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Markel Group reports 2024 third quarter and nine-months results

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RICHMOND, Va., Oct. 30, 2024 /PRNewswire/ — Markel Group Inc. (NYSE: MKL) today reported its financial results for the third quarter of 2024. The Company also announced today it filed its Form 10-Q for the quarter ended September 30, 2024 with the Securities and Exchange Commission. Markel Group aspires to build one of the world’s great companies and deploys three financial engines in pursuit of this goal: Insurance, Investments and Markel Ventures.

“We’ve consistently emphasized the value of our family of businesses that have found a home under the Markel Group umbrella. The results of 2024 so far underscore that benefit. Many of our businesses performed exceptionally, others made solid improvements where there was room for improvement, and a few faced slowdowns or challenges,” said Tom Gayner, Chief Executive Officer. “Overall, we achieved strong results, and we’re confident in our long-term ability for that to continue to be the case.”

The following table presents summary financial data, by engine, for the quarters and nine months ended September 30, 2024 and 2023.

Quarter Ended September 30,

Nine Months Ended September 30,

(dollars in thousands, except per share amounts)

2024

2023

2024

2023

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Operating revenues:

Insurance

$    2,185,758

$        2,208,352

$    6,519,744

$        6,327,165

Investments:

Net investment income

233,384

191,015

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671,042

518,536

Net investment gains (losses)

917,530

(265,917)

1,689,794

591,173

Other

14,971

(5,033)

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45,174

(13,791)

Total Investments

1,165,885

(79,935)

2,406,010

1,095,918

Markel Ventures

1,259,621

1,246,769

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3,854,008

3,738,028

Total operating revenues

$    4,611,264

$        3,375,186

$  12,779,762

$      11,161,111

Operating income:

Insurance (1)

$        145,273

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$             69,870

$        458,023

$           444,571

Investments:

Net investment income

233,384

191,015

671,042

518,536

Net investment gains (losses)

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917,530

(265,917)

1,689,794

591,173

Other

14,971

(5,033)

45,174

(13,791)

Total Investments

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1,165,885

(79,935)

2,406,010

1,095,918

Markel Ventures

106,627

130,420

388,040

392,648

Consolidated segment operating income (2)

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1,417,785

120,355

3,252,073

1,933,137

Amortization of acquired intangible assets

(46,459)

(47,545)

(134,981)

(136,367)

Total operating income

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$    1,371,326

$             72,810

$    3,117,092

$        1,796,770

Comprehensive income (loss) to shareholders

$    1,329,458

$         (107,500)

$    2,482,199

$        1,103,414

Diluted net income per common share

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$           66.25

$                3.14

$         160.42

$               90.69

Combined ratio

96.4 %

99.1 %

95.1 %

95.4 %

(1)     See “Supplemental Financial Information” for the components of our Insurance engine operating income.

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(2)     See “Non-GAAP Financial Measures” for additional information on this non-GAAP measure.

 

Highlights of results from the quarter and nine months:

  • Operating revenue growth of 37% and 15% for the quarter and nine months ended September 30, 2024, respectively, as well as significant growth in operating income, was driven by our Investments engine.
  • Our Investments engine benefited from more favorable market value movements within our equity portfolio in 2024 compared to 2023. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. This may lead to short-term volatility in revenues and operating income that temporarily obscures our underlying operating performance.
  • Net investment income within our Investments engine increased 22% and 29% for the quarter and nine months ended September 30, 2024, respectively, reflecting higher interest rates and increased investment holdings in 2024 compared to 2023.
  • Our Insurance engine benefited from strong performance by our international operations, the favorable impact of underwriting actions by our U.S. operations and continued growth in our program services business in 2024, while the performance of our Reinsurance segment was negatively impacted by elevated levels of losses on certain product lines.
  • Underwriting results for the quarter and nine months ended September 30, 2024 included $62 million of net losses and loss adjustment expenses attributed to Hurricane Helene, or three points and one point on the quarter-to-date and year-to-date consolidated combined ratio, respectively.
  • Our Markel Ventures engine grew operating revenues in 2024 driven by our consumer and building products businesses, while operating income decreased due in part to lower operating margins at certain of our businesses.

