UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025 Commission File Number 001-15811 MARKEL GROUP INC. (Exact name of registrant as specified in its charter) A Virginia Corporation IRS Employer Identification No. 54-1959284 4521 Highwoods Parkway, Glen Allen, Virginia 23060-6148 (Address of principal executive offices) (Zip code) If an emerging growth ...

Markel Group announces leadership appointments [Accessibility Statement] Skip NavigationRICHMOND, Va., Feb. 23, 2026 /PRNewswire/ -- Markel Group Inc. (NYSE: MKL) announced today the appointments of Simon Wilson, CEO of Markel Insurance, and Andrew Crowley, President of Markel Ventures, as Executive Vice Presidents of Markel Group, in addition to their current responsibilities. Wilson and Crowley oversee Markel Group's insurance and noninsurance businesses, respectively, and their appointments highlight the ...

We came across a bullish thesis on MKL on Casteleyn Partnership Substack. In this article, we will summarize the bulls’ thesis on MKL. MKL's share was trading at $2,102.15 as of February 6th. MKL’s trailing and forward P/E were 12.42 and 14.62 respectively according to Yahoo Finance. Is Berkshire Hathaway Inc. (BRK-A) the Highest-Priced Stock Right Now? 15 Best States for Homeowners Insurance in the US Markel Group Inc., through its subsidiaries, engages in the insurance business in the United States an ...

Core Insights - Markel has announced a collaboration with Upfort to enhance cyber protection for eligible U.S. cyber policyholders, providing tools to mitigate cyberattack risks [1][3] Group 1: Collaboration Details - The Upfort Shield platform offers AI-powered, automated protection against common cyber threats, available to Markel's eligible cyber policyholders [2] - The collaboration aims to strengthen Markel's comprehensive approach to cyber insurance, ensuring support for clients before, during, and after cyber incidents [3] Group 2: Strategic Goals - This partnership aligns with Markel's long-term strategy to deliver innovative insurance solutions tailored for middle-market businesses, enhancing risk prevention capabilities [3] - By utilizing Upfort's platform, Markel aims to reduce claim frequency and gain actionable intelligence for data-driven underwriting [4] Group 3: Upfort's Capabilities - Upfort provides a multi-layer cyber defense solution, including advanced email protection, continuous monitoring, and employee training to bolster business resilience [3][6] - The platform is designed to close the protection gap through AI-powered defense and intelligent automation, leveraging proprietary threat intelligence [6]

Core Insights - Colin Wildey has been appointed as Chief Risk Officer for Markel International, pending regulatory approval, after serving as Head of Risk since 2022 [1] - Wildey aims to enhance risk-informed decision-making aligned with Markel's strategic ambition to elevate its market presence [1] - He brings over ten years of senior risk management experience in the London Market and international insurance sector [1] Company Overview - Markel Insurance operates as a leading global specialty insurer, emphasizing a people-first approach [1] - The company leverages diverse capabilities to provide intelligent solutions for complex specialty insurance needs [1] - Strong relationships with colleagues, brokers, and clients are a key differentiator for Markel globally [1] Leadership Insights - Henry Gardener, Chief Risk Officer of Markel Insurance, highlighted the critical role of the Risk team in strengthening business resilience and strategic alignment [1] - Wildey expressed commitment to embedding risk thinking across Markel International and supporting leaders in navigating complex risk environments [1]

Core Viewpoint - Markel Insurance has promoted Phil Amlot to Head of Trade Credit for Markel International, aiming to enhance its global reputation as a leading Trade Credit insurer during a period of significant global development for the division [1][2]. Company Leadership and Strategy - Phil Amlot will report to Carl Titterton and is tasked with developing and leading the long-term strategy, profitable growth, and team development for Markel International's Trade Credit division [2]. - Amlot's appointment is seen as timely, given his 16 years of experience at Markel and his previous role as Head of Underwriting – Trade Credit since 2020, which has contributed to the division's market profile and profitable growth [3]. Market Environment and Opportunities - The current dynamic environment, influenced by geopolitical changes, shifting supply chains, and economic conditions, presents significant opportunities for businesses that are well-supported and informed [4]. - The credit insurance industry is positioned as increasingly valuable, with Markel committed to providing insights and solutions that help clients navigate uncertainties and achieve sustained success [4]. Phil Amlot's Background - Amlot began his career at Markel in 2010 as a senior underwriter in Trade Credit and has held various roles, including establishing the US operation of Markel's Trade Credit division in 2014 [4]. - His extensive experience in underwriting and risk management prior to joining Markel includes positions at Coface UK and Independent Insurance Company Limited [4]. Company Overview - Markel Insurance is recognized as a leading global specialty insurer, emphasizing a people-first approach and leveraging a broad array of capabilities to address complex specialty insurance needs [5].

