Fintech PR
Mauve Group announced winner of ‘Global Remote Work Solutions’ at the Go Global Awards
- Mauve is awarded the ‘Global Remote Work Solutions’ category at the Go Global awards.
- Hosted in Rhode Island, the award ceremony brings together global business leaders, government officials, and potential investors.
- Mauve is proud to announce its fifth nomination and fourth win of the year.
LONDON, Nov. 17, 2023 /PRNewswire/ — Mauve Group is delighted to announce it has won the ‘Global Remote Work Solutions’ award at the Go Global Awards 2023.
Held during a live three-day event, in partnership with the International Trade Council and the Rhode Island Commerce Corporation, the award ceremony celebrated the achievements of businesses of all sizes with innovative, export-ready products or services that have achieved significant success or market penetration in one or more international markets, or have garnered substantial investor and/or media interest.
Hundreds of business leaders and representatives from government bodies, trade associations, venture capital firms, and financial institutions were present for the event – which included meetings, conferences, site visits, and a final awards dinner.
The Global Workforce Solutions accolade – accepted by Mauve CEO, Ann Ellis; Marketing and PR Manager, Rosalind Smith; and PR and Communications Assistant, Ellie Simmons at the Gala Dinner on 8th November – recognises Mauve’s contribution to the global world of work.
The award application saw Mauve Group shortlisted from thousands of entrants – which led our team to deliver a presentation on Mauve Group’s global workforce solutions, to an audience and judging panel.
Mauve CEO Ann Ellis says, “Myself and team Mauve are thrilled to have received this award. Over the last 27 years, we’ve committed ourselves to providing consistent excellence in remote work solutions – to be recognised on an international scale, allows us to continue raising our profile and supporting more clients.”
This is Mauve’s fifth award nomination and fourth award win of 2023 to date – a testament to Mauve’s authenticity and expertise in an increasingly competitive sector.
About Mauve:
With over 27 years of experience, Mauve Group is a leading global HR, Employer of Record, and business consultancy solutions provider. Mauve has developed the global knowledge, to support businesses of any size and industry planning to expand internationally.
For more information, please contact Ellie Simmons [email protected] or visit www.mauvegroup.com.
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Fintech PR
Markel Group reports 2024 third quarter and nine-months results
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 |
|||
Operating revenues: |
|||||||
Insurance |
$ 2,185,758 |
$ 2,208,352 |
$ 6,519,744 |
$ 6,327,165 |
|||
Investments: |
|||||||
Net investment income |
233,384 |
191,015 |
671,042 |
518,536 |
|||
Net investment gains (losses) |
917,530 |
(265,917) |
1,689,794 |
591,173 |
|||
Other |
14,971 |
(5,033) |
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 |
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 |
$ 69,870 |
$ 458,023 |
$ 444,571 |
|||
Investments: |
|||||||
Net investment income |
233,384 |
191,015 |
671,042 |
518,536 |
|||
Net investment gains (losses) |
917,530 |
(265,917) |
1,689,794 |
591,173 |
|||
Other |
14,971 |
(5,033) |
45,174 |
(13,791) |
|||
Total Investments |
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) |
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 |
$ 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 |
$ 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. |
(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 |
Years Ended December 31, |
||||||||
(dollars in thousands) |
2024 |
2023 |
2022 |
2021 |
2020 |
||||
Operating income (loss): |
|||||||||
Insurance (1) |
$ 458,023 |
$ 348,145 |
$ 928,709 |
$ 718,800 |
$ 136,985 |
||||
Investments (2) |
2,406,010 |
2,241,419 |
(1,167,548) |
2,353,124 |
989,564 |
||||
Markel Ventures |
388,040 |
519,878 |
404,281 |
330,120 |
306,650 |
||||
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) |
(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 |
$ 1,524,054 |
$ (1,595,733) |
$ 1,978,534 |
$ 617,979 |
||||
Compound annual growth rate in closing stock price |
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. |
(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 |
Years Ended December 31, |
|||||||||||||
(dollars in thousands) |
2024 |
2023 |
2024 |
2023 |
2023 |
2022 |
2021 |
2020 |
|||||||
Insurance operating income (loss): |
|||||||||||||||
Insurance segment |
$ 109,584 |
$ 25,092 |
$ 350,073 |
$ 256,247 |
$ 162,176 |
$ 549,871 |
$ 696,413 |
$ 169,001 |
|||||||
Reinsurance segment |
(33,531) |
(5,812) |
(20,200) |
33,606 |
(19,265) |
83,859 |
(55,129) |
(75,470) |
|||||||
Other insurance operations |
69,220 |
50,590 |
128,150 |
154,718 |
205,234 |
294,979 |
77,516 |
43,454 |
|||||||
Insurance |
$ 145,273 |
$ 69,870 |
$ 458,023 |
$ 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 |
Years Ended December 31, |
|||||||||||||
(dollars in thousands) |
2024 |
2023 |
2024 |
2023 |
2023 |
2022 |
2021 |
2020 |
|||||||
Operating income (loss) |
$ 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 |
46,459 |
47,545 |
134,981 |
136,367 |
180,614 |
178,778 |
160,539 |
159,315 |
|||||||
Impairment of goodwill |
— |
— |
— |
— |
— |
80,000 |
— |
— |
|||||||
Consolidated segment |
$ 1,417,785 |
$ 120,355 |
$ 3,252,073 |
$ 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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Fintech PR
Aker Solutions ASA: Proposed extraordinary cash dividend of NOK 21 per share, in total NOK 10 billion
OSLO, Norway, Oct. 30, 2024 /PRNewswire/ — The Board of Directors of Aker Solutions ASA (“Aker Solutions”) has proposed to pay out an extraordinary cash dividend of NOK 21.00 per share, pending approval in an Extraordinary General Meeting (EGM) to be held on November 22, 2024.
