WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Mar 31, 2025. Filed May 7, 2025.

About this filing

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, 2025 · Filed May 7, 2025

WTM$2,280.00+1.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations and Comprehensive Income,

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
Millions	2025	2024
Revenues:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums	$358.0	$302.8
Net investment income	23.5	19.9
Net realized and unrealized investment gains (losses)	29.5	10.6
Other revenues	2.2	3.5
Total P&C Insurance and Reinsurance revenues	413.2	336.8
Financial Guarantee (HG Global)
Earned insurance premiums	8.2	7.8
Net investment income	6.3	9.7
Net realized and unrealized investment gains (losses)	10.0	(10.1)
Interest income from BAM Surplus Notes	7.5	—
Other revenues	.1	.5
Total Financial Guarantee revenues	32.1	7.9
Asset Management (Kudu)
Net investment income	19.4	17.2
Net realized and unrealized investment gains (losses)	44.0	(6.5)
Other revenues	.4	—
Total Asset Management revenues	63.8	10.7
P&C Insurance Distribution (Bamboo)
Commission and fee revenues	44.2	21.9
Earned insurance premiums	14.9	8.4
Other revenues	2.3	.8
Total P&C Insurance Distribution revenues	61.4	31.1
Other Operations
Earned insurance premiums	13.9	—
Net investment income	9.7	9.9
Net realized and unrealized investment gains (losses)	2.8	22.2
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	(36.6)	210.7
Commission and fees revenues	3.9	3.6
Other revenues	13.6	14.4
Total Other Operations revenues	7.3	260.8
Total revenues	$577.8	$647.3

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

	Three Months Ended March 31,
Millions	2025	2024
Expenses:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses	$233.5	$180.0
Acquisition expenses	83.5	66.3
General and administrative expenses	35.9	42.2
Change in fair value of contingent consideration	9.7	—
Interest expense	4.2	5.4
Total P&C Insurance and Reinsurance expenses	366.8	293.9
Financial Guarantee (HG Global)
Acquisition expenses	1.9	2.2
General and administrative expenses	.6	17.3
Interest expense	4.6	3.5
Total Financial Guarantee expenses	7.1	23.0
Asset Management (Kudu)
General and administrative expenses	4.0	3.4
Interest expense	6.4	5.6
Total Asset Management expenses	10.4	9.0
P&C Insurance Distribution (Bamboo)
Broker commission expenses	15.5	9.3
Loss and loss adjustment expenses	10.9	5.8
Acquisition expenses	6.6	3.1
General and administrative expenses	20.0	12.0
Interest expense	2.1	—
Total P&C Insurance Distribution expenses	55.1	30.2
Other Operations
Loss and loss adjustment expenses	17.4	—
Acquisition expenses	5.1	—
Cost of sales	7.5	7.6
General and administrative expenses	35.5	50.3
Interest expense	.5	.7
Total Other Operations expenses	66.0	58.6
Total expenses	505.4	414.7
Pre-tax income (loss)	72.4	232.6
Income tax (expense) benefit	(9.6)	(10.8)
Net income (loss)	62.8	221.8
Net (income) loss attributable to noncontrolling interests	(28.9)	14.6
Net income (loss) attributable to White Mountains’s common shareholders	$33.9	$236.4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Three Months Ended March 31,
Millions, except for per share amounts	2025	2024
Net income (loss) attributable to White Mountains’s common shareholders	$33.9	$236.4
Other comprehensive income (loss), net of tax	2.0	(.3)
Comprehensive income (loss)	35.9	236.1
Other comprehensive (income) loss attributable to noncontrolling interests	(.8)	.1
Comprehensive income (loss) attributable to White Mountains’s common shareholders	$35.1	$236.2

	Three Months Ended March 31,
	2025	2024
Earnings (loss) per share attributable to White Mountains’s common shareholders:
Basic earnings (loss) per share	$13.19	$92.33
Diluted earnings (loss) per share	$13.19	$92.33
Dividends declared and paid per White Mountains’s common share	$1.00	$1.00

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	White Mountains’s Common Shareholders’ Equity
Millions	Common shares and paid-in surplus	Retained earnings	AOCI, after tax	Total	Non-controlling interest	Total Equity
Balances as of January 1, 2025	$566.4	$3,919.0	$(1.7)	$4,483.7	$647.3	$5,131.0
Net income (loss)	—	33.9	—	33.9	28.9	62.8
Other comprehensive income (loss), net of tax	—	—	1.2	1.2	.8	2.0
Total comprehensive income (loss)	—	33.9	1.2	35.1	29.7	64.8
Dividends declared on common shares	—	(2.6)	—	(2.6)	—	(2.6)
Dividends to noncontrolling interests	—	—	—	—	(13.9)	(13.9)
Repurchases and retirements of common shares	(1.1)	(8.8)	—	(9.9)	—	(9.9)
Amortization of restricted share awards	3.8	—	—	3.8	—	3.8
Recognition of equity-based compensation expense of subsidiaries	1.1	—	—	1.1	.4	1.5
Net contributions (distributions) and dilution from other noncontrolling interests	(3.1)	1.5	—	(1.6)	(33.4)	(35.0)
Balances as of March 31, 2025	$567.1	$3,943.0	$(.5)	$4,509.6	$630.1	$5,139.7

	White Mountains’s Common Shareholders’ Equity
Millions	Common shares and paid-in surplus	Retained earnings	AOCI, after tax	Total	Non-controlling interest	Total Equity
Balances as of January 1, 2024	$551.3	$3,690.8	$(1.6)	$4,240.5	$321.1	$4,561.6
Net income (loss)	—	236.4	—	236.4	(14.6)	221.8
Other comprehensive income (loss), net of tax	—	—	(.2)	(.2)	(.1)	(.3)
Total comprehensive income (loss)	—	236.4	(.2)	236.2	(14.7)	221.5
Dividends declared on common shares	—	(2.5)	—	(2.5)	—	(2.5)
Dividends to noncontrolling interests	—	—	—	—	(9.8)	(9.8)
Issuances of common shares	.3	—	—	.3	—	.3
Repurchases and retirements of common shares	(1.1)	(7.0)	—	(8.1)	—	(8.1)
BAM member surplus contributions, net of tax	—	—	—	—	11.4	11.4
Amortization of restricted share awards	3.2	—	—	3.2	—	3.2
Recognition of equity-based compensation expense of subsidiaries	.6	—	—	.6	.2	.8
Net contributions (distributions) and dilution from other noncontrolling interests	.2	—	—	.2	.9	1.1
Acquisition of noncontrolling interests — Bamboo	—	—	—	—	111.1	111.1
Balances as of March 31, 2024	$554.5	$3,917.7	$(1.8)	$4,470.4	$420.2	$4,890.6

See Notes to Consolidated Financial Statements.

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