WHITE MOUNTAINS INSURANCE GROUP LTD

For the period ended Jun 30, 2026. Filed Aug 6, 2026.

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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.

Jun 30, 2026 · Filed Aug 6, 2026

WTM$2,256.20+0.7%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Operations,

	Three Months Ended June 30,		Six Months Ended June 30,
Millions	2026	2025	2026	2025
Revenues:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums	$376.2	$364.2	$750.0	$722.2
Net investment income	28.0	26.3	56.7	49.8
Net realized and unrealized investment gains (losses)	30.5	51.1	(2.4)	80.6
Other revenues	4.9	6.3	11.6	8.5
Total P&C Insurance and Reinsurance revenues	439.6	447.9	815.9	861.1
Asset Management (Kudu)
Net investment income	19.0	19.3	39.8	38.7
Net realized and unrealized investment gains (losses)	49.7	.8	91.7	44.8
Other revenues	.2	.3	.4	.7
Total Asset Management revenues	68.9	20.4	131.9	84.2
Financial Guarantee (HG Global)
Earned insurance premiums	7.7	7.1	15.4	15.3
Net investment income	7.8	6.5	15.5	12.8
Net realized and unrealized investment gains (losses)	(2.0)	3.1	(7.2)	13.1
Interest income from BAM Surplus Notes	6.9	7.5	13.8	15.0
Other revenues	—	—	.1	.1
Total Financial Guarantee revenues	20.4	24.2	37.6	56.3
Specialty Insurance Distribution (Distinguished)
Commission and fee revenues	56.6	—	96.2	—
Other revenues	.8	—	1.5	—
Total Specialty Insurance Distribution revenues	57.4	—	97.7	—
Services, Industrial and Consumer (WTM Partners)
Product and service revenues	92.8	42.8	136.5	42.8
Total Services, Industrial and Consumer revenues	92.8	42.8	136.5	42.8
P&C Insurance Distribution (Bamboo)
Commission and fee revenues	—	59.1	—	103.3
Earned insurance premiums	—	1.6	—	16.5
Other revenues	—	1.8	—	4.1
Total P&C Insurance Distribution revenues	—	62.5	—	123.9
Other Operations
Net investment income	15.5	8.6	29.0	18.3
Net realized and unrealized investment gains (losses)	72.4	31.8	79.3	34.6
Net realized and unrealized investment gains (losses) from investment in MediaAlpha	58.4	30.5	(6.8)	(6.1)
Product and service revenues	14.7	13.5	27.5	27.1
Net gain on sale of the Bamboo Group	—	—	2.4	—
Other revenues	4.5	7.0	11.4	24.8
Total Other Operations revenues	165.5	91.4	142.8	98.7
Total revenues	$844.6	$689.2	$1,362.4	$1,267.0

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

	Three Months Ended June 30,		Six Months Ended June 30,
Millions	2026	2025	2026	2025
Expenses:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expenses	$175.6	$164.0	$382.3	$397.5
Insurance acquisition expenses	103.7	97.2	202.5	180.7
General and administrative expenses	44.4	56.5	91.9	92.4
Change in fair value of contingent consideration	31.7	28.4	41.7	38.1
Interest expense	4.1	4.3	8.2	8.5
Total P&C Insurance and Reinsurance expenses	359.5	350.4	726.6	717.2
Asset Management (Kudu)
General and administrative expenses	4.7	3.6	8.9	7.6
Interest expense	7.2	6.1	14.3	12.5
Total Asset Management expenses	11.9	9.7	23.2	20.1
Financial Guarantee (HG Global)
Insurance acquisition expenses	2.1	2.0	4.2	3.9
General and administrative expenses	4.2	1.0	4.9	1.6
Interest expense	3.7	4.5	7.3	9.1
Total Financial Guarantee expenses	10.0	7.5	16.4	14.6
Specialty Insurance Distribution (Distinguished)
Broker commission expenses	23.3	—	40.5	—
General and administrative expenses	41.0	—	78.2	—
Interest expense	3.6	—	7.1	—
Total Specialty Insurance Distribution expenses	67.9	—	125.8	—
Services, Industrial and Consumer (WTM Partners)
Cost of sales	72.6	35.2	108.7	35.2
General and administrative expenses	15.5	6.4	25.3	9.4
Interest expense	.6	.3	.9	.3
Total Services, Industrial and Consumer expenses	88.7	41.9	134.9	44.9
P&C Insurance Distribution (Bamboo)
Broker commission expenses	—	19.8	—	35.3
Loss and loss adjustment expenses	—	1.7	—	12.6
Insurance acquisition expenses	—	(.6)	—	6.0
General and administrative expenses	—	22.6	—	42.6
Interest expense	—	2.9	—	5.0
Total P&C Insurance Distribution expenses	—	46.4	—	101.5
Other Operations
Cost of sales	7.5	7.2	14.1	14.7
General and administrative expenses	42.5	49.1	89.6	104.1
Interest expense	.6	.5	1.3	1.0
Total Other Operations expenses	50.6	56.8	105.0	119.8
Total expenses	588.6	512.7	1,131.9	1,018.1
Pre-tax income (loss)	256.0	176.5	230.5	248.9
Income tax (expense) benefit	(24.8)	(12.9)	(25.6)	(22.5)
Net income (loss)	231.2	163.6	204.9	226.4
Net (income) loss attributable to noncontrolling interests	(31.7)	(40.7)	(32.6)	(69.6)
Net income (loss) attributable to White Mountains’s common shareholders	$199.5	$122.9	$172.3	$156.8

ContentsView on SEC.gov

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