v3.25.1
Segment Reporting Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Company's Segment Disclosures The following tables summarize the Company's segment disclosures.
Three Months Ended March 31, 2025
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$1,817,851 $271,549 $— $— $(26)$— $2,089,374 
Net investment income— — 235,601 1,494 — — 237,095 
Net investment losses— — (149,071)— — — (149,071)
Products revenues— — — 561,124 — — 561,124 
Services and other revenues— — (4,610)566,754 98,439 — 660,583 
Total operating revenues1,817,851 271,549 81,920 1,129,372 98,413 — 3,399,105 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,156,956)(181,753)— — — — (1,338,709)
Current accident year - catastrophe
(64,113)(1,950)— — — — (66,063)
Prior accident years126,452 14,258 — — 9,397 — 150,107 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(354,507)(62,502)— — — — (417,009)
Other underwriting expenses(315,511)(14,569)— — (349)— (330,429)
Products expenses— — — (499,908)— — (499,908)
Services and other expenses— — — (526,954)(40,674)— (567,628)
Amortization of acquired intangible assets
(46,942)(46,942)
Operating income$53,216 $25,033 $81,920 $102,510 $66,787 $(46,942)$282,524 
Interest expense(52,140)
Net foreign exchange losses(72,633)
Income before income taxes$157,751 
Three Months Ended March 31, 2024
(dollars in thousands)InsuranceReinsuranceInvestingMarkel Ventures
Other insurance operations
Corporate
Consolidated
Earned premiums$1,874,461 $253,339 $— $— $(173)$— $2,127,627 
Net investment income— — 217,204 1,065 — — 218,269 
Net investment gains— — 902,281 — — — 902,281 
Products revenues— — — 600,840 — — 600,840 
Services and other revenues— — 20,846 538,701 58,091 — 617,638 
Total operating revenues1,874,461 253,339 1,140,331 1,140,606 57,918 — 4,466,655 
Losses and loss adjustment expenses:
Current accident year - attritional
(1,201,555)(163,215)— — — — (1,364,770)
Current accident year - catastrophe
— — — — — — — 
Prior accident years97,181 (3,398)— — (16,760)— 77,023 
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs(373,778)(60,809)— — — — (434,587)
Other underwriting expenses(288,999)(13,907)— — (1,259)— (304,165)
Products expenses— — — (523,247)— — (523,247)
Services and other expenses— — — (513,444)(23,394)— (536,838)
Amortization of acquired intangible assets
(44,285)(44,285)
Operating income$107,310 $12,010 $1,140,331 $103,915 $16,505 $(44,285)$1,335,786 
Interest expense(45,548)
Net foreign exchange gains51,500 
Income before income taxes$1,341,738 
Summary of Additional Measures for Markel Ventures
b) The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker.

Three Months Ended March 31,
(dollars in thousands)20252024
Depreciation expense$32,235 $29,730 
Capital expenditures$27,955 $62,509 
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets The following table reconciles segment assets to the Company's consolidated balance sheets.
(dollars in thousands)March 31, 2025December 31, 2024
Segment assets:
Investing$34,663,214 $34,272,049 
Underwriting11,260,596 10,784,528 
Markel Ventures6,029,326 5,824,229 
Total segment assets51,953,136 50,880,806 
Other insurance operations
12,645,919 11,017,176 
Total assets$64,599,055 $61,897,982