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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components Of Income Before Income Taxes

Income (loss) before income taxes includes the following components, based on country of domicile.

			Years Ended December 31,
(dollars in thousands)			2024						2023						2022
U.S. operations			$	2,428,694					$	1,711,849					$	(109,311)
Foreign operations			1,209,006						941,857						(42,255)
Income (loss) before income taxes			$	3,637,700					$	2,653,706					$	(151,566)

Components Of Income Tax Expense (Benefit)

Income tax expense (benefit) includes the following components, based on the taxing authority to which taxes are paid. The Company's most significant U.K. and Bermuda subsidiaries have elected to be taxed as domestic corporations for U.S. tax purposes. U.S. income taxes have not been recognized on any undistributed earnings of the Company's foreign subsidiaries that are considered indefinitely reinvested, the amount of which is not material to the consolidated financial statements. U.S. income tax includes applicable state income tax expense.

			Years Ended December 31,
(dollars in thousands)			2024						2023						2022
Current:
U.S. income tax			$	271,801					$	249,149					$	222,074
Foreign income tax			123,933						69,669						12,042
Total current tax expense			395,734						318,818						234,116
Deferred:
U.S. income tax			399,169						250,041						(301,423)
Foreign income tax			(4,609)						(16,243)						19,098
Total deferred tax expense (benefit)			394,560						233,798						(282,325)
Income tax expense (benefit)			$	790,294					$	552,616					$	(48,209)

Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes

The following table presents a reconciliation of the Company's income taxes using the U.S. corporate income tax rate to the Company's income tax expense (benefit).

			Years Ended December 31,
(dollars in thousands)			2024									2023									2022
U.S. corporate tax rate			$	763,917		21.0		%				$	557,278		21.0		%				$	(31,829)		21.0		%
Increase (decrease) resulting from:
State income taxes, net of U.S. federal income tax benefit			39,770			1.1						27,007			1.0						3,369			(2.2)
Tax-exempt investment income			(14,830)			(0.4)						(15,328)			(0.6)						(16,063)			10.6
Foreign operations			12,985			0.3						10,854			0.4						5,335			(3.5)
Impairment of goodwill			—			—						—			—						16,800			(11.1)
Markel CATCo Re income not subject to tax			(12,201)			(0.3)						(15,013)			(0.6)						(18,871)			12.5
Other			653			0.0						(12,182)			(0.4)						(6,950)			4.5
Income tax expense (benefit)			$	790,294		21.7		%				$	552,616		20.8		%				$	(48,209)		31.8		%

Components Of Domestic And Foreign Deferred Tax Assets And Liabilities

The following table presents the components of domestic and foreign deferred tax assets and liabilities.

			December 31,
(dollars in thousands)			2024						2023
Assets:
Unpaid losses and loss adjustment expenses			$	233,583					$	216,863
Lease liabilities			172,131						161,350
Unearned premiums			164,485						168,172
Accrued incentive compensation			51,943						52,853
Tax credit carryforwards			45,481						25,396
Net operating loss carryforwards			37,168						43,439
Life and annuity benefits			29,143						39,729
Other differences between financial reporting and tax bases			106,667						93,693
Total gross deferred tax assets			840,601						801,495
Less valuation allowance			(33,292)						(13,916)
Total gross deferred tax assets, net of allowance			807,309						787,579
Liabilities:
Investments			1,566,540						1,196,717
Deferred policy acquisition costs			173,742						176,382
Goodwill and other intangible assets			170,941						175,767
Right-of-use lease assets			162,628						152,939
Property, plant and equipment			160,615						152,149
Other differences between financial reporting and tax bases			113,873						104,024
Total gross deferred tax liabilities			2,348,339						1,957,978
Net deferred tax liability			$	1,541,030					$	1,170,399

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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