Liam Caffrey, CEO, commented, "We had an excellent year, with BVPS growth of 18% in the quarter and 25% for the year. The largest contributor in both periods was the net gain from our sale of Bamboo, which added roughly $320 to BVPS in 2025. We also benefitted from solid results at our operating companies and good investment returns. For the year, Ark produced an 83% combined ratio and $2.6 billion of gross written premiums, up 16%. HG Global generated $61 million of gross written premiums, driven by a record year at BAM. Kudu produced a 13% return on equity and grew the fair value of its portfolio of participation contracts by 8% on a same store basis. Distinguished is off to a solid start under our ownership, generating managed premiums of $145 million in the quarter across both its scaled and growth programs. MediaAlpha's share price was up 14% in the quarter and 15% for the year. Excluding MediaAlpha, our investment portfolio returned 2.0% in the quarter and 8.9% for the year. During the quarter, we repurchased roughly $190 million of shares, inclusive of our self-tender offer. Including the distribution from WM Outrigger Re received in January, undeployed capital stands at roughly $1.0 billion."
Comprehensive income (loss) attributable to common shareholders was $837 million and $1,109 million in the fourth quarter and year ended December 31, 2025 compared to $(131) million and $230 million in the fourth quarter and year ended December 31, 2024. For the year ended December 31, 2025, White Mountains recognized a net gain of $816 million from the Bamboo transaction, which includes the impact of parent company compensation costs recorded in general and administrative expenses. White Mountains also recognized a net deferred tax expense of $73 million in the fourth quarter of 2025 from the reversal of the deferred tax asset related to the Bermuda economic transition adjustment, of which $51 million was recorded at Ark and $22 million was recorded at HG Global. Due to the enactment of Pillar II legislation by Luxembourg in December 2025, White Mountains no longer expects to utilize the benefit of the economic transition adjustment. Results in the fourth quarter and year ended December 31, 2025 also included $28 million and $30 million of unrealized investment gains from White Mountains's investment in MediaAlpha compared to $(122) million and $38 million of net realized and unrealized investment gains (losses) in the fourth quarter and year ended December 31, 2024.
Ark/WM Outrigger
The Ark/WM Outrigger segment's combined ratio was 77% and 81% in the fourth quarter and year ended December 31, 2025 compared to 77% and 82% in the fourth quarter and year ended December 31, 2024. Ark/WM Outrigger reported gross written premiums of $268 million and $2,557 million, net written premiums of $218 million and $1,812 million and net earned premiums of $433 million and $1,697 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $264 million and $2,207 million, net written premiums of $239 million and $1,679 million and net earned premiums of $415 million and $1,588 million in the fourth quarter and year ended December 31, 2024.
Ark's combined ratio was 79% and 83% in the fourth quarter and year ended December 31, 2025 compared to 77% and 83% in the fourth quarter and year ended December 31, 2024. Ark's combined ratio in the fourth quarter of 2025 included 10 points of catastrophe losses, driven primarily by Hurricane Melissa. Ark's combined ratio in the year ended December 31, 2025 included eight points of catastrophe losses, driven primarily by Hurricane Melissa and losses related to the January 2025 California wildfires. This compares to 27 points of catastrophe losses in the fourth quarter of 2024, driven primarily by Hurricanes Milton and Helene, and 13 points of catastrophe losses in the year ended December 31, 2024, driven primarily by Hurricanes Milton, Helene, Debby and Beryl. Ark's combined ratio included 10 points and seven points of net favorable prior year development in the fourth quarter and year ended December 31, 2025, driven primarily by property and specialty lines of business. This included 11 points and six points of unfavorable development in the fourth quarter and year ended December 31, 2025 related to aviation losses from the conflict in Ukraine and Russia. This compares to seven points and four points of net favorable prior year development in the fourth quarter and year ended December 31, 2024, driven primarily by property and specialty lines of business.
