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Markel Group reports 2026 third quarter and nine-months results
Markel Group reports 2026 third quarter and nine-months results
Canada NewsWire
RICHMOND, Va., Oct. 28, 2026
RICHMOND, Va., Oct. 28, 2026 /CNW/ -- Markel Group Inc. (NYSE: MKL) today reported its financial results for the third quarter of 2026. The Company also announced today it filed its Form 10-Q for the quarter ended September(EQNX::nobreakspace)30, 2026 with the Securities and Exchange Commission.
"We build Markel to relentlessly compound value over the long-term, by serving our customers and policyholders, owning businesses with staying power, underwriting with discipline, and reinvesting patiently through cycles," said Tom Gayner, Chairman and Chief Executive Officer. "Our third quarter results demonstrate we continue to do exactly that. Markel Insurance increased profitability, our Industrial, Financial, and Consumer and Other businesses delivered strong returns, and we continued to deploy capital where we believe it creates the most long-term value."
Highlights of our 2026 third quarter and nine-months results:
- Operating revenues increased 6% for the quarter and 2% year to date.
- Operating income, which includes market movements in our equity portfolio,(EQNX::nobreakspace)was $383 million in the quarter and $1.7 billion year to date.
- Adjusted operating income, which excludes market movements in our equity portfolio,(EQNX::nobreakspace)increased 14% to $707 million for the quarter compared to $621 million in the third quarter of 2025. Adjusted operating income was $1.6 billion year to date, down 2% compared to $1.7 billion in the first nine months of 2025.
- Share repurchases were $315 million in the quarter and $685 million year to date.
- For Markel Insurance:
- Adjusted underwriting gross premium volume increased by 9% for the quarter and 10% year to date, which excludes the impact of our exited Global Reinsurance division in 2025 and the transition of our Hagerty business to a fronting arrangement in 2026.
- (EQNX::nobreakspace)Adjusted operating income increased 19% year to date to $1.2 billion, due to improved underwriting profitability and higher net investment income.
- The combined ratio for the quarter was 92%, which includes a three point unfavorable impact from our exited Global Reinsurance division.
- The Industrial segment delivered 13% revenue growth, including 10% organic growth, and a 29% increase in adjusted operating income for the quarter. Adjusted operating income in our Financial segment increased 30%.
The following table presents summary consolidated financial data.
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||
(dollars in thousands) | 2026 | 2025 | 2026 | 2025 | |||
Operating revenues | $(EQNX::nobreakspace)(EQNX::nobreakspace)4,158,203 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)3,934,549 | $(EQNX::nobreakspace)11,727,245 | $(EQNX::nobreakspace)(EQNX::nobreakspace)11,505,268 | |||
Operating income | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)383,232 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1,009,842 | $(EQNX::nobreakspace)(EQNX::nobreakspace)1,670,248 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,399,706 | |||
Add: Amortization of acquired intangible assets | 43,256 | 44,061 | 130,070 | 142,216 | |||
Less: Net investment gains (losses) | (280,909) | 432,886 | 159,054 | 864,038 | |||
Adjusted operating income (1) | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)707,397 | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)621,017 | $(EQNX::nobreakspace)(EQNX::nobreakspace)1,641,264 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1,677,884 | |||
Comprehensive income (loss) to shareholders | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(156,334) | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)793,126 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)604,561 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,008,307 | |||
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. | |||||||
Markel Insurance Segment
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||
(dollars in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||
Gross premium volume: | |||||||||||
Underwriting | $(EQNX::nobreakspace)2,486,250 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,720,406 | (9)(EQNX::nobreakspace)% | $(EQNX::nobreakspace)7,088,913 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)8,322,635 | (15)(EQNX::nobreakspace)% | |||||
Adjusted underwriting (1) | $(EQNX::nobreakspace)2,482,498 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,269,006 | 9(EQNX::nobreakspace)% | $(EQNX::nobreakspace)7,077,809 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)6,448,598 | 10(EQNX::nobreakspace)% | |||||
Fronting | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)419,040 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)166,705 | 151(EQNX::nobreakspace)% | $(EQNX::nobreakspace)2,288,488 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1,838,499 | 24(EQNX::nobreakspace)% | |||||
Operating revenues: | |||||||||||
Earned premiums | $(EQNX::nobreakspace)2,190,244 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,127,648 | 3(EQNX::nobreakspace)% | $(EQNX::nobreakspace)6,151,944 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)6,207,809 | (1)(EQNX::nobreakspace)% | |||||
Net investment income | 233,569 | 223,409 | 5(EQNX::nobreakspace)% | 694,411 | 638,654 | 9(EQNX::nobreakspace)% | |||||
Services and other revenues | 20,095 | 47,349 | (58)(EQNX::nobreakspace)% | 33,152 | 58,252 | (43)(EQNX::nobreakspace)% | |||||
