{"id":1820,"date":"2016-08-04T15:09:02","date_gmt":"2016-08-04T13:09:02","guid":{"rendered":"http:\/\/www.blog.asmus-puhl.com\/?p=1820"},"modified":"2016-08-04T15:09:02","modified_gmt":"2016-08-04T13:09:02","slug":"very-solid-results-from-markel-in-q2-2016","status":"publish","type":"post","link":"http:\/\/www.blog.asmus-puhl.com\/?p=1820","title":{"rendered":"Very solid results from Markel in Q2 2016!"},"content":{"rendered":"<p style=\"text-align: justify;\">Once again specialty insurer and financial holding company Markel Corp. (NYSE: MKL) <a href=\"http:\/\/finance.yahoo.com\/news\/markel-reports-second-quarter-six-205000542.html\" target=\"_blank\">released very solid results in Q2 2016!<\/a><br \/>\nThe <a href=\"http:\/\/seekingalpha.com\/article\/3995373-markel-mkl-thomas-s-gayner-q2-2016-results-earnings-call-transcript?page=2\" target=\"_blank\">transcript of the conference call has been published by SeekingAlpha.<\/a><\/p>\n<p style=\"text-align: justify;\">Diluted net income per share was down to $5.41 for the quarter compared to $6.72 for the second quarter of 2015 but the all important ratio in the insurance industry, book value\/common share outstanding increased to $603.13 in Q2, up 7% from $561.23 atDecember 31, 2015.<\/p>\n<p style=\"text-align: justify;\">Even better the combined ratio improved to 93% compared to 96% for the second quarter of 2015.<br \/>\nBut be aware: Markel actually profits from the absence of large loss events. This will not always be the case in the future. So as a general rule investors should expect a combined ratio below 100%<\/p>\n<p style=\"text-align: justify;\">Co CEO Thomas Gayner was proud to report that this quarter all 3 segments insurance, investments and Markel Ventures contributed to the good results:<\/p>\n<p style=\"text-align: justify;\">&#8220;On the investment side of house we earned 5.3% on our equity investments and 4.7% on our fixed income holdings with the total return from the portfolio of 4.9%.<br \/>\nAt June 30 equities represented 52% of our shareholders equity compared to 51% at year end.&#8221;<\/p>\n<p style=\"text-align: justify;\">At Markel Ventures revenues increased 21% to $584 million compared to $485 million a year ago, primarily due to the acquisition of CapTech in the fourth quarter 2015 and higher sales volume in the manufacturing operations. EBITDA increased 92%, $102 million compared to $53 million.<\/p>\n<p style=\"text-align: justify;\">After the earnings release Markel&#8217;s stock went down to $ 921.70 but don&#8217;t forget that the stock for some months now is trading at or above 1.5 times book value\/share. This is a historically rather expensive stock price for MKL.<\/p>\n<p style=\"text-align: justify;\">But this certainly doesn&#8217;t change our long term view!<br \/>\nMarkel Corp. remains one of the best long term wealth creators in the stock market today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Once again specialty insurer and financial holding company Markel Corp. (NYSE: MKL) released very solid results in Q2 2016! The transcript of the conference call has been published by SeekingAlpha. Diluted net income per share was down to $5.41 for the quarter compared to $6.72 for the second quarter of 2015 but the all important [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","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\/1820"}],"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=1820"}],"version-history":[{"count":8,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1820\/revisions"}],"predecessor-version":[{"id":1828,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1820\/revisions\/1828"}],"wp:attachment":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1820"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}