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Segment Reporting Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures.
| Three Months Ended March 31, 2024
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 1,874,461 |  |  | $ | 253,339 |  |  | $ | — |  |  | $ | — |  |  | $ | (173) |  |  | $ | — |  |  | $ | 2,127,627 |
Net investment income | — |  |  | — |  |  | 217,204 |  |  | 1,065 |  |  | — |  |  | — |  |  | 218,269 |
Net investment gains | — |  |  | — |  |  | 902,281 |  |  | — |  |  | — |  |  | — |  |  | 902,281 |
Products revenues | — |  |  | — |  |  | — |  |  | 600,840 |  |  | — |  |  | — |  |  | 600,840 |
Services and other revenues | — |  |  | — |  |  | 20,846 |  |  | 538,701 |  |  | 58,091 |  |  | — |  |  | 617,638 |
Total operating revenues | 1,874,461 |  |  | 253,339 |  |  | 1,140,331 |  |  | 1,140,606 |  |  | 57,918 |  |  | — |  |  | 4,466,655 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,201,555) |  |  | (163,215) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,364,770) |
Prior accident years | 97,181 |  |  | (3,398) |  |  | — |  |  | — |  |  | (16,760) |  |  | — |  |  | 77,023 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (373,778) |  |  | (60,809) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (434,587) |
Other underwriting expenses | (288,999) |  |  | (13,907) |  |  | — |  |  | — |  |  | (1,259) |  |  | — |  |  | (304,165) |
Products expenses | — |  |  | — |  |  | — |  |  | (523,247) |  |  | — |  |  | — |  |  | (523,247) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (513,444) |  |  | (23,394) |  |  | — |  |  | (536,838) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (44,285) |  |  | (44,285) |
Operating income | $ | 107,310 |  |  | $ | 12,010 |  |  | $ | 1,140,331 |  |  | $ | 103,915 |  |  | $ | 16,505 |  |  | $ | (44,285) |  |  | $ | 1,335,786 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (45,548) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  |  |  | 51,500 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,341,738 |
| Three Months Ended March 31, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 1,710,924 |  |  | $ | 257,234 |  |  | $ | — |  |  | $ | — |  |  | $ | (454) |  |  | $ | — |  |  | $ | 1,967,704 |
Net investment income | — |  |  | — |  |  | 158,594 |  |  | 741 |  |  | — |  |  | — |  |  | 159,335 |
Net investment gains | — |  |  | — |  |  | 372,563 |  |  | — |  |  | — |  |  | — |  |  | 372,563 |
Products revenues | — |  |  | — |  |  | — |  |  | 577,926 |  |  | — |  |  | — |  |  | 577,926 |
Services and other revenues | — |  |  | — |  |  | (2,380) |  |  | 526,013 |  |  | 42,228 |  |  | — |  |  | 565,861 |
Total operating revenues | 1,710,924 |  |  | 257,234 |  |  | 528,777 |  |  | 1,104,680 |  |  | 41,774 |  |  | — |  |  | 3,643,389 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,077,546) |  |  | (166,785) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,244,331) |
Prior accident years | 62,628 |  |  | 8,704 |  |  | — |  |  | — |  |  | (15) |  |  | — |  |  | 71,317 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (360,354) |  |  | (61,778) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (422,132) |
Other underwriting expenses | (239,148) |  |  | (13,141) |  |  | — |  |  | — |  |  | (1,284) |  |  | — |  |  | (253,573) |
Products expenses | — |  |  | — |  |  | — |  |  | (515,756) |  |  | — |  |  | — |  |  | (515,756) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (496,746) |  |  | 16,127 |  |  | — |  |  | (480,619) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (44,399) |  |  | (44,399) |
Operating income | $ | 96,504 |  |  | $ | 24,234 |  |  | $ | 528,777 |  |  | $ | 92,178 |  |  | $ | 56,602 |  |  | $ | (44,399) |  |  | $ | 753,896 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (49,438) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  |  |  | (32,928) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 671,530 |
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) | March 31, 2024 |  | December 31, 2023
Segment assets: |  |  |
Investing | $ | 31,699,863 |  |  | $ | 30,542,282 |
Underwriting | 10,317,034 |  |  | 9,897,689 |
Markel Ventures | 5,623,756 |  |  | 5,519,542 |
Total segment assets | 47,640,653 |  |  | 45,959,513 |
Other insurance operations | 9,645,732 |  |  | 9,086,197 |
Total assets | $ | 57,286,385 |  |  | $ | 55,045,710 |

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