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Segment Reporting Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Company's Segment Disclosures | The following tables summarize the Company's segment disclosures.
| Quarter Ended June 30, 2024
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 1,813,003 |  |  | $ | 264,630 |  |  | $ | — |  |  | $ | — |  |  | $ | (534) |  |  | $ | — |  |  | $ | 2,077,099 |
Net investment income | — |  |  | — |  |  | 220,454 |  |  | 2,607 |  |  | — |  |  | — |  |  | 223,061 |
Net investment losses | — |  |  | — |  |  | (130,017) |  |  | — |  |  | — |  |  | — |  |  | (130,017) |
Products revenues | — |  |  | — |  |  | — |  |  | 847,219 |  |  | — |  |  | — |  |  | 847,219 |
Services and other revenues | — |  |  | — |  |  | 9,357 |  |  | 603,955 |  |  | 71,169 |  |  | — |  |  | 684,481 |
Total operating revenues | 1,813,003 |  |  | 264,630 |  |  | 99,794 |  |  | 1,453,781 |  |  | 70,635 |  |  | — |  |  | 3,701,843 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,191,955) |  |  | (184,895) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,376,850) |
Prior accident years | 146,603 |  |  | (2,414) |  |  | — |  |  | — |  |  | 86 |  |  | — |  |  | 144,275 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (358,158) |  |  | (63,481) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (421,639) |
Other underwriting expenses | (276,314) |  |  | (12,519) |  |  | — |  |  | — |  |  | 177 |  |  | — |  |  | (288,656) |
Products expenses | — |  |  | — |  |  | — |  |  | (693,693) |  |  | — |  |  | — |  |  | (693,693) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (582,590) |  |  | (28,473) |  |  | — |  |  | (611,063) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (44,237) |  |  | (44,237) |
Operating income | $ | 133,179 |  |  | $ | 1,321 |  |  | $ | 99,794 |  |  | $ | 177,498 |  |  | $ | 42,425 |  |  | $ | (44,237) |  |  | $ | 409,980 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (52,597) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  |  |  | 8,711 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 366,094 |
| Quarter Ended June 30, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 1,763,186 |  |  | $ | 268,288 |  |  | $ | — |  |  | $ | — |  |  | $ | (331) |  |  | $ | — |  |  | $ | 2,031,143 |
Net investment income | — |  |  | — |  |  | 168,927 |  |  | 766 |  |  | — |  |  | — |  |  | 169,693 |
Net investment gains | — |  |  | — |  |  | 484,527 |  |  | — |  |  | — |  |  | — |  |  | 484,527 |
Products revenues | — |  |  | — |  |  | — |  |  | 784,882 |  |  | — |  |  | — |  |  | 784,882 |
Services and other revenues | — |  |  | — |  |  | (6,378) |  |  | 600,931 |  |  | 77,738 |  |  | — |  |  | 672,291 |
Total operating revenues | 1,763,186 |  |  | 268,288 |  |  | 647,076 |  |  | 1,386,579 |  |  | 77,407 |  |  | — |  |  | 4,142,536 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | (1,079,450) |  |  | (176,317) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,255,767) |
Prior accident years | 61,562 |  |  | 7,974 |  |  | — |  |  | — |  |  | (1,645) |  |  | — |  |  | 67,891 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (367,145) |  |  | (71,574) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (438,719) |
Other underwriting expenses | (243,502) |  |  | (13,187) |  |  | — |  |  | — |  |  | (2,479) |  |  | — |  |  | (259,168) |
Products expenses | — |  |  | — |  |  | — |  |  | (651,469) |  |  | — |  |  | — |  |  | (651,469) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (565,060) |  |  | (25,757) |  |  | — |  |  | (590,817) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (44,423) |  |  | (44,423) |
Operating income | $ | 134,651 |  |  | $ | 15,184 |  |  | $ | 647,076 |  |  | $ | 170,050 |  |  | $ | 47,526 |  |  | $ | (44,423) |  |  | $ | 970,064 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (47,221) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  |  |  | (14,976) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 907,867 |
| Six Months Ended June 30, 2024
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 3,687,464 |  |  | $ | 517,969 |  |  | $ | — |  |  | $ | — |  |  | $ | (707) |  |  | $ | — |  |  | $ | 4,204,726 |
Net investment income | — |  |  | — |  |  | 437,658 |  |  | 3,672 |  |  | — |  |  | — |  |  | 441,330 |
