Assurant vs Markel: Revenue, Profit and Business Model
Assurant had $12.8B of annual revenue in FY2025 and $872.7M of net income. Markel had $15.5B of annual revenue in FY2025 and $2.1B of net income.
Latest financial snapshot
Financial summary
Assurant
Assurant's revenue is recurring and mostly billed by someone else, arriving as a line on a phone bill, a mortgage escrow payment or a dealer finance contract. FY2025 revenue was $12.81 billion, up 7.9% from $11.88 billion, and GAAP net income was $872.7 million, up 15% from $760.2 million. Net earned premiums, fees and other income from the two segments totaled $12.35 billion, up 8% from $11.42 billion. Adjusted EBITDA was $1,536.2 million, or $1,734.4 million excluding $198.2 million of reportable catastrophes. GAAP earnings were $16.93 per diluted share. The company closed 2025 with $36.29 billion of total assets, $10.06 billion of investments, $2.21 billion of debt at 27.3% of total capital and $887 million of holding company liquidity against a $225 million internal minimum. It returned $468 million to shareholders during the year, repurchasing 1.4 million shares for $300 million and paying $168 million of common stock dividends, with $745 million left under existing repurchase authorizations as of February 6, 2026. Assurant, Inc. is a major provider of risk management products, carrying a multi-billion dollar market valuation.
Markel
Markel reported FY2025 operating revenues of $15.513 billion (up 4.7% from $14.814 billion in 2024), operating income of $3.195 billion, adjusted operating income of $2.304 billion and net income to shareholders of $2.107 billion. Markel Insurance ran a 94.6% combined ratio for the year, and the public equity portfolio returned 10.5% to end 2025 at about $13 billion. In the first half of 2026, operating revenues held flat at $7.57 billion, adjusted operating income was $934 million versus $1.06 billion a year earlier, and share repurchases totaled $371 million. Shares outstanding were about 12.6 million at the end of 2025.
Revenue and profit by year
Assurant
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.8B | $872.7M | 6.8% | +7.9% | Source |
| FY2024 | $11.9B | $760.2M | 6.4% | +6.7% | Source |
| FY2023 | $11.1B | $642.5M | 5.8% | +9.2% | Source |
| FY2022 | $10.2B | $276.6M | 2.7% | +0.1% | Source |
| FY2021 | $10.2B | $1.4B | 13.4% | +6.1% | Source |
| FY2020 | $9.6B | $440.8M | 4.6% | +0.3% | Source |
| FY2019 | $9.6B | $382.6M | 4.0% | +18.8% | Source |
| FY2018 | $8.1B | $251M | 3.1% | +25.6% | Source |
| FY2017 | $6.4B | $519.6M | 8.1% | -14.8% | Source |
| FY2016 | $7.5B | $565.4M | 7.5% | — | Source |
Markel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $15.5B | $2.1B | 13.6% | +4.7% | Source |
| FY2024 | $14.8B | $2.7B | 18.5% | +3.7% | Source |
| FY2023 | $14.3B | $2B | 14.0% | +22.3% | Source |
| FY2022 | $11.7B | -$216.3M | -1.9% | -9.1% | Source |
| FY2021 | $12.8B | $2.4B | 18.9% | +32.0% | Source |
| FY2020 | $9.7B | $816M | 8.4% | +2.2% | Source |
| FY2019 | $9.5B | $1.8B | 18.8% | +39.2% | Source |
| FY2018 | $6.8B | -$128.2M | -1.9% | +12.9% | Source |
| FY2017 | $6.1B | $395.3M | 6.5% | +8.0% | Source |
| FY2016 | $5.6B | $455.7M | 8.1% | — | Source |
Where the revenue comes from
Assurant
- Connected Living (Global Lifestyle)43.5%
Net earned premiums and fees on mobile device protection, extended service contracts for consumer electronics and appliances, trade-in and technical support services, and credit and other insurance. FY2025: $5,378.7 million of the $12,351.3 million segment total.
- Global Automotive (Global Lifestyle)34.0%
Net earned premiums and fees on vehicle service contracts, guaranteed asset protection and commercial equipment protection sold through dealers and administrators. FY2025: $4,203.8 million.
