Loading…
Markel Group Inc.
NYSE: MKL Financials Insurance 🔎 Screen
$23.3B
Market Cap
12.7
P/E
0.40
PEG
13.8%
ROCE
11.8%
ROE
D/E
20.6%
OPM
-17.2%
% from 52W High
29
α RS
🔍 MKL is showing a notable setup because it matches 2 of 37 tracked screener presets and Sector RRG has Financials in the Improving quadrant with the trail still strengthening. Net: Partial signal stack, not a recommendation. ? Conviction RRG
Sources
Conviction 2/37 · Financials in Improving quadrant
⚖️ Compare 🔒 Generate Report 🔒 Research Packet 📚 Guides
🌏 Global Investor Returns
Currency-adjusted total returns for MKL including FX impact
🌏
Click 🌏 Returns tab to load data
📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Markel Group Inc. engages in the insurance business in the United States, the United Kingdom, Bermuda, Germany, rest of the European Union, Canada, and the Asia Pacific.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
Loading…
⭐ Superinvestors Holding MKL
View All Superinvestors →
Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 34.6K $66.3M 0.10% Mar 2026
Steve Cohen Point72 Asset Management 8.4K $16.2M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔒
Premium Feature
AI-generated 10-section company profile — business model, financials, strengths, risks & management quality
Upgrade to Premium
Already a member? Log in
📐
3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
Open Model →
🎙 Management Tone Confident Specific → Stable 5 quarters Full tone analysis in Intelligence →
Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$4.0B
0% YoY
Operating Income
$1.6B
+41% YoY
Net Income
$1.2B
+86% YoY
EPS
$93.00
+86% YoY
What Went Right
  • Markel Insurance combined ratio improved to 93% from 97% a year ago — fourth consecutive quarter in the low 90s.
  • Insurance adjusted operating income rose 40% to $376M, helped by international GWP growth of 31%.
  • Share buybacks stepped up to $237M in Q2, about 1% of shares outstanding, reducing the share count to 12.4M.
What to Watch
  • State National reserve charge of $205M drove the Financial segment to a $149M adjusted operating loss — the first substantial credit loss in State National's over 40-year history.
  • U.S. casualty claims are trending low double digits (10%-12%) while average casualty rate increases are around 9%, prompting line-size cuts and exits from construction casualty.
  • Industrial adjusted operating income declined 27% to $75M on softer car-hauling demand and ongoing SG&A investments; property pricing remains very competitive.
Management Guidance
  • No explicit revenue or adjusted operating income guidance was provided for Q3 or full-year 2026.
  • Markel Insurance expects continued underwriting improvement for the balance of 2026, with a combined ratio sustained in the low 90s.
  • The company is on pace to achieve double-digit return on equity for the full year.
Investor Lens
Core insurance thesis is stronger after this quarter: underwriting is consistently low-90s, adjusted GWP is growing 10% excluding exits, and buybacks are accelerating ($237M in Q2). However, the $205M State National charge is a reminder that fronting/program books carry tail-risk concentration, and U.S. casualty pricing is still lagging claims trend in the aggregate. With a solid balance sheet and shares being repurchased below estimated intrinsic value, the long-term compounding setup remains intact, but investors should watch casualty/property discipline and any further collateral shortfalls.
From investor presentation · AI-generated analysis · Not investment advice
🔒
Premium Feature
Investor Presentation One-Pager — quarterly highlights, what went right/wrong & management guidance
Upgrade to Premium
Already a member? Log in
📊 MIXED 93% combined ratio, but $205M State National charge muddies otherwise solid quarter.
Revenue
Q2 operating revenues were flat at $4.0B year over year. Markel Insurance earned premiums fell 3% to $1.99B, while industrial revenues rose 2% to $1.04B and consumer revenues rose 4% to $552M.
Profitability
Net income to common shareholders was $1.2B, or $93 per diluted share, versus $631M, or $50 per share, a year ago. Adjusted operating income fell to $436M from $578M, reflecting the $205M State National bad debt charge.
Margins
The insurance combined ratio improved to 93% from 97%, helped by favorable prior-year reserve development and a lower expense ratio; Middle East conflict losses added 2 points. Adjusted operating income in insurance rose 40% to $376M.
Balance Sheet
Management highlighted a solid balance sheet and said buybacks are funded through earnings, not leverage. Public equity fair value was $13.5B at quarter end with $9.3B of cumulative pre-tax unrealized gains.
Key Risks
State National's collateral shortfall and $205M reserve charge are the key near-term risk. Casualty claims inflation of 10%-12% versus ~9% rate increases is a concern, as is continued property-market competition until a meaningful loss event resets pricing.
Outlook
Management expects insurance operations to keep improving in the second half and is on pace for double-digit full-year ROE. No formal adjusted operating income guidance was given, and Tom Gayner said the $700M underwriting profit figure is 'probably a little wider' than a single number.
Generated by AI · Q2 2026 results · Not investment advice
🔒
Free Account Required

Create a free Finmagine account to access Finmagine™ Scorecard.

See how this company scores across 5 dimensions — Financial Health, Growth Prospects, Competitive Position, Management Quality, and Valuation — powered by 30+ computed ratios.

Create Free AccountLog In
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Ask AI.

Get 25 expert AI analysis templates — Business KPIs, Comprehensive, Forensic Governance, Peer Comparison, Risk-Reward, Full Research Report, IPO Decoder, Red Flag Detector, and more — ready to paste into ChatGPT, Claude, Gemini, or Perplexity.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Peer Comparison.

Compare this company side-by-side against its sector peers with financial metrics, ratio benchmarking, and relative performance across all key dimensions.

Upgrade to PremiumCreate Free Account
✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
🔍
🔎 See cross-company document search → ?
📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Adjusted operating income declined year-over-year due to a $205 million State National reserve, while net income and investment gains surged. Insurance operations maintained a 93% combined ratio, and share repurchases accelerated, funded by strong cash generation.
Q1 2026 Q1 2026 2026-04-29
Adjusted operating income rose 4% year-over-year, driven by improved insurance underwriting and disciplined capital allocation, despite investment losses and lower reported premiums from strategic exits. Insurance combined ratio improved to 93%, and share repurchases continued.
Q4 2025 Q4 2025 2026-02-05
All segments delivered positive results in 2025, with strong insurance performance and improved profitability driven by strategic exits, disciplined underwriting, and technology investment. Operating revenues and adjusted operating income rose year-over-year, while capital was allocated to acquisitions, share repurchases, and debt reduction.
Q3 2025 Q3 2025 2025-10-30
All segments delivered positive results, with adjusted operating income up 24% year-over-year and strong cash flows supporting share repurchases. Insurance saw improved underwriting and premium growth, while new disclosures and segment reporting enhance transparency.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw strong operating income growth driven by equity gains, while insurance results were impacted by adverse development in runoff lines and higher expenses. Major restructuring, including the sale of reinsurance renewal rights and cost realignment, positions the business for improved profitability in 2025 and 2026.
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Catalyst Timeline.

Every result, order win, insider trade, ECS update, earnings-call, and SEC announcement for this company — in one chronological lane.

Upgrade to PremiumCreate Free Account
🔒
Premium Feature

Upgrade to Finmagine Premium to unlock Full Report.

Read the complete Finmagine™ investment research report — comprehensive fundamental analysis, business model assessment, competitive positioning, and investment recommendation.

Upgrade to PremiumCreate Free Account

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯
Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.
📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.