Fintech PR
Markel Group reports 2023 second quarter and six-months results
RICHMOND, Va., Aug. 2, 2023 /PRNewswire/ — Markel Group Inc. (NYSE:MKL) today reported its financial results for the second quarter of 2023. The Company also announced today it filed its Form 10-Q for the quarter ended June 30, 2023 with the Securities and Exchange Commission.
“Insurance, Investments, and Markel Ventures all contributed to solid operating results in the second quarter,” said Tom Gayner, Chief Executive Officer. “Markel Ventures recorded strong margins and cash flows, our insurance business increased gross written premiums while maintaining our long-term discipline of profitable underwriting and conservative reserving, and investment income grew significantly amid higher interest rates. I am grateful to the more than 20,000 people in our family of companies who work every day to drive results like these as we continue our journey to build one of the world’s great companies.”
The following tables present summary financial data for the quarters and six months ended June 30, 2023 and 2022. Generally accepted accounting principles (GAAP) require that we include unrealized gains and losses on equity securities in net income. Given the magnitude of our equity portfolio, we believe that this approach creates volatility in revenues and net income that can obscure the operating performance of our businesses and does not align with our long-term investment philosophy. As of June 30, 2023, the fair value of our equity portfolio included cumulative unrealized gains of $5.4 billion.
|
Quarter Ended June 30, |
Six Months Ended June 30, |
||||||
|
(dollars in thousands, except per share amounts) |
2023 |
2022 |
2023 |
2022  |
|||
|
Earned premiums |
$ 2,031,143 |
$ 1,833,104 |
$ 3,998,847 |
$ 3,592,874 |
|||
|
Markel Ventures operating revenues |
$ 1,386,579 |
$ 1,361,398 |
$ 2,491,259 |
$ 2,311,790 |
|||
|
Net investment income |
$ 169,693 |
$ 96,795 |
$ 329,028 |
$ 189,099 |
|||
|
Net investment gains (losses) |
$ 484,527 |
$ (1,554,643) |
$ 857,090 |
$ (1,913,042) |
|||
|
Comprehensive income (loss) to shareholders |
$ 564,549 |
$ (1,217,688) |
$ 1,210,914 |
$ (1,729,602) |
|||
|
Diluted net income (loss) per common share |
$ 50.09 |
$ (69.15) |
$ 87.34 |
$ (75.56) |
|||
|
Combined ratio |
93 % |
91 % |
93 % |
90 % |
|||
Highlights of results from the quarter and six months:
- Earned premiums grew 11% for both the quarter and six months ended June 30, 2023, reflecting growth in gross premium volume from new business and more favorable rates.
- The higher combined ratio for the quarter and six months ended June 30, 2023 was primarily due to a higher attritional loss ratio in 2023 compared to 2022.
- Markel Ventures operating income for the quarter and six months ended June 30, 2023 grew 40% and 42%, respectively, driven by higher operating margins at our products businesses.
- Net investment income for the quarter and six months ended June 30, 2023 increased 75% and 74%, respectively, as a result of higher interest rates during the first half of 2023 compared to the first half of 2022.
- Net investment gains in 2023 reflect an increase in the fair value of our equity portfolio resulting from favorable market value movements.
- Comprehensive income to shareholders for the quarter and six months ended June 30, 2023 reflects strong contributions from all three operating engines.
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. We generally use five-year periods to measure our performance. Over the five-year period ended June 30, 2023, our share price increased at a compound annual rate of 5%. While this measure, considered independently of other factors, falls below our internal targets, we remain confident in the strong operating performance of our businesses.
The compound annual growth in book value per common share over the five-year period ended June 30, 2023 was 8%. We give consideration to the following information when assessing this measure:
- Amortization expense – As we grow through acquisitions, our intangible assets grow. GAAP requires that we amortize a portion of these acquired intangible assets, which is a non-cash charge to net income. Amortization of acquired intangible assets for the five-year period ended June 30, 2023 totaled $793.6 million.
- Unrealized gains and losses on fixed maturity securities – We invest in high credit quality, investment grade securities, with durations that are matched to the expected timing of claims-related payments. As such unrealized gains and losses from our bond portfolio are generally expected to reverse as the securities mature. The fair value of our bond portfolio included cumulative pre-tax unrealized losses of $907.9 million as of June 30, 2023 compared to cumulative pre-tax unrealized gains of $108.5 million as of June 30, 2018.