Financial Data and Key Metrics Changes - Markel Group's consolidated operating revenues increased by 8% for the quarter and 5% for the year, with operating income for the quarter at $795 million, up from $595 million in the comparable period last year [11] - Adjusted operating income totaled $626 million for the quarter, up 19% year-over-year, and $2.3 billion for the year, a 10% increase from 2024 [11][12] - Operating cash flow grew to $2.8 billion in 2025, compared to $2.6 billion in 2024 [8][12] Business Line Data and Key Metrics Changes - Markel Insurance generated a combined ratio of 92.9% in Q4 2025, with adjusted operating income of $399 million, up 31% from the previous year [16][24] - The Financial segment produced $327 million in adjusted operating income, a 25% increase from 2024, driven by strong performance in performance fees and management fees [6][22] - The Industrial segment earned $343 million in adjusted operating income for the year, down 6% from 2024, impacted by lower revenues in transportation products [7][19] - The Consumer and Other segment reported adjusted operating income of $175 million, up 20% year-over-year, primarily due to the acquisition of EPI [7][21] Market Data and Key Metrics Changes - Markel Insurance's gross written premiums increased by 3% for the quarter and 4% for the full year, with the International division growing by 14% [14] - The Financial segment's revenues were $224 million for the quarter, up 41% year-over-year, and $737 million for the year, a 24% increase [21] - The Industrial segment's organic revenue growth was 2% for the year, driven by equipment leasing and construction markets [19] Company Strategy and Development Direction - The company aims to simplify operations and improve accountability, focusing on long-term compounding and high-quality cash flows across its segments [3][4] - Markel Insurance is transitioning to a more diversified portfolio, emphasizing profitable growth opportunities in various sectors, including environmental and healthcare [26][29] - The company is investing in technology and AI to enhance operational efficiency and decision-making speed [27][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that market conditions in the specialty insurance industry have softened, with increased competition and pricing pressures [29] - The company remains optimistic about its diversified portfolio and the ability to navigate competitive pressures while maintaining profitability [29][61] - Management emphasized the importance of focusing on customer needs and maintaining a strong organizational structure to succeed in varying market conditions [30] Other Important Information - The company redeemed $600 million in preferred shares and repurchased $430 million of its common shares, returning over $1 billion to shareholders [8][22] - The public equity portfolio returned 10.5% for the year, with a market value of $13 billion and an unrealized gain of $8.9 billion [7][18] Q&A Session Summary Question: Insights on the property casualty segment and combined ratio sustainability - Management expressed confidence in achieving a low 90s combined ratio, emphasizing the importance of a diversified portfolio to navigate market conditions [33][38] Question: Trends in Industrial and Consumer segments - Management indicated that while there is volatility, they are pleased with the performance of their businesses and expect continued positive results [48][50] Question: Insurance pricing environment into 2026 - Management noted softening in the U.S. property market but ongoing rate increases in the casualty market, with a focus on rate adequacy [54][61] Question: AI deployment within insurance operations - Management highlighted the use of AI to improve operational efficiency and decision-making, with ongoing projects expected to enhance productivity [62][68] Question: Financial segment performance and future outlook - Management acknowledged the impact of a light Cat season on performance fees and the consistent growth of the State National business [75][76]

