Cost of Revenue
Medical costs
Markel Medical costs decreased by 6.9% to $1.17B in Q1 2026 compared to the prior quarter. Year-over-year, this metric declined by 7.0%, from $1.25B to $1.17B. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
StatementIncome Statement
SectionCost of Revenue
CategoryEfficiency
SignalLower is better
VolatilityModerate
First reportedQ1 2013
Last reportedQ1 2026
How to read this metric
Lower costs relative to premiums indicate higher underwriting efficiency and better medical cost management.
Detailed definition
This represents the total expenses incurred for medical services, claims, and healthcare delivery provided to policyhold...
Peer comparison
Standard for health insurers; peers often report this as the medical loss ratio component.
Metric ID:
unh_medical_costsHistorical Data
9 periods
| Q2 '23 | Q3 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|
| Value | $1.19B | $1.40B | $1.29B | $1.23B | $1.29B | $1.25B | $1.29B | $1.25B | $1.17B |
| QoQ Change | — | +18.2% | -8.3% | -4.3% | +4.7% | -2.8% | +2.7% | -2.7% | -6.9% |
| YoY Change | — | — | — | +3.8% | -8.1% | -2.6% | +4.5% | -2.9% | -7.0% |
Range$1.17B – $1.40B
CAGR-0.9%
Avg YoY Growth-2.0%
Median YoY Growth-2.7%
Current Streak2 quarters decline
Business Segments
| Segment | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 |
|---|---|---|---|---|---|
| Underwriting Operations | $1.56B | $1.29B | $1.23B | $1.29B | $1.24B |
| Total | — | $1.29B | $1.23B | $1.29B | — |
Medical costs at Other Companies
Frequently Asked Questions
- What is Markel's medical costs?
- Markel (MKL) reported medical costs of $1.17B in Q1 2026.
- How has Markel's medical costs changed year-over-year?
- Markel's medical costs decreased by 7.0% year-over-year, from $1.25B to $1.17B.
- What does medical costs mean?
- The total cost of healthcare services provided to insured members.