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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,
20232022
(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 Investments2,895,501 3,063,542 
Cash and cash equivalents635,047 594,101 
Restricted cash and cash equivalents15,908 21,146 
Investments in consolidated subsidiaries14,928,756 12,990,913 
Notes receivable from subsidiaries— 60,111 
Other assets441,977 458,945 
Total Assets $18,917,189 $17,188,758 
LIABILITIES AND SHAREHOLDERS' EQUITY
Senior long-term debt$3,439,197 $3,686,892 
Income taxes payable213,770 120,616 
Net deferred tax liability201,140 148,365 
Other liabilities79,154 81,791 
Total Liabilities3,933,261 4,037,664 
Shareholders' equity:
Preferred stock591,891 591,891 
Common stock3,517,146 3,493,893 
Retained earnings11,353,101 9,832,804 
Accumulated other comprehensive loss
(478,210)(767,494)
Total Shareholders' Equity14,983,928 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,
202320222021
(dollars in thousands)
REVENUES
Net investment income$92,080 $34,781 $9,099 
Dividends on common stock of consolidated subsidiaries310,000 278,557 1,081,988 
Net investment gains (losses):
Net realized investment gains (losses)
(515)7,620 23,652 
Change in fair value of equity securities275,048 (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 expenses19,716 111,848 22,379 
Interest expense156,953 172,125 185,568 
Net foreign exchange losses (gains)9,038 (13,143)(6,236)
Total Expenses185,707 270,830 201,711 
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 subsidiaries1,580,347 (72,125)1,080,108 
Income tax (expense) benefit(46,475)125,820 (95,806)
Net Income (Loss) to Shareholders1,996,060 (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 period276,910 (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 shareholders28,632 42,941 (6,589)
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes306,903 (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 taxes4,650 (9,276)(211)
Consolidated subsidiaries' change in net actuarial pension loss, net of taxes74 24,730 8,390 
Total Other Comprehensive Income (Loss) to Shareholders289,284 (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,
202320222021
(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 securities72,834 13,047 37,607 
Cost of fixed maturity securities purchased(48,501)— — 
Proceeds from sales of equity securities24,237 65,379 105,700 
Cost of equity securities purchased(7,731)(16,660)(73,644)
Net change in short-term investments451,846 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 subsidiary16,090 165,615 — 
Cost of equity method investments(5,000)— (38,550)
Other(12,691)4,779 (5,368)
Net Cash Provided (Used) By Investing Activities435,509 272,190 (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 equivalents35,708 (164,223)55,960 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year615,247 779,470 723,510 
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.