- Value of our businesses – Book value does not include changes in the fair value of our acquired businesses or equity method investments, other than decreases arising from an impairment. Acquired businesses include our Markel Ventures, insurance-linked securities (ILS) and program services businesses.
* * * * * * * *
A copy of our Form 10-Q is available on our website at mklgroup.com 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, August 3, 2023, 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 (888) 660-9916 in the U.S., or (646) 960-0452 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].
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, 2022, 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 June 30, 2023, 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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VILNIUS, Lithuania, Jan. 13, 2025 /PRNewswire/ — The ARMswap team is thrilled to announce the launch of its 1st version of its DeFi protocol. The web3 world is booming with numerous layer-1 and layer-2 blockchains, each having their unique algorithms and capabilities. However, their closed architecture hinders seamless interaction and information flow between networks, creating inefficiencies. ARMswap’s launch addresses this fundamental inefficiency in the current blockchain architecture and introduces a more optimized version of the multi-directional cross-chain swaps and bridges.
Simplifying Cross-Chain Transactions
“The fragmentation of blockchain networks has been a critical issue, and users were compelled to navigate through various DEXs and third-party bridges to perform a single cross-chain transaction,” notes the CTO of ARMswap. “ARMswap’s launch represents a watershed moment in addressing this fragmentation that has constrained Defi’s evolution.”
ARMswap’s architecture, validated through rigorous security audits by the leading Blockchain security firm Hashlock, combines advanced cryptographic protection for user funds. ARMswap’s protocol delivers secure and rapid swap/bridge operations, setting new industry benchmarks for transaction processing efficiency.
The platform supports 31 blockchains and their native coins in its V1 launch in Jan 2025, with plans for expansion to include more blockchains every quarter.
In V2, ARMswap will integrate with protocols like Chainlink, Axelar network, Layer zero, Wormhole, etc., to provide extensive coverage of EVM & non-EVM chains. In V3, Armswap will introduce its own framework for relayers and oracles for seamless interoperability across Web3.
ARMSP Fair Launch
ARMswap is launching its utility token, ARMSP, in Jan 2025, incentivizing liquidity providers to actively participate in the ecosystem and to share platform and pool returns with the platform participants.
ARMswap is also releasing its DeFi Mobile App (IOS & Android) in March 2025, enabling users to connect their existing wallets and perform swap transactions and participate in liquidity pools and rewards.
Limited Supply
Join the ARMswap V1 platform and participate in the ARMSP token Fair Launch on 13th Jan 2025, with a limited supply of 400 million tokens out of 1.25 billion max supplies. Early participants can enjoy bonuses and earn rewards through the ARMswap MVP program. After a 12-month vesting period, ARMSP will be listed on all major exchanges globally.
About ARMswap:
ARMswap UAB simplifies cross-chain asset transfers and brings the power of Web3 and the de-centralization of blockchains into our daily lives and businesses.
Website: www.armswap.com
For Media Inquiries:
Contact Name: Husnain Aslam
Title: Chief Technology Officer
Email: [email protected]
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Fintech PR
Pricer and Focal Systems Announce Strategic Collaboration to Drive the Next Step in Physical Store Digitalization
Pricer, a global leader in digital shelf-edge solutions, and Focal Systems, a leader in shelf-edge AI, today announced a strategic collaboration to accelerate the digitization and optimization of the physical store for retailers worldwide.
STOCKHOLM, Jan. 13, 2025 /PRNewswire/ — This collaboration brings together Pricer’s innovations in dynamic pricing and shelf-edge communication with Focal Systems’ advanced computer vision and product availability solutions to maximize shopper satisfaction while optimizing retail operations.
As a pioneer in enabling dynamic pricing and digitizing shelf-edge shopper communication, Pricer has led the first step of the retail digitalization journey. Focal Systems has pioneered the application of computer vision to digitizing what products are available on-shelf or not in near real-time. Together, Pricer and Focal Systems will empower retailers to improve labor efficiency, reduce out-of-stocks, increase sales, and enhance shopper satisfaction like never before.
