||||||||||
Industrial | 1,049,961 | 998,308 | 5 | % | 2,895,250 | 2,784,548 | 4 | % | |||||||||||||||||||||||||||
| Financial | 161,501 | 138,850 | 16 | % | 512,834 | 434,011 | 18 | % | |||||||||||||||||||||||||||
Consumer and Other | 291,414 | 265,299 | 10 | % | 1,108,426 | 1,063,863 | 4 | % | |||||||||||||||||||||||||||
| Corporate and eliminations | 33,267 | 33,652 | (1) | % | 84,043 | 102,330 | (18) | % | |||||||||||||||||||||||||||
| Total operating revenues | $ | 3,934,549 | $ | 3,693,734 | 7 | % | $ | 11,505,268 | $ | 11,089,968 | 4 | % | |||||||||||||||||||||||
| Operating income | $ | 1,009,842 | $ | 1,371,326 | (26) | % | $ | 2,399,706 | $ | 3,117,092 | (23) | % | |||||||||||||||||||||||
| Add: Amortization of acquired intangible assets | 44,061 | 46,459 | (5) | % | 142,216 | 134,981 | 5 | % | |||||||||||||||||||||||||||
| Less: Net investment gains | 432,886 | 917,530 | (53) | % | 864,038 | 1,689,794 | (49) | % | |||||||||||||||||||||||||||
Adjusted operating income (1) | $ | 621,017 | $ | 500,255 | 24 | % | $ | 1,677,884 | $ | 1,562,279 | 7 | % | |||||||||||||||||||||||
| Markel Insurance | $ | 428,475 | $ | 275,603 | 55 | % | $ | 980,345 | $ | 880,481 | 11 | % | |||||||||||||||||||||||
| Industrial | 101,302 | 111,773 | (9) | % | 263,579 | 257,226 | 2 | % | |||||||||||||||||||||||||||
| Financial | 61,407 | 79,652 | (23) | % | 219,440 | 194,206 | 13 | % | |||||||||||||||||||||||||||
| Consumer and Other | 17,372 | (425) | NM (2) | 151,283 | 128,036 | 18 | % | ||||||||||||||||||||||||||||
| Corporate and eliminations | 12,461 | 33,652 | (63) | % | 63,237 | 102,330 | (38) | % | |||||||||||||||||||||||||||
Adjusted operating income (1) | $ | 621,017 | $ | 500,255 | 24 | % | $ | 1,677,884 | $ | 1,562,279 | 7 | % | |||||||||||||||||||||||
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
(2) NM - Not meaningful
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.
| Nine Months Ended September 30, 2025 | Years Ended December 31, | ||||||||||||||||||||||||||||
| (dollars in thousands) | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||
Operating income (loss) | $ | 2,399,706 | $ | 3,712,562 | $ | 2,928,828 | $ | (93,336) | $ | 3,241,505 | |||||||||||||||||||
| Add: Amortization of acquired intangible assets | 142,216 | 181,472 | 180,614 | 178,778 | 160,539 | ||||||||||||||||||||||||
| Add: Impairment of goodwill | — | — | — | 80,000 | — | ||||||||||||||||||||||||
Less: Net investment gains (losses) | 864,038 | 1,807,219 | 1,524,054 | (1,595,733) | 1,978,534 | ||||||||||||||||||||||||
Adjusted operating income (1) | $ | 1,677,884 | $ | 2,086,815 | $ | 1,585,388 | $ | 1,761,175 | $ | 1,423,510 | |||||||||||||||||||
| Markel Insurance | $ | 980,345 | $ | 1,184,488 | $ | 747,175 | $ | 1,007,913 | $ | 963,623 | |||||||||||||||||||
| Industrial | 263,579 | 365,034 | 378,331 | 285,712 | 169,123 | ||||||||||||||||||||||||
| Financial | 219,440 | 262,082 | 260,235 | 354,520 | 133,621 | ||||||||||||||||||||||||
| Consumer and Other | 151,283 | 145,372 | 136,465 | 112,548 | 148,751 | ||||||||||||||||||||||||
| Corporate and eliminations | 63,237 | 129,839 | 63,182 | 482 | 8,392 | ||||||||||||||||||||||||
Adjusted operating income (1) | $ | 1,677,884 | 2,086,815 | 1,585,388 | 1,761,175 | 1,423,510 | |||||||||||||||||||||||
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure.
Non-GAAP Financial Measures
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.
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 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 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, 2024, 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, 2025, 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.
Markel Group Inc.
Supplemental Recast Quarterly Financial Information
The following supplemental financial information is being furnished by Markel Group Inc. (the Company) in connection with the re-segmentation of the Company’s businesses in the second and third quarters of 2025 as reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the 2025 Third Quarter Form 10-Q) and includes:
•Consolidated financial information by segment for the last seven quarters (Q1 2024 – Q3 2025);
•Segment profit and loss data for the last seven quarters (Q1 2024 – Q3 2025); and
•Divisional profit and loss data for the Markel Insurance segment for the last seven quarters (Q1 2024 – Q3 2025).
The Company has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other. The supplemental financial information for the periods presented below has been recast to conform to the current presentation of the Company’s segments as described in the 2025 Third Quarter Form 10-Q.
This information supplements, and should be read together with:
•The 2025 Third Quarter Form 10-Q, including the consolidated financial statements and accompanying notes, as well as Management's Discussion and Analysis of Financial Condition and Results of Operations, included in that report;
•The Company's Quarterly Reports on Form 10-Q for the respective periods presented below; and
•Exhibit 99.1 in the Company's Current Report on Form 8-K (Items 2.02 and 9.01) filed with the Securities and Exchange Commission on February 5, 2025.
Consolidated Financial Information
The following table presents consolidated operating revenues by segment, adjusted operating income by segment, and reconciliations from consolidated operating income to consolidated adjusted operating income. Beginning in the third quarter of 2025, the Company updated the presentation of operating revenues to no longer include net investment gains and losses, and prior periods have been recast to conform to the updated presentation.
