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Segment Reporting Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures.
| Quarter Ended September 30, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 1,848,267 |  |  | $ | 274,161 |  |  | $ | — |  |  | $ | — |  |  | $ | (683) |  |  | $ | 2,121,745 |
Net investment income | — |  |  | — |  |  | 191,015 |  |  | 1,192 |  |  | — |  |  | 192,207 |
Net investment losses | — |  |  | — |  |  | (265,917) |  |  | — |  |  | — |  |  | (265,917) |
Products revenues | — |  |  | — |  |  | — |  |  | 601,524 |  |  | — |  |  | 601,524 |
Services and other revenues | — |  |  | — |  |  | (5,033) |  |  | 644,053 |  |  | 86,607 |  |  | 725,627 |
Total operating revenues | 1,848,267 |  |  | 274,161 |  |  | (79,935) |  |  | 1,246,769 |  |  | 85,924 |  |  | 3,375,186 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,258,864) |  |  | (176,007) |  |  | — |  |  | — |  |  | — |  |  | (1,434,871) |
Prior accident years | 55,374 |  |  | (23,262) |  |  | — |  |  | — |  |  | (1,566) |  |  | 30,546 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (369,001) |  |  | (68,919) |  |  | — |  |  | — |  |  | — |  |  | (437,920) |
Other underwriting expenses | (250,684) |  |  | (11,785) |  |  | — |  |  | — |  |  | 2,260 |  |  | (260,209) |
Products expenses | — |  |  | — |  |  | — |  |  | (545,567) |  |  | — |  |  | (545,567) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (570,782) |  |  | (36,028) |  |  | (606,810) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (23,118) |  |  | (24,427) |  |  | (47,545) |
Segment profit (loss) | $ | 25,092 |  |  | $ | (5,812) |  |  | $ | (79,935) |  |  | $ | 107,302 |  |  | $ | 26,163 |  |  | $ | 72,810 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (44,553) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 39,246 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 67,503 |
(1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.1 million for the quarter ended September 30, 2023.
| Quarter Ended September 30, 2022
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 1,695,029 |  |  | $ | 260,535 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,266 |  |  | $ | 1,956,830 |
Net investment income | — |  |  | — |  |  | 112,297 |  |  | 317 |  |  | — |  |  | 112,614 |
Net investment losses | — |  |  | — |  |  | (281,483) |  |  | — |  |  | — |  |  | (281,483) |
Products revenues | — |  |  | — |  |  | — |  |  | 586,531 |  |  | — |  |  | 586,531 |
Services and other revenues | — |  |  | — |  |  | (4,883) |  |  | 629,215 |  |  | 67,321 |  |  | 691,653 |
Total operating revenues | 1,695,029 |  |  | 260,535 |  |  | (174,069) |  |  | 1,216,063 |  |  | 68,587 |  |  | 3,066,145 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,100,511) |  |  | (166,485) |  |  | — |  |  | — |  |  | — |  |  | (1,266,996) |
Prior accident years | 53,760 |  |  | 29,505 |  |  | — |  |  | — |  |  | (1,582) |  |  | 81,683 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (362,137) |  |  | (68,662) |  |  | — |  |  | — |  |  | (383) |  |  | (431,182) |
Other underwriting expenses | (200,604) |  |  | (11,638) |  |  | — |  |  | — |  |  | 152 |  |  | (212,090) |
Products expenses | — |  |  | — |  |  | — |  |  | (580,830) |  |  | — |  |  | (580,830) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (556,207) |  |  | 9,823 |  |  | (546,384) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (18,567) |  |  | (24,851) |  |  | (43,418) |
Segment profit (loss) | $ | 85,537 |  |  | $ | 43,255 |  |  | $ | (174,069) |  |  | $ | 60,459 |  |  | $ | 51,746 |  |  | $ | 66,928 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (47,348) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 113,635 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 133,215 |
(1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the quarter ended September 30, 2022.
| Nine Months Ended September 30, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 5,322,377 |  |  | $ | 799,683 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,468) |  |  | $ | 6,120,592 |
Net investment income | — |  |  | — |  |  | 518,536 |  |  | 2,699 |  |  | — |  |  | 521,235 |
Net investment gains | — |  |  | — |  |  | 591,173 |  |  | — |  |  | — |  |  | 591,173 |
Products revenues | — |  |  | — |  |  | — |  |  | 1,964,332 |  |  | — |  |  | 1,964,332 |
Services and other revenues | — |  |  | — |  |  | (13,791) |  |  | 1,770,997 |  |  | 206,573 |  |  | 1,963,779 |
Total operating revenues | 5,322,377 |  |  | 799,683 |  |  | 1,095,918 |  |  | 3,738,028 |  |  | 205,105 |  |  | 11,161,111 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (3,415,860) |  |  | (519,109) |  |  | — |  |  | — |  |  | — |  |  | (3,934,969) |
Prior accident years | 179,564 |  |  | (6,584) |  |  | — |  |  | — |  |  | (3,226) |  |  | 169,754 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (1,096,500) |  |  | (202,271) |  |  | — |  |  | — |  |  | — |  |  | (1,298,771) |
Other underwriting expenses | (733,334) |  |  | (38,113) |  |  | — |  |  | — |  |  | (1,503) |  |  | (772,950) |
Products expenses | — |  |  | — |  |  | — |  |  | (1,712,792) |  |  | — |  |  | (1,712,792) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (1,632,588) |  |  | (45,658) |  |  | (1,678,246) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (62,528) |  |  | (73,839) |  |  | (136,367) |
Segment profit | $ | 256,247 |  |  | $ | 33,606 |  |  | $ | 1,095,918 |  |  | $ | 330,120 |  |  | $ | 80,879 |  |  | $ | 1,796,770 |
Interest expense |  |  |  |  |  |  |  |  |  |  | (141,212) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  | (8,658) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 1,646,900 |
(1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $28.0 million for the nine months ended September 30, 2023.
