The following tables present summary financial data for both the quarters and nine months ended
Quarter Ended |
Nine Months Ended |
||||||||||||||
(in thousands, except per share amounts) |
2020 |
2019 |
2020 |
2019 |
|||||||||||
Earned premiums |
$ |
1,394,428 |
$ |
1,300,032 |
$ |
4,085,311 |
$ |
3,703,470 |
|||||||
|
$ |
824,132 |
$ |
496,243 |
$ |
2,013,492 |
$ |
1,568,443 |
|||||||
Net investment gains (losses) |
$ |
539,302 |
$ |
32,144 |
$ |
(230,896) |
$ |
1,069,988 |
|||||||
Comprehensive income to shareholders |
$ |
520,089 |
$ |
250,069 |
$ |
259,673 |
$ |
1,605,644 |
|||||||
Diluted net income (loss) per common share |
$ |
31.03 |
$ |
13.95 |
$ |
(3.76) |
$ |
92.84 |
|||||||
Combined Ratio |
97% |
94% |
101% |
95% |
|||||||||||
(in thousands, except per share amounts) |
|
|
|||||||||||||
Book value per common share outstanding |
$ |
819.71 |
$ |
802.59 |
Highlights of results from the quarter and nine months:
- The combined ratio for the third quarter of 2020 included
$48.9 million , or three points, of underwriting losses attributed to the COVID-19 pandemic and$101.0 million , or seven points, of underwriting losses from Hurricanes Laura, Sally and Isaias, as well as the derecho inIowa and wildfires in the westernUnited States (2020 Catastrophes). The combined ratio for the third quarter of 2019 included$42.6 million , or three points, of underwriting losses from Hurricane Dorian and Typhoon Faxai (2019 Catastrophes). - The combined ratio for the first nine months of 2020 included
$373.9 million , or nine points, of underwriting losses attributed to the COVID-19 pandemic and$101.0 million , or two points, of underwriting losses from the 2020 Catastrophes. The combined ratio for the first nine months of 2019 included$42.6 million , or one point, of underwriting losses from the 2019 Catastrophes. - Net investment gains (losses) in 2020 for the quarter and nine months reflect the impacts of significant volatility in the equity markets due in part to economic uncertainty associated with the COVID-19 pandemic.
- The operating results of our
Markel Ventures operations in 2020 reflect contributions from our recent acquisitions ofLansing Building Products andVSC Fire & Security in the second quarter of 2020 and fourth quarter of 2019, respectively. - Comprehensive income to shareholders in 2020 for the quarter and nine months reflects the contribution of net income and loss, respectively, as well as increases in net unrealized gains on our fixed maturity portfolio.
"We delivered solid operating results for the quarter by maintaining our focus on managing and executing on factors within our control. Our insurance operations produced an underwriting profit, despite catastrophe losses and increases to reserves related to the COVID-19 pandemic, reflecting the strong underlying performance of our business. Our
A copy of the Company's Form 10-Q is available on its website at www.markel.com or on the
About Markel Corporation
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SOURCE
Investor Relations - Markel Corporation, investorrelations@markel.com