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 also 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,

Years Ended December 31,

(dollars in thousands)

2024

2023

2022

2021

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2020

Operating income (loss):

Insurance (1)

$     458,023

$     348,145

$     928,709

$     718,800

$     136,985

Investments (2)

2,406,010

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2,241,419

(1,167,548)

2,353,124

989,564

Markel Ventures

388,040

519,878

404,281

330,120

306,650

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Consolidated segment operating income (3)

3,252,073

3,109,442

165,442

3,402,044

1,433,199

Amortization and impairment

(134,981)

(180,614)

(258,778)

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(160,539)

(159,315)

Total operating income (loss)

$  3,117,092

$  2,928,828

$      (93,336)

$  3,241,505

$  1,273,884

Net investment gains (losses) (2)

$  1,689,794

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$  1,524,054

$ (1,595,733)

$  1,978,534

$     617,979

Compound annual growth rate in closing stock price
per share from December 31, 2019 to September 30, 2024

7 %

(1)

See “Supplemental Financial Information” for the components of our Insurance engine operating income.

(2)

Investments engine operating income includes net investment gains (losses), which are primarily comprised of unrealized gains and losses on equity securities.

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(3)

See “Non-GAAP Financial Measures” for additional information on this non-GAAP measure.

 

* * * * * * * *

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 31, 2024, 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 (800) 715-9871 in the U.S., or (646) 307-1963 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 presents the components of our Insurance engine operating income.

Quarter Ended September 30,

Nine Months Ended
September 30,

Years Ended December 31,

(dollars in thousands)

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2024

2023

2024

2023

2023

2022

2021

2020

Insurance operating income (loss):

Insurance segment

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$  109,584

$       25,092

$  350,073

$     256,247

$  162,176

$  549,871

$  696,413

$  169,001

Reinsurance segment

(33,531)

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(5,812)

(20,200)

33,606

(19,265)

83,859

(55,129)

(75,470)

Other insurance operations

69,220

50,590

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128,150

154,718

205,234

294,979

77,516

43,454

Insurance

$  145,273

$       69,870

$  458,023

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$     444,571

$  348,145

$  928,709

$  718,800

$  136,985

 

Non-GAAP Financial Measures
Consolidated segment operating income is a non-GAAP financial measure as it represents the total of the segment operating income from each of our operating segments and excludes items included in operating income. Consolidated segment operating income excludes amortization of acquired intangible assets and goodwill impairments arising from purchase accounting as they do not represent costs of operating the underlying businesses. The following table reconciles operating income to consolidated segment operating income.

Quarter Ended September 30,

Nine Months Ended
September 30,

Years Ended December 31,

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(dollars in thousands)

2024

2023

2024

2023

2023

2022

2021

2020

Operating income (loss)

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$  1,371,326

$     72,810

$  3,117,092

$  1,796,770

$  2,928,828

$    (93,336)

$  3,241,505

$  1,273,884

Amortization of acquired
intangible assets

46,459

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47,545

134,981

136,367

180,614

178,778

160,539

159,315

Impairment of goodwill

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80,000

Consolidated segment
operating income

$  1,417,785

$   120,355

$  3,252,073

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$  1,933,137

$  3,109,442

$   165,442

$  3,402,044

$  1,433,199

 

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 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, 2023, 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, 2024, including under “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”. 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.

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving IndiaSingapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of IndiaSingapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024

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OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint. 

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

  • The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase.  These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
  • Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million). 
    Revenue from the Precious Metals business decreased to $217.6 million in 2024
    (2023 – $328.4 million):
    • Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
    • Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
    • Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
  • Revenue from the Circulation business increased to $35.1 million in 2024 
    (2023 – $32.2 million):
    • Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
    • Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
  • Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.

Consolidated results and financial performance 
(in millions) 

13 weeks ended

39 weeks ended

      Change

         Change

September
28, 2024

September
30, 2023

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$

%

September
28, 2024

September

 30, 2023

$

%

Revenue

$

252.7

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$ 360.6

(107.9)

(30)

$    861.2

$ 1,841.8

(980.6)

(53)

Profit (loss) for the

     period

$

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5.7

 

$   (5.8)

 

11.5

 

 

(198)

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$      24.1

 

$      15.0

 

9.1

 

61

Profit (loss) before
     income tax and
     other items 1

$

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1.4

$   (8.7)

10.1

 

(116)

$      12.3

$      23.4

(11.1)

(47)

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Profit (loss) before
     income tax and
     other items margin2

0.6 %

(2.4) %

1.4 %

1.3 %

(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report.

(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.

 

As at

             September 28, 2024

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December 31, 2023

$ Change

% Change

Cash

$

58.4

$

59.8

(1.4)

(2)

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Inventories

$

71.5

$

68.8

2.7

4

Capital assets

$

174.2

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$

173.0

1.2

1

Total assets

$

376.8

$

380.4

(3.6)

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(1)

Working capital

$

99.2

$

97.8

1.4

1

As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.

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About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.  As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services.  As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations. 

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedInFacebook and Instagram

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities.  Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected] 

 

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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

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MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures. 

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact. 

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries. 

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

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