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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
 FORM 10-Q
______________________________________________________________________________________

    Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2024
or
    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______ to _______
Commission File Number: 001-15811
_________________________________________
MARKEL GROUP INC.
(Exact name of registrant as specified in its charter)
___________________________________________________________________________________
Virginia54-1959284
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148
(Address of principal executive offices) (Zip Code)
(804) 747-0136
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, no par valueMKLNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerx
Accelerated filer 
Non-accelerated filer 
Smaller reporting companyEmerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  x
Number of shares of the registrant's common stock outstanding at October 23, 2024: 12,862,300


Markel Group Inc.
Form 10-Q
Index
 
  Page Number
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 2.
Item 5.
Item 6.
2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MARKEL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

September 30,
2024
December 31,
2023
(dollars in thousands)(unaudited)
ASSETS
Investments, at estimated fair value:
Fixed maturity securities, available-for-sale (amortized cost of $16,265,743 in 2024 and $14,932,286 in 2023)
$16,067,848 $14,372,732 
Equity securities (cost of $3,798,549 in 2024 and $3,497,071 in 2023)
11,591,298 9,577,871 
Short-term investments, available-for-sale (estimated fair value approximates cost)2,355,738 2,571,382 
Total Investments30,014,884 26,521,985 
Cash and cash equivalents3,873,041 3,747,060 
Restricted cash and cash equivalents753,476 584,974 
Receivables3,909,404 3,455,306 
Reinsurance recoverables10,746,213 9,235,501 
Deferred policy acquisition costs967,670 931,344 
Prepaid reinsurance premiums3,413,314 2,365,243 
Goodwill2,739,770 2,624,749 
Intangible assets1,507,581 1,588,684 
Other assets4,357,885 3,990,864 
Total Assets$62,283,238 $55,045,710 
LIABILITIES AND EQUITY
Unpaid losses and loss adjustment expenses$25,877,478 $23,483,321 
Life and annuity benefits623,445 649,054 
Unearned premiums7,887,057 6,642,426 
Payables to insurance and reinsurance companies1,448,951 1,037,722 
Senior long-term debt and other debt (estimated fair value of $4,028,000 in 2024 and $3,353,000 in 2023)
4,356,054 3,779,796 
Other liabilities4,427,425 3,927,498 
Total Liabilities44,620,410 39,519,817 
Redeemable noncontrolling interests515,493 469,685 
Commitments and contingencies
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,552,800 3,517,146 
Retained earnings13,063,403 11,353,101 
Accumulated other comprehensive loss(193,855)(478,210)
Total Shareholders' Equity17,014,239 14,983,928 
Noncontrolling interests133,096 72,280 
Total Equity17,147,335 15,056,208 
Total Liabilities and Equity$62,283,238 $55,045,710 

See accompanying notes to consolidated financial statements.

