Markel Group (MKL) Q1 2020 earnings summary

Executive summary

• Q1 2020 results reflected COVID-19 disruption and equity-market volatility, with a $1.4B comprehensive loss to shareholders versus $732.2M income in Q1 2019.

• Diluted loss per share was $100.60, compared with diluted earnings per share of $42.76 in Q1 2019.

Financial highlights

• Earned premiums were $1.3B, versus $1.2B in Q1 2019; Markel Ventures operating revenues were $511.2M, versus $455.0M.

• Net investment losses were $1.7B, driven by the change in fair value of the equity portfolio, versus net investment gains of $612.2M in Q1 2019.

• Book value per common share was $705.68 at March 31, down 12% from $802.59 at December 31, 2019.

Outlook and guidance

• Management said it believed the business was well positioned to weather current challenges and maintain its long-term focus.