MARKEL GROUP INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statement Schedules
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PARENT COMPANY ONLY
The following parent company only condensed financial information reflects the financial position, results of operations, and cash flows of Markel Group Inc.
Condensed Balance Sheets
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (dollars in thousands) | ||
| ASSETS | ||
| Investments, at estimated fair value: | ||
| Fixed maturity securities, available-for-sale (amortized cost of $244,913 in 2025 and $130,983 in 2024) | $241,182 | $123,053 |
| Equity securities (cost of $1,111,630 in 2025 and $1,084,814 in 2024) | 2,145,111 | 2,071,110 |
| Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,046,861 | 1,410,830 |
| Total Investments | 3,433,154 | 3,604,993 |
| Cash and cash equivalents | 957,167 | 701,289 |
| Restricted cash and cash equivalents | 9,154 | 20,013 |
| Investments in consolidated subsidiaries | 18,468,206 | 16,699,125 |
| Other assets | 445,376 | 450,327 |
| Total Assets | $23,313,057 | $21,475,747 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Senior long-term debt | $4,032,559 | $4,032,960 |
| Income taxes payable | 233,980 | 179,381 |
| Net deferred tax liability | 315,277 | 274,661 |
| Other liabilities | 133,485 | 72,847 |
| Total Liabilities | 4,715,301 | 4,559,849 |
| 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 |
| Total Liabilities and Shareholders' Equity | $23,313,057 | $21,475,747 |
10K - 120
Condensed Statements of Income and Comprehensive Income
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (dollars in thousands) | |||
| REVENUES | |||
| Net investment income | $78,480 | $86,583 | $92,080 |
| Dividends on common stock of consolidated subsidiaries | 794,214 | 575,008 | 310,000 |
| Other revenues (losses) | 22,136 | 31,132 | (28,718) |
| Total Revenues | 894,830 | 692,723 | 373,362 |
| Net realized investment gains (losses) | (27) | 16,718 | (515) |
| Change in fair value of equity securities | 101,366 | 342,623 | 275,048 |
| Net investment gains | 101,339 | 359,341 | 274,533 |
| EXPENSES | |||
| Interest expense | 185,884 | 179,626 | 156,953 |
| Other expenses | 29,272 | 12,061 | 19,716 |
| Net foreign exchange losses (gains) | 36,569 | (36,907) | 9,038 |
| Total Expenses | 251,725 | 154,780 | 185,707 |
| Income Before Equity in Undistributed Earnings of Consolidated Subsidiaries and Income Taxes | 744,444 | 897,284 | 462,188 |
| Equity in undistributed earnings of consolidated subsidiaries | 1,355,839 | 1,941,339 | 1,580,347 |
| Income tax (expense) benefit | 6,727 | (91,601) | (46,475) |
| Net Income to Shareholders | 2,107,010 | 2,747,022 | 1,996,060 |
| Preferred stock dividends and redemption premiums | (26,109) | (36,000) | (36,000) |
| Net Income to Common Shareholders | $2,080,901 | $2,711,022 | $1,960,060 |
| OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS | |||
| Consolidated subsidiaries' change in net unrealized losses on available-for-sale investments, net of taxes | $490,350 | $(130,295) | $306,903 |
| Consolidated subsidiaries' other, net of taxes | 17,272 | (8,577) | (17,619) |
| Total Other Comprehensive Income (Loss) to Shareholders | 507,622 | (138,872) | 289,284 |
| Comprehensive Income to Shareholders | $2,614,632 | $2,608,150 | $2,285,344 |
10K - 121
Condensed Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (dollars in thousands) | |||
| OPERATING ACTIVITIES | |||
| Net income to shareholders | $2,107,010 | $2,747,022 | $1,996,060 |
| Adjustments to reconcile net income to shareholders to net cash provided by operating activities | (1,235,875) | (2,183,635) | (1,664,382) |
| Net Cash Provided By Operating Activities | 871,135 | 563,387 | 331,678 |
| INVESTING ACTIVITIES | |||
| Proceeds from sales, maturities, calls, and prepayments of fixed maturity securities | 9,771 | 14,459 | 72,834 |
| Cost of fixed maturity securities purchased | (73,785) | (6,516) | (48,501) |
| Proceeds from sales of equity securities | 111,264 | 3,662 | 24,237 |
| Cost of equity securities purchased | (84,251) | (310) | (7,731) |
| Net change in short-term investments | 451,894 | (315,622) | 451,846 |
