MARKEL REPORTS 2022 FIRST QUARTER RESULTS

RICHMOND, Va., April 26, 2022 /PRNewswire/ -- Markel Corporation (NYSE: MKL) today reported its financial results for the first quarter of 2022. The Company also announced today it has filed its Form 10-Q for the quarter ended March 31, 2022 with the Securities and Exchange Commission.

The following tables present summary financial data for the quarters ended March 31, 2022 and 2021.

Highlights of results from the quarter include:

• Earned premiums grew 17% in the first quarter of 2022, reflecting continued growth in gross premium volume from new business and more favorable rates.
• The lower combined ratio in 2022 compared to 2021 was primarily due to a lower current accident year loss ratio as a result of lower catastrophe losses and a lower attritional loss ratio in 2022 compared to 2021.
• The combined ratio for the first quarter of 2022 included $35.0 million, or two points, of net losses and loss adjustment expenses, as well as $12.3 million of additional reinsurance costs, attributed to the Russia-Ukraine conflict. The combined ratio for the first quarter of 2021 included $64.3 million, or four points, of net losses and loss adjustment expenses attributed to Winter Storm Uri.
• Net investment losses in 2022 reflected a decrease in the fair value of our equity portfolio driven by unfavorable market value movements.
• Growth in operating revenues from our Markel Ventures operations reflected contributions from our 2021 acquisitions and growth across many of our other businesses.
• Comprehensive loss to shareholders in 2022 was a result of unrealized losses on our fixed maturity and equity portfolios.

"Our first quarter results reflect continued progress against our underwriting initiatives as we grew our premium base through a combination of rate increases and new business opportunities and delivered an 89% combined ratio," said Thomas S. Gayner and Richard R. Whitt, Co-Chief Executive Officers. "These results further demonstrate the effects of our ongoing focus on underwriting and expense discipline."

"Our Markel Ventures businesses grew revenues by an impressive 35% through a combination of strong organic growth and contributions from our 2021 acquisitions. Our investing results reflected the impact of rising interest rates on our fixed maturity portfolio and unfavorable market value movements on our equity portfolio during the quarter. We maintain our focus on the long-term performance of our investment portfolio, which has been quite strong," Gayner and Whitt remarked. "We are excited about our start to the year and look forward to taking advantage of opportunities across our businesses throughout 2022."

We believe our financial performance is most meaningfully measured over longer periods of time, which tends to mitigate the effects of short-term volatility and also aligns with the longer-term perspective we apply to operating our businesses. We generally use five-year periods to measure our performance. Over the five-year period ended March 31, 2022, the compound annual growth in book value per common share was 10%. Over the five-year period ended March 31, 2022, our share price increased at a compound annual rate of 9%.

A copy of our Form 10-Q is available on our website at www.markel.com or on the SEC website at www.sec.gov. Readers are urged to review the Form 10-Q for a more complete discussion of our financial performance. Our quarterly conference call, which will involve discussion of our financial results and business developments and may include forward-looking information, will be held Wednesday, April 27, 2022, beginning at 9:30 a.m. (Eastern Time). Investors, analysts and the general public may listen to the call free over the Internet through our website at www.markel.com in the "For investors" section. Any person needing additional information can contact Markel's Investor Relations Department at [email protected]. A replay of the call also will be available on our website from approximately one hour after the conclusion of the call until Monday, May 9, 2022.

Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markel.com.

SOURCE Markel Corporation

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