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 $696.4 million, a 312% increase from the corresponding figure in 2020. The reinsurance unit, however, suffered an underwriting loss worth $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 $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.
