Markel Corp (MKL) has reported a 32.93 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $132.73 million, or $9.11 a share in the quarter, compared with $197.89 million, or $14.14 a share for the same period last year. On an adjusted basis, net profit for the quarter was $128.16 million, when compared with $198.94 million in the last year period.
Revenue during the quarter went up marginally by 0.57 percent to $1,428.62 million from $1,420.46 million in the previous year period. Net premium earned for the quarter went up marginally by 2.55 percent or $24.43 million to $983.08 million.
Total expenses move up
Operating income for the quarter was $212.42 million, compared with $279.25 million in the previous year period.
Net investment income was at $93.79 million for the quarter, up 13.42 percent or $11.10 million from year-ago period. The company has booked a loss on investments of $0.69 million in the quarter compared with a gain of $109.51 million for the previous year period.
Alan I. Kirshner, executive chairman, commented, "Growth in book value per share in 2016 reflected strong results from all three of our operating engines. Our underwriting results were solid. We are seeing positive momentum in the investment portfolio, driven by favorable movements in the equity markets. We had a record year at Markel Ventures with double-digit growth in revenues. Despite a competitive market, we believe these results demonstrate our commitment to underwriting discipline and to building long-term shareholder value."
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