RICHMOND – October 29, 2026 -- Markel Group Inc. (NYSE: MKL) reported third-quarter adjusted operating income of $707 million, up 14% from $621 million a year earlier, as its insurance and industrial units improved profitability.
Operating revenues rose 6% in the quarter and 2% year to date. Operating income, which includes market movements in the equity portfolio, was $383 million for the quarter and $1.7 billion for the nine months.
Nine-month adjusted operating income slips 2% to $1.6 billion
Adjusted operating income excludes equity portfolio market movements. For the first nine months it totaled $1.6 billion, down 2% from $1.7 billion in the same period of 2025, so the third-quarter gain only partly offset earlier weakness.
Markel Insurance posts 92% combined ratio despite reinsurance drag
The quarterly combined ratio was 92%, including a three-point unfavorable impact from the exited Global Reinsurance division. Adjusted underwriting gross premium volume grew 9% in the quarter and 10% year to date. Adjusted operating income at Markel Insurance rose 19% year to date to $1.2 billion, driven by better underwriting profitability and higher net investment income.
The adjusted figures exclude two structural changes. Markel Insurance sold the renewal rights for Global Reinsurance contracts in August 2025, and the division entered run-off. Since January 1, 2026, business written for Hagerty has operated as a fronting arrangement rather than an underwriting product. Both changes cut reported underwriting gross premium volume.
Industrial segment grows revenue 13% and adjusted operating income 29%
Industrial revenue growth included 10% organic growth. Adjusted operating income in the Financial segment increased 30%.
Markel repurchases $315 million of shares in the quarter
Buybacks totaled $685 million year to date. Chairman and CEO Tom Gayner said the company aims to "relentlessly compound value over the long-term" and continues to deploy capital where it sees the most long-term value.
Markel will discuss the results on a conference call at 9:30 a.m. Eastern Time on October 29, 2026. It has also filed its Form 10-Q for the quarter ended September 30, 2026 with the U.S. Securities and Exchange Commission.