As of September 30, 2024, Markel Group Inc. reported total assets of $62.3 billion, a significant increase from $55.0 billion at the end of 2023. Total liabilities also rose to $44.6 billion from $39.5 billion, while total shareholders' equity increased to $17.0 billion from $15.0 billion. Retained earnings grew to $13.1 billion, up from $11.4 billion at the end of 2023. Total investments reached $30.0 billion, compared to $26.5 billion previously.
For the quarter ended September 30, 2024, operating revenues surged to $4.6 billion, up from $3.4 billion in the same quarter of 2023. However, earned premiums slightly decreased to $2.1 billion from $2.1 billion year-over-year. Net investment income rose to $235.5 million, compared to $192.2 million in Q3 2023, while net investment gains dramatically improved to $917.5 million from a loss of $265.9 million in the prior year. Total operating expenses decreased marginally to $3.2 billion from $3.3 billion, leading to an operating income of $1.4 billion, a substantial increase from $72.8 million in Q3 2023. Net income for the quarter reached $947.0 million, compared to $53.3 million in the same quarter last year.
For the nine months ended September 30, 2024, net income totaled $2.3 billion, up from $1.3 billion in 2023. The company reported net cash provided by operating activities of $2.1 billion, slightly higher than $2.0 billion in the previous year. Notably, Markel issued $600 million in unsecured senior notes in May 2024, with proceeds intended for general corporate purposes.
Strategically, Markel acquired 98% of Valor Environmental for $156.4 million in cash in June 2024, with results from this acquisition included in the Markel Ventures segment starting Q3 2024. The company also acquired a 68% interest in an educational services company for $167.7 million in September 2024.
The insurance segment reported earned premiums of $1.9 billion, a slight increase from $1.8 billion in Q3 2023, while the reinsurance segment saw a decline in earned premiums to $250.7 million from $274.2 million. The underwriting profit for the insurance segment increased significantly to $109.6 million from $25.1 million in the prior year. The combined ratio improved to 96.4% from 99.1%, reflecting better underwriting performance.
Overall, Markel Group Inc. demonstrated strong financial performance in Q3 2024, marked by significant increases in revenues and net income, alongside strategic acquisitions aimed at enhancing its business portfolio.
About MARKEL GROUP INC.
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