3

MARKEL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Quarter Ended September 30, Nine Months Ended September 30,
2024202320242023
(dollars in thousands, except per share data)
OPERATING REVENUES
Earned premiums$2,110,108 $2,121,745 $6,314,834 $6,120,592 
Net investment income235,477 192,207 676,807 521,235 
Net investment gains (losses)917,530 (265,917)1,689,794 591,173 
Products revenues612,277 601,524 2,060,336 1,964,332 
Services and other revenues735,872 725,627 2,037,991 1,963,779 
Total Operating Revenues4,611,264 3,375,186 12,779,762 11,161,111 
OPERATING EXPENSES
Losses and loss adjustment expenses1,290,612 1,404,325 3,810,934 3,765,215 
Underwriting, acquisition and insurance expenses743,556 698,129 2,192,603 2,071,721 
Products expenses549,990 545,567 1,766,930 1,712,792 
Services and other expenses609,321 606,810 1,757,222 1,678,246 
Amortization of acquired intangible assets46,459 47,545 134,981 136,367 
Total Operating Expenses3,239,938 3,302,376 9,662,670 9,364,341 
Operating Income1,371,326 72,810 3,117,092 1,796,770 
Interest expense(53,361)(44,553)(151,506)(141,212)
Foreign exchange gains (losses)(111,612)39,246 (51,401)(8,658)
Income Before Income Taxes1,206,353 67,503 2,914,185 1,646,900 
Income tax expense(259,411)(14,235)(628,211)(339,903)
Net Income946,942 53,268 2,285,974 1,306,997 
Net income attributable to noncontrolling interests(41,983)(10,677)(88,130)(80,243)
Net Income to Shareholders904,959 42,591 2,197,844 1,226,754 
Preferred stock dividends  (18,000)(18,000)
Net Income to Common Shareholders$904,959 $42,591 $2,179,844 $1,208,754 
OTHER COMPREHENSIVE INCOME (LOSS)
Change in net unrealized losses on available-for-sale investments, net of taxes:
Net holding gains (losses) arising during the period$434,310 $(187,330)$265,586 $(161,115)
Reclassification adjustments for net losses in net income254 22,869 17,406 26,268 
Change in net unrealized losses on available-for-sale investments, net of taxes434,564 (164,461)282,992 (134,847)
Change in discount rate for life and annuity benefits, net of taxes(14,298)14,609 (1,907)8,781 
Change in foreign currency translation adjustments, net of taxes4,236 (187)3,306 2,753 
Change in net actuarial pension loss, net of taxes21 20 60 56 
Total Other Comprehensive Income (Loss)424,523 (150,019)284,451 (123,257)
Comprehensive Income (Loss)1,371,465 (96,751)2,570,425 1,183,740 
Comprehensive income attributable to noncontrolling interests(42,007)(10,749)(88,226)(80,326)
Comprehensive Income (Loss) to Shareholders$1,329,458 $(107,500)$2,482,199 $1,103,414 
NET INCOME PER COMMON SHARE
Basic$66.40 $3.15 $160.71 $90.86 
Diluted$66.25 $3.14 $160.42 $90.69 

See accompanying notes to consolidated financial statements.
4

MARKEL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

Quarter Ended September 30, 2024Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated Other Comprehensive LossTotal
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
June 30, 2024$591,891 $3,546,661 $12,329,827 $(618,355)$15,850,024 $98,530 $15,948,554 $476,518 
Net income904,959  904,959 32,566 937,525 9,417 
Other comprehensive income 424,499 424,499  424,499 24 
Comprehensive income1,329,458 32,566 1,362,024 9,441 
Repurchase of common stock  (128,897) (128,897) (128,897) 
Equity awards expensed
 7,164   7,164  7,164  
Adjustment of redeemable noncontrolling interests  (42,565) (42,565) (42,565)42,565 
Other (1,025)79 1 (945)2,000 1,055 (13,031)
September 30, 2024$591,891 $3,552,800 $13,063,403 $(193,855)$17,014,239 $133,096 $17,147,335 $515,493 

Nine Months Ended September 30, 2024Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated Other Comprehensive LossTotal
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
December 31, 2023$591,891 $3,517,146 $11,353,101 $(478,210)$14,983,928 $72,280 $15,056,208 $469,685 
Net income2,197,844  2,197,844 55,993 2,253,837 32,137 
Other comprehensive income 284,355 284,355  284,355 96 
Comprehensive income2,482,199 55,993 2,538,192 32,233 
Repurchase of common stock  (389,089) (389,089) (389,089) 
Preferred stock dividends  (18,000) (18,000) (18,000) 
Equity awards expensed
 46,275   46,275  46,275  
Adjustment of redeemable noncontrolling interests  (81,267) (81,267) (81,267)81,267 
Purchase of noncontrolling interests (9,596)  (9,596) (9,596)(36,896)
Other (1,025)814  (211)4,823 4,612 (30,796)
September 30, 2024$591,891 $3,552,800 $13,063,403 $(193,855)$17,014,239 $133,096 $17,147,335 $515,493 

See accompanying notes to consolidated financial statements.
5

MARKEL GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

Quarter Ended September 30, 2023Preferred
Stock
Common
Stock
Retained
Earnings
Accumulated Other Comprehensive LossTotal
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
June 30, 2023$591,891 $3,515,362 $10,818,989 $(740,743)$14,185,499 $53,582 $14,239,081 $464,442 
Net income42,591  42,591 2,502 45,093 8,175 
Other comprehensive income (loss) (150,091)(150,091) (150,091)72 
Comprehensive income (loss)(107,500)2,502 (104,998)8,247 
Repurchase of common stock  (82,432) (82,432) (82,432) 
Equity awards expensed
 4,949   4,949  4,949  
Adjustment of redeemable noncontrolling interests  (628) (628) (628)628 
Purchase of noncontrolling interest
 (776)  (776) (776)570 
Other (1)47 1 47  47 (6,501)
September 30, 2023$591,891 $3,519,534 $10,778,567 $(890,833)$13,999,159 $56,084 $14,055,243 $467,386 

