Markel Group Inc 2024年度报告

Markel Group has a commitment to success. We believein hard work and a zealous pursuit of excellence whilekeeping a sense of humor. Our creed is honesty andfairness in all our dealings. The Markel way is to seek to be a market leader in eachof our pursuits. We seek to know our customers’ needsand to provide our customers with quality products andservice. Our pledge to our shareholders is that we will buildthe financial value of our Company. We respect ourrelationship with our suppliers and have a commitmentto our communities. We are encouraged to look for a better way to dothings…to challenge management. We have theability to make decisions or alter a course quickly. TheMarkel approach is one of spontaneity and flexibility.This requires a respect for authority but a disdain ofbureaucracy. At Markel, we hold the individual’s right to self-determination in the highest light, providing anatmosphere in which people can reach their personalpotential. Being results-oriented, we are willing to putaside individual concerns in the spirit of teamwork toachieve success. Above all, we enjoy what we are doing. There isexcitement at Markel, one that comes from innovating,creating, striving for a better way, sharing success withothers…winning. 2024 Highlights ■Operating revenues and operating income reached record highs in 2024■Operating cash flows of $2.6 billion, fueled by our insurance operations■Insurance operations improved profitability while growing top line revenues■Net investment income grew 25% and our equity portfolio returned over 20%■Markel Ventures revenues surpassed $5 billion for the first time■Share repurchases totaled $573 million■Added two businesses, Valor Environmental and Educational Partners International, to our family of companies Letter to Shareholders2Form 10-KBusiness10K - 2Risk Factors10K - 20Cybersecurity10K - 32Executive Officers10K - 35Common Stock Data10K - 36Management's Discussion & Analysis10K - 38Critical Accounting Estimates10K - 56Safe Harbor and Cautionary Statement10K - 63Report of Independent RegisteredPublic Accounting Firm10K - 70Consolidated Financial Statements10K - 72Notes to Consolidated FinancialStatements10K - 76Management's Report on InternalControl over Financial Reporting10K - 124 Directorsi 2024 To Our Business Partners, welcome new investors and refresh our long-termowners on why it might be a good idea to stay. Werun the company using these key principles, and thewhole company is stronger when we're all alignedwith them. Markel is a company built for people. We follow a simple mission at Markel Group. We aspire to build one of the world’s greatcompanies. Those principles include: This journey animates and motivates us. •The Markel Style, our company’s creed,grounds and guides us.•Our approach to business and investing isalways done through a long-term lens, andwith a win-win-win mentality.•Our focus on the long term is never anexcuse for short-term underperformance orcomplacency. Our zealous pursuit ofexcellence requires continually looking toimprove.•We're a diverse and resilient family ofbusinesses, spanning insurance underwritingand beyond.•We empower these businesses through localautonomy with accountability. We seek tobecome the best home in the world for ourbusinesses.•These businesses are focused on servingtheir customers and the points ofdifferentiation through which they do so. Our desire to ensure that our customers, associates,and shareholders all win as part of Markel Groupunderpins everything we do. We do not walk thisjourney alone. We enjoy a bedrock of uniqueshareholders who share and support this goal. We’ve spent decades building enduring relationshipswith our long-term owners and aim to continue doingso. We believe that you, as shareholders, are ourpartners and not distant unnamed institutionalentities on a statement. I write this letter as if we swapped places—to giveyou as fulsome a report as we would hope to receiveif our roles were reversed. I write as if we weresitting together and having a conversation. As a public company, we always keep the welcomemat out for new investors. We also hope that onceyou arrive, you stay indefinitely. We decided to discuss some of the most importantelements of the Markel Group “owner’s manual” to Clint was a harsh grader and didn’t include “thegreat” on his list. •Our stable and conservative balance sheet,strong cash flows, cost efficiency, andsafety-first decision-making support ourcapital system.•We always aim to put capital to its best andhighest use. Neither do we. No matter how good something is, we tend todescribe it with modesty. We know how fragile goodand great things are in this world. When we recently analyzed our shareholders versusa large peer group, we found that only BerkshireHathaway's shareholder base turns over lessfrequently than ours. None of what we do is easy, and there always seemsto be a competitor, some disruptive technology, orworse—a smug sense of self-satis