Ark reported gross written premiums of $268 million and $2,557 million, net written premiums of $218 million and $1,727 million and net earned premiums of $411 million and $1,613 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $264 million and $2,207 million, net written premiums of $234 million and $1,593 million and net earned premiums of $389 million and $1,500 million in the fourth quarter and year ended December 31, 2024.
Ark reported pre-tax income of $25 million and $265 million in the fourth quarter and year ended December 31, 2025 compared to $51 million and $253 million in the fourth quarter and year ended December 31, 2024. Ark's results included net realized and unrealized investment gains of $26 million and $125 million in the fourth quarter and year ended December 31, 2025 compared to $(34) million and $50 million in the fourth quarter and year ended December 31, 2024. Ark's results also included $99 million and $173 million of expense related to the increase in fair value of White Mountains's contingent consideration liability in the fourth quarter and year ended December 31, 2025 compared to $14 million and $61 million in the fourth quarter and year ended December 31, 2024. The increase in the contingent consideration liability was driven primarily by strong growth in Ark's tangible book value in the year.
Ark's results in the fourth quarter and year ended December 31, 2025 also included the reversal of the $51 million deferred tax asset associated with the Bermuda economic transition adjustment.
Ian Beaton, CEO of Ark, said, "Ark had a good quarter and year, producing combined ratios of 79% and 83%, respectively. Full year gross written premiums reached $2.6 billion, up 16% year-over-year, aided by new underwriting teams and products. In November, A.M. Best affirmed Ark's 'A/stable' financial strength rating and upgraded its issuer credit rating to "a+/stable". Although the overall rate environment is softening, we continue to see opportunities to generate strong returns in 2026."
WM Outrigger Re's combined ratio was 41% and 57% in the fourth quarter and year ended December 31, 2025 compared to 86% and 60% in the fourth quarter and year ended December 31, 2024. Catastrophe losses in the year ended December 31, 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). WM Outrigger Re reported gross written premiums of $1 million and $84 million and net earned premiums of $22 million and $85 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $5 million and $87 million and net earned premiums of $25 million and $88 million in the fourth quarter and year ended December 31, 2024.
WM Outrigger Re reported pre-tax income of $15 million in the fourth quarter of 2025, all of which was attributable to the 2025 underwriting year. WM Outrigger Re reported pre-tax income of $6 million in the fourth quarter of 2024, of which $2 million was attributable to the 2024 underwriting year and $4 million was attributable to the 2023 underwriting year. WM Outrigger Re reported pre-tax income (loss) of $45 million in the year ended December 31, 2025, of which $55 million was attributable to the 2025 underwriting year and $(10) million was attributable to the 2024 underwriting year. WM Outrigger Re reported pre-tax income of $46 million in the year ended December 31, 2024, of which pre-tax income of $38 million was attributable to the 2024 underwriting year and $8 million was attributable to the 2023 underwriting year During the fourth quarter of 2025, Ark renewed Outrigger Re Ltd. for the 2026 underwriting year with $70 million of capital. The capital was provided entirely by third-party investors excluding White Mountains.
Through December 31, 2025, WM Outrigger Re has generated pre-tax income of $55 million from the 2025 underwriting year, $29 million from the 2024 underwriting year and $76 million from the 2023 underwriting year.
HG Global
HG Global reported gross written premiums of $20 million and $61 million and earned premiums of $8 million and $31 million in the fourth quarter and year ended December 31, 2025 compared to gross written premiums of $18 million and $52 million and earned premiums of $7 million and $29 million in the fourth quarter and year ended December 31, 2024. HG Global's total par value of policies assumed was $962 million and $3,170 million in the fourth quarter and year ended December 31, 2025 compared to $940 million and $2,952 million in the fourth quarter and year ended December 31, 2024. HG Global's total gross pricing was 204 and 194 basis points in the fourth quarter and year ended December 31, 2025 compared to 190 and 177 basis points in the fourth quarter and year ended December 31, 2024.
