Intrinsic value per share grew 12% in 2025, with a 15% compound annual growth rate (CAGR) over the last five years, and a 16% CAGR since the company's IPO. Markel Insurance underwent productive change in 2025, including the promotion of Simon Wilson to CEO in March 2025 and a reorganization to enhance accountability and customer focus. The International insurance division achieved a spectacular combined ratio of 83% and 14% growth in written premiums in 2025. The US Personal Lines team achieved an 82% combined ratio and 16% growth in written premiums in 2025. Markel Insurance reported reserve redundancies of $484 million in 2025, continuing a 21-year streak of conservative reserving. The company sold the renewal rights of its reinsurance operations in 2025 to refocus on core Specialty underwriting, expecting improved combined ratio and return on equity. Financials businesses (State National and Nephila) generated $737 million in revenues and $327 million in adjusted operating income in 2025. Industrials segment revenues grew to $3.9 billion in 2025, with adjusted operating income of $343 million, despite tougher end markets. Consumer and Other businesses grew revenues by 4% to $1.4 billion and adjusted operating income to $175 million in 2025. Public equity investments earned a total return of 10.5% in 2025. The company repurchased 223,000 shares at an average cost of $1,894 per share during 2025, reducing outstanding shares from approximately 14 million in 2016 to 12.6 million at the beginning of 2026. All $600 million of preferred stock was redeemed in 2025. Net new fixed income purchases totaled $1.4 billion and net new equity security purchases were $143 million in 2025. The total unrealized gain on the equity investment portfolio stands at $8.9 billion as of 2025, representing a significant economic advantage.