MARKEL GROUP INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
MKL$1,974.45+1.2%Stored close · as of Nov 10, 2026
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Consolidated Balance Sheets—December 31, 2025 and 2024
CONSOLIDATED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (dollars in thousands) | ||
| ASSETS | ||
| Investments, at estimated fair value: | ||
| Fixed maturity securities, available-for-sale (amortized cost of $17,895,918 in 2025 and $16,457,723 in 2024) | $17,797,986 | $15,745,539 |
| Equity securities (cost of $4,094,745 in 2025 and $3,887,820 in 2024) | 13,004,312 | 11,784,521 |
| Short-term investments, available-for-sale (estimated fair value approximates cost) | 2,033,662 | 2,524,910 |
| Total Investments | 32,835,960 | 30,054,970 |
| Cash and cash equivalents | 3,964,705 | 3,692,667 |
| Restricted cash and cash equivalents | 638,597 | 499,581 |
| Receivables | 3,964,598 | 3,626,799 |
| Reinsurance recoverables | 14,616,279 | 11,604,844 |
| Deferred policy acquisition costs | 909,516 | 875,710 |
| Prepaid reinsurance premiums | 3,073,999 | 2,947,213 |
| Goodwill | 2,822,091 | 2,735,867 |
| Intangible assets | 1,543,002 | 1,459,620 |
| Other assets | 4,536,303 | 4,400,711 |
| Total Assets | $68,905,050 | $61,897,982 |
| LIABILITIES AND EQUITY | ||
| Unpaid losses and loss adjustment expenses | $30,857,453 | $26,633,094 |
| Unearned premiums | 7,253,079 | 7,063,956 |
| Payables to insurance and reinsurance companies | 1,667,871 | 1,434,901 |
| Senior long-term debt and other debt (estimated fair value of $3,856,000 in 2025 and $3,791,000 in 2024) | 4,303,811 | 4,330,341 |
| Other liabilities | 5,720,647 | 4,966,717 |
| Total Liabilities | 49,802,861 | 44,429,009 |
| Redeemable noncontrolling interests | 506,064 | 540,034 |
| Commitments and contingencies | ||
| Shareholders' equity: | ||
| Preferred stock | — | 591,891 |
| Common stock | 3,672,381 | 3,560,633 |
| Retained earnings | 15,034,835 | 13,380,456 |
| Accumulated other comprehensive loss | (109,460) | (617,082) |
| Total Shareholders' Equity | 18,597,756 | 16,915,898 |
| Noncontrolling interests | (1,631) | 13,041 |
| Total Equity | 18,596,125 | 16,928,939 |
| Total Liabilities and Equity | $68,905,050 | $61,897,982 |
10K - 73
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