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||||||||||||||||||||||
| Markel Insurance | $ | 2,398,406 | $ | 2,279,633 | $ | 2,226,676 | $ | 2,278,227 | $ | 2,257,625 | $ | 2,202,176 | $ | 2,245,415 | |||||||||||||||||||||||||||
| Industrial | 1,049,961 | 1,015,715 | 829,574 | 995,068 | 998,308 | 929,505 | 856,735 | ||||||||||||||||||||||||||||||||||
| Financial | 161,501 | 172,852 | 178,481 | 159,302 | 138,850 | 149,331 | 145,830 | ||||||||||||||||||||||||||||||||||
| Consumer and other | 291,414 | 529,226 | 287,786 | 263,470 | 265,299 | 520,419 | 278,145 | ||||||||||||||||||||||||||||||||||
| Corporate and eliminations | 33,267 | 25,117 | 25,659 | 27,509 | 33,652 | 30,429 | 38,249 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 3,934,549 | $ | 4,022,543 | $ | 3,548,176 | $ | 3,723,576 | $ | 3,693,734 | $ | 3,831,860 | $ | 3,564,374 | |||||||||||||||||||||||||||
| Operating income | $ | 1,009,842 | $ | 1,107,340 | $ | 282,524 | $ | 595,470 | $ | 1,371,326 | $ | 409,980 | $ | 1,335,786 | |||||||||||||||||||||||||||
| Add: Amortization of acquired intangible assets | 44,061 | 51,213 | 46,942 | 46,491 | 46,459 | 44,237 | 44,285 | ||||||||||||||||||||||||||||||||||
Less: Net investment gains (losses) | 432,886 | 580,223 | (149,071) | 117,425 | 917,530 | (130,017) | 902,281 | ||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 621,017 | $ | 578,330 | $ | 478,537 | $ | 524,536 | $ | 500,255 | $ | 584,234 | $ | 477,790 | |||||||||||||||||||||||||||
| Markel Insurance | $ | 428,475 | $ | 269,755 | $ | 282,115 | $ | 304,007 | $ | 275,603 | $ | 315,595 | $ | 289,283 | |||||||||||||||||||||||||||
| Industrial | 101,302 | 103,513 | 58,764 | 107,808 | 111,773 | 74,827 | 70,626 | ||||||||||||||||||||||||||||||||||
| Financial | 61,407 | 78,422 | 79,611 | 67,876 | 79,652 | 63,237 | 51,317 | ||||||||||||||||||||||||||||||||||
| Consumer and Other | 17,372 | 101,523 | 32,388 | 17,336 | (425) | 100,146 | 28,315 | ||||||||||||||||||||||||||||||||||
| Corporate and eliminations | 12,461 | 25,117 | 25,659 | 27,509 | 33,652 | 30,429 | 38,249 | ||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 621,017 | $ | 578,330 | $ | 478,537 | $ | 524,536 | $ | 500,255 | $ | 584,234 | $ | 477,790 | |||||||||||||||||||||||||||
1
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. The Company believes 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 the Company's investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. The Company believes 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 its businesses. The Company does not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating its businesses, and therefore excludes those amounts from its adjusted operating income metric.
Markel Insurance Segment
The following table summarizes the results for the Company's Markel Insurance segment for the quarterly periods indicated.
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 2,127,648 | $ | 2,063,622 | $ | 2,016,539 | $ | 2,044,294 | $ | 2,035,773 | $ | 2,004,166 | $ | 2,046,479 | |||||||||||||||||||||||||||
| Net investment income | 223,409 | 207,728 | 207,517 | 214,558 | 203,767 | 192,146 | 187,436 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | 47,349 | 8,283 | 2,620 | 19,375 | 18,085 | 5,864 | 11,500 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 2,398,406 | $ | 2,279,633 | $ | 2,226,676 | $ | 2,278,227 | $ | 2,257,625 | $ | 2,202,176 | $ | 2,245,415 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (1,342,096) | (1,330,614) | (1,361,587) | (1,310,959) | (1,372,108) | (1,334,540) | (1,315,047) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 129,100 | 78,934 | 148,837 | 111,422 | 119,408 | 145,135 | 78,967 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (759,173) | (748,742) | (723,627) | (761,031) | (720,917) | (690,627) | (713,439) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | 2,238 | (9,456) | (8,184) | (13,652) | (8,405) | (6,549) | (6,613) | ||||||||||||||||||||||||||||||||||
| Adjusted operating income | $ | 428,475 | $ | 269,755 | $ | 282,115 | $ | 304,007 | $ | 275,603 | $ | 315,595 | $ | 289,283 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 63.1 | % | 64.5 | % | 67.5 | % | 64.1 | % | 67.4 | % | 66.6 | % | 64.3 | % | |||||||||||||||||||||||||||
| Prior accident years loss ratio | (6.1) | % | (3.8) | % | (7.4) | % | (5.5) | % | (5.9) | % | (7.2) | % | (3.9) | % | |||||||||||||||||||||||||||
| Loss ratio | 57.0 | % | 60.7 | % | 60.1 | % | 58.7 | % | 61.5 | % | 59.3 | % | 60.4 | % | |||||||||||||||||||||||||||
| Expense ratio | 35.7 | % | 36.3 | % | 35.9 | % | 37.2 | % | 35.4 | % | 34.5 | % | 34.9 | % | |||||||||||||||||||||||||||
| Combined ratio | 92.7 | % | 96.9 | % | 96.0 | % | 95.9 | % | 96.9 | % | 93.8 | % | 95.3 | % | |||||||||||||||||||||||||||
The following tables summarize the results of the Markel Insurance segment by division for the quarterly periods indicated. Investments represents the results from the investments held by Markel Insurance that are managed by Markel Group.
