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
FII8 Day Three Ends with $70 Billion in Deals Announced
RIYADH, Saudi Arabia, Nov. 2, 2024 /PRNewswire/ — The Future Investment Initiative (FII) Institute wrapped up Day 3 of its 8th annual gathering in Riyadh, with an “Investment Day” under the theme of “Infinite Horizons: Investing Today, Shaping Tomorrow.” Leaders, investors, and innovators explored avenues to drive impactful investment in emerging markets, venture capital, and sustainable growth strategies, setting the stage for the future of global finance and economic development.
Richard Attias, CEO of the FII Institute, commented on the day’s events: “Today’s discussions underscored the power of targeted investments to transcend traditional boundaries, creating opportunities in markets that promise to shape the next economic era. Our collective focus on deploying capital with long-term vision and sustainability will guide us as we navigate an ever-changing landscape.”
Standout Moments from FII8 Day 3:
1. Opening Remarks by H.E. Faisal F. Alibrahim
H.E. Faisal F. Alibrahim, Minister of Economy & Planning for the Kingdom of Saudi Arabia opening remarks set the tone for the day, emphasizing the role of investment in Saudi Arabia’s economic transformation under Vision 2030, highlighting non-oil growth as pivotal for future diversification.
2. Panel on Alternative Asset Growth in Emerging Markets
Key insights were shared during a session featuring H.E. Mohammed El-Kuwaiz, Chairman, Capital Market Authority (CMA); Rishi Kapoor, Vice Chairman & CIO, Investcorp; Chip Kaye, Chairman, Warburg Pincus LLC which focused on new frontiers in alternative asset growth. This panel explored trends driving investments in emerging economies, spotlighting regions set to lead the next growth phase.
3. Capital Allocators Roundtable
A high-level discussion gathered influential leaders to discuss 2024’s projected impact for alternative assets and the diversification trends shaping institutional portfolios. The roundtable featured a diverse array of experts, including institutional investors, and thought leaders, all sharing insights on how alternative investments are becoming crucial in navigating economic uncertainties.
4. Venture Capital Hotspots: Catalysts for Disruption
In this session, the panel explored the evolving landscape of innovation funding, with a particular emphasis on developments in burgeoning markets like Saudi Arabia.
5. Health Humanity Initiative
In a global effort to secure a healthier future for all, FII Institute launched the Healthy Humanity Initiative inviting over 100 corporations, 10 health insurance companies insurers and governments from the Global South and North to join the movement to impact lives by providing free preventive health checkups for citizens every two years, waive up to 50% in health bills and ensure tax-free benefits. So far, this initiative has garnered support from Saudi Health in All Policies (HIAP), Claure Group, Moderna, Merck GCC, Ausmed Global, Qi Ming Venture Partners, Burjeel Holdings, SCAI, CURA, Genrait and Cleveland Clinic.
6. Health Longevity Compass
The FII Institute presented findings from the Healthy Longevity Compass, which surveyed 22,600 respondents across 21 countries in partnership with The McKinsey Health Institute. The study revealed that 70% of individuals aspire to adopt healthier living habits, yet 43% in developing countries are dissatisfied with access to nutritious food. Read the Full Report Here.
7. Investment Day
FII8 Investment Day launched a dynamic new chapter for the entrepreneurial ecosystem, transforming bold visions into actionable solutions that drive progress. At the inaugural global program hosted by FII Institute, five start-up companies showcased their cutting-edge tech solutions tackling world’s most pressing global challenges in artificial intelligence and robotics, sustainability, health and education. Among the innovators were: Oxccu, Sakuu, Beyond-Aero, Archireef and Bytelearn.
In the finale, Sakuu emerged as the winner and was crowned FII8 Innovator 2024. Each participating company received 2025 FII Institute complimentary membership and access to the FII Venture Program – powered by General Atlantic and Lakestar. This comprehensive support system is designed to accelerate their growth, offering unparalleled opportunities for market expansion, knowledge sharing and global visibility. Additionally, the innovative start-ups are eligible for a market expansion package providing over $10 million in financing grants and startup support. They may also benefit from soft landing program through NTDP (Saudi Arabia) and Hong Kong Science and Technology Park.
8. Closing Remarks by H.H. Prince Faisal bin Farhan Al Saud, KSA Minister of Foreign Affairs. H.H. Prince Faisal emphasized the importance of global citizenship in addressing today’s pressing issues. He highlighted that collaboration across nations is vital for tackling conflicts, climate change, health crises, and economic disparities.
9. Announcements: During the four days of the FII8 conference, over 30 plus announcements worth 70 billion dollars were made that focused on promoting sustainable development and innovative solutions for humanity. Additionally, strategic partnerships were established highlighting collaboration across various sectors, including technology, quality of life, and innovation.
As FII8 wrapped up, the narrative of a united front for positive change was clear. The collective voices of leaders and innovators echoed the sentiment that the future is not just a vision; it’s a movement we are all part of Day 3 at FII8 demonstrated the Institute’s commitment to connecting capital with impactful initiatives, further strengthening the global investment landscape. The FII Institute continues its mission of fostering sustainable and forward-looking investments that empower change across diverse geographies.
