Markel Group reported that its insurance business, Markel Insurance, reported a hike of 3% in underwriting gross premium volume for the fourth quarter of 2025 to $2.32 billion from $2.25 billion a year earlier, while for the full year 2025, the increase was 4% to $10.6 billion, compared with $10.3 billion in FY’24.
The business recorded an underwriting profit increase of 87% to $156 million for the quarter, compared to $83 million in Q4’24. Meanwhile, there was a 24% increase in underwriting profit for FY’25 to $456 million compared to $367 million in 2024.
This directly resulted in a 31% increase in adjusted operating income for Q4’25 at $398 million, and a 16% increase for FY’25 at $1.38 billion, also driven by net investment income.
Markel Insurance’s increase in underwriting gross premium volume was driven by significant growth within its personal lines and international professional liability product lines, as well as growth within its programs, marine and energy, and general liability product lines.
For the year, underwriting results included $61.9 million and $70.6 million of net losses and loss adjustment expenses in 2025 and 2024, respectively, driven by natural catastrophes. In 2025, cat losses were driven by a series of wildfires that occurred in Southern California in January 2025.
For the quarter, earned premiums in the segment are reported at $2.2 billion, a 7% increase compared to $2.05 billion in the prior year. Meanwhile, there was a 3% increase for FY’25 to $8.4 billion compared to $8.13 billion in 2024.
Markel Insurance has reported an improved Q4’25 combined ratio of 92.9%, compared to 95.9% in the comparable prior year quarter, with a slightly improved FY’25 combined ratio of 94.6% compared to 95.5% in 2024.
The 2025 combined ratio included $484 million of favourable development on prior accident years’ loss reserves compared to $454.9 million in 2024.
The segment’s net investment income grew by 9% for Q4’25 to $232 million, and a hike of 9% to $871 million for FY’25.
Operating revenues also increased by 7% for the quarter to $2.44 billion, and by 4% year to date to $9.35 billion.
In August 2025, Markel Insurance sold the renewal rights for business written in its Global Reinsurance division, and the business entered into run-off. The 2025 gross premium volume division was $1 billion, and the segment’s underwriting results had a two-point unfavourable impact on the Markel Insurance segment’s combined ratio in 2025 and a one-point unfavourable impact in 2024.
Tom Gayner, Chief Executive Officer, Markel Group, commented, “In 2025, the Markel Group delivered meaningful progress. Operating income was $3.2 billion, and adjusted operating income exceeded $2.3 billion, with every reportable segment making meaningful contributions.
“Within Markel Insurance, we took a series of decisive actions to simplify and refocus the business. Thank you to that team, and to everyone across the Markel Group. By staying true to our values, while providing exceptional businesses and leaders a home in which to grow and thrive, we believe the Markel Group is well-positioned to continue compounding shareholder value across generations.”