Enhancing the Shelf Edge Through Collaboration
By integrating Focal Systems’ AI-powered shelf vision cameras with Pricer’s leading electronic shelf label (ESL) platform, retailers will benefit from:
- Real-Time Shelf Insights: Automated detection and alerting of out-of-stock or low items powering rapid replenishment and increased shopper satisfaction
- Dynamic Task Automation: Streamlined workflows and prioritized tasks to improve operational efficiency for store staff.
- Patented Innovation: Camera-based out of stock detection and communication, flashing ESLs, alternate location communication.
- Seamless Integration: Standardized API connections that deliver out-of-the-box value, offering synchronized ESL flashes, messaging updates, and shelf-edge intelligence.
Together, Pricer and Focal Systems demonstrate that the combined offerings deliver measurable value for the retailers by enabling a fully digitalized shelf-edge ecosystem.
Strategic Collaboration for the Future of Retail
“We are proud to combine our leadership in ESL technology with Focal Systems’ AI-powered shelf vision,” said Chris Chalkitis, CDO at Pricer. “Both companies share a belief in the digitalization of the physical store. Pricer has been a pioneer in dynamic pricing and shelf-edge communication. With Focal Systems, we take the next step, digitizing what’s on the shelf – and what’s not – to drive greater efficiency and performance for retailers.”
Focal Systems’ AI technology transforms retail operations through real-time shelf monitoring and replenishment task optimization.
“Partnering with Pricer, a global leader with groundbreaking ESL technology and innovation, creates tremendous value for retailers,” said Kevin H. Johnson, CEO at Focal Systems. “Together, we deliver an integrated, data-driven solution that reduces operational complexity, automates workflows, and enhances the in-store experience. We look forward to demonstrating this powerful collaboration to retailers and their customers.”
Showcasing the Future at NRF 2025
The collaboration will officially debut at the National Retail Federation (NRF) Big Show in January 2025, where Pricer and Focal Systems will showcase the integrated solution at Pricer’s booth. This marks the beginning of an exciting journey to redefine the shelf edge and set new standards for retail innovation.
For further information, please contact:
Chris Chalkitis, Chief Digital Officer, +46 70 4849812
Finn Wikander, Chief Product Officer, +46 705 233077
[email protected]
About Pricer
Pricer is a leading global provider of digital shelf-edge solutions, helping retailers optimize pricing, improve operational efficiency, and enhance the customer experience. With patented innovations like camera-based product identification by ESL, Pricer continues to set the standard for dynamic, intelligent shelf-edge solutions. For more information, visit www.pricer.com.
About Focal Systems
Focal Systems is a leading provider of AI-powered computer vision solutions, helping retailers automate operations and optimize product availability through real-time shelf monitoring. Its advanced technology delivers actionable insights that drive efficiency and profitability. For more information, visit www.focal.systems.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
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https://mb.cision.com/Main/715/4090287/3201221.pdf |
2025-01-12_Pricer_Focal_ENG |
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– Office to corporation conversion reinforces local operations heightening global competitiveness
SEOUL, South Korea, Jan. 13, 2025 /PRNewswire/ — KT&G (KRX : 033780) is establishing a corporation in Uzbekistan handing local operations for earnest market expansion and increased profitability, aiming to strengthen competitiveness in the Eurasian region.
In 2023, KT&G set up an office in Uzbekistan and entered the market with the superslim brand “ESSE”.
Through the corporation conversion of the Uzbekistan office, KT&G plans to reinforce long-term competitiveness in the Eurasian region. To increase market presence, KT&G will increase the size of the local workforce by four times, and continue to widen distribution coverage by establishing detailed operational networks.
KT&G also plans to grow “ESSE” as a major brand in the Uzbekistan market, anticipating revenue and profit growth from market expansion.
KT&G has established regional CIC’s (Company-In-Company) in Eurasia and the Asia-Pacific regions to facilitate global business expansion. KT&G currently is operating in 132 countries across the globe through six sales corporations and three branches. Going forward, KT&G will continue to expand its global corporations to support direct global operations and continue efforts to increase profitability.
A KT&G spokesperson said that “the establishment of the Uzbekistan corporation is part of the ongoing investment and innovation for the leap to a ‘Global Top-Tier.’ KT&G will continue its global growth trends by reinforcing local operations.”
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