Financial Data and Key Metrics Changes - Markel Group's consolidated operating revenues increased by 8% for the quarter and 5% for the year, with operating income for the quarter at $795 million, up from $595 million in the comparable period last year [11] - Adjusted operating income totaled $626 million for the quarter, up 19% year-over-year, and $2.3 billion for the year, a 10% increase from 2024 [11] - Operating cash flow grew to $2.8 billion in 2025, compared to $2.6 billion in 2024 [12] Business Line Data and Key Metrics Changes - Markel Insurance generated a combined ratio of 92.9% in Q4 2025, contributing $399 million of adjusted operating income, up 31% from the previous year [16] - The financial segment produced $327 million in adjusted operating income, a 25% increase from 2024 [6] - The industrial segment earned $343 million in adjusted operating income, slightly below last year's level, while the consumer and other segment delivered $175 million, up from $145 million last year [7][20] Market Data and Key Metrics Changes - Markel Insurance's gross written premiums increased by 3% for the quarter and 4% for the full year, driven by personal lines in the U.S. and growth in the international division [14] - The international division's gross written premium grew by 14% for the year, with strong results across all markets [14] - The public equity portfolio returned 10.5% for the year, with a market value of $13 billion and an unrealized gain of $8.9 billion [7] Company Strategy and Development Direction - The company aims to simplify operations and improve accountability, focusing on long-term compounding and high-quality cash flows [3][4] - Markel Insurance is transitioning to a more diversified portfolio, emphasizing profitable growth opportunities in various sectors [24][26] - The company is investing in technology and AI to enhance operational efficiency and decision-making speed [27][68] Management's Comments on Operating Environment and Future Outlook - Management noted that while market conditions in the specialty insurance industry have softened, competition drives progress and customer value remains a priority [29] - The company is optimistic about achieving a low 90s combined ratio consistently, supported by a diverse portfolio and strategic investments [38][44] - Management expressed confidence in the long-term benefits of recent structural changes and investments in technology [27][68] Other Important Information - The company redeemed $600 million in preferred shares and repurchased $430 million of common shares, returning over $1 billion to shareholders [22] - The overall reserve release for 2025 was 6 points, reflecting a strong balance sheet position [29] Q&A Session Summary Question: Insights on the property casualty segment and combined ratio sustainability - Management aims for a low 90s combined ratio, emphasizing the importance of diversification in their portfolio to achieve this target [38] Question: Trends in industrial and consumer segments - Management is satisfied with the performance of their businesses and anticipates continued positive results despite external market forces [49][50] Question: Insurance pricing environment into 2026 - The property market is experiencing significant competition and price reductions, while the casualty market is seeing rate increases [54][56] Question: AI deployment within insurance operations - AI is being utilized to enhance operational efficiency, particularly in data processing and underwriting, with a focus on improving productivity [63][68] Question: Financial segment performance and future outlook - The light cat environment positively impacted performance fees, and the State National business continues to grow consistently [76][78]