Nine Months Ended September 30, 2023Preferred
 Stock
Common
Stock
Retained
Earnings
Accumulated Other Comprehensive LossTotal
Shareholders'
Equity
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
(dollars in thousands)
December 31, 2022$591,891 $3,493,893 $9,832,804 $(767,494)$13,151,094 $62,791 $13,213,885 $523,154 
Net income1,226,754  1,226,754 55,940 1,282,694 24,303 
Other comprehensive income (loss) (123,340)(123,340) (123,340)83 
Comprehensive income1,103,414 55,940 1,159,354 24,386 
Repurchase of common stock  (269,593) (269,593) (269,593) 
Preferred stock dividends  (18,000) (18,000) (18,000) 
Equity awards expensed
 31,477   31,477  31,477  
Adjustment of redeemable noncontrolling interests  7,087  7,087  7,087 (7,087)
Purchase of noncontrolling interest
 (5,464)  (5,464) (5,464)(48,907)
Redemption of Markel CATCo Re noncontrolling interests     (62,646)(62,646) 
Other (372)(485)1 (856)(1)(857)(24,160)
September 30, 2023$591,891 $3,519,534 $10,778,567 $(890,833)$13,999,159 $56,084 $14,055,243 $467,386 

See accompanying notes to consolidated financial statements.

6

MARKEL GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30,
20242023
(dollars in thousands)

OPERATING ACTIVITIES
Net income$2,285,974 $1,306,997 
Adjustments to reconcile net income to net cash provided by operating activities(185,913)657,280 
Net Cash Provided By Operating Activities2,100,061 1,964,277 
INVESTING ACTIVITIES
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities1,623,112 1,359,948 
Cost of fixed maturity securities purchased(2,923,357)(2,661,587)
Proceeds from sales of equity securities117,006 179,665 
Cost of equity securities purchased(434,996)(448,388)
Net change in short-term investments305,207 487,839 
Cost of other investments purchased
(204,338)(159,591)
Additions to property and equipment(181,040)(155,088)
Acquisitions, net of cash acquired(207,231)(3,584)
Proceeds from sales of subsidiaries, net 41,302 
Other21,276 16,851 
Net Cash Used By Investing Activities(1,884,361)(1,342,633)
FINANCING ACTIVITIES
Additions to senior long-term debt and other debt1,278,485 475,964 
Repayment of senior long-term debt and other debt(716,543)(811,857)
Repurchases of common stock(389,089)(269,593)
Dividends paid on preferred stock(18,000)(18,000)
Redemption of Markel CATCo Re noncontrolling interests (88,997)
Purchase of noncontrolling interests(46,492)(54,371)
Other(42,629)(32,434)
Net Cash Provided (Used) By Financing Activities65,732 (799,288)
Effect of foreign currency rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents13,051 993 
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents294,483 (176,651)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period4,332,034 5,221,513 
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF PERIOD$4,626,517 $5,044,862 

See accompanying notes to consolidated financial statements.
7

MARKEL GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Markel Group Inc. (Markel Group) is a holding company comprised of a diverse group of companies and investments with specialty insurance at its core. Through its wholly owned subsidiary, Markel Ventures, Inc. (Markel Ventures), Markel Group owns controlling interests in businesses that operate in a variety of industries. See note 2 for details regarding reportable segments.

a) Basis of Presentation. The consolidated balance sheet as of September 30, 2024 and the related consolidated statements of income and comprehensive income (loss) and changes in equity for the quarters and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are unaudited. In the opinion of management, all adjustments necessary for fair presentation of such consolidated financial statements have been included. Such adjustments consist only of normal, recurring items. Interim results are not necessarily indicative of results of operations for the entire year. The consolidated balance sheet as of December 31, 2023 was derived from Markel Group's audited annual consolidated financial statements.

The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of Markel Group and its consolidated subsidiaries, as well as variable interest entities (VIEs) that meet the requirements for consolidation (the Company). All significant intercompany balances and transactions have been eliminated in consolidation. The Company consolidates the results of its Markel Ventures subsidiaries on a one-month lag, with the exception of significant transactions or events that occur during the intervening period. Certain prior period amounts have been reclassified to conform to the current period presentation.

