WHITE MOUNTAINS INSURANCE GROUP LTD
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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II. Condensed financial information of the Registrant
SCHEDULE II
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
CONDENSED BALANCE SHEETS(1)
| December 31, | ||
|---|---|---|
| Millions | 2025 | 2024 |
| Assets: | ||
| Cash | $.4 | $.1 |
| Fixed maturity investments, at fair value | 35.3 | 70.0 |
| Common equity securities, at fair value | 11.7 | 234.7 |
| Short-term investments, at fair value | 55.1 | 62.4 |
| Other long-term investments | 50.1 | 74.0 |
| Net receivable due from subsidiaries | — | 118.3 |
| Other assets | 5.3 | 4.6 |
| Investments in consolidated and unconsolidated subsidiaries | 5,330.6 | 3,943.9 |
| Net assets held for sale | 1.4 | .6 |
| Total assets | $5,489.9 | $4,508.6 |
| Liabilities: | ||
| Net payable due to subsidiaries | $32.4 | $— |
| Other liabilities | 32.1 | 24.9 |
| Total liabilities | 64.5 | 24.9 |
| Equity: | ||
| Total White Mountains’s common shareholders’ equity | 5,425.4 | 4,483.7 |
| Total liabilities and equity | $5,489.9 | $4,508.6 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings from consolidated and unconsolidated subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. Distributions from consolidated subsidiaries are presented within operating or investing activities on the condensed statements of cash flows based on the nature of the distribution. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation.
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SCHEDULE II(continued)
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(1)
| Year Ended December 31, | |||
|---|---|---|---|
| Millions | 2025 | 2024 | 2023 |
| Revenues (including realized and unrealized gains and losses) | $28.9 | $50.7 | $81.7 |
| Expenses | 81.6 | 51.8 | 60.5 |
| Pre-tax income (loss) | (52.7) | (1.1) | 21.2 |
| Income tax (expense) benefit | (.2) | (.8) | (1.2) |
| Net income (loss) | (52.9) | (1.9) | 20.0 |
| Equity in earnings (losses) from consolidated and unconsolidated subsidiaries, net of tax | 1,159.3 | 232.3 | 489.2 |
| Net income (loss) attributable to White Mountains’s common shareholders | 1,106.4 | 230.4 | 509.2 |
| Equity in other comprehensive income (loss) from consolidated and unconsolidated subsidiaries, net of tax | 2.5 | (.1) | 1.9 |
| Comprehensive income (loss) attributable to White Mountains’s common shareholders | $1,108.9 | $230.3 | $511.1 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings from consolidated and unconsolidated subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. Distributions from consolidated subsidiaries are presented within operating or investing activities on the condensed statements of cash flows based on the nature of the distribution. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation.
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SCHEDULE II(continued)
CONDENSED STATEMENTS OF CASH FLOWS(1)
| Year Ended December 31, | |||
|---|---|---|---|
| Millions | 2025 | 2024 | 2023 |
| Net income (loss) attributable to White Mountains’s common shareholders | $1,106.4 | $230.4 | $509.2 |
| Charges (credits) to reconcile net income to net cash from operations: | |||
| Net realized and unrealized investment (gains) losses | (15.8) | (50.5) | (78.9) |
| Equity in (earnings) losses from consolidated and unconsolidated subsidiaries, net of tax | (1,159.3) | (232.3) | (489.2) |
| Amortization of restricted share awards | 18.5 | 16.3 | 15.3 |
| Net other non-cash reconciling items | (1.1) | (1.1) | (2.6) |
| Distributions of accumulated earnings from consolidated subsidiaries | 29.9 | 24.2 | 17.3 |
| Net other operating activities (2) | 14.2 | (17.1) | 9.2 |
| Net cash provided from (used for) operations | (7.2) | (30.1) | (19.7) |
| Cash flows from investing activities: | |||
| Net change in short-term investments (3)(4)(5) | 41.1 | 133.9 | (63.8) |
| Purchases of investment securities | — | (107.9) | (125.0) |
| Maturities, calls, paydowns and sales of investment securities | 305.6 | 100.0 | 335.4 |
| Purchases of investment securities from subsidiaries (4) | (8.0) | (12.0) | — |
| Release of cash (pre-funding) of investment purchases | — | — | 70.0 |
| Net issuance of debt (to) from subsidiaries (5)(6) | (279.0) | (224.1) | (132.5) |
| Net repayment of debt (to) from subsidiaries (6) | 187.9 | 209.2 | 31.4 |
| Net distributions from (contributions to) subsidiaries (3)(5) | (34.9) | (58.8) | (60.3) |
| Net cash provided from (used for) investing activities | 212.7 | 40.3 | 55.2 |
| Cash flows from financing activities: | |||
| Repurchases and retirement of common shares | (202.6) | (7.9) | (32.7) |
| Cash dividends paid to common shareholders | (2.6) | (2.5) | (2.6) |
| Net cash provided from (used for) financing activities | (205.2) | (10.4) | (35.3) |
| Net change in cash during the year | .3 | (.2) | .2 |
| Cash balance at beginning of year | .1 | .3 | .1 |
| Cash balance at end of year | $.4 | $.1 | $.3 |
(1) These condensed unconsolidated financial statements reflect the results of operations, financial condition and cash flows for the Company. Investments in which White Mountains holds a controlling financial interest are accounted for using the equity method. Under the equity method, investments in subsidiaries are recorded on the condensed balance sheets at the amount of the Company’s ownership percentage of the subsidiary’s GAAP book value. The income from subsidiaries is reported on a net of tax basis as equity in earnings from consolidated and unconsolidated subsidiaries on the condensed statements of operations and comprehensive income (loss). Capital contributions to consolidated subsidiaries are presented within investing activities on the condensed statements of cash flows. Distributions from consolidated subsidiaries are presented within operating or investing activities on the condensed statements of cash flows based on the nature of the distribution. Certain amounts in the prior period financial statements have been reclassified to conform to the current presentation.