Quarter Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 653,325 | $ | 611,308 | $ | 593,565 | $ | 269,781 | $ | (331) | $ | — | $ | 2,127,648 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 223,409 | 223,409 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 27,039 | 7,903 | 6,804 | 448 | 5,155 | 47,349 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 653,325 | $ | 638,347 | $ | 601,468 | $ | 276,585 | $ | 117 | $ | 228,564 | $ | 2,398,406 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (435,665) | (403,175) | (285,098) | (207,990) | (10,168) | — | (1,342,096) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 68,824 | 43,253 | 27,799 | (1,798) | (8,978) | — | 129,100 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (214,578) | (215,743) | (251,303) | (77,935) | 386 | — | (759,173) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (1,225) | (1,799) | — | 5,262 | — | 2,238 | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 71,906 | $ | 61,457 | $ | 91,067 | $ | (11,138) | $ | (13,381) | $ | 228,564 | $ | 428,475 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 66.7 | % | 66.0 | % | 48.0 | % | 77.1 | % | 63.1 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | (10.5) | % | (7.1) | % | (4.7) | % | 0.7 | % | (6.1) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 56.1 | % | 58.9 | % | 43.3 | % | 77.8 | % | 57.0 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 32.8 | % | 35.3 | % | 42.3 | % | 28.9 | % | 35.7 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 89.0 | % | 94.2 | % | 85.7 | % | 106.7 | % | 92.7 | % | |||||||||||||||||||||||||||||||
2
Quarter Ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 659,902 | $ | 576,858 | $ | 535,088 | $ | 285,404 | $ | 6,370 | $ | — | $ | 2,063,622 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 207,728 | 207,728 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 5,824 | 829 | — | (60) | 1,690 | 8,283 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 659,902 | $ | 582,682 | $ | 535,917 | $ | 285,404 | $ | 6,310 | $ | 209,418 | $ | 2,279,633 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (448,536) | (363,407) | (267,263) | (226,351) | (25,057) | — | (1,330,614) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 2,516 | 51,808 | 75,144 | (49,534) | (1,000) | — | 78,934 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (224,447) | (215,154) | (223,246) | (82,844) | (3,051) | — | (748,742) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (2,365) | (2,543) | — | (4,548) | — | (9,456) | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | (10,565) | $ | 53,564 | $ | 118,009 | $ | (73,325) | $ | (27,346) | $ | 209,418 | $ | 269,755 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 68.0 | % | 63.0 | % | 49.9 | % | 79.3 | % | 64.5 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | (0.4) | % | (9.0) | % | (14.0) | % | 17.4 | % | (3.8) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 67.6 | % | 54.0 | % | 35.9 | % | 96.7 | % | 60.7 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 34.0 | % | 37.3 | % | 41.7 | % | 29.0 | % | 36.3 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 101.6 | % | 91.3 | % | 77.6 | % | 125.7 | % | 96.9 | % | |||||||||||||||||||||||||||||||
Quarter Ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 662,629 | $ | 567,245 | $ | 509,395 | $ | 274,248 | $ | 3,022 | $ | — | $ | 2,016,539 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 207,517 | 207,517 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 3,410 | 1,097 | — | (203) | (1,684) | 2,620 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 662,629 | $ | 570,655 | $ | 510,492 | $ | 274,248 | $ | 2,819 | $ | 205,833 | $ | 2,226,676 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (475,823) | (365,714) | (308,072) | (191,809) | (20,169) | — | (1,361,587) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 40,526 | 22,173 | 64,636 | 17,674 | 3,828 | — | 148,837 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (225,813) | (208,051) | (209,323) | (77,455) | (2,985) | — | (723,627) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (2,440) | (2,800) | — | (2,944) | — | (8,184) | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 1,519 | $ | 16,623 | $ | 54,933 | $ | 22,658 | $ | (19,451) | $ | 205,833 | $ | 282,115 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 71.8 | % | 64.5 | % | 60.5 | % | 69.9 | % | 67.5 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | (6.1) | % | (3.9) | % | (12.7) | % | (6.4) | % | (7.4) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 65.7 | % | 60.6 | % | 47.8 | % | 63.5 | % | 60.1 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 34.1 | % | 36.7 | % | 41.1 | % | 28.2 | % | 35.9 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 99.8 | % | 97.2 | % | 88.9 | % | 91.7 | % | 96.0 | % | |||||||||||||||||||||||||||||||
3
Quarter Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 667,722 | $ | 561,565 | $ | 551,942 | $ | 262,055 | $ | 1,010 | $ | — | $ | 2,044,294 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 214,558 | 214,558 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 13,606 | 4,243 | — | (122) | 1,648 | 19,375 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 667,722 | $ | 575,171 | $ | 556,185 | $ | 262,055 | $ | 888 | $ | 216,206 | $ | 2,278,227 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (456,038) | (359,824) | (262,723) | (203,730) | (28,644) | — | (1,310,959) | ||||||||||||||||||||||||||||||||||
| Prior accident years | (87,647) | 80,649 | 102,531 | 14,580 | 1,309 | — | 111,422 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (226,541) | (203,940) | (251,529) | (79,371) | 350 | — | (761,031) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (1,333) | (3,063) | — | (9,256) | — | (13,652) | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | (102,504) | $ | 90,723 | $ | 141,401 | $ | (6,466) | $ | (35,353) | $ | 216,206 | $ | 304,007 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 68.3 | % | 64.1 | % | 47.6 | % | 77.7 | % | 64.1 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | 13.1 | % | (14.4) | % | (18.6) | % | (5.6) | % | (5.5) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 81.4 | % | 49.7 | % | 29.0 | % | 72.2 | % | 58.7 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 33.9 | % | 36.3 | % | 45.6 | % | 30.3 | % | 37.2 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 115.4 | % | 86.0 | % | 74.6 | % | 102.5 | % | 95.9 | % | |||||||||||||||||||||||||||||||