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Actual results may differ materially from the estimates and assumptions used in preparing the consolidated financial statements.

The consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company's annual consolidated financial statements and notes. For a more complete description of the Company's business and accounting policies, readers are urged to review the Company's 2023 Annual Report on Form 10‑K.

b) Recent Accounting Pronouncements

Accounting Standards Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard requires public companies to, among other things: (1) disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (2) disclose, on an annual and interim basis, an amount for other segment expenses that are not separately disclosed as significant segment expenses and a description of its composition; (3) provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods; and (4) disclose the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU No. 2023-07 becomes effective for the Company in the fourth quarter of 2024 and will be applied using a retrospective approach that requires recasting of all prior periods presented. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows. The Company is still finalizing the impact of adopting ASU No. 2023-07 on its reportable segment disclosures, however, the ASU is not expected to result in significant changes to the Company's reportable segment disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires public companies, on an annual basis, to provide enhanced rate reconciliation disclosures, including disclosure of specific categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires public companies to, among other things, disaggregate income taxes paid by federal, state and foreign taxes. ASU No. 2023-09 becomes effective for the Company's 2025 Annual Report on Form 10-K. The standard only impacts required disclosures and will not impact the Company's financial position, results of operations or cash flows.
8


2. Segment Reporting Disclosures

The Company has four reportable segments: Insurance, Reinsurance, Investing and Markel Ventures.

The chief operating decision maker reviews the Company's ongoing underwriting operations on a global basis in the following two segments: Insurance and Reinsurance. The Insurance segment includes all direct business and facultative reinsurance placements written on a risk-bearing basis within the Company's underwriting operations. The Reinsurance segment includes all treaty reinsurance written on a risk-bearing basis within the Company's underwriting operations.

The Company's other insurance operations primarily consist of the results of the Company's program services and other fronting business and insurance-linked securities operations. Other insurance operations also include results for lines of business discontinued prior to, or in conjunction with, acquisitions, including development on asbestos and environmental loss reserves and results attributable to the run-off of life and annuity reinsurance business, which are monitored separately from the Company's ongoing underwriting operations. For purposes of segment reporting, none of these other insurance operations are considered to be reportable segments.

The Company's Investing segment includes all investing activities related to the Company's insurance operations, as well as investing activities at Markel Group. Invested assets managed through the Investing segment include the Company's portfolio of publicly traded fixed maturity and equity securities, as well as cash and short-term investments.

The Markel Ventures segment primarily consists of controlling interests in a diverse portfolio of businesses that operate in various industries. The Company's chief operating decision maker reviews and assesses Markel Ventures' performance in the aggregate, as a single operating segment.

Segment profit for all of the Company's segments is measured by operating income. Segment operating income excludes amortization of intangible assets arising from purchase accounting for acquisitions, which the chief operating decision maker does not consider in assessing the financial performance of, or allocating resources to, operating segments. Amortization of acquired intangible assets is considered a corporate expense because it is not a cost of operating the underlying businesses. For the Insurance and Reinsurance segments, segment operating income is typically consistent with underwriting profit, which the property and casualty insurance industry commonly defines as earned premiums net of losses and loss adjustment expenses and underwriting, acquisition and insurance expenses. Segment operating income for these two segments may also include other revenues and expenses that are not captured in underwriting profit.

Prior to 2024, the segment profitability metric for the Markel Ventures segment included amortization of acquired intangible assets. The new metric, as previously described, better aligns with how the chief operating decision maker reviews and assesses the performance of the Markel Ventures segment. Prior periods have been recast to conform to the current presentation. Management continues to evaluate the Company's segments as its business evolves and may further refine its segments and segment profitability metric.

For management reporting purposes, the Company allocates assets to its underwriting operations and to its Investing and Markel Ventures segments and certain of its other insurance operations, including its program services and other fronting business and insurance-linked securities business. Underwriting assets include assets attributed to the Company's Insurance and Reinsurance segments, discontinued underwriting lines of business, as well as assets that are not specifically allocated to the Company's other insurance operations. Generally, the Company manages its underwriting assets in the aggregate and therefore does not allocate assets to individual underwriting segments.

9

a) The following tables summarize the Company's segment disclosures.

