WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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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.
Sep 30, 2025 · Filed Nov 6, 2025
WTM$2,256.20+0.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| Millions | 2025 | 2024 | 2025 | 2024 |
| Revenues: | ||||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||||
| Earned insurance premiums | $542.2 | $552.2 | $1,264.4 | $1,173.3 |
| Net investment income | 27.2 | 24.3 | 77.0 | 66.5 |
| Net realized and unrealized investment gains (losses) | 17.8 | 53.2 | 98.4 | 84.1 |
| Other revenues | 2.3 | 3.7 | 10.8 | 9.6 |
| Total P&C Insurance and Reinsurance revenues | 589.5 | 633.4 | 1,450.6 | 1,333.5 |
| Financial Guarantee (HG Global) | ||||
| Earned insurance premiums | 7.5 | 7.5 | 22.8 | 24.3 |
| Net investment income | 7.0 | 6.0 | 19.8 | 26.1 |
| Net realized and unrealized investment gains (losses) | 7.2 | 22.5 | 20.3 | 8.1 |
| Interest income from BAM Surplus Notes | 7.5 | 7.9 | 22.5 | 7.9 |
| Change in fair value of BAM Surplus Notes | — | 15.8 | — | 15.8 |
| Unrealized loss on deconsolidation of BAM | — | (114.5) | — | (114.5) |
| Other revenues | .1 | — | .2 | 1.1 |
| Total Financial Guarantee revenues | 29.3 | (54.8) | 85.6 | (31.2) |
| Asset Management (Kudu) | ||||
| Net investment income | 18.0 | 17.2 | 56.7 | 50.1 |
| Net realized and unrealized investment gains (losses) | 36.1 | 29.5 | 80.9 | 77.5 |
| Other revenues | .3 | .5 | 1.0 | .5 |
| Total Asset Management revenues | 54.4 | 47.2 | 138.6 | 128.1 |
| P&C Insurance Distribution (Bamboo) | ||||
| Commission and fee revenues | 63.9 | 42.7 | 167.2 | 97.3 |
| Earned insurance premiums | 5.2 | 10.6 | 21.7 | 27.0 |
| Other revenues | 2.3 | 2.4 | 6.4 | 4.5 |
| Total P&C Insurance Distribution revenues | 71.4 | 55.7 | 195.3 | 128.8 |
| Specialty Insurance Distribution (Distinguished) | ||||
| Commission and fee revenues | 14.1 | — | 14.1 | — |
| Other revenues | .2 | — | .2 | — |
| Total Specialty Insurance Distribution revenues | 14.3 | — | 14.3 | — |
| Other Operations | ||||
| Earned insurance premiums | 2.9 | 11.2 | 19.1 | 19.8 |
| Net investment income | 6.2 | 9.6 | 24.5 | 27.9 |
| Net realized and unrealized investment gains (losses) | 14.9 | 29.7 | 49.5 | 60.4 |
| Net realized and unrealized investment gains (losses) from investment in MediaAlpha | 7.7 | 88.2 | 1.6 | 159.7 |
| Commission and fee revenues | 4.3 | 4.1 | 12.4 | 11.1 |
| Other revenues | 69.3 | 14.8 | 139.7 | 43.7 |
| Total Other Operations revenues | 105.3 | 157.6 | 246.8 | 322.6 |
| Total revenues | $864.2 | $839.1 | $2,131.2 | $1,881.8 |
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| Millions | 2025 | 2024 | 2025 | 2024 |
| Expenses: | ||||
| P&C Insurance and Reinsurance (Ark/WM Outrigger) | ||||
| Loss and loss adjustment expenses | $254.6 | $288.3 | $652.1 | $644.0 |
| Acquisition expenses | 106.8 | 96.3 | 287.5 | 230.8 |
| General and administrative expenses | 61.7 | 68.9 | 154.1 | 154.0 |
| Change in fair value of contingent consideration | 36.1 | 34.2 | 74.2 | 47.5 |
| Interest expense | 4.4 | 4.9 | 12.9 | 15.0 |
| Total P&C Insurance and Reinsurance expenses | 463.6 | 492.6 | 1,180.8 | 1,091.3 |
| Financial Guarantee (HG Global) | ||||
| Acquisition expenses | 2.0 | 1.9 | 5.9 | 6.3 |
| General and administrative expenses | 1.0 | .3 | 2.6 | 34.8 |
| Interest expense | 4.3 | 5.8 | 13.4 | 13.4 |
| Total Financial Guarantee expenses | 7.3 | 8.0 | 21.9 | 54.5 |
| Asset Management (Kudu) | ||||
| General and administrative expenses | 4.7 | 3.6 | 12.3 | 10.5 |
| Interest expense | 6.1 | 5.7 | 18.6 | 16.7 |
| Total Asset Management expenses | 10.8 | 9.3 | 30.9 | 27.2 |
| P&C Insurance Distribution (Bamboo) | ||||
| Broker commission expenses | 21.5 | 15.9 | 56.8 | 37.9 |
| Loss and loss adjustment expenses | 3.3 | 4.4 | 15.9 | 14.5 |
| Acquisition expenses | 2.0 | 3.7 | 8.0 | 9.7 |
| General and administrative expenses | 26.8 | 16.2 | 69.4 | 43.9 |
| Interest expense | 2.8 | — | 7.8 | — |
| Total P&C Insurance Distribution expenses | 56.4 | 40.2 | 157.9 | 106.0 |
| Specialty Insurance Distribution (Distinguished) | ||||
| Broker commission expenses | 5.5 | — | 5.5 | — |
| General and administrative expenses | 10.2 | — | 10.2 | — |
| Interest expense | 1.3 | — | 1.3 | — |
| Total Specialty Insurance Distribution expenses | 17.0 | — | 17.0 | — |
| Other Operations | ||||
| Loss and loss adjustment expenses | .6 | 4.2 | 18.8 | 8.1 |
| Acquisition expenses | 1.0 | 4.5 | 7.0 | 7.1 |
| Cost of sales | 55.3 | 7.6 | 105.2 | 22.2 |
| General and administrative expenses | 72.4 | 32.9 | 161.7 | 126.4 |
| Interest expense | 1.0 | .3 | 2.3 | 1.6 |
| Total Other Operations expenses | 130.3 | 49.5 | 295.0 | 165.4 |
| Total expenses | 685.4 | 599.6 | 1,703.5 | 1,444.4 |
| Pre-tax income (loss) | 178.8 | 239.5 | 427.7 | 437.4 |
| Income tax (expense) benefit | (17.1) | (11.6) | (39.6) | (28.9) |
| Net income (loss) | 161.7 | 227.9 | 388.1 | 408.5 |
| Net (income) loss attributable to noncontrolling interests | (47.9) | (48.9) | (117.5) | (47.7) |
| Net income (loss) attributable to White Mountains’s common shareholders | $113.8 | $179.0 | $270.6 | $360.8 |
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