
	Quarter Ended June 30, 2025
(dollars in thousands)	Markel Insurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	2,063,622	$	—	$	—	$	78,069	$	—	$	2,141,691
Net investment income	—		228,126		1,883		—		—		230,009
Net investment gains	—		580,223		—		—		—		580,223
Products revenues	—		—		846,925		—		—		846,925
Services and other revenues	6,593		14,064		699,478		83,783		—		803,918
Total operating revenues	2,070,215		822,413		1,548,286		161,852		—		4,602,766
Losses and loss adjustment expenses:
Current accident year - attritional	(1,335,801)		—		—		(36,152)		—		(1,371,953)
Current accident year - catastrophe	5,187		—		—		—		—		5,187
Prior accident years	78,934		—		—		(202)		—		78,732
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(429,109)		—		—		(6,256)		—		(435,365)
Other underwriting expenses	(319,633)		—		—		(19,213)		—		(338,846)
Products expenses	—		—		(707,381)		—		—		(707,381)
Services and other expenses	(9,456)		—		(633,177)		(31,954)		—		(674,587)
Amortization of acquired intangible assets									(51,213)		(51,213)

Operating income	$	60,337	$	822,413	$	207,728	$	68,075	$	(51,213)	$	1,107,340
Interest expense											(53,076)
Net foreign exchange losses											(191,909)

Income before income taxes											$	862,355


	Quarter Ended June 30, 2024
(dollars in thousands)	Markel Insurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	2,004,166	$	—	$	—	$	72,933	$	—	$	2,077,099
Net investment income	—		220,454		2,607		—		—		223,061
Net investment losses	—		(130,017)		—		—		—		(130,017)
Products revenues	—		—		847,219		—		—		847,219
Services and other revenues	6,311		9,357		603,955		64,858		—		684,481
Total operating revenues	2,010,477		99,794		1,453,781		137,791		—		3,701,843
Losses and loss adjustment expenses:
Current accident year - attritional	(1,334,540)		—		—		(42,310)		—		(1,376,850)
Current accident year - catastrophe	—		—		—		—		—		—
Prior accident years	145,135		—		—		(860)		—		144,275
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(415,982)		—		—		(5,657)		—		(421,639)
Other underwriting expenses	(274,645)		—		—		(14,011)		—		(288,656)
Products expenses	—		—		(693,693)		—		—		(693,693)
Services and other expenses	(6,549)		—		(582,590)		(21,924)		—		(611,063)
Amortization of acquired intangible assets									(44,237)		(44,237)

Operating income	$	123,896	$	99,794	$	177,498	$	53,029	$	(44,237)	$	409,980
Interest expense											(52,597)
Net foreign exchange gains											8,711

Income before income taxes											$	366,094


	Six Months Ended June 30, 2025
(dollars in thousands)	Markel Insurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	4,080,161	$	—	$	—	$	150,904	$	—	$	4,231,065
Net investment income	—		463,727		3,377		—		—		467,104
Net investment gains	—		431,152		—		—		—		431,152
Products revenues	—		—		1,408,049		—		—		1,408,049
Services and other revenues	10,897		9,454		1,266,232		177,918		—		1,464,501
Total operating revenues	4,091,058		904,333		2,677,658		328,822		—		8,001,871
Losses and loss adjustment expenses:
Current accident year - attritional	(2,631,324)		—		—		(79,337)		—		(2,710,661)
Current accident year - catastrophe	(60,877)		—		—		—		—		(60,877)
Prior accident years	227,771		—		—		1,068		—		228,839
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(840,385)		—		—		(12,002)		—		(852,387)
Other underwriting expenses	(631,984)		—		—		(37,278)		—		(669,262)
Products expenses	—		—		(1,207,289)		—		—		(1,207,289)
Services and other expenses	(17,640)		—		(1,160,131)		(64,444)		—		(1,242,215)
Amortization of acquired intangible assets									(98,155)		(98,155)

Operating income	$	136,619	$	904,333	$	310,238	$	136,829	$	(98,155)	$	1,389,864
Interest expense											(105,216)
Net foreign exchange losses											(264,542)

Income before income taxes											$	1,020,106


	Six Months Ended June 30, 2024
(dollars in thousands)	Markel Insurance		Investing		Markel Ventures		Other insurance operations		Corporate		Consolidated
Earned premiums	$	4,050,645	$	—	$	—	$	154,081	$	—	$	4,204,726
Net investment income	—		437,658		3,672		—		—		441,330
Net investment gains	—		772,264		—		—		—		772,264
Products revenues	—		—		1,448,059		—		—		1,448,059
Services and other revenues	10,692		30,203		1,142,656		118,568		—		1,302,119
Total operating revenues	4,061,337		1,240,125		2,594,387		272,649		—		8,168,498
Losses and loss adjustment expenses:
Current accident year - attritional	(2,649,587)		—		—		(92,033)		—		(2,741,620)
Current accident year - catastrophe	—		—		—		—		—		—
Prior accident years	224,102		—		—		(2,804)		—		221,298
Underwriting, acquisition and insurance expenses:
Amortization of policy acquisition costs	(844,173)		—		—		(12,053)		—		(856,226)
Other underwriting expenses	(559,893)		—		—		(32,928)		—		(592,821)
Products expenses	—		—		(1,216,940)		—		—		(1,216,940)
Services and other expenses	(13,162)		—		(1,096,034)		(38,705)		—		(1,147,901)
Amortization of acquired intangible assets									(88,522)		(88,522)

Operating income	$	218,624	$	1,240,125	$	281,413	$	94,126	$	(88,522)	$	1,745,766
Interest expense											(98,145)
Net foreign exchange gains											60,211

Income before income taxes											$	1,707,832