(2) For 2025, 2024 and 2023, net other operating activities also included $8.1, $(14.4) and $8.4 of net changes in payables (receivables) to the Company’s subsidiaries. During 2023, the Company made a non-cash payment in fixed maturity investments of $10.0 for a payable due to its wholly-owned subsidiary, White Mountains Lafayette Holdings, Inc. (“WM Lafayette”).
(3) During 2025, the Company made cash contributions to its wholly-owned subsidiaries White Mountains Investments (Bermuda), Ltd. (“WMIB”) of $35.0 and a non-cash contribution of $875.0 to WM Hinson by contributing all of its shares of WM Birkdale Ltd. (“WM Birkdale”). Also during 2025, a partial cash distribution of $30.0 from WMIB, which included $29.9 of short-term investments and $0.1 of cash. During 2024, the Company made cash contributions to its wholly-owned subsidiaries WMIB of $4.3 and non-cash contributions of $18.7 in short-term investments and cash contributions to its wholly-owned subsidiaries WM Hinson (Bermuda) Ltd. (“WM Hinson”) of $47.0. Also during 2024, the Company made cash contributions to its subsidiary WM Webster Holdings, Inc (“WM Webster”) of $7.5 and non-cash contributions of $4.9 in short-term investments. During 2024, the Company received a $319.5 distribution from its wholly-owned subsidiary WM Adams Holdings, Inc (“WM Adams”), which included cash of $0.2, short-term investments of $17.2,3.5% ownership of its subsidiary WM Madison, Inc (“WM Madison”) of $2.1 and 94.2% ownership of its subsidiary WM Taylor Holdings, Inc (“WM Taylor”) of $300.0. Subsequently, the Company contributed its wholly-owned subsidiary WM Webster to WM Taylor.
(4) During 2025, the Company purchased $8.0 of fixed maturity investments from WM Lafayette and $9.9 of short-term investments from WM Pierce Holdings, Inc. During 2024, the Company purchased $12.0 of fixed maturity investments, which included $8.0 from White Mountains Investments (Luxembourg) S.a.r.l. (“WMIL”) and $4.0 from WM Birkdale.
(5) During 2025, the Company had issuances of debt of $235.0 in cash to WMIL under a new promissory note. Subsequently, the Company contributed the promissory note to WM Hinson.
(6) During 2025, the Company had issuances of debt of $90.0 to WM Hinson and $4.0 to HG Global and WM Hinson had issuances of debt of $50.0 to the Company. During 2025, the Company received repayments of debt of $183.9 from WM Hinson and $4.0 from HG Global. During 2024, the Company had issuances of debt of $208.9 to WM Hinson and $15.2 to HG Global. During 2024, the Company received repayments of debt of $190.0 from WM Hinson and $19.2 from HG Global. During 2023, the Company had issuances of debt of $20.0 to WM Hinson and $7.5 to HG Global. During 2023, the Company received repayments of debt of $42.4 in cash and $107.6 in investments ($45.9 in fixed maturity investments and $61.7 short-term investments) from WM Hinson and $9.5 from HG Global. Also, during 2023, the Company made repayments of debt of $20.5 in cash and $73.8 in investments ($36.9 in fixed maturity investments and $36.9 in short-term investments) to WM Birkdale. Also, in 2023, the Company had issuances of debt of $105.0 in cash to WMIL under a new promissory note. Subsequently, the Company contributed the promissory note to WM Birkdale.
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