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MKL • CIK 0001096343
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 |
|---|
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Debt Securities, Available-for-sale | $14,372,732 | $15,745,539 | $17,797,986 | $17,708,607 |
| Equity Securities, FV-NI | $9,577,871 | $11,784,521 | $13,004,312 | $13,462,553 |
| Other Short-term Investments | $2,571,382 | $2,524,910 | $2,033,662 | $2,333,419 |
| Investments | $26,521,985 | $30,054,970 | $32,835,960 | $33,504,579 |
| Cash and Cash Equivalents, at Carrying Value | $3,747,060 | $3,692,667 | $3,964,705 | $3,423,224 |
| Restricted Cash and Cash Equivalents | $584,974 | $499,581 | $638,597 | $644,820 |
| Premiums and Other Receivables, Net | $3,455,306 | $3,626,799 | $3,964,598 | $4,127,453 |
| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | $9,235,501 | $11,604,844 | $14,616,279 | $15,813,915 |
| Deferred Policy Acquisition Cost | $931,344 | $875,710 | $909,516 | $819,999 |
| Prepaid Reinsurance Premiums | $2,365,243 | $2,947,213 | $3,073,999 | $3,909,766 |
| Goodwill | $2,624,749 | $2,735,867 | $2,822,091 | $2,835,351 |
| Intangible Assets, Net (Excluding Goodwill) | $1,588,684 | $1,459,620 | $1,543,002 | $1,459,860 |
| Other Assets | $3,990,864 | $4,400,711 | $4,536,303 | $4,724,179 |
| Assets | $55,045,710 | $61,897,982 | $68,905,050 | $71,263,146 |
| Liability for Claims and Claims Adjustment Expense | $23,483,321 | $26,633,094 | $30,857,453 | $32,172,616 |
| Unearned Premiums | $6,642,426 | $7,063,956 | $7,253,079 | $7,923,440 |
| Reinsurance Payable | $1,037,722 | $1,434,901 | $1,667,871 | $1,678,867 |
| Long-term Debt | $3,779,796 | $4,330,341 | $4,303,811 | $4,367,740 |
| Other Liabilities | $3,927,498 | $4,383,444 | $5,720,647 | $5,649,026 |
| Liabilities | $39,519,817 | $44,429,009 | $49,802,861 | $51,791,689 |
| Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $469,685 | $540,034 | $506,064 | $467,023 |
| Preferred Stock, Value, Issued | $591,891 | $591,891 | $0 | $0 |
| Common Stock, Value, Issued | $3,517,146 | $3,560,633 | $3,672,381 | $3,716,892 |
| Retained Earnings (Accumulated Deficit) | $11,353,101 | $13,380,456 | $15,034,835 | $15,593,743 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $-478,210 | $-617,082 | $-109,460 | $-305,115 |
| Stockholders' Equity Attributable to Parent | $14,983,928 | $16,915,898 | $18,597,756 | $19,005,520 |
| Stockholders' Equity Attributable to Noncontrolling Interest | $72,280 | $13,041 | $-1,631 | $-1,086 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $15,056,208 | $16,928,939 | $18,596,125 | $19,004,434 |
| Debt Securities, Available-for-sale, Amortized Cost | $14,932,286 | $16,457,723 | $17,895,918 | $18,044,608 |
| Equity Securities, FV-NI, Cost | $3,497,071 | $3,887,820 | $4,094,745 | $4,163,590 |
| Long-term Debt, Fair Value | $3,353,000 | $3,791,000 | $3,856,000 | $3,856,000 |
| Operating Lease, Right-of-Use Asset | $628,833 | $681,405 | $658,180 | $658,180 |
| Operating Lease, Liability | $657,217 | $723,924 | $710,037 | $710,037 |
| Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net | $14,284,815 | $15,087,702 | $16,228,530 | $16,228,530 |
| Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $8,820,567 | $11,120,367 | $14,150,484 | $14,150,484 |
| Short-duration Insurance Contracts, Liability for Unpaid Claims and Claims Adjustment Expense, Accumulated Unallocated Claim Adjustment Expense | $377,939 | $425,025 | $478,439 | $478,439 |
| Deferred Tax Liabilities, Net | $1,170,399 | $1,541,030 | $1,834,958 | $1,834,958 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $2,101,090 | $2,847,406 | $2,152,405 | $2,326,981 |
