Markel Corporation reports growth in net income, cites investments for boost

Markel Corporation reported a net income of $267 million in 2010, marking an increase from 2009’s net income of $202 million.
The insurer cites an increase in net realized investment gains – $36.4 million in 2010, compared to a net realized investment loss of $96.1 million in 2009 – as a primary factor in its increased profit.
The combined ratio deteriorated in 2010, however, growing from 95% in 2009 to 97%. The increase in the consolidated combined ratio was due to a higher current accident year loss ratio and higher expense ratio, partially offset by more favourable development of prior year’s loss reserves compared to 2009, a release says.