Markel Insurance’s net income was $1.6 billion for the first nine months of the year compared with $2.3 billion during the same period last year, according to the firm’s latest financial figures.

Meanwhile, operating income was up $11.5 billion compared with $11.09 billion for the first nine months of 2024.

Operating revenues also increased 6 per cent for the third quarter and 3 per cent for the year to date.

Markel chief executive Tom Gayner was pleased with the overall result and progress this year.

“Revenues and adjusted operating income of our businesses are both up for the year and for the quarter,” Mr Gayner said. “We are seeing improvement in our insurance combined ratio.”

Mr Gayner said $2.1 billion in operating cashflow had helped fund continued steady share repurchases.

“The strength of our diversified approach is on display and we are seeing tangible signs of improvement in areas we have been focused on,” he said.

Third-quarter results included an operating revenue increase of 7 per cent for the quarter and 4 per cent year to date.

“Operating income, which is affected by market movements in our equity portfolio, decreased 26 per cent for the quarter and 23 per cent year to date,” Mr Gayner said.