Financial Data and Key Metrics Changes - Markel Group's consolidated operating revenues increased by 8% for the quarter and 5% for the year, with operating income for the quarter at $795 million, up from $595 million in the comparable period last year [11] - Adjusted operating income totaled $626 million for the quarter, up 19% year-over-year, and $2.3 billion for the year, a 10% increase from 2024 [11] - Operating cash flow grew to $2.8 billion in 2025, compared to $2.6 billion in 2024 [8] Business Line Data and Key Metrics Changes - Markel Insurance generated a 92.9% combined ratio in Q4 2025, contributing $399 million of adjusted operating income, up 31% from the previous year [4][15] - The financial segment produced $327 million in adjusted operating income, a 25% increase from 2024 [5] - The industrial segment earned $343 million, slightly below last year's level, while the consumer and other segment delivered $175 million of adjusted operating income, up from $145 million last year [6] Market Data and Key Metrics Changes - Markel Insurance's gross written premiums increased by 3% for the quarter and 4% for the full year, driven by personal lines in the U.S. and growth in the international division [13] - The international division's gross written premium grew by 14% for the year, with strong performance across all markets [13] - The public equity portfolio returned 10.5%, ending the year with a market value of $13 billion and an unrealized gain of $8.9 billion [7] Company Strategy and Development Direction - The company aims to simplify operations and improve accountability, focusing on long-term compounding and high-quality cash flows [3][4] - Markel Insurance is transitioning to a more diversified portfolio, emphasizing profitable growth opportunities in various sectors, including environmental and healthcare [24][25] - The company is investing in technology and AI to enhance operational efficiency and decision-making speed [25][66] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the competitive landscape in the specialty insurance industry, noting increased competition and pricing pressures in several key lines of business [26] - The company remains optimistic about its ability to achieve a low 90s combined ratio through diversification and strategic investments [35][42] - Management expressed confidence in the long-term benefits of recent structural changes and the strength of the balance sheet [26][25] Other Important Information - The company repurchased shares totaling $430 million and redeemed $600 million in preferred stock, returning over $1 billion to shareholders [21] - The exit from the global reinsurance business is expected to impact underwriting gross written premiums in 2026 by approximately $2 billion, but is anticipated to improve combined ratio and return on equity in the long term [15] Q&A Session Summary Question: Can the company sustain a 93 combined ratio in the casualty segment? - Management expressed confidence in achieving a low 90s combined ratio, emphasizing the diversification of their portfolio and the focus on specialty products [30][35] Question: What drove the combined ratio in the programs and solutions segment? - The combined ratio was influenced by increased reserves in response to rising claims trends in the personal umbrella program and unexpected large losses in the surety business [36][39] Question: How is the insurance pricing environment expected to trend into 2026? - Management noted softening in the U.S. property market, with significant competition leading to potential rate reductions, while casualty lines continue to see rate increases [51][53] Question: What are the company's plans for AI deployment in operations? - The company is focused on using AI to enhance operational efficiency, particularly in data ingestion and underwriting processes, with ongoing projects expected to yield significant improvements [60][63] Question: How does the light cat season impact the financial segment's performance? - The light cat environment contributed positively to performance fees, with consistent growth in the State National business also driving earnings [72]

Core Insights - Markel Group Inc. (MKL) reported fourth-quarter 2025 net operating earnings per share of $34.45, exceeding the Zacks Consensus Estimate by 34.7%, and reflecting a 68% year-over-year increase [1][8] - The company's total operating revenues reached $4 billion, marking a 7.6% increase year over year, driven by higher earned premiums and net investment income [2][8] - Markel's combined ratio improved by 300 basis points year over year to 92.7, indicating stronger underwriting performance across all segments [3][8] Quarterly Operational Update - Total operating revenues of $4 billion rose 7.6% year over year, attributed to higher earned premiums, net investment income, and other revenue streams [2] - Earned premiums increased 7.6% year over year to $2.2 billion in the quarter [2] - Net investment income grew 5.7% year over year to $257.6 million, surpassing the Zacks Consensus Estimate of $240 million [2] Expense Analysis - Total operating expenses increased 5.5% year over year to $3.4 billion, driven by higher losses, underwriting, and other operational costs [3] - The combined ratio improved by 300 basis points year over year to 92.7, reflecting enhanced underwriting performance [3] Segment Performance - Markel Insurance: Operating revenues increased 7% year over year to $2.4 billion, with adjusted operating income rising 31% to $398.7 million [4] - Industrial: Operating revenues rose 4% year over year to $1 billion, but adjusted operating income decreased 26% to $79.6 million [4] - Financial: Operating revenues surged 41% year over year to $224.1 million, with adjusted operating income increasing 58% to $107.1 million [4] Financial Update - As of December 31, 2025, Markel had investments, cash, and cash equivalents totaling $37.4 billion, a 9.3% increase from the end of 2024 [6] - Senior long-term debt decreased 0.6% year over year to $4.3 billion [6] - Shareholders' equity was reported at $18.6 billion, up 9.9% from the end of 2024 [7] Full-Year Highlights - Underwriting profit increased 25% year over year to $502.6 million [10] - Net income per share was $169.22, reflecting a decline of 15.1% year over year [10] - Total operating revenues grew 4.7% year over year to $15.5 billion, with the combined ratio improving by 100 basis points to 94.2 [10]