Markel had an excellent 2nd quarter 2019!
Markel (NYSE: MKL), the speciality insurer with a strong investment arm just released very good numbers for Q2 2019!
They reported operating revenues of $2.4 billion for the second quarter of 2019 compared to $2.0 billion for the second quarter of 2018.
Comprehensive income to shareholders came in at $623.3 million, up from $164.3 million in Q2 2018.
The all important book value/share climbed astounding 10.1% from $682.76 one year ago to $751.94 !
At the insurance segment the combined ratio was 95% for the second quarter of 2019 compared to 92% for the second quarter of 2018, a little higher but still very good.
At the investment segment total invested assets increased to $21.2 billion at the end of June, up from $20.1 billion at the end of Q2 2018 and equity securities were about 32% of that total.
At the Markel Ventures segment net income rose from $0.6 million a year ago to $49.8 million in Q2 2019 a meaningful contribution to the company’s results.
Obvious that management was very pleased with these results as all three operating segments made meaningful contributions.
Markel’s stock yesterday closed at $1’119.96 which means it is now valued at 1.5 book value/share.
This is fairly valued, not very cheap, but for long term investors this could be a good entry point to buy shares of a high quality insurer and investor!