Net investment gains | — |  |  | — |  |  | 772,264 |  |  | — |  |  | — |  |  | — |  |  | 772,264 |
Products revenues | — |  |  | — |  |  | — |  |  | 1,448,059 |  |  | — |  |  | — |  |  | 1,448,059 |
Services and other revenues | — |  |  | — |  |  | 30,203 |  |  | 1,142,656 |  |  | 129,260 |  |  | — |  |  | 1,302,119 |
Total operating revenues | 3,687,464 |  |  | 517,969 |  |  | 1,240,125 |  |  | 2,594,387 |  |  | 128,553 |  |  | — |  |  | 8,168,498 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | (2,393,510) |  |  | (348,110) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,741,620) |
Prior accident years | 243,784 |  |  | (5,812) |  |  | — |  |  | — |  |  | (16,674) |  |  | — |  |  | 221,298 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (731,936) |  |  | (124,290) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (856,226) |
Other underwriting expenses | (565,313) |  |  | (26,426) |  |  | — |  |  | — |  |  | (1,082) |  |  | — |  |  | (592,821) |
Products expenses | — |  |  | — |  |  | — |  |  | (1,216,940) |  |  | — |  |  | — |  |  | (1,216,940) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (1,096,034) |  |  | (51,867) |  |  | — |  |  | (1,147,901) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (88,522) |  |  | (88,522) |
Operating income | $ | 240,489 |  |  | $ | 13,331 |  |  | $ | 1,240,125 |  |  | $ | 281,413 |  |  | $ | 58,930 |  |  | $ | (88,522) |  |  | $ | 1,745,766 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (98,145) |
Net foreign exchange gains |  |  |  |  |  |  |  |  |  |  |  |  | 60,211 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,707,832 |
| Six Months Ended June 30, 2023
(dollars in thousands) | Insurance |  | Reinsurance |  | Investing |  | Markel Ventures |  | Other insurance operations |  | Corporate |  | Consolidated
Earned premiums | $ | 3,474,110 |  |  | $ | 525,522 |  |  | $ | — |  |  | $ | — |  |  | $ | (785) |  |  | $ | — |  |  | $ | 3,998,847 |
Net investment income | — |  |  | — |  |  | 327,521 |  |  | 1,507 |  |  | — |  |  | — |  |  | 329,028 |
Net investment gains | — |  |  | — |  |  | 857,090 |  |  | — |  |  | — |  |  | — |  |  | 857,090 |
Products revenues | — |  |  | — |  |  | — |  |  | 1,362,808 |  |  | — |  |  | — |  |  | 1,362,808 |
Services and other revenues | — |  |  | — |  |  | (8,758) |  |  | 1,126,944 |  |  | 119,966 |  |  | — |  |  | 1,238,152 |
Total operating revenues | 3,474,110 |  |  | 525,522 |  |  | 1,175,853 |  |  | 2,491,259 |  |  | 119,181 |  |  | — |  |  | 7,785,925 |
Losses and loss adjustment expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Current accident year | (2,156,996) |  |  | (343,102) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,500,098) |
Prior accident years | 124,190 |  |  | 16,678 |  |  | — |  |  | — |  |  | (1,660) |  |  | — |  |  | 139,208 |
Underwriting, acquisition and insurance expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of policy acquisition costs | (727,499) |  |  | (133,352) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (860,851) |
Other underwriting expenses | (482,650) |  |  | (26,328) |  |  | — |  |  | — |  |  | (3,763) |  |  | — |  |  | (512,741) |
Products expenses | — |  |  | — |  |  | — |  |  | (1,167,225) |  |  | — |  |  | — |  |  | (1,167,225) |
Services and other expenses | — |  |  | — |  |  | — |  |  | (1,061,806) |  |  | (9,630) |  |  | — |  |  | (1,071,436) |
Amortization of acquired intangible assets |  |  |  |  |  |  |  |  |  |  | (88,822) |  |  | (88,822) |
Operating income | $ | 231,155 |  |  | $ | 39,418 |  |  | $ | 1,175,853 |  |  | $ | 262,228 |  |  | $ | 104,128 |  |  | $ | (88,822) |  |  | $ | 1,723,960 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (96,659) |
Net foreign exchange losses |  |  |  |  |  |  |  |  |  |  |  |  | (47,904) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,579,397 |
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) | June 30, 2024 |  | December 31, 2023
Segment assets: |  |  |
Investing | $ | 32,394,504 |  |  | $ | 30,542,282 |
Underwriting | 10,965,840 |  |  | 9,897,689 |
Markel Ventures | 5,839,116 |  |  | 5,519,542 |
Total segment assets | 49,199,460 |  |  | 45,959,513 |
Other insurance operations | 10,510,161 |  |  | 9,086,197 |
Total assets | $ | 59,709,621 |  |  | $ | 55,045,710 |

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