MKL · Markel Group Inc.
5 customers — 37% of revenue (2025)
“In 2025, the top five independent brokers accounted for 37% of our underwriting gross premiums written.”
Price & Indicators
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Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted operating income | $436.12M | FY2026 Q2 | -24.6% |
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GAAP → non-GAAP reconciliationGAAP Operating income 1.56B
+43.3M Add: Amortization of acquired intangible assets
-1.17B Less: Net investment gains
= Adjusted operating income 436.12M
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| 5-Year average annual return on equity | 13% | Year Ended December 31, 2025 | — |
| Combined ratio | 94.6% | Year Ended December 31, 2025 | — |
| Combined ratio, excluding current accident year catastrophe impact non-GAAP | 93.8% | Year Ended December 31, 2025 | — |
| Current accident year loss ratio | 64.2% | Year Ended December 31, 2025 | — |
| Current accident year loss ratio, excluding catastrophe impact non-GAAP | 63.5% | Year Ended December 31, 2025 | — |
| Earned premiums | $8.4B | Year Ended December 31, 2025 | — |
| Expense ratio | 36.1% | Year Ended December 31, 2025 | — |
| Fronting gross premium volume | $1.85B | Year Ended December 31, 2025 | — |
| Loss ratio | 58.4% | Year Ended December 31, 2025 | — |
| Net written premiums | $8.4B | Year Ended December 31, 2025 | — |
| Organic revenue growth non-GAAP | 17% | Year Ended December 31, 2025 | — |
| Return on equity | 14% | Year Ended December 31, 2025 | — |
| Share repurchases | $429.5M | Year Ended December 31, 2025 | — |
| Shares outstanding | 12.6M | December 31, 2025 | — |
| Underwriting profit | $455.67M | Year Ended December 31, 2025 | — |
| Yield on fixed maturity securities | 3.5% | Year Ended December 31, 2025 | — |
| Yield on short-term investments | 3.7% | Year Ended December 31, 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Insurance - Property & Casualty — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MKL
this stock
Markel Group Inc.
|
$22.25B | -16.5% | +4.7% | — | 2.0% |
|
CB
Chubb Ltd
|
$132.26B | +9.2% | +6.5% | 12.1 | 1.1% |
|
PGR
Progressive Corp/Oh/
|
$127.48B | -3.7% | +16.3% | 11.0 | 1.4% |
|
TKOMY
Tokio Marine Holdings, Inc.
|
$87.75B | +24.9% | — | — | 0.0% |
|
TRV
Travelers Companies, Inc.
|
$75.83B | +25.3% | +5.2% | 9.8 | 3.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MKL | -2.8% | -10.0% | -13.7% | -4.6% | -16.5% |
| SPY | -1.4% | +3.6% | +11.6% | +2.5% | +12.3% |
| vs SPY | -1.4% | -13.6% | -25.3% | -7.1% | -28.8% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.