 |
|
Markel reports strong quarterly earnings
|
29/07/2003
|
|
Markel reports strong quarterly earnings
|
Richmond, VA, July 29, 2003 --- (NYSE - MKL)
Markel Corporation reported net income of $5.97 and $9.66 per diluted share, respectively, for the quarter and six month period ended June 30, 2003 compared to net income of $2.36 and $4.09 per diluted share, respectively, for the quarter and six month period ended June 30, 2002.
Both periods of 2003 benefited from continued improvement in underwriting profits and increased net investment income and realized gains. The combined ratio for the second quarter of 2003 was 95% compared to 101% in 2002. For the six month period ended June 30, 2003, the combined ratio was 96% compared to 102% in the prior year.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "During the second quarter, we continued to build upon the momentum created by our strong results over the past several quarters. Our investment portfolio produced impressive total returns and underwriting profits continued to increase. The combination of underwriting profits and strong investment returns resulted in a 15% increase in book value per share for the first six months of 2003."
Click here to read the full Press Release from Markel Corporation
|
|
|
|
|