Markel Group Inc
MKL - Insider Information
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+ FollowMarket Cap$23.76B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Solid operating momentum + strong per-share earnings (core “good”):
- Adjusted operating income up 14% YoY to $707M in Q3; adjusted operating income per share up 15% driven by the ongoing buyback.
- Net investment income up 5% YoY to $258M in the quarter (+8% YoY to $770M YTD)—benefiting from higher interest rates.
- Insurance momentum: underwriting premiums +9% and combined ratio 91.9%, *despite* ~3 points drag from Global Re run-off.
- Non-insurance strength: Industrial adjusted op income +29%, Financial +30%, Consumer & Other margin widened (adjusted op income +80%)—overall for these segments revenue +10% and adjusted op income +35%.
Reserve releases continue (supportive, but watch sensitivity to development):
- Markel’s 3 ongoing insurance divisions released reserves of $445M YTD vs $397M at the same point last year.
- Management emphasized that they also remain proactive on legacy/run-off exposures, which helps explain the favorable development trend.
Major “surprising/important” move: ADC adverse development cover with Enstar (reduces uncertainty):
- Deal provides $1.2B adverse development protection above covered reserves across Global Re and certain other exited lines.
- Reserves subject to transfer: $4.8B total, with $2.25B transferred to Enstar; the remainder stays on Markel’s books to run off normally.
- Risk premium: $120M.
- Impact expectation: management said Q4 expected to be relatively EPS-neutral (risk premium + offsetting management margin), but no explicit EPS guidance for 2027 (they would not quantify next-year dilution/accretion).
- Strategy rationale: reduce uncertainty and provide a more “forward-looking” way to run off legacy.
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$5649.68
188.1% upside
Current Fair Value
188.1% upsideUndervalued by 188.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $23.76 Billion |
|---|---|
| Enterprise Value | $23.54 Billion |
| Earnings per Share | $169.74 |
| Beta | 0.6 |
| Outstanding Shares | 12,405,000 |
Return
| Return on Equity | 15.04% |
|---|---|
| Return on Assets | 5.42% |
| Return on Invested Capital | 4.75% |
Valuation & Multiples
| P/E Ratio | 13.72 |
|---|---|
| PEG | -17.53 |
| Price to Sales | 1.61 |
| Price to Book Ratio | 1.28 |
| Enterprise Value to Revenue | 1.56 |
| Enterprise Value to EBIT | 9.66 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 0.17 |
| Debt to Equity | 0.21 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$27.63
Consensus analyst estimateRevenue Estimate
$3.82 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$28.78
Consensus analyst estimateRevenue Estimate
$3.82 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 32.88% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 20.26%▼ 66.30% |
|---|---|
| Total Invested | $3.73B▼ 80.31% |
| Investors Holding | 446▼ 501.00% |
About Markel Corp
22,900 employees
CEO: Thomas Sinnickson Gayner
Markel Corporation is a diversified financial holding company primarily engaged in providing specialized insurance solutions globally. Its operations span the United States, Bermuda, the United Kingdom, Europe, Canada, the Asia Pacific r...