Markel Group Inc 2025年度报告

Annual report pursuant to Section13 or 15(d) of theSecurities Exchange Act of 1934 for the fiscal year ended December31, 2025Commission File Number 001-15811 MARKEL GROUP INC. (Exact name of registrant as specified in its charter)A Virginia CorporationIRS Employer Identification No.54-19592844521 Highwoods Parkway, Glen Allen, Virginia 23060-6148(Address of principal executive offices) (Zip code)Registrant's telephone number, including area code: (804)747-0136 Securities registered pursuant to Section12(b) of the Act: Name of exchange on which registered New York Stock Exchange Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct.YesNo☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of theAct.Yes☐No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.YesNo☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesNo☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filerAcceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No The aggregate market value of the shares of the registrant's Common Stock held by non-affiliates as of June30, 2025 wasapproximately $24,853,000,000. The number of shares of the registrant's Common Stock outstanding at February4, 2026: 12,575,726. Documents Incorporated By Reference:The portions of the registrant's Proxy Statement for the Annual Meeting of Shareholdersscheduled to be held on May 20, 2026, referred to in Part III. Markel Group Inc.Form 10-KIndex PartI Item 1.Business10K - 2Item 1A.Risk Factors10K - 17Item 1B.Unresolved Staff CommentsNONEItem 1C.Cybersecurity10K - 30Item 2.Properties10K - 32Item 3.Legal ProceedingsNONEItem 4.Mine Safety DisclosuresNONEInformation about Our Executive Officers10K - 32PartIIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities10K - 33Item 6.[Reserved]NONEItem 7.Management's Discussion and Analysis of Financial Condition and Results of Operations10K - 35Item 7A.Quantitative and Qualitative Disclosures About Market Risk10K - 66Item 8.Financial Statements and Supplementary DataReport of Independent Registered Public Accounting Firm10K - 71Consolidated Balance Sheets—December 31, 2025 and 202410K - 73Consolidated Statements of Incomeand Comprehensive Income—Years Ended December 31,2025, 2024 and 202310K - 74Consolidated Statements of Changes in Equity—Years Ended December 31, 2025, 2024 and202310K - 75Consolidated Statements of Cash Flows—Years Ended December 31, 2025, 2024 and 202310K - 76Notes to Consolidated Financial Statements10K - 77Financial Statement Schedules10K - 120Item 9.Changes in and Disagreements With Accountants on Accounting and Financial DisclosureNONEItem 9A.Controls and Procedures10K - 124Item 9B.Other I