MARKEL GROUP INC. (MKL) Form 10-Q — Oct 28, 2026

$MKLForm 10-QFiled Oct 28, 2026, 4:36 PM ET0001096343-26-000080Original filing

Markel Group reported Q3 2026 net income to common shareholders of $259.3 million ($18.15 diluted EPS), down sharply from $751.3 million ($59.25) a year earlier, driven by $280.9 million of net investment losses on its equity portfolio and $74.6 million of net losses from the Middle East conflict. Core operating performance was stronger: consolidated adjusted operating income rose 14% to $707.4 million and the Markel Insurance combined ratio improved to 91.9%, with underwriting profit up 15% quarter over quarter.

Key figures

Eps: Q3 2026 diluted EPS $18.15 vs $59.25 in Q3 2025; nine-month diluted EPS $91.90 vs $120.60
Revenue: $11.73 billion operating revenues (nine months 2026); $4.16 billion (Q3 2026)
Net Income: Q3 2026 net income to common shareholders $259.3 million vs $751.3 million; nine months $1.216 billion vs $1.504 billion
Total Debt: $4.36 billion senior long-term debt and other debt
Total Assets: $72.08 billion
Cash Position: $3.60 billion cash and cash equivalents at September 30, 2026
Shares Outstanding: 12229365
Adc subject reserves: $4.8 billion (Enstar/Cavello Bay adverse development cover, $120 million risk premium, $1.2 billion adverse development coverage)
Share repurchases 9m: $685.3 million
Unrealized equity gains: $9.0 billion cumulative pre-tax
Adjusted operating income q3: $707.4 million vs $621.0 million (up 14%)
Markel insurance combined ratio q3: 91.9% vs 92.7%
Middle east conflict net losses q3: $74.6 million (3.4 pts on combined ratio); $150.6 million YTD
State national credit loss provision: $205.3 million
Middle east conflict gross losses ytd: $420.8 million

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