| Return of capital from subsidiaries | 15,910 | — | — |
| Capital contributions to subsidiaries | (15,000) | (174,002) | (55,575) |
| Other | 5,600 | 2,694 | (1,601) |
| Net Cash Provided (Used) By Investing Activities | 421,403 | (475,635) | 435,509 |
| FINANCING ACTIVITIES | |||
| Additions to senior long-term debt | — | 592,596 | — |
| Repayment of senior long-term debt | — | — | (250,000) |
| Repurchases of common stock | (429,519) | (572,728) | (445,479) |
| Dividends paid on preferred stock | (18,000) | (36,000) | (36,000) |
| Redemption of preferred stock | (600,000) | — | — |
| Other | — | (1,273) | — |
| Net Cash Used By Financing Activities | (1,047,519) | (17,405) | (731,479) |
| Increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 245,019 | 70,347 | 35,708 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of year | 721,302 | 650,955 | 615,247 |
| CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $966,321 | $721,302 | $650,955 |
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
| Cash dividends received from subsidiaries | $693,781 | $575,000 | $310,000 |
| Non-cash dividends from subsidiaries | $100,434 | $— | $— |
| Non-cash capital contributions to subsidiaries | $— | $— | $43,111 |
10K - 122
Note to Condensed Financial Information of Markel Group Inc. (Parent Company Only)
Basis of Presentation. The parent company financial information schedule should be read in conjunction with the accompanying consolidated financial statements and related notes included herein. For purposes of this condensed financial information, the Company's wholly owned and majority owned subsidiaries are recorded based upon its proportionate share of the subsidiaries' net assets.
Debt. All of the Company's senior long-term debt was issued and is held by Markel Group. Markel Group also is party to a revolving credit facility. There wereno borrowings outstanding under this revolving credit facility at December 31, 2025 or 2024. See note 14 for further details about Markel Group's revolving credit facility and senior long-term debt, including a five-year schedule of debt maturities.
Guarantees. Markel Group has guaranteed intercompany loans from certain of its insurance subsidiaries to a corporate subsidiary, and, for one such loan, pledged equity securities with a fair value of $120.8 million at December 31, 2025 as collateral securing the loan. The outstanding loan balances totaled $728.0 million and $788.0 million as of December 31, 2025 and 2024, respectively, all of which was eliminated in consolidation. Additionally, Markel Group guarantees any obligations under the revolving credit facility of its insurance subsidiaries that are parties to the related credit agreement, however, there wereno borrowings outstanding at December 31, 2025 or 2024. Markel Group has also made certain guarantees on other financial obligations, including leases and foreign currency forward contracts, for its subsidiaries, which, individually and in the aggregate, were not material to Markel Group.
SCHEDULE III
SUPPLEMENTARY INSURANCE INFORMATION
| (dollars in thousands) | Deferred PolicyAcquisition Costs | Unpaid Losses andLoss Adjustment Expenses | UnearnedPremiums |
|---|---|---|---|
| Markel Insurance segment | $908,499 | $22,446,018 | $5,545,832 |
| Financial segment | 1,017 | 8,602,913 | 1,815,368 |
| Eliminations | — | (191,478) | (108,121) |
| Total | $909,516 | $30,857,453 | $7,253,079 |
| Markel Insurance segment | $874,762 | $20,801,334 | $5,362,364 |
| Financial segment | 948 | 5,940,836 | 1,788,173 |
| Eliminations | — | (109,076) | (86,581) |
| Total | $875,710 | $26,633,094 | $7,063,956 |
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Net written premium: | |||
| Markel Insurance segment | $8,399,735 | $8,004,788 | $8,102,959 |
| Financial segment | 318,094 | 291,387 | 294,616 |
| Total | $8,717,829 | $8,296,175 | $8,397,575 |
Other insurance information required in Schedule III is omitted because the information is not applicable or is reflected in the consolidated financial statements or notes to consolidated financial statements.
10K - 123
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