- Dividend amount: NOK 21.00 per share
- Total dividend amount (excluding own shares): NOK 10 billion
- Last day including right: 22 November 2024
- Ex-date: 25 November 2024
- Record date: 26 November 2024
- Payment date: 2 December 2024
- Date of approval (EGM): 22 November 2024
The Board of Directors of Aker Solutions has today resolved to propose paying an extraordinary dividend of NOK 21.00 per share. Aker Solutions has a total of 492 167 089 outstanding shares, of which 13 708 424 shares are held by Aker Solutions at the date hereof. Own shares will not be entitled to the dividend. The proposed extraordinary dividend is based on the approved annual accounts for 2023. Notice of the EGM will be distributed separately.
“The extraordinary dividend proposed by the Board of Directors reflects the value creation in Aker Solutions over time. After the dividend payment, the company will maintain a solid balance sheet, enabling continued development of the company and its employees, in addition to creating solid shareholder returns”, said Leif-Arne Langøy, Chairman of the Board at Aker Solutions.
“I am proud of the fact that we are delivering on our ambitious targets and that we continue to serve our investors through an attractive capital allocation strategy”, said Kjetel Digre, Chief Executive Officer at Aker Solutions.
CONTACT:
Preben Ørbeck
investor relations
[email protected]
+47 470 10 611
Hallvard Norum
media contact
[email protected]
+47 913 80 820
This information was brought to you by Cision http://news.cision.com
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Fintech PR
MilDef signs contracts with BAE Systems Hägglunds for IT equipment in CV90 deliveries to Central Europe worth MSEK 200
HELSINGBORG, Sweden, Oct. 30, 2024 /PRNewswire/ — MilDef has been entrusted with the delivery of rugged IT equipment for operator stations in newly manufactured CV90 combat vehicles, which BAE Systems Hägglunds will deliver to Armed Forces in Central Europe. The agreement is initially worth MSEK 200 and deliveries will take place in 2025-2029. Given the outcome from options, the total value can reach MSEK 280.
The orders now won are a natural continuation of a long-standing collaboration with BAE Systems Hägglunds in Örnsköldsvik and cover IT equipment for the toughest conditions and most challenging environments, which prevents information from being interrupted, intercepted or disrupted. MilDef’s delivery of robust IT equipment will contribute to the capability-enhancing digitization of the newly manufactured CV90s to be delivered to Central European NATO nations.
“We are proud to deliver capabilities to what is considered the world’s best combat vehicles. This trust is based on a combination of long-standing relationships, proven technology and co-created cutting-edge technology development. Together with BAE Systems Hägglunds, we demonstrate the technological excellence of the Nordic defense industrial system and the responsibility the companies take to strengthen European security of supply and defense capabilities,” says Daniel Ljunggren, President and CEO of MilDef.
The CV90 combat vehicle is a family of armored vehicles developed by BAE Systems Hägglunds in Örnsköldsvik. The CV90 has been selected by 10 nations and is a proven platform that has proven its combat capability in both Afghanistan and Ukraine.
The information was submitted for publication, through the agency of the contact persons set out below at 17:00 CET on October, 30, 2024.
CONTACT:
For more information, please contact:
Daniel Ljunggren, CEO and President
Phone: +46 70 668 00 15
Email: [email protected]
Olof Engvall, Head of IR & Communications
Phone: +46 735 41 45 73
Email: [email protected]
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
MilDef BAE Hägglunds CV90 ENG |
|
https://news.cision.com/mildef-group-ab/i/cv90-bae-systems-hagglunds,c3347495 |
CV90 BAE Systems Hägglunds |
https://news.cision.com/mildef-group-ab/i/bae-systems-cv90-combat-vehicle,c3347177 |
BAE Systems CV90 combat vehicle |
https://news.cision.com/mildef-group-ab/i/mildef-products,c3347152 |
MilDef products |
https://news.cision.com/mildef-group-ab/i/daniel-ljunggren-utanfor-mildef,c3347153 |
Daniel Ljunggren utanför MilDef |
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