Markel CEOs Gayner and Whitt highlight ‘outstanding performance’ in investment portfolio in H1/Q2 2019 results
Markel’s co-chief executives pointed to “outstanding performance” in the insurer’s investment portfolio, with more than $1 billion of net investment gains in the first half of the year, as the company released its second quarter and half year results for 2019.
The firm’s gross premium volume for the quarter ended June 30, 2019 increased to $2.24 billion from $1.99 billion in the same three months a year before.
Net income for Q2 2019 grew to $506.4 million, up from $279 million in the same period in 2018.
However, the combined ratio worsened to 95 percent for the second quarter of 2019 compared to 92 per cent in the same period in 2018.
In the first half of 2019, the insurer reported a gross premium volume of $4.5 billion up from $4 billion in the same period a year earlier.
Net income increased to $1.08 billion up from $213 million in the first half of 2018, but the combined ratio was 95 percent for the six months ended June 30, 2019 compared to 91 percent for the same period of 2018.
Thomas S. Gayner and Richard R. Whitt, co-chief executives at the insurer, said: “All three of our operating engines made meaningful contributions to our results in the first six months of 2019. We continued to see outstanding performance in our investment portfolio, with over $1 billion of net investment gains in the first half of the year. Operating results attributable to our Markel Ventures operations increased substantially, and we also experienced premium growth in our underwriting operations.”
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