Markel Corporation (NYSE: MKL) reported diluted net income per share of $8.29 for the quarter ended June 30, 2008 compared to $12.15 for the second quarter of 2007. Diluted net income per share was $11.69 for the six months ended June 30, 2008 compared to $22.02 for the same period of 2007.
The combined ratio for the second quarter of 2008 was 95% compared to 89% for the second quarter of 2007. The combined ratio was 93% for the six months ended June 30, 2008 compared to 88% for the same period of 2007. Book value per common share outstanding decreased 5% to $252.39 at June 30, 2008 from $265.26 at December 31, 2007. The decline in book value was primarily due to comprehensive loss of $113.6 million for the six months ended June 30, 2008, which was driven by a decline in the market value of the Company's investment portfolio.
Alan I. Kirshner, Chairman and Chief Executive Officer, commented, "Despite soft insurance market conditions, we are pleased with our underwriting results. Our investment results in the first half of 2008 reflect the ongoing turbulence in the equity and fixed income markets.
While we are disappointed in these short-term results, we remain confident that our long-term focus on investments in high quality, profitable, durable and transparent companies will continue to add value to Markel in the future as it has for years." -- Markel Corporation
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