| Nine Months Ended September 30, 2022
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other (1) |  | Consolidated
Earned premiums | $ | 4,742,178 |  |  | $ | 808,656 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,130) |  |  | $ | 5,549,704 |
Net investment income | — |  |  | — |  |  | 301,289 |  |  | 424 |  |  | — |  |  | 301,713 |
Net investment losses | — |  |  | — |  |  | (2,194,525) |  |  | — |  |  | — |  |  | (2,194,525) |
Products revenues | — |  |  | — |  |  | — |  |  | 1,845,111 |  |  | — |  |  | 1,845,111 |
Services and other revenues | — |  |  | — |  |  | (27,590) |  |  | 1,682,318 |  |  | 307,857 |  |  | 1,962,585 |
Total operating revenues | 4,742,178 |  |  | 808,656 |  |  | (1,920,826) |  |  | 3,527,853 |  |  | 306,727 |  |  | 7,464,588 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |
Current accident year | (2,906,031) |  |  | (514,875) |  |  | — |  |  | — |  |  | — |  |  | (3,420,906) |
Prior accident years | 196,093 |  |  | 13,845 |  |  | — |  |  | — |  |  | (5,527) |  |  | 204,411 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (996,369) |  |  | (209,541) |  |  | — |  |  | — |  |  | (415) |  |  | (1,206,325) |
Other underwriting expenses | (596,426) |  |  | (37,708) |  |  | — |  |  | — |  |  | (2,647) |  |  | (636,781) |
Products expenses | — |  |  | — |  |  | — |  |  | (1,726,367) |  |  | — |  |  | (1,726,367) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (1,524,167) |  |  | (169,589) |  |  | (1,693,756) |
Amortization of intangible assets (2) | — |  |  | — |  |  | — |  |  | (60,077) |  |  | (74,913) |  |  | (134,990) |
Segment profit (loss) | $ | 439,445 |  |  | $ | 60,377 |  |  | $ | (1,920,826) |  |  | $ | 217,242 |  |  | $ | 53,636 |  |  | $ | (1,150,126) |
Interest expense |  |  |  |  |  |  |  |  |  |  | (147,090) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  | 241,706 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  | $ | (1,055,510) |
(1) Other represents the total profit (loss) attributable to the Company's operations that are not included in a reportable segment, as well as amortization of intangible assets attributable to underwriting segments, which is not allocated between the Insurance and Reinsurance segments. (2) Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $29.0 million for the nine months ended September 30, 2022.
Summary of Additional Measures for Markel Ventures | The following amounts attributable to the Markel Ventures segment are also reviewed, or included in measures reviewed, by the Company's chief operating decision maker.
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Depreciation expense | $ | 26,857 |  |  | $ | 23,738 |  |  | $ | 81,639 |  |  | $ | 75,304 |
Interest expense (1) | $ | 10,663 |  |  | $ | 11,921 |  |  | $ | 36,485 |  |  | $ | 34,124 |
Income tax expense | $ | 22,253 |  |  | $ | 12,603 |  |  | $ | 66,022 |  |  | $ | 43,682 |
Capital expenditures | $ | 65,616 |  |  | $ | 48,294 |  |  | $ | 135,159 |  |  | $ | 144,974 |
(1) Interest expense for the quarter and nine months ended September 30, 2023 included intercompany interest expense of $6.6 million and $19.9 million, respectively. Interest expense for the quarter and nine months ended September 30, 2022 included intercompany interest expense of $6.6 million and $20.7 million, respectively. Intercompany interest expense was eliminated in consolidation.
Reconciliation Of Segment Assets To The Company's Consolidated Balance Sheets | The following table reconciles segment assets to the Company's consolidated balance sheets.
(dollars in thousands) | September 30, 2023 |  | December 31, 2022
Segment assets: |  |  |
Investing | $ | 28,522,052 |  |  | $ | 26,982,280 |
Underwriting | 9,884,553 |  |  | 8,853,559 |
Markel Ventures | 5,444,105 |  |  | 5,315,677 |
Total segment assets | 43,850,710 |  |  | 41,151,516 |
Other operations | 8,898,006 |  |  | 8,639,743 |
Total assets | $ | 52,748,716 |  |  | $ | 49,791,259 |

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