Quarter Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 682,751 | $ | 556,211 | $ | 524,117 | $ | 264,407 | $ | 8,287 | $ | — | $ | 2,035,773 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 203,767 | 203,767 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 12,787 | 2,606 | — | (236) | 2,928 | 18,085 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 682,751 | $ | 568,998 | $ | 526,723 | $ | 264,407 | $ | 8,051 | $ | 206,695 | $ | 2,257,625 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (480,744) | (356,894) | (285,851) | (208,763) | (39,856) | — | (1,372,108) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 21,717 | 30,415 | 77,281 | (9,127) | (878) | — | 119,408 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (222,566) | (193,451) | (217,906) | (80,309) | (6,685) | — | (720,917) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (2,768) | (2,614) | — | (3,023) | — | (8,405) | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 1,158 | $ | 46,300 | $ | 97,633 | $ | (33,792) | $ | (42,391) | $ | 206,695 | $ | 275,603 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 70.4 | % | 64.2 | % | 54.5 | % | 79.0 | % | 67.4 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | (3.2) | % | (5.5) | % | (14.7) | % | 3.5 | % | (5.9) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 67.2 | % | 58.7 | % | 39.8 | % | 82.4 | % | 61.5 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 32.6 | % | 34.8 | % | 41.6 | % | 30.4 | % | 35.4 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 99.8 | % | 93.5 | % | 81.4 | % | 112.8 | % | 96.9 | % | |||||||||||||||||||||||||||||||
4
Quarter Ended June 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 701,226 | $ | 538,522 | $ | 480,665 | $ | 276,071 | $ | 7,682 | $ | — | $ | 2,004,166 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 192,146 | 192,146 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 4,850 | 1,810 | — | (349) | (447) | 5,864 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 701,226 | $ | 543,372 | $ | 482,475 | $ | 276,071 | $ | 7,333 | $ | 191,699 | $ | 2,202,176 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (482,136) | (340,960) | (263,419) | (195,641) | (52,384) | — | (1,334,540) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 18,024 | 32,795 | 101,864 | (3,728) | (3,820) | — | 145,135 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (231,793) | (182,300) | (197,237) | (77,307) | (1,990) | — | (690,627) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (1,048) | (2,505) | — | (2,996) | — | (6,549) | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 5,321 | $ | 51,859 | $ | 121,178 | $ | (605) | $ | (53,857) | $ | 191,699 | $ | 315,595 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 68.8 | % | 63.3 | % | 54.8 | % | 70.9 | % | 66.6 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | (2.6) | % | (6.1) | % | (21.2) | % | 1.4 | % | (7.2) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 66.2 | % | 57.2 | % | 33.6 | % | 72.2 | % | 59.3 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 33.1 | % | 33.9 | % | 41.0 | % | 28.0 | % | 34.5 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 99.2 | % | 91.1 | % | 74.6 | % | 100.2 | % | 93.8 | % | |||||||||||||||||||||||||||||||
Quarter Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | U.S. Wholesale and Specialty | Programs and Solutions | International | Global Reinsurance | Other | Investments | Markel Insurance | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 731,740 | $ | 539,321 | $ | 504,202 | $ | 264,935 | $ | 6,281 | $ | — | $ | 2,046,479 | |||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | 187,436 | 187,436 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | — | 2,517 | 1,872 | — | (8) | 7,119 | 11,500 | ||||||||||||||||||||||||||||||||||
Total operating revenues | $ | 731,740 | $ | 541,838 | $ | 506,074 | $ | 264,935 | $ | 6,273 | $ | 194,555 | $ | 2,245,415 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (505,909) | (333,616) | (286,741) | (173,849) | (14,932) | — | (1,315,047) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 36,516 | 977 | 85,602 | (2,279) | (41,849) | — | 78,967 | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (244,898) | (194,229) | (194,074) | (76,391) | (3,847) | — | (713,439) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | — | (1,050) | (2,399) | — | (3,164) | — | (6,613) | ||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 17,449 | $ | 13,920 | $ | 108,462 | $ | 12,416 | $ | (57,519) | $ | 194,555 | $ | 289,283 | |||||||||||||||||||||||||||
| Current accident year loss ratio | 69.1 | % | 61.9 | % | 56.9 | % | 65.6 | % | 64.3 | % | |||||||||||||||||||||||||||||||
| Prior accident years loss ratio | (5.0) | % | (0.2) | % | (17.0) | % | 0.9 | % | (3.9) | % | |||||||||||||||||||||||||||||||
| Loss ratio | 64.1 | % | 61.7 | % | 39.9 | % | 66.5 | % | 60.4 | % | |||||||||||||||||||||||||||||||
| Expense ratio | 33.5 | % | 36.0 | % | 38.5 | % | 28.8 | % | 34.9 | % | |||||||||||||||||||||||||||||||
| Combined ratio | 97.6 | % | 97.7 | % | 78.4 | % | 95.3 | % | 95.3 | % | |||||||||||||||||||||||||||||||
5
Industrial Segment
The following table summarizes the results for the Company's Industrial segment for the quarterly periods indicated.
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Products revenues | $ | 425,714 | $ | 424,573 | $ | 369,245 | $ | 409,442 | $ | 438,858 | $ | 424,630 | $ | 417,406 | |||||||||||||||||||||||||||
| Services and other revenues | 624,247 | 591,142 | 460,329 | 585,626 | 559,450 | 504,875 | 439,329 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 1,049,961 | $ | 1,015,715 | $ | 829,574 | $ | 995,068 | $ | 998,308 | $ | 929,505 | $ | 856,735 | |||||||||||||||||||||||||||
| Products expenses | (365,957) | (366,283) | (326,035) | (339,748) | (364,923) | (354,078) | (354,043) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | (582,702) | (545,919) | (444,775) | (547,512) | (521,612) | (500,600) | (432,066) | ||||||||||||||||||||||||||||||||||
| Adjusted operating income | $ | 101,302 | $ | 103,513 | $ | 58,764 | $ | 107,808 | $ | 111,773 | $ | 74,827 | $ | 70,626 | |||||||||||||||||||||||||||
Financial Segment
The following table summarizes the results for the Company's Financial segment for the quarterly periods indicated.
