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Markel MKL Programs — Earned premiums

Other product segments

General liability
$2.46B+0.5%
Professional liability
$1.96B-3.3%
Marine and energy
$853.39M+4.7%
Personal Lines
$751.77M+20.2%
Property
$654.48M+6.4%
Workers' compensation
$464.77M+3.7%
Credit and surety
$346.73M+6.3%
Other products
$258.47M+1.7%

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$2.77B+4.7%
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ALHCPremium — Earned premiums
$1.23B+33.8%
ESN
ESNTNet premiums earned
$260.09M+5.8%
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CINFReinsurance assumed and other non segment — Earned premiums
$223.25M+5.8%
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KMPRProperty — Earned Premiums
$9.9M-5.7%

Other financials

Income statement

See full
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

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

Returns & leverage

See full
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:PremiumsEarnedNet.

The official record: Markel’s 10-K, filed February 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Markel's programs — earned premiums?
Markel (MKL) reported programs — earned premiums of $163.48M in Q4 2025.
How has Markel's programs — earned premiums changed year-over-year?
Markel's programs — earned premiums increased by 14.0% year-over-year, from $143.38M to $163.48M.
What is the long-term trend for Markel's programs — earned premiums?
Over 4 years (2021 to 2025), Markel's programs — earned premiums has grown at a 30.9% compound annual growth rate (CAGR), from $222.41M to $653.9M.
What does programs — earned premiums mean?
This metric represents the portion of premiums written by the Programs segment that has been recognized as revenue over the reporting period. It reflects the volume of insurance coverage provided to policyholders through specialized program business arrangements. This figure is a key indicator of the scale and growth trajectory of the company's niche underwriting operations.