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Markel Corporation publishes full-year numbers

Markel Corporation publishes full-year numbers | Insurance Business UK

Markel Corporation publishes full-year numbers

Markel Corporation has released its financial results for what the company’s co-CEOs described as a “record-setting” year.

Here’s how the insurance group performed in the year ended December 31, 2021:

Metric

2021

2020

Net income to shareholders

US$2.4 billion

US$816 million

Underwriting profit

US$628.1 million

US$127.6 million

Net investment income

US$374.6 million

US$371.8 million

Markel Ventures net income

US$174.4 million

US$145.4 million

 

The group’s insurance segment posted an underwriting profit of US$696.4 million, a 312% increase from the corresponding figure in 2020. The reinsurance unit, however, suffered an underwriting loss worth US$55.2 million.

In a joint statement, Markel co-chief executive officers Thomas S. Gayner and Richard R. Whitt commented: “Our 2021 results show what we can achieve when all three of our operating engines – insurance, investments, and Markel Ventures – power us forward.

“Each contributed in meaningful ways to a record-setting 2021 across many financial metrics, including operating revenues and operating income, among others.”

The Markel Ventures segment spans a portfolio of businesses from different industries.

Meanwhile, the co-CEOs added: “Our underwriting operations delivered a 90% combined ratio, which reflected the impact of recent underwriting actions we’ve taken to enhance our profitability while growing gross premium volume to US$8.5 billion.”

The duo also thanked Markel’s employees, trading partners, and customers for their “tremendous” role in the latest set of financial results.