RICHMOND, Va, July 28, 2020 /PRNewswire/ -- Markel Corporation
(NYSE:MKL) today reported its second quarter 2020 results. The
Company also announced today it has filed its Form 10-Q for the
quarter ended June 30, 2020 with the
Securities and Exchange Commission.
The following tables present summary financial data for both the
quarters and six months ended June 30,
2020 and 2019.
|
Quarter Ended June
30,
|
|
Six Months Ended June
30,
|
(dollars in
thousands, except per share amounts)
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Earned
premiums
|
$
|
1,360,174
|
|
|
$
|
1,199,461
|
|
|
$
|
2,690,883
|
|
|
$
|
2,403,438
|
|
Markel Ventures
segment operating revenues
|
$
|
678,139
|
|
|
$
|
617,185
|
|
|
$
|
1,189,360
|
|
|
$
|
1,072,200
|
|
Net investment gains
(losses)
|
$
|
911,243
|
|
|
$
|
425,653
|
|
|
$
|
(770,198)
|
|
|
$
|
1,037,844
|
|
Comprehensive income
(loss) to shareholders
|
$
|
1,092,393
|
|
|
$
|
623,330
|
|
|
$
|
(260,416)
|
|
|
$
|
1,355,575
|
|
Diluted net income
(loss) per common share
|
$
|
65.75
|
|
|
$
|
36.07
|
|
|
$
|
(34.83)
|
|
|
$
|
78.85
|
|
U.S. GAAP combined
ratio
|
88%
|
|
|
|
95%
|
|
|
|
103%
|
|
|
|
95%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2020
|
|
|
December 31,
2019
|
|
|
|
|
|
|
Book value per common
share outstanding
|
$
|
783.58
|
|
|
$
|
802.59
|
|
|
|
|
|
Our underwriting, investing and Markel Ventures results for the
quarter and six months ended June 30,
2020 were significantly impacted by the effects of the
COVID-19 pandemic. Most notably, significant volatility in the
equity markets arising from economic uncertainty associated with
the pandemic resulted in declines in the fair value of our equity
portfolio during the first half of 2020, and our underwriting
results for the six months ended June 30,
2020 included $325 million of
underwriting loss attributed to the COVID-19 pandemic, which added
12 points to the consolidated combined ratio.
"It's remarkable what our employees accomplished this quarter
under these extraordinary conditions. Their resiliency and can-do
spirit drove our strong performance. Despite moving to almost 100%
remote working, our underwriting operations did not miss a beat as
our insurance divisions globally took advantage of favorable market
conditions. Our Ventures companies responded and adapted
accordingly to the new normal and Markel Ventures delivered
operating profits, and our investment results benefitted from a
meaningful recovery in public equities this quarter," commented
Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers.
"As we enter the second half of 2020, we recognize that we will
likely face ongoing uncertainties from the COVID-19 crisis. We will
continue to focus on those things we can control and prepare for
the challenges to come, while taking advantage of the opportunities
in the marketplace. As always, the health and safety of our
employees, trading partners, customers, and communities remains our
top priority."
A copy of the Company's Form 10-Q is available on its
website at www.markel.com or on the SEC website at
www.sec.gov. Readers are urged to review the Form 10-Q for a
more complete discussion of the Company's financial performance.
The Company's quarterly conference call, which will involve
discussion of the Company's financial results and business
developments and may include forward-looking information, will be
held Wednesday, July 29, 2020,
beginning at 9:30 a.m. (Eastern
Time). Investors, analysts and the general public may listen
to the call free over the Internet through the Company's website,
www.markel.com. Any person needing additional information can
contact Markel's Investor Relations Department at
investorrelations@markel.com. A replay of the call also will be
available from approximately one hour after the conclusion of the
call until Monday, August 10,
2020.
About Markel Corporation
Markel Corporation is
a diverse financial holding company serving a variety of niche
markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses,
it seeks to provide quality products and excellent customer service
so that it can be a market leader. The financial goals of the
Company are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder value. Visit
Markel Corporation on the web at www.markel.com.
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SOURCE Markel Corporation