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GLEN ALLEN, Va. (AP) _ Markel Corp. (MKL) on Wednesday reported first-quarter net income of $573.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Glen Allen, Virginia-based company said it had profit of $42.02. Earnings, adjusted for investment gains and non-recurring gains, came to $10.12 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $11.37 per share.
The insurer posted revenue of $2.9 billion in the period. Its adjusted revenue was $2.37 billion, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.45 billion.
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Markel shares have climbed 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $1,178.84, a rise of 30% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MKL at https://www.zacks.com/ap/MKL
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