We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MKL posted Q4 operating EPS of $34.45, beating estimates by 34.7% and rising 68% year over year.
Markel's operating revenues rose 7.6% to $4B, led by higher earned premiums and net investment income.
MKL's combined ratio improved 300 bps to 92.7, reflecting stronger underwriting performance across segments.
Markel Group Inc. (MKL - Free Report) reported fourth-quarter 2025 net operating earnings per share of $34.45, which beat the Zacks Consensus Estimate by 34.7%. Moreover, the bottom line increased 68% year over year. MKL reported net income of $48.75 per share.
Markel’s fourth-quarter results reflected improved net investment income, higher earned premiums and solid performance across all segments, offset by higher operating expenses.
Markel Group Inc. Price, Consensus and EPS Surprise
Total operating revenues of $4 billion rose 7.6% year over year on higher earned premiums, net investment income, products revenues, services, and other revenues.
Earned premiums increased 7.6% year over year to $2.2 billion in the quarter.
Net investment income increased 5.7% year over year to $257.6 million in the fourth quarter. The figure was higher than the Zacks Consensus Estimate of $240 million.
Total operating expenses of Markel increased 5.5% year over year to $3.4 billion due to higher losses and loss adjustment expenses, underwriting, acquisition, insurance expenses, product expenses and services and other expenses.
MKL’s combined ratio improved 300 basis points (bps) year over year to 92.7 in the reported quarter.
Segment Update
Markel Insurance: Operating revenues increased 7% year over year to $2.4 billion. Adjusted operating income rose 31% year over year to $398.7 million. The combined ratio improved 300 bps year over year to 92.9.
Industrial: Operating revenues rose 4% year over year to $1 billion. Adjusted operating income decreased 26% year over year to $79.6 million.
Financial: Operating revenues jumped 41% year over year to $224.1 million. Adjusted operating income surged 58% year over year to $107.1 million.
Consumer and Other: Operating revenues grew 4% year over year to $274.4 million. Adjusted operating income rose 35% year over year to $23.3 million.
Financial Update
Markel exited the fourth quarter with investments, cash, and cash equivalents and restricted cash and cash equivalents of $37.4 billion as of Dec. 31, 2025, up 9.3% from 2024-end. The improvement was primarily attributable to $2.8 billion of operating cash flows and a $1.7 billion increase in the fair value of the investment portfolio.
Senior long-term debt and other debt balance decreased 0.6% year over year to $4.3 billion as of Dec. 31, 2025.
Shareholders' equity was $18.6 billion at fourth-quarter 2025-end, up 9.9% from 2024-end.
Net cash provided by operating activities was $2.8 billion in 2025, up 6.4% year over year.
Full-Year Highlights
Underwriting profit increased 25% year over year to $502.6 million.
Net income per share of $169.22 declined 15.1% year over year.
Total operating revenues grew 4.7% year over year to $15.5 billion.
The combined ratio improved 100 bps year over year to 94.2.
Prudential Financial, Inc. (PRU - Free Report) reported fourth-quarter 2025 adjusted operating income of $3.30 per share, which missed the Zacks Consensus Estimate by 2%. However, the bottom line rose 11.5% year over year. Total revenues of $14.52 billion increased 11.6% year over year. It beat the Zacks Consensus Estimate by 6%.
Total benefits and expenses amounted to $13 billion, which increased 11.8% year over year in the fourth quarter due to higher insurance and annuity benefits, interest credited to policyholders' account balances, interest expense, and amortization of acquisition costs.
Voya Financial, Inc. (VOYA - Free Report) reported fourth-quarter 2025 adjusted operating earnings of $1.94 per share, which missed the Zacks Consensus Estimate by 8%. The bottom line increased 38.5% year over year. Adjusted operating revenues amounted to $2 billion, which increased 5.7% year over year.
Net investment income increased 13.4% year over year to $591 million. Meanwhile, fee income of $633 million increased 16.5% year over year. Premiums totaled $738 million, down 6.5% from the year-ago quarter. Total benefits and expenses were $1.9 billion, up 2.7% from the year-ago quarter. As of Dec. 31, 2025, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.
Willis Towers Watson Public Limited Company (WTW - Free Report) delivered fourth-quarter 2025 adjusted earnings of $8.12 per share, which beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 2% year over year. Willis Towers posted adjusted consolidated revenues of $2.9 billion, which declined 3% year over year on a reported basis. Revenues increased 6% on an organic basis but declined 5% on a constant currency basis. The top line beat the Zacks Consensus Estimate by 2.5%.