Quarter Ended September 30, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$1,859,934 $250,680 $ $ $(506)$ $2,110,108 
Net investment income  233,384 2,093   235,477 
Net investment gains  917,530    917,530 
Products revenues   612,277   612,277 
Services and other revenues  14,971 645,251 75,650  735,872 
Total operating revenues1,859,934 250,680 1,165,885 1,259,621 75,144  4,611,264 
Losses and loss adjustment expenses:
Current accident year(1,215,469)(198,057)    (1,413,526)
Prior accident years130,431 (7,937)  420  122,914 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(369,320)(62,354)    (431,674)
Other underwriting expenses(295,992)(15,863)  (27) (311,882)
Products expenses   (549,990)  (549,990)
Services and other expenses   (603,004)(6,317) (609,321)
Amortization of acquired intangible assets
(46,459)(46,459)
Operating income (loss)$109,584 $(33,531)$1,165,885 $106,627 $69,220 $(46,459)$1,371,326 
Interest expense(53,361)
Net foreign exchange losses(111,612)
Income before income taxes$1,206,353 

Quarter Ended September 30, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$1,848,267 $274,161 $ $ $(683)$ $2,121,745 
Net investment income  191,015 1,192   192,207 
Net investment losses  (265,917)   (265,917)
Products revenues   601,524   601,524 
Services and other revenues  (5,033)644,053 86,607  725,627 
Total operating revenues1,848,267 274,161 (79,935)1,246,769 85,924  3,375,186 
Losses and loss adjustment expenses:
Current accident year(1,258,864)(176,007)    (1,434,871)
Prior accident years55,374 (23,262)  (1,566) 30,546 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(369,001)(68,919)    (437,920)
Other underwriting expenses(250,684)(11,785)  2,260  (260,209)
Products expenses   (545,567)  (545,567)
Services and other expenses   (570,782)(36,028) (606,810)
Amortization of acquired intangible assets
(47,545)(47,545)
Operating income (loss)$25,092 $(5,812)$(79,935)$130,420 $50,590 $(47,545)$72,810 
Interest expense(44,553)
Net foreign exchange gains39,246 
Income before income taxes$67,503 

10

Nine Months Ended September 30, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$5,547,398 $768,649 $ $ $(1,213)$ $6,314,834 
Net investment income  671,042 5,765   676,807 
Net investment gains  1,689,794    1,689,794 
Products revenues   2,060,336   2,060,336 
Services and other revenues  45,174 1,787,907 204,910  2,037,991 
Total operating revenues5,547,398 768,649 2,406,010 3,854,008 203,697  12,779,762 
Losses and loss adjustment expenses:
Current accident year(3,608,979)(546,167)    (4,155,146)
Prior accident years374,215 (13,749)  (16,254) 344,212 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,101,256)(186,644)    (1,287,900)
Other underwriting expenses(861,305)(42,289)  (1,109) (904,703)
Products expenses   (1,766,930)  (1,766,930)
Services and other expenses   (1,699,038)(58,184) (1,757,222)
Amortization of acquired intangible assets
(134,981)(134,981)
Operating income (loss)$350,073 $(20,200)$2,406,010 $388,040 $128,150 $(134,981)$3,117,092 
Interest expense(151,506)
Net foreign exchange losses(51,401)
Income before income taxes$2,914,185 

Nine Months Ended September 30, 2023
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$5,322,377 $799,683 $ $ $(1,468)$ $6,120,592 
Net investment income  518,536 2,699   521,235 
Net investment gains  591,173    591,173 
Products revenues   1,964,332   1,964,332 
Services and other revenues  (13,791)1,770,997 206,573  1,963,779 
Total operating revenues5,322,377 799,683 1,095,918 3,738,028 205,105  11,161,111 
Losses and loss adjustment expenses:
Current accident year(3,415,860)(519,109)    (3,934,969)
Prior accident years179,564 (6,584)  (3,226) 169,754 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(1,096,500)(202,271)    (1,298,771)
Other underwriting expenses(733,334)(38,113)  (1,503) (772,950)
Products expenses   (1,712,792)  (1,712,792)
Services and other expenses   (1,632,588)(45,658) (1,678,246)
Amortization of acquired intangible assets
(136,367)(136,367)
Operating income$256,247 $33,606 $1,095,918 $392,648 $154,718