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Earned premiums | $ | 78,125 | $ | 78,069 | $ | 72,835 | $ | 73,284 | $ | 74,335 | $ | 72,933 | $ | 81,148 | |||||||||||||||||||||||||||
| Net investment income | 10,020 | 9,606 | 8,952 | 9,544 | 10,012 | 10,188 | 9,597 | ||||||||||||||||||||||||||||||||||
| Services and other revenues | 73,356 | 85,177 | 96,694 | 76,474 | 54,503 | 66,210 | 55,085 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 161,501 | $ | 172,852 | $ | 178,481 | $ | 159,302 | $ | 138,850 | $ | 149,331 | $ | 145,830 | |||||||||||||||||||||||||||
| Losses and loss adjustment expenses: | |||||||||||||||||||||||||||||||||||||||||
| Current accident year | (43,364) | (36,152) | (43,185) | (41,954) | (41,418) | (42,310) | (49,723) | ||||||||||||||||||||||||||||||||||
| Prior accident years | 2,534 | (202) | 1,270 | (324) | 3,506 | (860) | (1,944) | ||||||||||||||||||||||||||||||||||
Underwriting, acquisition, and insurance expenses | (23,328) | (25,469) | (23,811) | (23,755) | (22,639) | (19,668) | (25,313) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | (35,936) | (32,607) | (33,144) | (25,393) | 1,353 | (23,256) | (17,533) | ||||||||||||||||||||||||||||||||||
| Adjusted operating income | $ | 61,407 | $ | 78,422 | $ | 79,611 | $ | 67,876 | $ | 79,652 | $ | 63,237 | $ | 51,317 | |||||||||||||||||||||||||||
Consumer and Other Segment
The following table summarizes the results for the Company's Consumer and Other segment for the quarterly periods indicated.
Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||||||||||||||
| Products revenues | $ | 181,779 | $ | 422,352 | $ | 191,879 | $ | 165,881 | $ | 173,419 | $ | 422,589 | $ | 183,434 | |||||||||||||||||||||||||||
| Services and other revenues | 109,635 | 106,874 | 95,907 | 97,589 | 91,880 | 97,830 | 94,711 | ||||||||||||||||||||||||||||||||||
| Total operating revenues | $ | 291,414 | $ | 529,226 | $ | 287,786 | $ | 263,470 | $ | 265,299 | $ | 520,419 | $ | 278,145 | |||||||||||||||||||||||||||
| Products expenses | (189,536) | (341,098) | (173,873) | (165,541) | (185,067) | (339,615) | (169,204) | ||||||||||||||||||||||||||||||||||
| Services and other expenses | (84,506) | (86,605) | (81,525) | (80,593) | (80,657) | (80,658) | (80,626) | ||||||||||||||||||||||||||||||||||
| Adjusted operating income (loss) | $ | 17,372 | $ | 101,523 | $ | 32,388 | $ | 17,336 | $ | (425) | $ | 100,146 | $ | 28,315 | |||||||||||||||||||||||||||
6
Reporting Changes Guide
Table of Contents I. Overview of changes II. Segment reporting changes III. Presentation of net investment gains on income statement IV. Key consolidated financial metrics V. Key segment financial metrics VI. Corporate VII. Appendices 2
Goals of reporting changes 4 1) Refine communication of Markel Group structure 2) Better align our reporting with our businesses 3) Further enhance performance transparency 4) Improve accessibility and readability Major changes in Q3 2025 Segments: Updated our reportable segments Net investment gains and losses: Changed the presentation of net investment gains and losses to outside of operating revenues Investments: Attributed investments and corresponding results to the businesses where they are held KPIs: Provided key financial metrics at both the consolidated and segment levels Overview of reporting changes
• Form 10-Q for the second quarter of 2025 (filed 07.30.2025) • Introduced Markel Insurance segment – page 9 • Breakout of divisional level underwriting results for Markel Insurance segment – page 33 • Form 10-Q for the third quarter of 2025 (filed 10.29.2025) • Refreshed business descriptions – page 28 • Key consolidated financial metrics – page 29 • Five years of annual periods (2020-2024) • Nine months ended September 30, 2025 • Key segment financial metrics – page 30 • Five years of annual periods (2020-2024) • Nine months ended September 30, 2025 • Five-year compound annual growth in intrinsic value per share (2020-2024) – page 29 • Markel Insurance return on equity – page 37 • Exhibit 99.2 to Form 8-K (filed 10.29.2025) • Recast consolidated financial information by segment for the last seven quarters (Q1 2024 – Q3 2025) • Recast segment profit and loss data for the last seven quarters (Q1 2024 – Q3 2025) • Recast divisional profit and loss data for the Markel Insurance segment for last seven quarters (Q1 2024 – Q3 2025) Overview of new or recast information across SEC filings 5
7 Page 9 of the Q3 2025 Form 10-Q New reportable segments Our new reportable segments align with how we view our diverse set of businesses Consumer and OtherMarkel Insurance FinancialIndustrial
Legacy Insurance Engine 8 Markel Insurance Segment Page 9 of the Q3 2025 Form 10-Q Bridge from legacy Insurance engine to current segments Financial Segment With the new reportable segments, we have replaced the three-engine reporting structure previously utilized
9 Page 51 of the Q3 2025 Form 10-Q Consolidated underwriting reconciliation • This table is provided to reconcile Markel Insurance’s underwriting results to the income statement; we do not evaluate our consolidated underwriting results in the aggregate • When we refer to the combined ratio in our results, we are typically referring to our Markel Insurance combined ratio • Substantially all of our underwriting results are in the Markel Insurance segment, however, State National also has underwriting results through its lender services offerings Commentary ($ in t housands) underwrit ing 8,322,635$ 231,469$ -$ 8,554 ,104$ f ront ing 1,838,499 2,997,058 (168,047) 4 ,667,510 gross premium volume 10,161,134$ 3,228,527$ (168,047)$ 13,221,614$ earned premiums 6,207,809$ 229,029$ -$ 6,436,838$ losses and loss adjustment expense (3,677,426) (119,099) - (3,796,525) underwrit ing, acquisit ion & insurance expenses (2,231,542) (72,608) - (2,304 ,150) underwrit ing prof it 298,841$ 37,322$ -$ 336,163$ combined rat io 95.2% 83.7% 94 .8% ConsolidatedEliminat ionsState Nat ional Markel Insurance Nine months ended September 30, 2025
