WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
WTM$2,280.00+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows, and
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | ||
|---|---|---|
| Millions | 2024 | 2023 |
| Cash flows from operations: | ||
| Net income (loss) | $221.8 | $187.2 |
| Adjustments to reconcile net income to net cash provided from (used for) operations: | ||
| Net realized and unrealized investment (gains) losses | (16.2) | (112.9) |
| Net realized and unrealized investment (gains) losses from investment in MediaAlpha | (210.7) | (85.2) |
| Deferred income tax expense (benefit) | (9.8) | (3.6) |
| Amortization of restricted share awards | 3.2 | 3.1 |
| Amortization (accretion) and depreciation | (2.1) | (2.4) |
| Change in fair value of contingent consideration - Ark | — | (2.4) |
| Other operating items: | ||
| Net change in reinsurance recoverables | (253.0) | 24.7 |
| Net change in insurance premiums, commissions and fees receivable | (394.9) | (365.3) |
| Net change in deferred acquisition costs | (68.8) | (82.2) |
| Net change in loss and loss adjustment expense reserves | 142.4 | 49.1 |
| Net change in unearned insurance premiums | 499.4 | 501.8 |
| Net change in reinsurance payable | 181.4 | (58.1) |
| Net change in premiums and commissions payable | 12.5 | — |
| Contributions to Kudu’s Participation Contracts | — | (30.9) |
| Proceeds from Kudu’s Participation Contracts sold | — | 62.9 |
| Net other operating activities | (68.7) | (.2) |
| Net cash provided from (used for) operations | 36.5 | 85.6 |
| Cash flows from investing activities: | ||
| Net change in short-term investments | 441.3 | 47.6 |
| Sales of fixed maturity investments | 185.8 | 54.6 |
| Maturities, calls and paydowns of fixed maturity investments | 81.8 | 66.8 |
| Distributions and redemptions of other long-term investments | 91.5 | 2.0 |
| Proceeds from the sale of Other Operating Businesses, net of cash sold of $0.0 and $0.8 | — | 17.3 |
| Purchases of consolidated subsidiaries, net of cash acquired of $44.9 and $0.0 | (231.8) | — |
| Purchases of fixed maturity investments | (417.3) | (127.6) |
| Purchases of other long-term investments | (79.9) | (146.1) |
| Net other investing activities | 29.2 | (11.2) |
| Net cash provided from (used for) investing activities | 100.6 | (96.6) |
| Cash flows from financing activities: | ||
| Repayment of debt and revolving lines of credit | (32.6) | (20.0) |
| Cash dividends paid to common shareholders | (2.5) | (2.6) |
| Repurchases and retirements of common shares | (8.1) | (25.3) |
| BAM member surplus contributions | 11.4 | 11.8 |
| Net contributions from (distributions to) other noncontrolling interests | 1.1 | (1.7) |
| Fidus Re premium payments | (3.5) | (3.5) |
| Net cash provided from (used for) financing activities | (34.2) | (41.3) |
| Net change in cash during the period | 102.9 | (52.3) |
| Cash balances at beginning of period (includes restricted cash balances of $0.7 and $12.2) | 122.4 | 255.0 |
| Cash balances at end of period (includes restricted cash balances of $83.0 and $13.0) | $225.3 | $202.7 |
| Supplemental cash flows information: | ||
| Interest paid | $(16.7) | $(5.8) |
| Net income tax payments | (5.3) | (17.8) |
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