Markel: 4Q Earnings Snapshot
GLEN ALLEN, Va. (AP) _ Markel Corp. (MKL) on Tuesday reported a fourth-quarter loss of $749.8 million, after reporting a profit in the same period a year earlier.
The Glen Allen, Virginia-based company said it had a loss of $53.88 per share. Earnings, adjusted for one-time gains and costs, came to $2.27 per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $3.31 per share.
The insurer posted revenue of $1.04 billion in the period. Its adjusted revenue was $1.89 billion, exceeding Street forecasts. Three analysts surveyed by Zacks expected $1.83 billion.
For the year, the company reported a loss of $133 million, or $9.55 per share, swinging to a loss in the period. Revenue was reported as $7.28 billion.
Markel shares have dropped slightly since the beginning of the year. The stock has fallen almost 5 percent in the last 12 months.