{"id":1002,"date":"2012-11-13T15:24:18","date_gmt":"2012-11-13T13:24:18","guid":{"rendered":"http:\/\/www.blog.asmus-puhl.com\/?p=1002"},"modified":"2012-11-13T15:24:18","modified_gmt":"2012-11-13T13:24:18","slug":"markel-reported-very-good-q3-2012-results","status":"publish","type":"post","link":"http:\/\/www.blog.asmus-puhl.com\/?p=1002","title":{"rendered":"Markel reported very good Q3 2012 results!"},"content":{"rendered":"<p style=\"text-align: justify;\">Markel Corporation (NYSE: MKL) <a href=\"http:\/\/finance.yahoo.com\/news\/markel-reports-third-quarter-nine-215700527.html\" target=\"_blank\">reported its Q3 2012 results<\/a>.<\/p>\n<p style=\"text-align: justify;\">Net income per share came in at $5.32 slightly lower than the $5.48 a year ago.<\/p>\n<p style=\"text-align: justify;\">The combined ratio was 101% due to the\u00a0<span>loss development on their asbestos and environmental reserves. One additional point is due to an accounting standard change.<\/span><\/p>\n<p style=\"text-align: justify;\"><span>The important insurance metric book value\/share was $395.48, up <\/span><span>12% from $352.10 at December 31, 2011.<\/span><\/p>\n<p style=\"text-align: justify;\"><span><a href=\"http:\/\/seekingalpha.com\/article\/996521-markel-s-ceo-discusses-q3-2012-results-earnings-call-transcript?source=yahoo\" target=\"_blank\">A transcript of their conference call you&#8217;ll find on Seeking Alpha.<\/a><\/span><\/p>\n<p style=\"text-align: justify;\">So what happened at Markel lastly?<\/p>\n<p style=\"text-align: justify;\">Operating revenue rose 13% to $2.2 bil in the first 9 months.\u00a0<span>The increase was due to an 8% increase in revenue from their insurance operations and an astonishing \u00a051% increase in revenue from their non-insurance operations under the name of Markel Ventures.<\/span><span> <\/span><\/p>\n<p style=\"text-align: justify;\">If you already didn&#8217;t know it, the importance and earnings power of Markel Ventures is rising rapidly!<\/p>\n<p style=\"text-align: justify;\">But there are other good news:<\/p>\n<ul style=\"text-align: justify;\">\n<li>The combined ratio for the 9 months came down to 95% from 105% in 2011.<\/li>\n<li>Throughout North America and in the entire company, they continue to work aggressively to reduce cost.<\/li>\n<li>Within the investment portfolio equities enjoyed a return of 15.5% and now represent roughly 52% of total shareholder equity. Fixed income produced a positive overall return of 4.5%.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Markel Ventures continued on its acquisition path and it seems that the market finally realizes the value creation which happens here: the share price yesterday rose above $500, a share price not seen for about 5 years!<\/p>\n<p style=\"text-align: justify;\"><span>This translates into a price\/book value of 1.3, not too expensive for this great insurance company.<\/span><\/p>\n<p style=\"text-align: justify;\">As their former secret weapon &#8220;Markel Ventures&#8221; slowly becomes a much more known weapon and the market reacts accordingly &#8211; are you prepared?<\/p>\n<p style=\"text-align: justify;\"><span><br \/>\n<\/span><\/p>\n<p><span><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Markel Corporation (NYSE: MKL) reported its Q3 2012 results. Net income per share came in at $5.32 slightly lower than the $5.48 a year ago. The combined ratio was 101% due to the\u00a0loss development on their asbestos and environmental reserves. One additional point is due to an accounting standard change. The important insurance metric book [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1002"}],"collection":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1002"}],"version-history":[{"count":32,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1002\/revisions"}],"predecessor-version":[{"id":1034,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1002\/revisions\/1034"}],"wp:attachment":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1002"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}