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 Advertisement
Operating revenues:
Insurance	$    2,185,758		$        2,208,352		$    6,519,744		$        6,327,165
Investments:
Net investment income	233,384		191,015 Advertisement		671,042		518,536
Net investment gains (losses)	917,530		(265,917)		1,689,794		591,173
Other	14,971		(5,033) Advertisement		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 Advertisement		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 Advertisement		$             69,870		$        458,023		$           444,571
Investments:
Net investment income	233,384		191,015		671,042		518,536
Net investment gains (losses) Advertisement	917,530		(265,917)		1,689,794		591,173
Other	14,971		(5,033)		45,174		(13,791)
Total Investments Advertisement	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) Advertisement	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 Advertisement	$    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 Advertisement	$           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. Advertisement

(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 Advertisement		2020
Operating income (loss):
Insurance (1)	$     458,023		$     348,145		$     928,709		$     718,800		$     136,985
Investments (2)	2,406,010 Advertisement		2,241,419		(1,167,548)		2,353,124		989,564
Markel Ventures	388,040		519,878		404,281		330,120		306,650 Advertisement
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) Advertisement		(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 Advertisement		$  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. Advertisement
(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) Advertisement	2024		2023		2024		2023		2023		2022		2021		2020
Insurance operating income (loss):
Insurance segment Advertisement	$  109,584		$       25,092		$  350,073		$     256,247		$  162,176		$  549,871		$  696,413		$  169,001
Reinsurance segment	(33,531) Advertisement		(5,812)		(20,200)		33,606		(19,265)		83,859		(55,129)		(75,470)
Other insurance operations	69,220		50,590 Advertisement		128,150		154,718		205,234		294,979		77,516		43,454
Insurance	$  145,273		$       69,870		$  458,023 Advertisement		$     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, Advertisement
(dollars in thousands)	2024		2023		2024		2023		2023		2022		2021		2020
Operating income (loss) Advertisement	$  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 Advertisement		47,545		134,981		136,367		180,614		178,778		160,539		159,315
Impairment of goodwill	—		— Advertisement		—		—		—		80,000		—		—
Consolidated segment operating income	$  1,417,785		$   120,355		$  3,252,073 Advertisement		$  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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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

https://news.cision.com/mildef-group-ab/r/mildef-signs-contracts-with-bae-systems-hagglunds-for-it-equipment-in-cv90-deliveries-to-central-eur,c4058624

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https://mb.cision.com/Main/20537/4058624/3086203.pdf	MilDef BAE Hägglunds CV90 ENG
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https://news.cision.com/mildef-group-ab/i/mildef-products,c3347152	MilDef products
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In today’s fast-paced fintech ecosystem, the global narrative is pivoting towards integration, regulation, and technological advancement as new entrants aim for U.S. markets, emerging startups seek growth capital, and financial giants align with innovative trends. Here’s a breakdown of recent developments that underline the dynamism in fintech and the paths to profitability and compliance as technologies reshape financial services globally.

Singapore’s MAS Advocates for a Borderless Fintech Network

The Monetary Authority of Singapore (MAS) recently emphasized the importance of cross-border collaboration in the global fintech ecosystem, with chairman Ravi Menon outlining a vision for a seamless fintech network. This network would transcend geographic and regulatory boundaries, allowing Singapore and its fintech entities to engage in mutually beneficial partnerships worldwide. Menon highlighted that Singapore’s strategic geographic position and regulatory environment make it a natural hub for fintech collaborations that advance financial inclusion and foster innovation.

This call for a borderless approach underscores the need for interoperability among financial systems globally, particularly as digital payments and decentralized finance become increasingly prevalent. Singapore’s initiatives signal that regions with supportive fintech policies can potentially drive new growth avenues in the digital economy.

Source: Channel News Asia

Thredd’s McCarthy to Fintech Entrants: Be Sponsor-Bank Ready for the U.S. Market

Fintech firms eyeing the U.S. market face a challenging regulatory landscape. John McCarthy of Thredd advises that those looking to enter the U.S. market should prioritize establishing sponsor-bank partnerships. The U.S. regulatory framework mandates that fintech companies collaborate with sponsor banks to access the financial system, making this step a critical milestone for fintechs aiming to operate stateside.

McCarthy’s guidance highlights an increasingly common barrier for fintech companies: navigating complex regulatory requirements to gain a foothold in the lucrative U.S. financial sector. For many, this means rethinking business models to comply with financial regulations, even as they innovate. This approach has led several fintech firms to secure sponsorship deals with established banks, enabling them to deliver compliant financial services to U.S. consumers.

Source: PYMNTS

Spidr Fintech Lands Funding to Drive Growth with Wells Fargo Backing

Spidr, a rising fintech star, has successfully raised capital, attracting the attention of Wells Fargo and other financial institutions. The fresh funding will fuel Spidr’s ambitious expansion plans, further positioning it as a formidable player in the fintech space. This backing from Wells Fargo represents a trend where major financial institutions are investing in or partnering with fintech startups to gain a competitive edge and meet evolving consumer expectations.

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For Spidr, the capital injection aligns with a robust strategy for market penetration, and it’s an opportunity to leverage Wells Fargo’s extensive network and resources. Spidr’s latest round of funding signifies that traditional banks are increasingly open to collaborations with fintech entities, a trend that is reshaping the financial services landscape as banks seek to stay competitive in the digital age.

Source: Charlotte Business Journal

Elphinstone’s Trikl: Innovating Digital Payments in MENA

Elphinstone, a digital payments startup based in MENA, is introducing its innovative solution, Trikl, aimed at transforming payments across the region. The startup’s recent developments underscore its commitment to creating accessible and user-friendly payment systems tailored for the MENA market’s unique dynamics. By addressing specific needs such as currency exchange complexities and local payment preferences, Trikl is positioning itself as a key player in the digital payments landscape.

Trikl’s approach is particularly noteworthy as it caters to the MENA market’s diverse consumer base and taps into the region’s growing appetite for digital financial services. This development represents a promising advancement in digital payment solutions, fostering greater financial inclusion and enabling smoother transactions across borders in MENA.

Source: Menabytes

Hong Kong Sets Rules on Responsible AI to Get Ahead of Disruptive Tech

Hong Kong has unveiled regulatory guidelines on responsible AI use, a proactive move that places it among the leading jurisdictions in AI governance. This development signals Hong Kong’s recognition of the transformative impact of AI on financial services, as it sets clear boundaries on how AI can be used responsibly in financial applications. With AI continuing to disrupt financial services, responsible usage is becoming a priority, particularly in regions where financial systems are heavily reliant on technology.

These guidelines aim to balance innovation with accountability, addressing concerns over data privacy, ethical considerations, and risk management. Hong Kong’s stance on AI regulation reflects its commitment to safeguarding both consumers and financial institutions, setting a high standard for other regions to emulate in terms of regulatory foresight.

Source: South China Morning Post

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The post Fintech Pulse: A Snapshot of Global Expansion, Regulatory Moves, and Transformative Tech in Fintech appeared first on HIPTHER Alerts.