Markel Group Inc. · NYSE:MKL
Markel — Investor Presentation (May 2026)
20 slides from Markel's investor presentation, May 20, 2026
Slide 1: Forward-looking statements and non-GAAP financial measures
Forward - looking statements and non -GAAP financial measures This presentation may include forward - looking statements. Additional information about factors that could cause actual results to differ materially from these projected in such forward - looking statements is included in Markel Group’s
Slide 2: Key financial metrics in five-year buckets
2 All numbers in billions, except stock price, which is rounded. Please see Appendix A for adjusted operating income reconcilia tio n. Operating revenues Adjusted operating income Earned premiums Underwriting profit Products, services & other revenues Products, services & other income Net investment
Slide 3: Adjusted operating income, by segment
3 Adjusted operating income, by segment $0.3 $0.8 $1.0 $0.8 $1.4 $1.8 $1.6 $2.1 $2.3 $2.3 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 1Q'26 Markel Insurance Industrials Financial Consumer and other Corporate & Eliminations ($ in billions) Please see Appendix A for adjusted operating income reco
Slide 4: Share count at end of year
4 Share count at end of year, over the last 5 years 13.8 13.6 13.4 13.1 12.8 12.6 2020 2021 2022 2023 2024 2025 (# in millions)
Slide 5: Markel Group competitive advantages
Quality , market - leading businesses 5 Diverse , durable income streams across industries Financial conservatism with a strong balance sheet E fficient structure with cost and tax advantages Large and scalable set of attractive reinvestment opportunities W in -win -win outcomes, guided by the Marke
Slide 6: The Markel creed
“Markel has a commitment to success. We believe in hard work and a zealous pursuit of excellence while keeping a sense of humor. Our creed is honesty and fairness in all our dealings. The Markel way is to seek to be a market leader in each of our pursuits. We seek to know our customers' needs and to
Slide 7: Adjusted operating income – 5-year buckets
$2.6 $3.8 $9.2 2011 –15 2016 –20 2021 –25 7 Adjusted operating income – 5-year buckets Consolidated adjusted operating income ($ in billions) Industrial $1.5B Financial $1.3B Consumer & Other $0.7B Industrial, Financial and Consumer & Other Segments Please see Appendix A for adjusted operating incom
Slide 8: Key financial data
8 Key financial data $ in millions 2020 2021 2022 2023 2024 2025 Industrial Adjusted operating income $138 $169 $286 $378 $365 $343 Total capital $1,292 $2,297 $2,604 $2,657 $2,771 $2,772 Financial Adjusted operating income $95 $134 $355 $260 $262 $327 Total capital $2,171 $2,187 $1,899 $1,946 $1,90
Slide 9: Last years – three drivers of performance
9 Last 5 years – three drivers of performance Growth in earnings ~8 % average annual organic revenue growth Capital discipline $2.1 billion distributions from operating companies Reinvestment $1.3 billion invested into acquisitions Industrial, Financial and Consumer & Other Segments Please see Appen
Slide 10: Going forward – three drivers of performance
10 Going forward – three drivers of performance Growth in earnings • Durable markets growing at upper single digits • Strong market positioning • High quality leadership Capital discipline Reinvestment • 5-year pre - tax return on tangible capital averages 26% • Focus on ‘fair price’: <9x operating
Slide 11: Winning isn't a moment. It's a mindset.
Winning isn’t a moment. It’s a mindset.
Slide 12: Underwriting profitability is our central focus
Underwriting profitability is our central focus 94% 93% 100% 108% 95% 94% 97% 96% 96% 97% 93% 93% 93% 85% 90% 95% 100% 105% 110% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Trending QTD Combined Ratio
Slide 13: Execution of change: we have walked the walk
We overhauled our matrix reporting structure in the US. We reorganized into three simple and distinct divisions. We created 14 business units under these divisions, each with their own P&L. We aligned our financial reporting to the new structure. We exited Global Re. Execution of change: Over the pa
Slide 14: Our goal is to build the preeminent specialty insurer
Our goal is to build the preeminent specialty insurer on the planet HOW TO WIN Obsess over the customer. Everything we do must provide something that the standard market does not. Build expert teams focused on delivering risk solutions better than anyone else. Make decisions and deliver responses wi
Slide 15: Structure: A business of businesses
Structure: A business of businesses US Wholesale and Specialty ~$3B Programs and Solutions ~$3B International ~$3B Markel Insurance We organize with a principle of P&L ownership and accountability at the lowest level. London Europe Canada UK APAC West Central Southeast Northeast Bermuda Small Commer
Slide 16: Operations: Our approach to delivering value from AI
Operations : Our approach to delivering value from AI Empowered divisions Responsible innovation driven by judgment Learning from quick wins Transformational investments
Slide 17: Culture
Culture Founder’s Mentality Respect for authority but disdain for bureaucracy Winning Enjoy what we're doing
Slide 18: Appendix A: Reconciliation of Operating Income to Adjusted Operating Income
Appendix A Reconciliation of Operating Income to Adjusted Operating Income (Non - GAAP) 18 LTM 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 ($ in millions) Q1 2026 Operating income (loss) $ 2,639 $ 3,195 $ 3,713 $ 2,929 $ (93) $ 3,242 $ 1,274 $ 2,477 $ 40 $ 217 $ 805 $
Slide 19: Appendix B: Reconciliation of Revenue Growth to Organic Revenue Growth
Appendix B Reconciliation of Industrial, Financial, and Consumer & Other Segments Revenue Growth to Organic Revenue Growth (Non -GAAP) 19 Industrial: Revenue growth 3.9% 1.4% 9.7% 42.9% 51.5% Impact of inorganic activity (1.4%) (1.3%) (2.0%) (25.2%) (30.4%) Organic revenue growth 2.5% 0.1% 7.7% 17.7
Slide 20: Appendix C: Pre-Tax Return on Tangible Capital
Appendix C Industrial, Financial, and Consumer & Other Segments Pre - Tax Return on Tangible Capital 20 ($ in millions) Adjusted operating income: Industrial 343$ 365$ 378$ 286$ 169$ Financial 327 262 260 355 134 Consumer & Other 175 145 136 113 149 Total adjusted operating income $ 845 $ 772 $ 774