| Net Cash Provided by (Used in) Operating Activities | $2,786,807 | $2,594,006 | $2,761,256 | $2,325,449 |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $27,037 | $-37,296 | $49,769 | $-29,856 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $-889,479 | $-139,786 | $411,054 | $-227,049 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4,332,034 | $4,192,248 | $4,603,302 | $4,109,638 |
| Increase (Decrease) in Deferred Income Taxes | $-233,798 | $-394,560 | $-151,219 | $-151,219 |
| Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | $2,126,586 | $2,068,755 | $2,377,919 | $2,694,509 |
| Depreciation, Amortization and Accretion, Net | $259,924 | $342,359 | $347,918 | $347,918 |
| Payments to Acquire Debt Securities, Available-for-sale | $4,302,864 | $3,588,989 | $3,782,802 | $3,736,994 |
| Accretion (Amortization) of Discounts and Premiums, Investments | — | $123,522 | $104,035 | $104,035 |
| ProceedsFromSaleOfEquitySecuritiesFvNi | $298,582 | $177,254 | $305,799 | $407,656 |
| Realized Investment Gains (Losses) | $1,524,054 | $1,807,219 | $1,076,081 | $1,076,081 |
| PaymentsToAcquireEquitySecuritiesFvNi | $638,306 | $571,096 | $448,703 | $475,308 |
| Foreign Currency Transaction Gain (Loss), Realized | $-90,045 | $129,438 | $-256,234 | $72,963 |
| Payments for (Proceeds from) Short-term Investments | $-202,930 | $-151,972 | $-577,989 | $425,148 |
| Increase (Decrease) in Receivables | $486,305 | $158,546 | $287,908 | $287,908 |
| Payments to Acquire Other Investments | — | — | $40,564 | $40,564 |
| Increase (Decrease) in Reinsurance Recoverable | $767,509 | $2,386,745 | $2,929,234 | $2,929,234 |
| Payments to Acquire Property, Plant, and Equipment | $258,619 | $254,991 | $206,894 | $207,133 |
| Increase (Decrease) in Deferred Policy Acquisition Costs | $1,602 | $-50,102 | $22,073 | $22,073 |
| Payments to Acquire Businesses, Net of Cash Acquired | $3,584 | $207,753 | $106,214 | $70,585 |
| Increase (Decrease) in Prepaid Reinsurance Premiums | $298,049 | $584,475 | $102,363 | $102,363 |
| Payments for (Proceeds from) Other Investing Activities | $-23,081 | $-32,167 | $-133,555 | $-34,716 |
| Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve | $2,443,178 | $3,250,607 | $3,973,776 | $3,973,776 |
| Net Cash Provided by (Used in) Investing Activities | $-2,703,607 | $-2,398,618 | $-1,189,915 | $-1,818,851 |
| Increase (Decrease) in Unearned Premiums | $400,017 | $448,238 | $104,193 | $104,193 |
| Increase (Decrease) in Reinsurance Payables | $365,378 | $398,360 | $223,884 | $223,884 |
| Increase (Decrease) in Other Operating Assets and Liabilities, Net | $-38,188 | $-91,300 | $-73,321 | $-73,321 |
| Proceeds from Issuance of Debt | $624,972 | $1,434,205 | $882,829 | $964,609 |
| Repayments of Debt | $949,636 | $896,749 | $912,282 | $961,600 |
| Payments for Repurchase of Common Stock | $445,479 | $572,728 | $429,519 | $530,551 |
| Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $36,000 | $36,000 | $18,000 | $0 |
| Payments for Repurchase of Redeemable Preferred Stock | — | — | $600,000 | $0 |
| Payments for Repurchase of Redeemable Noncontrolling Interest | $63,371 | $46,483 | $64,224 | $76,200 |
| Proceeds from (Payments to) Noncontrolling Interests | — | $-54,010 | $-38,743 | $-38,743 |
| Payments of Ordinary Dividends, Noncontrolling Interest | $88,997 | $117,227 | $20,240 | $20,240 |
| Proceeds from (Payments for) Other Financing Activities | $-41,205 | $-8,886 | $-9,877 | $-41,066 |
| Net Cash Provided by (Used in) Financing Activities | $-999,716 | $-297,878 | $-1,210,056 | $-703,791 |
| Net Income (Loss) Attributable to Parent | $1,996,060 | $2,747,022 | $2,107,010 | $2,284,698 |