XML 50 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Markel Group (Parent Company Only) Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Markel Group (Parent Company Only) Financial Information | Markel Group Inc. (Parent Company Only) Financial Information The following parent company only condensed financial information reflects the financial position, results of operations and cash flows of Markel Group Inc. CONDENSED BALANCE SHEETS
| December 31,
| 2023 |  | 2022
| (dollars in thousands)
ASSETS |  |  |
Investments, at estimated fair value: |  |  |
Fixed maturity securities, available-for-sale (amortized cost of $139,766 in 2023 and $164,100 in 2022) | $ | 131,544 |  |  | $ | 154,039 |
Equity securities (cost of $1,089,332 in 2023 and $1,107,796 in 2022) | 1,731,839 |  |  | 1,473,116 |
Short-term investments, available-for-sale (estimated fair value approximates cost) | 1,032,118 |  |  | 1,436,387 |
Total Investments | 2,895,501 |  |  | 3,063,542 |
Cash and cash equivalents | 635,047 |  |  | 594,101 |
Restricted cash and cash equivalents | 15,908 |  |  | 21,146 |
Investments in consolidated subsidiaries | 14,928,756 |  |  | 12,990,913 |
Notes receivable from subsidiaries | — |  |  | 60,111 |
Other assets | 441,977 |  |  | 458,945 |
Total Assets | $ | 18,917,189 |  |  | $ | 17,188,758 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Senior long-term debt | $ | 3,439,197 |  |  | $ | 3,686,892 |
Income taxes payable | 213,770 |  |  | 120,616 |
Net deferred tax liability | 201,140 |  |  | 148,365 |
Other liabilities | 79,154 |  |  | 81,791 |
Total Liabilities | 3,933,261 |  |  | 4,037,664 |
Shareholders' equity: |  |  |
Preferred stock | 591,891 |  |  | 591,891 |
Common stock | 3,517,146 |  |  | 3,493,893 |
Retained earnings | 11,353,101 |  |  | 9,832,804 |
Accumulated other comprehensive loss | (478,210) |  |  | (767,494) |
Total Shareholders' Equity | 14,983,928 |  |  | 13,151,094 |
Total Liabilities and Shareholders' Equity | $ | 18,917,189 |  |  | $ | 17,188,758 |
CONDENSED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
REVENUES |  |  |  |  |
Net investment income | $ | 92,080 |  |  | $ | 34,781 |  |  | $ | 9,099 |
Dividends on common stock of consolidated subsidiaries | 310,000 |  |  | 278,557 |  |  | 1,081,988 |
Net investment gains (losses): |  |  |  |  |
Net realized investment gains (losses) | (515) |  |  | 7,620 |  |  | 23,652 |
Change in fair value of equity securities | 275,048 |  |  | (397,906) |  |  | 514,727 |
Net investment gains (losses) | 274,533 |  |  | (390,286) |  |  | 538,379 |
Gain on sale of subsidiary | — |  |  | 107,293 |  |  | — |
Other revenues (losses) | (28,718) |  |  | (29,487) |  |  | 11,078 |
Total Revenues | 647,895 |  |  | 858 |  |  | 1,640,544 |
EXPENSES |  |  |  |  |
Services and other expenses | 19,716 |  |  | 111,848 |  |  | 22,379 |
Interest expense | 156,953 |  |  | 172,125 |  |  | 185,568 |
Net foreign exchange losses (gains) | 9,038 |  |  | (13,143) |  |  | (6,236) |
Total Expenses | 185,707 |  |  | 270,830 |  |  | 201,711 |
Income (Loss) Before Equity in Undistributed Earnings (Losses) of Consolidated Subsidiaries and Income Taxes | 462,188 |  |  | (269,972) |  |  | 1,438,833 |
Equity in undistributed earnings (losses) of consolidated subsidiaries | 1,580,347 |  |  | (72,125) |  |  | 1,080,108 |
Income tax (expense) benefit | (46,475) |  |  | 125,820 |  |  | (95,806) |
Net Income (Loss) to Shareholders | 1,996,060 |  |  | (216,277) |  |  | 2,423,135 |
Preferred stock dividends | (36,000) |  |  | (36,000) |  |  | (36,000) |
Net Income (Loss) to Common Shareholders | $ | 1,960,060 |  |  | $ | (252,277) |  |  | $ | 2,387,135 |
OTHER COMPREHENSIVE INCOME (LOSS) TO SHAREHOLDERS |  |  |  |  |
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes: |  |  |  |  |
Net holding gains (losses) arising during the period | $ | 1,453 |  |  | $ | (24,465) |  |  | $ | (5,885) |
Consolidated subsidiaries' net holding gains (losses) arising during the period | 276,910 |  |  | (1,175,271) |  |  | (392,191) |
Reclassification adjustments for net gains (losses) included in net income (loss) to shareholders | (92) |  |  | 1,965 |  |  | (34) |
Consolidated subsidiaries' reclassification adjustments for net gains (losses) included in net income (loss) to shareholders | 28,632 |  |  | 42,941 |  |  | (6,589) |
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes | 306,903 |  |  | (1,154,830) |  |  | (404,699) |
Consolidated subsidiaries' change in discount rate for life and annuity benefits, net of taxes | (22,343) |  |  | 149,874 |  |  | 49,411 |
Consolidated subsidiaries' change in foreign currency translation adjustments, net of taxes | 4,650 |  |  | (9,276) |  |  | (211) |
