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Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING REVENUES    
Earned premiums $ 1,967,704 $ 1,759,770
Net investment income 159,335 92,304
Net investment gains (losses) 372,563 (358,399)
Products revenues 577,926 481,621
Services and other revenues 565,861 630,940
Total Operating Revenues 3,643,389 2,606,236
OPERATING EXPENSES    
Losses and loss adjustment expenses 1,173,014 972,372
Underwriting, acquisition and insurance expenses 675,705 590,365
Products expenses 515,756 447,819
Services and other expenses 480,619 [1] 589,891
Amortization of intangible assets 44,399 [2] 46,049 [3]
Total Operating Expenses 2,889,493 2,646,496
Operating Income (Loss) 753,896 (40,260)
Interest expense (49,438) (49,692)
Net foreign exchange gains (losses) (32,928) 23,004
Income (Loss) Before Income Taxes 671,530 (66,948)
Income tax (expense) benefit (133,731) 18,136
Net Income (Loss) 537,799 (48,812)
Net income attributable to noncontrolling interests (49,147) (2,929)
Net Income (Loss) to Shareholders 488,652 (51,741)
Preferred stock dividends 0 0
Net Income (Loss) to Common Shareholders 488,652 (51,741)
OTHER COMPREHENSIVE INCOME (LOSS)    
Net holding gains (losses) arising during the period 161,206 (521,200)
Reclassification adjustments for net losses included in net income (loss) 2,994 437
Change in net unrealized gains (losses) on available-for-sale investments, net of taxes 164,200 (520,763)
Change in discount rate for life and annuity benefits, net of taxes (9,052) 60,693
Change in foreign currency translation adjustments, net of taxes 2,579 (1,248)
Change in net actuarial pension loss, net of taxes 18 1,132
Total Other Comprehensive Income (Loss) 157,745 (460,186)
Comprehensive Income (Loss) 695,544 (508,998)
Comprehensive income attributable to noncontrolling interests (49,179) (2,916)
Comprehensive Income (Loss) to Shareholders $ 646,365 $ (511,914)
NET INCOME (LOSS) PER COMMON SHARE    
Basic $ 37.33 $ (6.50)
Diluted [4] $ 37.26 $ (6.50)
[1] Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11.
[2] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the three months ended March 31, 2023.
[3] Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022.
[4] The impact of 27 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the three months ended March 31, 2022 because the effect would have been anti-dilutive.