For media inquiries, please contact: [email protected]
About FII Institute
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
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Fintech PR
CCTV+: From Silk Road Gateway to Global Innovation Hub: Xi’an Advances Industrial Upgrades and International Cooperation
XI’AN, China, Nov. 2, 2024 /PRNewswire/ — Xi’an, an ancient capital and starting point of the Silk Road, is growing rapidly into a cosmopolis of technological innovation, industrial transformation and international cooperation. The city is becoming a global hub for innovation and economic cooperation and a destination that converges historical heritage with modern creativity. By leveraging initiatives in New Quality Productivity, the Internet of Things, high-tech industries, culture, and international business services, Xi’an showcases its dynamic blend of past and future.
Industrial Development: Technology and Innovation Drive Emerging Industry Clusters
Aiming to establish itself as an international hub with rapid scientific and technological innovation, Xi’an is now building a comprehensive national science center and a center for science and technology innovation.
The Silk Road Technology City is now home to more than 4,000 companies and has fostered two major industry clusters, in optoelectronics and automobiles, each worth tens of billions. Leading industry giants like BYD and Samsung have established themselves here, taking advantage of Xi’an’s robust policy support for innovation-led growth. LONGi, a world leader in solar technology, is actively building Shaanxi’s 100-billion-grade silicon-based solar PV industry innovation cluster, driving industry-wide growth through R&D and supply chain expansion; while BYD’s comprehensive new energy vehicle industry chain has also positioned Xi’an as a key base for new energy technology and electric vehicles.
Belt and Road Hub: Connecting Development Across Borders
As a central hub along the Belt and Road, Xi’an recently hosted the Belt and Road Forum for International Think Tank Cooperation, fostering collaboration and advancing connected, networked development through the trans-Eurasian transport corridor. With growing trade opportunities, Xi’an is also expanding its reach into international markets, particularly in Central Asia, exporting specialty agricultural products like kiwi fruit.
Through conventions and conferences, Xi’an has demonstrated its significant potential for international economic cooperation, establishing stronger ties in Central Asia and Belt and Road countries.
New Quality Productivity: Smart Technologies and Advanced Manufacturing Fuel Growth
New Quality Productivity is driving Xi’an’s high-quality development leveraging smart technologies and intelligent manufacturing. Local enterprises like SUNNYIT are promoting innovative applications of IoT technologies to tackle industry bottlenecks, Xi’an Chinastar M&C Limited is supporting real-time urban management with products including smart manhole covers and parking monitoring systems to support urban safety and municipal services.
Industrial robots and intelligent manufacturing are also accelerating Xi’an’s industry transformation. Xi’an Aerospace Automation’s 4,000-kilogram robot, designed for warehouse logistics, highlights the city’s advancements in high-load, high-precision applications.
High-Quality Development: Digital Technology Empowers Xi’an’s Smart City Ambitions
Xi’an is progressing in smart city development, enabling companies to utilize big data and AI for comprehensive traffic analysis, enhancing traffic management efficiency, and establishing a “transportation+” multi-scenario service system to improve travel experiences.
Xi’an looks to cooperate with more companies and research institutions in fields of environmental protection, water-related affairs, education, and urban management with the goal of promoting technological breakthroughs in areas such as intelligent video analysis and large-scale AI models, empowering city management and services through digital technologies and support the development and innovation of companies in the city.
Opening Up to the World: Xi’an Shares Its Story and Strengthens Business Environment
The newly established Xi’an International Communication Center shares Xi’an’s story in multiple languages, promoting Chinese culture and positioning Xi’an as a major platform for cultural exchange. Additionally, a legal service center in Xi’an Chanba International Port now offers comprehensive legal support, fostering a fair and just international business environment.
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Fintech PR
KuCoin Shines at The Gateway Event, Advocating for Blockchain Innovation Through TON
DUBAI, UAE, Nov. 2, 2024 /PRNewswire/ — KuCoin, a global leader in the cryptocurrency exchange arena, is thrilled to announce its active participation at this year’s premier TON community event, The Gateway. The annual conference, renowned for uniting key players in the TON ecosystem, aligns perfectly with KuCoin’s mission to democratize cryptocurrency and expand its reach across the globe.
Representing KuCoin at the event was Alicia, who took part in the insightful panel discussion on “Perspective Sectors on TON for VCs and Exchanges.” Her presence underscored the vibrant potential of the venture capital market within emerging blockchain technologies, particularly the TON ecosystem. Alicia’s discussion highlighted how TON’s seamless integration with Telegram presents unique opportunities for innovation and user engagement, resonating with KuCoin’s strategic initiatives to bridge social connectivity with financial transactions.
“TON’s integration with Telegram not only simplifies the user experience but also amplifies it, making it a gateway for millions to engage with Web3 technologies,” Alicia stated. She emphasized KuCoin’s commitment to leveraging this synergy to enhance secure, user-friendly trading experiences, thus furthering its mission of putting crypto in every pocket.
KuCoin’s participation in The Gateway event reinforces its dedication to fostering a secure, robust, and accessible trading environment, paving the way for a new era of crypto and blockchain integration.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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