10th August 2022

Markel reports latest financials
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-Earned premiums grew 17% for both the quarter and six months, reflecting continued growth in gross premium volume from new business, more favourable rates and expanded product offerings.
-The higher combined ratio for the quarter compared to the same period of 2021 was driven by the impact of less favourable development on prior accident years loss reserves.
-The combined ratio for the six months included $35m, or one point, of net losses and loss adjustment expenses, as well as $12.3m reinsurance costs, attributed to the Russia-Ukraine conflict. The combined ratio for the six months included $67.9m, or two points, of net losses and loss adjustment expenses from Winter Storm Uri.
- investment losses in 2022 reflected a substantial decrease in the fair value of equity portfolio resulting from significant declines in the public equity markets.
-Growth in operating revenues from Markel Ventures operations reflected contributions from acquisitions in the second half of 2021 and the impact of increased demand and higher prices across many of the businesses.
-Comprehensive loss to shareholders in 2022, for both the quarter and six months, was a result of unrealized losses on fixed maturity and equity portfolios.
"Results for the first half of 2022 reflect the benefits of our diversified, three-engine architecture of insurance, investments, and Markel Ventures. Within our insurance engine, new business opportunities, an attractive pricing environment and solid portfolio construction contributed to strong top line growth and, when combined with continued expense management efforts, resulted in a 90 combined ratio for the first six months of 2022," said Thomas S. Gayner and Richard R. Whitt, co-ceos. "Our Markel Ventures engine provided additional thrust with another record-setting quarter for both revenues and EBITDA.
Within our investments engine, our results were impacted by the sharp decline in the equity markets, as well as rising interest rates in the bond market, during the first half of 2022. Given our focus on long-term performance and investing discipline, we are confident in the durability of our portfolio and understand that periodic volatility is to be expected. Looking forward to the remainder of 2022, we are well-positioned to execute on our business objectives and remain focused on building long-term shareholder value."

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