The total costs of providing services decreased 10% year over year to $1.9 billion. Our estimate was pegged at $1.8 billion. Adjusted operating income was $1 billion, which decreased 1% year over year. Margin expanded 80 basis points to 36.9%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
MKL Q4 Earnings Beat Estimates, Revenues & Premiums Rise Y/Y
Key Takeaways
Markel Group Inc. (MKL - Free Report) reported fourth-quarter 2025 net operating earnings per share of $34.45, which beat the Zacks Consensus Estimate by 34.7%. Moreover, the bottom line increased 68% year over year. MKL reported net income of $48.75 per share.
Markel’s fourth-quarter results reflected improved net investment income, higher earned premiums and solid performance across all segments, offset by higher operating expenses.
Markel Group Inc. Price, Consensus and EPS Surprise
Markel Group Inc. price-consensus-eps-surprise-chart | Markel Group Inc. Quote
Quarterly Operational Update
Total operating revenues of $4 billion rose 7.6% year over year on higher earned premiums, net investment income, products revenues, services, and other revenues.
Earned premiums increased 7.6% year over year to $2.2 billion in the quarter.
Net investment income increased 5.7% year over year to $257.6 million in the fourth quarter. The figure was higher than the Zacks Consensus Estimate of $240 million.
Total operating expenses of Markel increased 5.5% year over year to $3.4 billion due to higher losses and loss adjustment expenses, underwriting, acquisition, insurance expenses, product expenses and services and other expenses.
MKL’s combined ratio improved 300 basis points (bps) year over year to 92.7 in the reported quarter.
Segment Update
Markel Insurance: Operating revenues increased 7% year over year to $2.4 billion. Adjusted operating income rose 31% year over year to $398.7 million. The combined ratio improved 300 bps year over year to 92.9.
Industrial: Operating revenues rose 4% year over year to $1 billion. Adjusted operating income decreased 26% year over year to $79.6 million.
Financial: Operating revenues jumped 41% year over year to $224.1 million. Adjusted operating income surged 58% year over year to $107.1 million.
Consumer and Other: Operating revenues grew 4% year over year to $274.4 million. Adjusted operating income rose 35% year over year to $23.3 million.
Financial Update
Markel exited the fourth quarter with investments, cash, and cash equivalents and restricted cash and cash equivalents of $37.4 billion as of Dec. 31, 2025, up 9.3% from 2024-end. The improvement was primarily attributable to $2.8 billion of operating cash flows and a $1.7 billion increase in the fair value of the investment portfolio.
Senior long-term debt and other debt balance decreased 0.6% year over year to $4.3 billion as of Dec. 31, 2025.
Shareholders' equity was $18.6 billion at fourth-quarter 2025-end, up 9.9% from 2024-end.
Net cash provided by operating activities was $2.8 billion in 2025, up 6.4% year over year.
Full-Year Highlights
Underwriting profit increased 25% year over year to $502.6 million.
Net income per share of $169.22 declined 15.1% year over year.
Total operating revenues grew 4.7% year over year to $15.5 billion.
The combined ratio improved 100 bps year over year to 94.2.
Zacks Rank
Markel currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Some Other Insurers
Prudential Financial, Inc. (PRU - Free Report) reported fourth-quarter 2025 adjusted operating income of $3.30 per share, which missed the Zacks Consensus Estimate by 2%. However, the bottom line rose 11.5% year over year. Total revenues of $14.52 billion increased 11.6% year over year. It beat the Zacks Consensus Estimate by 6%.
Total benefits and expenses amounted to $13 billion, which increased 11.8% year over year in the fourth quarter due to higher insurance and annuity benefits, interest credited to policyholders' account balances, interest expense, and amortization of acquisition costs.
Voya Financial, Inc. (VOYA - Free Report) reported fourth-quarter 2025 adjusted operating earnings of $1.94 per share, which missed the Zacks Consensus Estimate by 8%. The bottom line increased 38.5% year over year. Adjusted operating revenues amounted to $2 billion, which increased 5.7% year over year.
Net investment income increased 13.4% year over year to $591 million. Meanwhile, fee income of $633 million increased 16.5% year over year. Premiums totaled $738 million, down 6.5% from the year-ago quarter. Total benefits and expenses were $1.9 billion, up 2.7% from the year-ago quarter. As of Dec. 31, 2025, VOYA’s assets under management, and assets under administration and advisement totaled $1.1 trillion.
Willis Towers Watson Public Limited Company (WTW - Free Report) delivered fourth-quarter 2025 adjusted earnings of $8.12 per share, which beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 2% year over year. Willis Towers posted adjusted consolidated revenues of $2.9 billion, which declined 3% year over year on a reported basis. Revenues increased 6% on an organic basis but declined 5% on a constant currency basis. The top line beat the Zacks Consensus Estimate by 2.5%.
The total costs of providing services decreased 10% year over year to $1.9 billion. Our estimate was pegged at $1.8 billion. Adjusted operating income was $1 billion, which decreased 1% year over year. Margin expanded 80 basis points to 36.9%.