10 Page 9 of the Q3 2025 Form 10-Q Bridge from legacy Investing segment to current segments (1) Invested assets include total investments, cash and cash equivalents and restricted cash and cash equivalents. See page 49 of the Q3 2025 Form 10-Q for the full composition of invested assets by segment Legacy Investing Segment Markel Insurance Segment ($31.3B) Corporate ($4.2B) Other Segments ($1.3B) The results from our investing activities, previously reported under the Investing segment, are attributed to our segments based on the subsidiary that holds the investments This approach to investment attribution better aligns with how we view our businesses and provides clarity into the capital efficiency of our businesses Based on invested assets(1) as of 9.30.2025
11 Page 49 of the Q3 2025 Form 10-Q Consolidating investment results • While we are now attributing our investing results to our businesses, we believe it is also important to continue to provide visibility into our investing results in the aggregate • Investments are predominantly managed by a small team of investment professionals at Markel Group led by our CEO, Tom Gayner Commentary ($ in thousands) int erest : f ixed mat urit y securit ies 435,626$ 5,267$ 3,926$ -$ 444,819$ short - t erm invest ment s 21,675 8 ,025 28,959 - 58,659 cash and cash equivalent s, including rest rict ed 73,780 15,456 23,744 - 112,980 int ercompany loans 21,819 - 14,718 (36,537) - dividends on equit y securit ies 98,460 - 12,309 - 110,769 invest ment expenses (12,706) (170) (1,572) - (14,448) net invest ment income 638,654$ 28,578$ 82,084$ (36,537)$ 712,779$ net invest ment gains 745,816$ -$ 118,222$ -$ 864,038$ Nine months ended September 30, 2025 Markel Insurance Other Reportable Segments Corporate Eliminations Total Our consolidated return on equity securities can be found on page 49 of the Q3 2025 Form 10-Q
12 Page 9 of the Q3 2025 Form 10-Q Bridge from legacy Markel Ventures segment to current segments Industrial Segment Financial Segment We have replaced the legacy Markel Ventures Segment with our new reportable segments that are organized by industry Legacy Markel Ventures Segment Consumer & Other Segment Legacy Insurance Engine
14 Commentary • Beginning in Q3 2025, we updated the presentation of operating revenues to exclude net investment gains and losses • Net investment gains and losses typically include significant unrealized gains and losses from market value movements on our investments in publicly traded equity securities • Prior periods have been recast to conform to the updated presentation • All occurrences of operating revenues in the Q3 2025 Form 10-Q and Form 8-K (filed 10.29.2025) use the new presentation Page 4 of the Q3 2025 Form 10-Q Net investment gains and losses taken out of operating revenues ($ in thousands) 2024 2025 2024 2025 OPERATING REVENUES earned premiums 2,110,108$ 2,205,773$ 6,314,834$ 6,436,838$ net investment income 235,477 245,675 676,807 712,779 products revenues 612,277 607,493 2,060,336 2,015,542 services and other revenues 735,872 875,608 2,037,991 2,340,109 total operating revenues 3,693,734$ 3,934,549$ 11,089,968$ 11,505,268$ net investment gains 917,530$ 432,886$ 1,689,794$ 864,038$ MARKEL GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Quarter ended September 30, Nine months ended September 30,
16 Page 29 of the Q3 2025 Form 10-Q Key financial metrics at the consolidated level (1) Consolidated adjusted operating income and adjusted operating income per share are non-GAAP financial measures. See Appendix B (2) Invested assets include total investments, cash and cash equivalents and restricted cash and cash equivalents (3) Metrics that are only calculated for annual periods have been omitted for the nine months ended September 30, 2025 Year ended ($ in mil l ions, except per share amounts) December 31, 2024 Operating Performance operat ing revenues 14 ,814$ 11,505$ operat ing cash f lows 2,594 2,099 operat ing income 3,713 2,400 less: net invest ment gains 1,807 864 add: amort izat ion and impairment 181 142 adjusted operating income(1) 2,087 1,678 Financial Posit ion equit y securit ies 11,785$ 12,788$ invest ed asset s(2) 34 ,247 36,780 insurance f loat 17,519 18 ,842 t ot al asset s 61,898 67,392 shareholders' equit y 16,916 18,041 senior long-t erm debt and ot her debt 4 ,330 4 ,285 debt t o capit al 20% 19% Per Share Data common shares out st anding (in 000s) 12,790 12,621 5-year CAGR in closing st ock price(3) 9% N/ A 5-year CAGR in intrinsic value per share(3) 17% N/ A invest ed asset s per share 2,678$ 2,914$ operat ing income per share 290$ 190$ adjusted operating income per share(1) 163$ 133$ Nine mont hs ended Sept ember 30, 2025 For annual metrics from 2020-2023, please see the full table on page 29 of the Q3 2025 Form 10-Q New key consolidated financial metrics, highlighted in yellow, will be expanded upon in subsequent slides
17 Page 29 of the Q3 2025 Form 10-Q Adjusted operating income Commentary • Better representation of the operating performance of our businesses in our periodic results • Consistent with the profitability metric used to evaluate the performance of each of our segments • Removes the impact of periodic volatility inherent in the equity markets • Removes the impact of non-cash items that arise from purchase accounting for acquisitions • Aligns to the earnings valuation within our growth in intrinsic value per share calculation • Use of the per share version of the metric is useful in assessing operating performance relative to shares outstanding (1) Consolidated adjusted operating income and adjusted operating income per share are non-GAAP financial measures. See Appendix B Year ended ($ in mil l ions, except per share amounts) December 31, 2024 Operating Performance operat ing income 3,713$ 2,400$ less: net invest ment gains 1,807 864 add: amort izat ion and impairment 181 142 adjusted operating income(1) 2,087 1,678 Per Share Data operat ing income per share 290$ 190$ adjusted operating income per share(1) 163$ 133$ Nine mont hs ended Sept ember 30, 2025 For annual metrics from 2020-2023, please see the full table on page 29 of the Q3 2025 Form 10-Q
