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Markel Group Inc.

Supplemental Recast Quarterly Financial Information

The following supplemental financial information is being furnished by Markel Group Inc. (the Company) in connection with the re-segmentation of the Company’s businesses in the second and third quarters of 2025 as reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the 2025 Third Quarter Form 10-Q) and includes:

•Consolidated financial information by segment for the last seven quarters (Q1 2024 – Q3 2025);

•Segment profit and loss data for the last seven quarters (Q1 2024 – Q3 2025); and

•Divisional profit and loss data for the Markel Insurance segment for the last seven quarters (Q1 2024 – Q3 2025).

The Company has four reportable segments: Markel Insurance, Industrial, Financial, and Consumer and Other. The supplemental financial information for the periods presented below has been recast to conform to the current presentation of the Company’s segments as described in the 2025 Third Quarter Form 10-Q.

This information supplements, and should be read together with:

•The 2025 Third Quarter Form 10-Q, including the consolidated financial statements and accompanying notes, as well as Management's Discussion and Analysis of Financial Condition and Results of Operations, included in that report;

•The Company's Quarterly Reports on Form 10-Q for the respective periods presented below; and

• in the Company's Current Report on Form 8-K (Items 2.02 and 9.01) filed with the Securities and Exchange Commission on February 5, 2025.

Consolidated Financial Information

The following table presents consolidated operating revenues by segment, adjusted operating income by segment, and reconciliations from consolidated operating income to consolidated adjusted operating income. Beginning in the third quarter of 2025, the Company updated the presentation of operating revenues to no longer include net investment gains and losses, and prior periods have been recast to conform to the updated presentation.

			Quarter Ended
(dollars in thousands)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Operating revenues:
Markel Insurance			$	2,398,406					$	2,279,633					$	2,226,676					$	2,278,227					$	2,257,625					$	2,202,176					$	2,245,415
Industrial			1,049,961						1,015,715						829,574						995,068						998,308						929,505						856,735
Financial			161,501						172,852						178,481						159,302						138,850						149,331						145,830
Consumer and other			291,414						529,226						287,786						263,470						265,299						520,419						278,145
Corporate and eliminations			33,267						25,117						25,659						27,509						33,652						30,429						38,249
Total operating revenues			$	3,934,549					$	4,022,543					$	3,548,176					$	3,723,576					$	3,693,734					$	3,831,860					$	3,564,374
Operating income			$	1,009,842					$	1,107,340					$	282,524					$	595,470					$	1,371,326					$	409,980					$	1,335,786
Add: Amortization of acquired intangible assets			44,061						51,213						46,942						46,491						46,459						44,237						44,285
Less: Net investment gains (losses)			432,886						580,223						(149,071)						117,425						917,530						(130,017)						902,281
Adjusted operating income			$	621,017					$	578,330					$	478,537					$	524,536					$	500,255					$	584,234					$	477,790
Markel Insurance			$	428,475					$	269,755					$	282,115					$	304,007					$	275,603					$	315,595					$	289,283
Industrial			101,302						103,513						58,764						107,808						111,773						74,827						70,626
Financial			61,407						78,422						79,611						67,876						79,652						63,237						51,317
Consumer and Other			17,372						101,523						32,388						17,336						(425)						100,146						28,315
Corporate and eliminations			12,461						25,117						25,659						27,509						33,652						30,429						38,249
Adjusted operating income			$	621,017					$	578,330					$	478,537					$	524,536					$	500,255					$	584,234					$	477,790

1

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Consolidated adjusted operating income, which excludes net investment gains and losses, amortization of acquired intangible assets, and impairment of goodwill, is a non-GAAP financial measure. The Company believes adjusted operating income is generally an accurate representation of the operating performance of our businesses in our periodic results. Net investment gains and losses are predominantly derived from the Company's investments in publicly traded equity securities and include significant unrealized gains and losses from market value movements. The Company believes that net investment gains and losses, whether realized from sales or unrealized from market value movements, are distortive in understanding the short-term operating performance of its businesses. The Company does not view amortization of intangible assets and impairment of goodwill, which arise from purchase accounting for acquisitions, as ongoing costs of operating its businesses, and therefore excludes those amounts from its adjusted operating income metric.