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes | 74 |  |  | 24,730 |  |  | 8,390 |
Total Other Comprehensive Income (Loss) to Shareholders | 289,284 |  |  | (989,502) |  |  | (347,109) |
Comprehensive Income (Loss) to Shareholders | $ | 2,285,344 |  |  | $ | (1,205,779) |  |  | $ | 2,076,026 |
CONDENSED STATEMENTS OF CASH FLOWS
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (dollars in thousands)
OPERATING ACTIVITIES |  |  |  |  |
Net income (loss) to shareholders | $ | 1,996,060 |  |  | $ | (216,277) |  |  | $ | 2,423,135 |
Adjustments to reconcile net income (loss) to shareholders to net cash provided by operating activities | (1,664,382) |  |  | 489,413 |  |  | (2,211,393) |
Net Cash Provided By Operating Activities | 331,678 |  |  | 273,136 |  |  | 211,742 |
INVESTING ACTIVITIES |  |  |  |  |
Proceeds from sales, maturities, calls and prepayments of fixed maturity securities | 72,834 |  |  | 13,047 |  |  | 37,607 |
Cost of fixed maturity securities purchased | (48,501) |  |  | — |  |  | — |
Proceeds from sales of equity securities | 24,237 |  |  | 65,379 |  |  | 105,700 |
Cost of equity securities purchased | (7,731) |  |  | (16,660) |  |  | (73,644) |
Net change in short-term investments | 451,846 |  |  | 58,970 |  |  | (224,646) |
Return of capital from subsidiaries | — |  |  | — |  |  | 17,193 |
Decrease (increase) in notes receivable due from subsidiaries | — |  |  | 75,645 |  |  | (50,000) |
Capital contributions to subsidiaries | (55,575) |  |  | (94,585) |  |  | (271,729) |
Proceeds from sale of subsidiary | 16,090 |  |  | 165,615 |  |  | — |
Cost of equity method investments | (5,000) |  |  | — |  |  | (38,550) |
Other | (12,691) |  |  | 4,779 |  |  | (5,368) |
Net Cash Provided (Used) By Investing Activities | 435,509 |  |  | 272,190 |  |  | (503,437) |
FINANCING ACTIVITIES |  |  |  |  |
Repayment of senior long-term debt | (250,000) |  |  | (350,000) |  |  | — |
Additions to senior long-term debt | — |  |  | — |  |  | 591,354 |
Decrease in notes payable to subsidiaries | — |  |  | (32,753) |  |  | — |
Repurchases of common stock | (445,479) |  |  | (290,796) |  |  | (206,518) |
Dividends paid on preferred stock | (36,000) |  |  | (36,000) |  |  | (36,000) |
Other | — |  |  | — |  |  | (1,181) |
Net Cash Provided (Used) By Financing Activities | (731,479) |  |  | (709,549) |  |  | 347,655 |
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 35,708 |  |  | (164,223) |  |  | 55,960 |
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 615,247 |  |  | 779,470 |  |  | 723,510 |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS AT END OF YEAR | $ | 650,955 |  |  | $ | 615,247 |  |  | $ | 779,470 |
SUPPLEMENTAL CASH FLOW INFORMATION |  |  |  |  |
Cash dividends received from subsidiaries | $ | 310,000 |  |  | $ | 245,102 |  |  | $ | 270,293 |
Non-cash capital contributions to subsidiaries | $ | 43,111 |  |  | $ | 923,980 |  |  | $ | — |
Note to Condensed Financial Information of Markel Group Inc. (Parent Company Only) Basis of Presentation. The parent company financial information note should be read in conjunction with the consolidated financial statements and other notes included herein. For purposes of this condensed financial information, the Company's wholly owned and majority owned subsidiaries are recorded based upon its proportionate share of the subsidiaries' net assets. Debt. All of the Company's senior long-term debt was issued and is held by Markel Group. Markel Group also is party to a revolving credit facility. There were no borrowings outstanding under this revolving credit facility at December 31, 2023 and 2022. See note 14 for further details about Markel Group's revolving credit facility and senior long-term debt, including a five-year schedule of debt maturities. Guarantees. Markel Group has guaranteed intercompany loans to Markel Ventures, Inc. from certain insurance subsidiaries of Markel Group. The outstanding loan balance was $738.0 million and $808.1 million as of December 31, 2023 and 2022, respectively, all of which was eliminated in consolidation. Additionally, Markel Group guarantees any obligations under the revolving credit facility of its insurance subsidiaries that are parties to the related credit agreement, however, there were no borrowings outstanding at December 31, 2023 and 2022. Markel Group has also made certain guarantees on other financial obligations, including leases, for other subsidiaries, which, individually and in the aggregate, were not material to Markel Group.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration