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Markel MKL Deferred policy acquisition costs

Deferred policy acquisition costs at other companies

W.R. Berkley logo
W.R. BerkleyWRB
$1.01B+3.5%
RLI logo
RLIRLI
$176.19M+3.9%
Global Indemnity Group, LLC
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Global Indemnity Group, LLC GBLI
$40.23M-3.5%
Skyward Specialty Insurance Group, Inc. logo
Skyward Specialty Insurance Group, Inc.SKWD
$193.7M+53.2%
James River Group Holdings, Inc.
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James River Group Holdings, Inc. JRVR
$30.04M+7.9%
Kinsale Capital Group logo
Kinsale Capital GroupKNSL
$119.17M+6.1%

Segments

By segment

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Markel Insurance$908.5M
Financial$1.02M

Other financials

Income statement

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Revenue$3.6B+0.1%
Operating income-$273.3M-197%
Net income-$212.3M-274%
EPS (diluted)-$18.90-256%

Balance sheet

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Cash & equivalents$3.7B-12.2%
Total debt$4.4B-0.2%
Total equity$18.1B+5.7%
Total assets$68.6B+6.2%

Cash flow

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Operating cash flow$15.9M-95.8%
CapEx$47.3M+16.1%
Free cash flow-$31.4M-109%

Valuation

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Market cap$24.44B-2.1%
Enterprise value$25.14B-1.8%
P/E13.8×+2.6×
P/S1.5×-0.1×

Profitability

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Operating margin16.4%-1.7pp
Net margin11%-1.6pp
FCF margin13.6%-0.8pp

Returns & leverage

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Return on equity10.1%-1.2pp
Debt / equity0.2×0.0×

Where this comes from

Reported directly by Markel in its filing.

Tagged under the XBRL concept us-gaap:DeferredPolicyAcquisitionCosts.

The official record: Markel’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Markel's deferred policy acquisition costs?
Markel (MKL) reported deferred policy acquisition costs of $857.25M in Q1 2026.
How has Markel's deferred policy acquisition costs changed year-over-year?
Markel's deferred policy acquisition costs decreased by 10.8% year-over-year, from $960.67M to $857.25M.
What is the long-term trend for Markel's deferred policy acquisition costs?
Over 5 years (2020 to 2025), Markel's deferred policy acquisition costs has grown at a 7.6% compound annual growth rate (CAGR), from $630.79M to $909.52M.
What does deferred policy acquisition costs mean?
These are the direct costs incurred in acquiring new insurance policies, such as commissions and underwriting expenses, which are capitalized and amortized over the life of the policy. This accounting treatment matches expenses with the related premium revenue. It is a key indicator of the company's investment in growth and future profitability.