Markel Insurance Segment

The following table summarizes the results for the Company's Markel Insurance segment for the quarterly periods indicated.

			Quarter Ended
(dollars in thousands)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Earned premiums			$	2,127,648					$	2,063,622					$	2,016,539					$	2,044,294					$	2,035,773					$	2,004,166					$	2,046,479
Net investment income			223,409						207,728						207,517						214,558						203,767						192,146						187,436
Services and other revenues			47,349						8,283						2,620						19,375						18,085						5,864						11,500
Total operating revenues			$	2,398,406					$	2,279,633					$	2,226,676					$	2,278,227					$	2,257,625					$	2,202,176					$	2,245,415
Losses and loss adjustment expenses:
Current accident year			(1,342,096)						(1,330,614)						(1,361,587)						(1,310,959)						(1,372,108)						(1,334,540)						(1,315,047)
Prior accident years			129,100						78,934						148,837						111,422						119,408						145,135						78,967
Underwriting, acquisition, and insurance expenses			(759,173)						(748,742)						(723,627)						(761,031)						(720,917)						(690,627)						(713,439)
Services and other expenses			2,238						(9,456)						(8,184)						(13,652)						(8,405)						(6,549)						(6,613)
Adjusted operating income			$	428,475					$	269,755					$	282,115					$	304,007					$	275,603					$	315,595					$	289,283
Current accident year loss ratio			63.1		%				64.5		%				67.5		%				64.1		%				67.4		%				66.6		%				64.3		%
Prior accident years loss ratio			(6.1)		%				(3.8)		%				(7.4)		%				(5.5)		%				(5.9)		%				(7.2)		%				(3.9)		%
Loss ratio			57.0		%				60.7		%				60.1		%				58.7		%				61.5		%				59.3		%				60.4		%
Expense ratio			35.7		%				36.3		%				35.9		%				37.2		%				35.4		%				34.5		%				34.9		%
Combined ratio			92.7		%				96.9		%				96.0		%				95.9		%				96.9		%				93.8		%				95.3		%

The following tables summarize the results of the Markel Insurance segment by division for the quarterly periods indicated. Investments represents the results from the investments held by Markel Insurance that are managed by Markel Group.

			Quarter Ended September 30, 2025
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	653,325					$	611,308					$	593,565					$	269,781					$	(331)					$	—					$	2,127,648
Net investment income			—						—						—						—						—						223,409						223,409
Services and other revenues			—						27,039						7,903						6,804						448						5,155						47,349
Total operating revenues			$	653,325					$	638,347					$	601,468					$	276,585					$	117					$	228,564					$	2,398,406
Losses and loss adjustment expenses:
Current accident year			(435,665)						(403,175)						(285,098)						(207,990)						(10,168)						—						(1,342,096)
Prior accident years			68,824						43,253						27,799						(1,798)						(8,978)						—						129,100
Underwriting, acquisition, and insurance expenses			(214,578)						(215,743)						(251,303)						(77,935)						386						—						(759,173)
Services and other expenses			—						(1,225)						(1,799)						—						5,262						—						2,238
Adjusted operating income (loss)			$	71,906					$	61,457					$	91,067					$	(11,138)					$	(13,381)					$	228,564					$	428,475
Current accident year loss ratio			66.7		%				66.0		%				48.0		%				77.1		%																63.1		%
Prior accident years loss ratio			(10.5)		%				(7.1)		%				(4.7)		%				0.7		%																(6.1)		%
Loss ratio			56.1		%				58.9		%				43.3		%				77.8		%																57.0		%
Expense ratio			32.8		%				35.3		%				42.3		%				28.9		%																35.7		%
Combined ratio			89.0		%				94.2		%				85.7		%				106.7		%																92.7		%

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			Quarter Ended June 30, 2025
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	659,902					$	576,858					$	535,088					$	285,404					$	6,370					$	—					$	2,063,622
Net investment income			—						—						—						—						—						207,728						207,728
Services and other revenues			—						5,824						829						—						(60)						1,690						8,283
Total operating revenues			$	659,902					$	582,682					$	535,917					$	285,404					$	6,310					$	209,418					$	2,279,633
Losses and loss adjustment expenses:
Current accident year			(448,536)						(363,407)						(267,263)						(226,351)						(25,057)						—						(1,330,614)
Prior accident years			2,516						51,808						75,144						(49,534)						(1,000)						—						78,934
Underwriting, acquisition, and insurance expenses			(224,447)						(215,154)						(223,246)						(82,844)						(3,051)						—						(748,742)
Services and other expenses			—						(2,365)						(2,543)						—						(4,548)						—						(9,456)
Adjusted operating income (loss)			$	(10,565)					$	53,564					$	118,009					$	(73,325)					$	(27,346)					$	209,418					$	269,755
Current accident year loss ratio			68.0		%				63.0		%				49.9		%				79.3		%																64.5		%
Prior accident years loss ratio			(0.4)		%				(9.0)		%				(14.0)		%				17.4		%																(3.8)		%
Loss ratio			67.6		%				54.0		%				35.9		%				96.7		%																60.7		%
Expense ratio			34.0		%				37.3		%				41.7		%				29.0		%																36.3		%
Combined ratio			101.6		%				91.3		%				77.6		%				125.7		%																96.9		%

			Quarter Ended March 31, 2025
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	662,629					$	567,245					$	509,395					$	274,248					$	3,022					$	—					$	2,016,539
Net investment income			—						—						—						—						—						207,517						207,517
Services and other revenues			—						3,410						1,097						—						(203)						(1,684)						2,620
Total operating revenues			$	662,629					$	570,655					$	510,492					$	274,248					$	2,819					$	205,833					$	2,226,676
Losses and loss adjustment expenses:
Current accident year			(475,823)						(365,714)						(308,072)						(191,809)						(20,169)						—						(1,361,587)
Prior accident years			40,526						22,173						64,636						17,674						3,828						—						148,837
Underwriting, acquisition, and insurance expenses			(225,813)						(208,051)						(209,323)						(77,455)						(2,985)						—						(723,627)
Services and other expenses			—						(2,440)						(2,800)						—						(2,944)						—						(8,184)
Adjusted operating income (loss)			$	1,519					$	16,623					$	54,933					$	22,658					$	(19,451)					$	205,833					$	282,115
Current accident year loss ratio			71.8		%				64.5		%				60.5		%				69.9		%																67.5		%
Prior accident years loss ratio			(6.1)		%				(3.9)		%				(12.7)		%				(6.4)		%																(7.4)		%
Loss ratio			65.7		%				60.6		%				47.8		%				63.5		%																60.1		%
Expense ratio			34.1		%				36.7		%				41.1		%				28.2		%																35.9		%
Combined ratio			99.8		%				97.2		%				88.9		%				91.7		%																96.0		%

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			Quarter Ended December 31, 2024
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	667,722					$	561,565					$	551,942					$	262,055					$	1,010					$	—					$	2,044,294
Net investment income			—						—						—						—						—						214,558						214,558
Services and other revenues			—						13,606						4,243						—						(122)						1,648						19,375
Total operating revenues			$	667,722					$	575,171					$	556,185					$	262,055					$	888					$	216,206					$	2,278,227
Losses and loss adjustment expenses:
Current accident year			(456,038)						(359,824)						(262,723)						(203,730)						(28,644)						—						(1,310,959)
Prior accident years			(87,647)						80,649						102,531						14,580						1,309						—						111,422
Underwriting, acquisition, and insurance expenses			(226,541)						(203,940)						(251,529)						(79,371)						350						—						(761,031)
Services and other expenses			—						(1,333)						(3,063)						—						(9,256)						—						(13,652)
Adjusted operating income (loss)			$	(102,504)					$	90,723					$	141,401					$	(6,466)					$	(35,353)					$	216,206					$	304,007
Current accident year loss ratio			68.3		%				64.1		%				47.6		%				77.7		%																64.1		%
Prior accident years loss ratio			13.1		%				(14.4)		%				(18.6)		%				(5.6)		%																(5.5)		%
Loss ratio			81.4		%				49.7		%				29.0		%				72.2		%																58.7		%
Expense ratio			33.9		%				36.3		%				45.6		%				30.3		%																37.2		%
Combined ratio			115.4		%				86.0		%				74.6		%				102.5		%																95.9		%

			Quarter Ended September 30, 2024
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	682,751					$	556,211					$	524,117					$	264,407					$	8,287					$	—					$	2,035,773
Net investment income			—						—						—						—						—						203,767						203,767
Services and other revenues			—						12,787						2,606						—						(236)						2,928						18,085
Total operating revenues			$	682,751					$	568,998					$	526,723					$	264,407					$	8,051					$	206,695					$	2,257,625
Losses and loss adjustment expenses:
Current accident year			(480,744)						(356,894)						(285,851)						(208,763)						(39,856)						—						(1,372,108)
Prior accident years			21,717						30,415						77,281						(9,127)						(878)						—						119,408
Underwriting, acquisition, and insurance expenses			(222,566)						(193,451)						(217,906)						(80,309)						(6,685)						—						(720,917)
Services and other expenses			—						(2,768)						(2,614)						—						(3,023)						—						(8,405)
Adjusted operating income (loss)			$	1,158					$	46,300					$	97,633					$	(33,792)					$	(42,391)					$	206,695					$	275,603
Current accident year loss ratio			70.4		%				64.2		%				54.5		%				79.0		%																67.4		%
Prior accident years loss ratio			(3.2)		%				(5.5)		%				(14.7)		%				3.5		%																(5.9)		%
Loss ratio			67.2		%				58.7		%				39.8		%				82.4		%																61.5		%
Expense ratio			32.6		%				34.8		%				41.6		%				30.4		%																35.4		%
Combined ratio			99.8		%				93.5		%				81.4		%				112.8		%																96.9		%

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			Quarter Ended June 30, 2024
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	701,226					$	538,522					$	480,665					$	276,071					$	7,682					$	—					$	2,004,166
Net investment income			—						—						—						—						—						192,146						192,146
Services and other revenues			—						4,850						1,810						—						(349)						(447)						5,864
Total operating revenues			$	701,226					$	543,372					$	482,475					$	276,071					$	7,333					$	191,699					$	2,202,176
Losses and loss adjustment expenses:
Current accident year			(482,136)						(340,960)						(263,419)						(195,641)						(52,384)						—						(1,334,540)
Prior accident years			18,024						32,795						101,864						(3,728)						(3,820)						—						145,135
Underwriting, acquisition, and insurance expenses			(231,793)						(182,300)						(197,237)						(77,307)						(1,990)						—						(690,627)
Services and other expenses			—						(1,048)						(2,505)						—						(2,996)						—						(6,549)
Adjusted operating income (loss)			$	5,321					$	51,859					$	121,178					$	(605)					$	(53,857)					$	191,699					$	315,595
Current accident year loss ratio			68.8		%				63.3		%				54.8		%				70.9		%																66.6		%
Prior accident years loss ratio			(2.6)		%				(6.1)		%				(21.2)		%				1.4		%																(7.2)		%
Loss ratio			66.2		%				57.2		%				33.6		%				72.2		%																59.3		%
Expense ratio			33.1		%				33.9		%				41.0		%				28.0		%																34.5		%
Combined ratio			99.2		%				91.1		%				74.6		%				100.2		%																93.8		%

			Quarter Ended March 31, 2024
(dollars in thousands)			U.S. Wholesale and Specialty						Programs and Solutions						International						Global Reinsurance						Other						Investments						Markel Insurance
Earned premiums			$	731,740					$	539,321					$	504,202					$	264,935					$	6,281					$	—					$	2,046,479
Net investment income			—						—						—						—						—						187,436						187,436
Services and other revenues			—						2,517						1,872						—						(8)						7,119						11,500
Total operating revenues			$	731,740					$	541,838					$	506,074					$	264,935					$	6,273					$	194,555					$	2,245,415
Losses and loss adjustment expenses:
Current accident year			(505,909)						(333,616)						(286,741)						(173,849)						(14,932)						—						(1,315,047)
Prior accident years			36,516						977						85,602						(2,279)						(41,849)						—						78,967
Underwriting, acquisition, and insurance expenses			(244,898)						(194,229)						(194,074)						(76,391)						(3,847)						—						(713,439)
Services and other expenses			—						(1,050)						(2,399)						—						(3,164)						—						(6,613)
Adjusted operating income (loss)			$	17,449					$	13,920					$	108,462					$	12,416					$	(57,519)					$	194,555					$	289,283
Current accident year loss ratio			69.1		%				61.9		%				56.9		%				65.6		%																64.3		%
Prior accident years loss ratio			(5.0)		%				(0.2)		%				(17.0)		%				0.9		%																(3.9)		%
Loss ratio			64.1		%				61.7		%				39.9		%				66.5		%																60.4		%
Expense ratio			33.5		%				36.0		%				38.5		%				28.8		%																34.9		%
Combined ratio			97.6		%				97.7		%				78.4		%				95.3		%																95.3		%

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Industrial Segment

The following table summarizes the results for the Company's Industrial segment for the quarterly periods indicated.

			Quarter Ended
(dollars in thousands)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Products revenues			$	425,714					$	424,573					$	369,245					$	409,442					$	438,858					$	424,630					$	417,406
Services and other revenues			624,247						591,142						460,329						585,626						559,450						504,875						439,329
Total operating revenues			$	1,049,961					$	1,015,715					$	829,574					$	995,068					$	998,308					$	929,505					$	856,735
Products expenses			(365,957)						(366,283)						(326,035)						(339,748)						(364,923)						(354,078)						(354,043)
Services and other expenses			(582,702)						(545,919)						(444,775)						(547,512)						(521,612)						(500,600)						(432,066)
Adjusted operating income			$	101,302					$	103,513					$	58,764					$	107,808					$	111,773					$	74,827					$	70,626

Financial Segment

The following table summarizes the results for the Company's Financial segment for the quarterly periods indicated.

			Quarter Ended
(dollars in thousands)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Earned premiums			$	78,125					$	78,069					$	72,835					$	73,284					$	74,335					$	72,933					$	81,148
Net investment income			10,020						9,606						8,952						9,544						10,012						10,188						9,597
Services and other revenues			73,356						85,177						96,694						76,474						54,503						66,210						55,085
Total operating revenues			$	161,501					$	172,852					$	178,481					$	159,302					$	138,850					$	149,331					$	145,830
Losses and loss adjustment expenses:
Current accident year			(43,364)						(36,152)						(43,185)						(41,954)						(41,418)						(42,310)						(49,723)
Prior accident years			2,534						(202)						1,270						(324)						3,506						(860)						(1,944)
Underwriting, acquisition, and insurance expenses			(23,328)						(25,469)						(23,811)						(23,755)						(22,639)						(19,668)						(25,313)
Services and other expenses			(35,936)						(32,607)						(33,144)						(25,393)						1,353						(23,256)						(17,533)
Adjusted operating income			$	61,407					$	78,422					$	79,611					$	67,876					$	79,652					$	63,237					$	51,317

Consumer and Other Segment

The following table summarizes the results for the Company's Consumer and Other segment for the quarterly periods indicated.

			Quarter Ended
(dollars in thousands)			September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
Products revenues			$	181,779					$	422,352					$	191,879					$	165,881					$	173,419					$	422,589					$	183,434
Services and other revenues			109,635						106,874						95,907						97,589						91,880						97,830						94,711
Total operating revenues			$	291,414					$	529,226					$	287,786					$	263,470					$	265,299					$	520,419					$	278,145
Products expenses			(189,536)						(341,098)						(173,873)						(165,541)						(185,067)						(339,615)						(169,204)
Services and other expenses			(84,506)						(86,605)						(81,525)						(80,593)						(80,657)						(80,658)						(80,626)
Adjusted operating income (loss)			$	17,372					$	101,523					$	32,388					$	17,336					$	(425)					$	100,146					$	28,315

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