18 • Float represents net policyholder funds held for investment, which are a direct result of our underwriting activities and the time lag between our receipt of premiums and payment of losses and expenses • Insurance float: + unpaid losses and loss adjustment expenses + unearned premiums + payables to insurance & reinsurance companies + life and annuity benefits - premium receivables - reinsurance recoverables - prepaid reinsurance premiums - deferred policy acquisition costs Commentary Page 29 of the Q3 2025 Form 10-Q Insurance float Year ended ($ in mil l ions) December 31, 2024 Financial Posit ion equit y securit ies 11,785$ 12,788$ invest ed asset s 34 ,247 36,780 insurance f loat 17,519 18 ,842 t ot al asset s 61,898 67,392 shareholders' equit y 16,916 18,041 senior long-t erm debt and ot her debt 4 ,330 4 ,285 debt t o capit al 20% 19% Nine mont hs ended Sept ember 30, 2025 For annual metrics from 2020-2023, please see the full table on page 29 of the Q3 2025 Form 10-Q
19 Page 29 of the Q3 2025 Form 10-Q Presentation of growth in intrinsic value per share Commentary • Metric for evaluating our capital allocation decisions and value created by our businesses • Changes compared to calculation in our press release included as Exhibit 99.1 to Form 8-K filed on 2.5.2025: • CAGR calculated using range (8x to 16x) multiples, with 12x as a reasonable midpoint • Interest on cash and short-term investments backed out in calculation of adjusted earnings • Preferred shares (redeemed June 2025) backed out of calculation of balance sheet valuation • Details of growth in intrinsic value are on page 36 of the Q3 2025 Form 10-Q Year ended ($ in mil l ions, except per share amounts) December 31, 2024 Per Share Data common shares out st anding (in 000s) 12,790 12,621 5-year CAGR in closing st ock price(1) 9% N/ A 5-year CAGR in intrinsic value per share(1) 17% N/ A invest ed asset s per share(2) 2,678$ 2,914$ operat ing income (loss) per share 290$ 190$ adjusted operating income per share(3) 163$ 133$ Nine mont hs ended Sept ember 30, 2025 For annual results from 2020-2023, please see the full table on page 29 of the Q3 2025 Form 10-Q (1) Metrics that are only calculated for annual periods have been omitted for the nine months ended September 30, 2025 (2) Invested assets include total investments, cash and cash equivalents and restricted cash and cash equivalents (3) Adjusted operating income per share is a non-GAAP financial measure. See Appendix B
21 Page 30 of the Q3 2025 Form 10-Q Key financial metrics by segment (1) Metrics that are only calculated for annual periods have been omitted for the nine months ended September 30, 2025 (2) Organic revenue growth is a non-GAAP financial measure. See Appendix C Year ended ($ in millions) December 31, 2024 Markel Insurance operat ing revenues 8,983$ 6,905$ adjusted operat ing income 1,184$ 980$ combined rat io 95% 95% return on equit y(1) 18% N/ A 5-year average annual return on equit y(1) 12% N/ A total investment return(1) 10% N/ A total equit y 11,516$ 13,212$ Indust rial operat ing revenues 3,780$ 2,895$ revenue growth 1% 4% organic revenue growth(2) 0% 2% adjusted operat ing income 365$ 264$ t angible capit al 1,437$ 1,482$ t otal capit al 2,771$ 2,783$ Financial operat ing revenues 593$ 513$ revenue growth 7% 18% organic revenue growth(2) 8% 9% adjusted operat ing income 262$ 219$ t angible capit al 448$ 542$ t otal capit al 1,901$ 1,996$ Consumer and Other operat ing revenues 1,327$ 1,108$ revenue growth 6% 4% organic revenue growth(2) 2% 2% adjusted operat ing income 145$ 151$ t angible capit al 649$ 696$ t otal capit al 1,162$ 1,472$ Nine months ended September 30, 2025 For annual metrics from 2020-2023, please see the full table on page 30 of the Q3 2025 Form 10-Q These segment financial metrics will be expanded upon in subsequent slides
22 Page 30 of the Q3 2025 Form 10-Q Adjusted operating income by segment • We measure the profitability of each of our four reportable segments by adjusted operating income • Defined consistent with consolidated adjusted operating income • Represents our business earnings, inclusive of the recurring interest and dividend earnings on investments held • Excludes net investment gains, amortization of acquired intangible assets, and impairment of goodwill • Removes the impact of periodic volatility inherent in the equity markets • Removes the impact of non-cash items that arise from purchase accounting for acquisitions CommentaryYear ended ($ in mil l ions) December 31, 2024 Markel Insurance adjust ed operat ing income 1,184$ 980$ Industrial adjust ed operat ing income 365$ 264$ Financial adjust ed operat ing income 262$ 219$ Consumer and Other adjust ed operat ing income 145$ 151$ Nine mont hs ended Sept ember 30, 2025 For annual metrics from 2020-2023, please see the full table on page 30 of the Q3 2025 Form 10-Q
23 Page 43 of the Q3 2025 Form 10-Q Markel Insurance segment results by division • Beginning in Q2 2025, we provide a breakout of Markel Insurance’s underwriting and other insurance- related activities by division • We believe that this breakdown provides: • More clarity into the drivers of the underlying results of the Markel Insurance segment • Visibility going forward into the impact that the run-off of the Global Reinsurance division has on the results of the Markel Insurance segment Commentary ($ in thousands) underwriting 2,337,875$ 2,834,324$ 2,091,116$ 1,065,374$ (6,054)$ 8,322,635$ fronting - 1,838,499 - - - 1,838,499 gross premium volume 2,337,875$ 4,672,823$ 2,091,116$ 1,065,374$ (6,054)$ 10,161,134$ net written premiums 1,914,426$ 1,885,274$ 1,799,035$ 963,940$ (2,019)$ 6,560,656$ earned premiums 1,975,856$ 1,755,411$ 1,638,048$ 829,433$ 9,061$ 6,207,809$ losses and loss adjustment expense: current accident year - attritional (1,341,930) (1,120,408) (835,303) (624,700) (55,394) (3,977,735) current accident year - catastrophe (18,094) (11,888) (25,130) (1,450) - (56,562) prior accident years 111,866 117,234 167,579 (33,658) (6,150) 356,871 underwriting, acquisition and insurance expenses (664,838) (638,948) (683,872) (238,234) (5,650) (2,231,542) underwriting profit 62,860$ 101,401$ 261,322$ (68,609)$ (58,133)$ 298,841$ services and other revenues -$ 36,273$ 9,829$ 6,804$ 185$ 53,091$ services and other expenses - (6,030) (7,142) - (2,230) (15,402) other income -$ 30,243$ 2,687$ 6,804$ (2,045)$ 37,689$ current accident year loss ratio 68.8% 64.5% 52.5% 75.5% 65.0% prior accident years loss ratio (5.7%) (6.7%) (10.2%) 4.1% (5.7%) loss ratio 63.2% 57.8% 42.3% 79.5% 59.2% expense ratio 33.6% 36.4% 41.7% 28.7% 35.9% combined ratio 96.8% 94.2% 84.0% 108.3% 95.2% Nine months ended September 30, 2025 Markel Insurance U.S. Wholesale & Specialty Programs & Solutions International Global Reinsurance Other
