Markel results stay steady despite losses
Markel Corporation has reported operating revenues of $2.0 billion for the third quarter of 2019, down slightly on the $2.2 billion that it made in the third quarter of 2018.
The company said that operating revenues totalled $6.9 billion for the nine months ended September 30, 2019, a rise from the $5.8 billion that it reported for the same period of 2018.
Earned premiums for the third quarter of 2019 came to $1.3 billion, a slight rise on the $1.85 billion it received for the third quarter of 2018. Earned premiums for the first three quarters of 2019 totalled $3.7 billion, again up from the $3.48 billion it reported for the same period of 2018.
Comprehensive income to shareholders was $250.1 million for the third quarter of 2019 compared to $315.1 million for the third quarter of 2018. Comprehensive income to shareholders was $1.6 billion for the nine months ended September 30, 2019 compared to $304.6 million for the same period of 2018
The combined ratio was 94 percent for the third quarter of 2019 compared to 99 percent for the third quarter of 2018. The combined ratio was 95 percent for the nine months ended September 30, 2019 compared to 94 percent for the same period of 2018.
In a statement Thomas Gayner and Richard Whitt, co-CEOs, commented, "Our operating results for the quarter continue to reflect profitable top line growth across the company. We produced a meaningful underwriting profit, despite catastrophes losses during the period, and we're seeing excellent results from our Markel Ventures operations. Our investment portfolio continues to make meaningful contributions to both net income and comprehensive income, driven by favourable market conditions."