Operating revenues | $(EQNX::nobreakspace)2,443,908 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,398,406 | 2(EQNX::nobreakspace)% | $(EQNX::nobreakspace)6,879,507 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)6,904,715 | 0(EQNX::nobreakspace)% | |||||
Adjusted operating income: | |||||||||||
Underwriting profit | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)178,254 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)155,479 | 15(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)462,622 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)298,841 | 55(EQNX::nobreakspace)% | |||||
Net investment income | 233,569 | 223,409 | 5(EQNX::nobreakspace)% | 694,411 | 638,654 | 9(EQNX::nobreakspace)% | |||||
Services and other income | 9,074 | 49,587 | (82)(EQNX::nobreakspace)% | 9,844 | 42,850 | (77)(EQNX::nobreakspace)% | |||||
Adjusted operating income | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)420,897 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)428,475 | (2)(EQNX::nobreakspace)% | $(EQNX::nobreakspace)1,166,877 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)980,345 | 19(EQNX::nobreakspace)% | |||||
Combined ratio | 92(EQNX::nobreakspace)% | 93(EQNX::nobreakspace)% | 92(EQNX::nobreakspace)% | 95(EQNX::nobreakspace)% | |||||||
(1) See "Non-GAAP Financial Measures" for additional information on this non-GAAP measure. | |||||||||||
Industrial Segment
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||
(dollars in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||
Operating revenues | $(EQNX::nobreakspace)(EQNX::nobreakspace)1,181,602 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1,049,961 | 13(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)3,102,728 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)2,895,250 | 7(EQNX::nobreakspace)% | |||||
Adjusted operating income | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)131,142 | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)101,302 | 29(EQNX::nobreakspace)% | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)255,862 | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)263,579 | (3)(EQNX::nobreakspace)% | |||||
Financial Segment
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||
(dollars in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||
Operating revenues | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)182,032 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)161,501 | 13(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)514,910 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)512,834 | 0(EQNX::nobreakspace)% | |||||
Adjusted operating income (loss) | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)80,074 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)61,407 | 30(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(32,661) | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)219,440 | NM (1) | |||||
(1) NM - Not meaningful. | |||||||||||
Consumer and Other Segment
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||
(dollars in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||
Operating revenues | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)296,309 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)291,414 | 2(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)1,128,780 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)1,108,426 | 2(EQNX::nobreakspace)% | |||||
Adjusted operating income | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)31,221 | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) 17,372 | 80(EQNX::nobreakspace)% | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)193,122 | $(EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace) (EQNX::nobreakspace)151,283 | 28(EQNX::nobreakspace)% | |||||
* * * * * * * *
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(EQNX::nobreakspace)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 +1(EQNX::nobreakspace)(833) 461-5787 in the U.S., or +44(EQNX::nobreakspace)808 196 8935 internationally, and providing Meeting ID: 576 810 349. 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 IR@markel.com.
Supplemental Financial Information
Markel Group manages the business and assesses performance using a variety of performance metrics, each reflecting a different time horizon and serving a different purpose, rather than relying upon a single metric.
Short-term Performance Metrics
In analyzing our current period performance, we believe adjusted operating income is the best metric to assess the performance of our operating businesses. Adjusted operating income excludes the market value movement in our equity portfolio and amortization of acquired intangible assets.
The following table summarizes adjusted operating income by segment.
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||
(dollars in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||
Markel Insurance | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)420,897 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)428,475 | (2)(EQNX::nobreakspace)% | $(EQNX::nobreakspace)(EQNX::nobreakspace)1,166,877 | $(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)(EQNX::nobreakspace)980,345 | 19(EQNX::nobreakspace)% | |||||
Industrial | 131,142 | 101,302 | 29(EQNX::nobreakspace)% | 255,862 | 263,579 | (3)(EQNX::nobreakspace)% | |||||
Financial | 80,074 | 61,407 | 30(EQNX::nobreakspace)% | (32,661) | 219,440 | NM (1) | |||||
Consumer and Other | 31,221 | 17,372 | 80(EQNX::nobreakspace)% | 193,122 | 151,283 | 28(EQNX::nobreakspace)% | |||||
Corporate and eliminations | 44,063 | 12,461 | 254(EQNX::nobreakspace)% | 58,064 | 63,237 |
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