24 Page 30 of the Q3 2025 Form 10-Q Markel Insurance return on equity • We believe that this metric is an important metric in evaluating the overall performance of Markel Insurance • This calculation reflects all after tax returns generated by Markel Insurance • Adjusted operating income is the starting point: • Underwriting profits – core activities driven by premium growth and combined ratio • Net investment income – recurring interest and dividends on investments at Markel Insurance • Other income – other insurance-related activities, such as fronting • Net investment gains and losses • Predominantly the market value movements in the publicly traded equity portfolio • Denominator represents the average total equity of all Markel Insurance subsidiaries • Details of the Markel Insurance return on equity are on page 37 of the Q3 2025 Form 10-Q CommentaryYear ended December 31, 2024 Markel Insurance ret urn on equit y(1) 18% N/ A 5-year average annual ret urn on equit y(1) 12% N/ A Nine mont hs ended Sept ember 30, 2025 For annual return on equity metrics from 2020- 2023, please see the full table on page 30 of the Q3 2025 Form 10-Q (1) Metrics that are only calculated for annual periods have been omitted for the nine months ended September 30, 2025
25 Page 30 of the Q3 2025 Form 10-Q Industrial, Financial, Consumer and Other segments revenue growth • We believe organic revenue growth is a meaningful measure as it provides growth in comparable revenues from period-to-period by adjusting for the impact of acquisitions and dispositions • The calculation of organic revenue growth excludes the revenue of a business from the two periods being compared unless our consolidated results include a full period of revenue from the business for both periods Commentary (1) Organic revenue growth is a non-GAAP financial measure. See Appendix C Year ended December 31, 2024 Industrial revenue growt h 1% 4% organic revenue growth(1) 0% 2% Financial revenue growt h 7% 18% organic revenue growth(1) 8% 9% Consumer and Other revenue growt h 6% 4% organic revenue growth(1) 2% 2% Nine mont hs ended Sept ember 30, 2025 For annual metrics from 2020-2023, please see the full table on page 30 of the Q3 2025 Form 10-Q
26 Page 30 of the Q3 2025 Form 10-Q Capital within each segment • Visibility into the capital within each segment helps provide clarity into the capital efficiency within each part of the Markel Group system • We use total equity within the Markel Insurance segment and total capital and tangible capital within Industrial, Financial and Consumer and Other segments • Markel Insurance total equity includes all equity within our Markel Insurance subsidiaries and is the amount used in determining its return on equity. • Total capital is comprised of total equity, debt, and obligations for finance leases • Tangible capital represents total capital less goodwill and intangible assets, net of deferred taxes CommentaryYear ended ($ in mil l ions) December 31, 2024 Markel Insurance t ot al equit y 11,516$ 13,212$ Industrial t angible capit al 1,437$ 1,482$ t ot al capit al 2,771$ 2,783$ Financial t angible capit al 448$ 542$ t ot al capit al 1,901$ 1,996$ Consumer and Other t angible capit al 649$ 696$ t ot al capit al 1,162$ 1,472$ Nine mont hs ended Sept ember 30, 2025 For annual capital held by segments from 2020- 2023, please see the full table on page 30 of the Q3 2025 Form 10-Q
28 Page 48 of the Q3 2025 Form 10-Q Corporate holding company operations (1) Periods prior to the third quarter of 2025 were not recast for the change in allocation of corporate expenses • Corporate results include the income from investments held by our holding company and, beginning in Q3 2025, holding company expenses • Historically, corporate expenses were fully allocated to our segment results(1) • Beginning in Q3 2025, we discontinued allocating corporate expenses that are not integral to operating our underlying businesses • Composition of holding company assets: • Equity securities • Short-term investments and cash • Equity method investments Commentary ($ in thousands) net investment income 82,084$ services and other revenues 38,496 operat ing revenues 120,580 services and other expenses (20,806) adjusted operat ing income 99,774$ Nine months ended September 30, 2025
• Markel Group – page 28 • Segments • Markel Insurance segment – page 31 • Industrial segment & underlying businesses – page 32 • Financial segment & underlying businesses – page 33 • Consumer and Other segment & underlying businesses – page 34 • Corporate – page 35 30 Appendix A - Refreshed business descriptions
31 Appendix B – Reconciliations for non-GAAP financial measures: consolidated adjusted operating income & adjusted operating income per share Year ended ($ in millions, except per share amounts) December 30, 2024 operating income 3,713$ 2,400$ add: amortization and impairment 181 142 less: net investment gains 1,807 864 adjusted operating income 2,087$ 1,678$ operating income per share 290$ 190$ add: amortization and impairment impact 14 11 less: net investment gains impact 141 68 adjusted operating income per share 163$ 133$ Nine months ended September 30, 2025 For additional information on these metrics, see page 54 of the Q3 2025 Form 10-Q
32 Appendix C – Reconciliation for non-GAAP financial measures: organic revenue growth Year ended December 30, 2024 Industrial revenue growt h 1.4% 4 .0% impact of inorganic act ivit y (1.3)% (2.1)% organic revenue growt h 0.1% 1.9% Financial revenue growt h 7.3% 18.2% impact of inorganic act ivit y 0.5% (9.6)% organic revenue growt h 7.8% 8.6% Consumer and Other revenue growt h 6.4% 4 .2% impact of inorganic act ivit y (4 .6)% (2.6)% organic revenue growt h 1.8% 1.6% Nine mont hs ended Sept ember 30, 2025 For additional information on these metrics, see page 56 of the Q3 2025 Form 10-Q