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Markel full-year 2010

Markel Corporation consolidated results year ended 31 December ● US$ mn Category 2006 2007 2008 2009 2010 Gross written premium 2,536.23 2,358.94 2,212.78 1,905.89 1,982.47 Net written premium 2,194.95 2,047.76 1,968.50 1,714.41 1,769.12 Increased NWP % 11.0 (6.7) (3.9) (12.9) 3.2 Retention % 86.5 86.0 89.0 90.0 89.2 Net earned premium 2,184.38 2,117.29 2,022.18 1,815.84 1,730.92 Claims incurred 1,132.58 1,096.20 1,269.03 992.86 946.23 Claims incurred % NEP 51.8 51.8 62.8 54.7 54.7 Operating expenses 767.85 756.70 738.54 736.66 724.88 Operating expenses % NWP 35.0 37.0 37.5 43.0 41.0 Underwriting result 283.95 264.39 14.61 86.31 59.82 Underwriting result % NWP 12.9 12.9 0.7 5.0 3.4 Combined ratio % 87.0 88.0 99.0 95.0 97.0 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 271.02 305.25 282.15 259.81 272.53 Net realised gains/(losses) 63.61 59.50 (407.59) (96.10) 36.36 Pre-tax result 553.40 573.06 (159.83) 198.64 295.51 Pre-tax % NWP 25.2 28.0 (8.1) 11.6 16.7 Net result 392.50 405.67 (58.77) 201.64 266.79 Shareholders' funds 2,296.39 2,641.16 2,180.67 2,774.36 3,171.52 Solvency margin % 104.6 129.0 110.8 161.8 179.3 Unearned premium reserve 1,007.80 940.31 827.89 717.73 839.54 Outstanding claims reserve 4,326.43 4,452.66 4,465.48 4,540.65 4,600.32 Total technical provisions 5,334.23 5,392.97 5,293.37 5,258.38 5,439.86 Technical reserves as % NWP 243.0 263.4 268.9 306.7 307.5 Overall coverage as % NWP 347.6 392.3 379.7 468.5 486.8

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