- Homeowners (Global Housing)17.8%
Net earned premiums on lender-placed homeowners, manufactured housing and flood insurance plus voluntary housing lines. FY2025: $2,192.4 million, the segment growth driver on higher lender-placed policies in force and higher average premiums.
- Renters and Other (Global Housing)4.7%
Net earned premiums and fees on renters insurance and related services distributed through property managers and affinity partners. FY2025: $576.4 million.
Markel
- Markel Insurance
About 60% of operating revenue
Generated $9.353 billion in FY2025 operating revenue from specialty insurance, reinsurance, program services, and related insurance operations.
- Industrial
About 25% of operating revenue
Generated $3.928 billion in FY2025 operating revenue from Markel-owned industrial operating businesses.
- Consumer and Other
About 9% of operating revenue
Generated $1.383 billion in FY2025 operating revenue from consumer and other operating businesses.
- Financial
About 5% of operating revenue
Generated $737.0 million in FY2025 operating revenue from financial operating businesses.
Business model and strategy
Assurant
How it makes money
Assurant sells almost nothing under its own brand. It builds protection programs that partners distribute: T-Mobile's Protection 360 device plans, extended service contracts sold by retailers, vehicle service contracts sold through auto dealers, renters insurance offered through property managers, and lender-placed homeowners insurance bought by mortgage servicers when a borrower's own policy lapses.
Growth strategy
Growth comes from three places. First, more of the device lifecycle: mobile trade-in programs Assurant runs returned a record $6.4 billion to consumers in 2025, up 42% year over year, and the company handles roughly 22 million trade-ins annually, which supplies the certified pre-owned inventory it uses to settle claims.
Competitive advantage
Assurant's advantage is physical and contractual rather than brand-led. It processes about 20 million devices a year through eight device care centers, including the Nashville Innovation and Device Care Center, which runs automated lines using robotics and AI, and it offers same-day, same-unit repairs through a network of roughly 1,150 repair and partner locations.
Markel
How it makes money
Markel makes money in three ways. First, Markel Insurance underwrites specialty property, casualty, professional liability, marine and other hard-to-place risks, earning underwriting profit when its combined ratio stays below 100% (94.6% in 2025). Second, the premiums it holds before claims are paid (float) are invested in bonds and a long-term public equity portfolio, producing net investment income and gains.
Growth strategy
Under CEO Tom Gayner and Markel Insurance CEO Simon Wilson (appointed March 2025), the strategy since 2025 has been simplification: exit reinsurance, focus on core specialty insurance markets, move the Hagerty program to a fronting arrangement in 2026, and grow profitable underwriting lines.
Competitive advantage
Markel's edge is specialist underwriting in niche excess and surplus (E&S) and specialty lines, paired with a long-horizon investment culture. Because it owns operating businesses outright and is not under pressure to sell them, it can be a permanent home for founders. That gives the group several cash-flow sources that do not depend on the insurance pricing cycle.
Questions about Assurant vs Markel
Which company has higher revenue — Assurant, Inc. or Markel Group Inc.?
Assurant, Inc. had $12.8B (FY2025), while Markel Group Inc. had $15.5B (FY2025). By latest annual revenue, Markel Group Inc. is the larger business, with Assurant, Inc. showing a smaller revenue base.
What is the market cap of Assurant, Inc. vs Markel Group Inc.?
Assurant, Inc.'s market capitalisation stands at $13.0B, while Markel Group Inc.'s is $21.4B. Markel Group Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Assurant, Inc..
How does revenue per employee compare for Assurant, Inc. and Markel Group Inc.?
Assurant, Inc. has $866k / employee in revenue per employee, while Markel Group Inc. has $677k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Assurant, Inc. and Markel Group Inc. make money?
Assurant, Inc. and Markel Group Inc. generate revenue in fundamentally different ways. Assurant, Inc.: Assurant sells almost nothing under its own brand. Markel Group Inc.: Markel makes money in three ways.
Which company is valued higher relative to revenue — Assurant, Inc. or Markel Group Inc.?
On a price-to-sales (P/S) basis, Assurant, Inc. trades at 1.0x P/S and Markel Group Inc. at 1.4x P/S. Markel Group Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Assurant, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Assurant, Inc. bigger than Markel Group Inc.?
By last reported revenue, Markel Group Inc. ($15.5B (FY2025)) is the larger company compared to Assurant, Inc. ($12.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Assurant vs Markel overview