HG Global reported pre-tax income (loss) of $(19) million and $45 million in the fourth quarter and year ended December 31, 2025 compared to $(20) million and $(66) million in the fourth quarter and year ended December 31, 2024. HG Global's results included net realized and unrealized investment gains (losses) of $3 million and $23 million in the fourth quarter and year ended December 31, 2025 compared to $(20) million and $(6) million in the fourth quarter and year ended December 31, 2024, driven by movements in interest rates.
HG Global's results in the fourth quarter and year ended December 31, 2025 included a $38 million decline in the fair value of the BAM surplus notes, which was driven by changes in key inputs used in the discounted cash flow analysis. HG Global's results in the fourth quarter and year ended December 31, 2024 included an increase (decrease) of $(15) million and $1 million in the fair value of the BAM surplus notes, which was driven by the movement in market interest rates. In addition, HG Global's results in the year ended December 31, 2024 included the $115 million unrealized loss on deconsolidation of BAM.
The fair value of the BAM surplus notes was $339 million as of December 31, 2025 compared to $396 million as of September 30, 2025. The decline was driven by the $38 million decrease in fair value and a $27 million cash payment of principal and interest, partially offset by approximately $7 million of accrued interest.
HG Global's results in the fourth quarter and year ended December 31, 2025 also included the reversal of the $22 million deferred tax asset associated with the Bermuda economic transition adjustment.
Kevin Pearson, President of HG Global, said, "HG Global recorded a strong quarter to close out the year, with gross written premiums increasing 10% during the quarter. For the year, par assumed grew 7% to $3,170 million, while gross written premium assumed grew 17% to $61 million, both record levels driven by strong activity in the primary and secondary markets. Municipal market issuance is expected to remain strong in 2026."
We encourage you to read BAM's fourth quarter statutory financial statements and operating supplement, which will be available on BAM's website at https://bambonds.com/about-bam/credit-rating-and-financial-information/.
Kudu
Kudu reported total revenues of $45 million, pre-tax income of $32 million and adjusted EBITDA of $18 million in the fourth quarter of 2025 compared to total revenues of $(9) million, pre-tax loss of $(20) million and adjusted EBITDA of $14 million in the fourth quarter of 2024. Total revenues, pre-tax income (loss) and adjusted EBITDA included $22 million of net investment income in the fourth quarter of 2025 compared to $17 million in the fourth quarter of 2024. Total revenues and pre-tax income (loss) also included $23 million of net realized and unrealized investment gains (losses) in the fourth quarter of 2025 compared to $(26) million in the fourth quarter of 2024. Return on equity was 13% for the year ended December 31, 2025, up from 9% for the trailing 12 months ended September 30, 2025 due to higher net realized and unrealized investment gains.
Kudu reported total revenues of $183 million, pre-tax income of $140 million and adjusted EBITDA of $65 million in the year ended December 31, 2025 compared to total revenues of $119 million, pre-tax income of $81 million and adjusted EBITDA of $55 million in the year ended December 31, 2024. Total revenues, pre-tax income and adjusted EBITDA included $79 million of net investment income in the year ended December 31, 2025 compared to $67 million in the year ended December 31, 2024. Total revenues and pre-tax income also included $104 million of net realized and unrealized investment gains in the year ended December 31, 2025 compared to $51 million in the year ended December 31, 2024. The increase in net realized and unrealized investment gains was driven primarily by growth in assets under management across several participation contracts.
Rob Jakacki, CEO of Kudu, said, "Kudu had a good fourth quarter. Our investment in Apera was monetized at an attractive valuation, and we deployed capital into one new participation contract. Our portfolio grew to $1.3 billion and produced annualized adjusted EBITDA of $70 million. As we look ahead to 2026, we remain focused on pursuing high–quality opportunities and positioning the portfolio for sustained, disciplined growth in the years to come."
Bamboo
On December 5, 2025, White Mountains completed the sale of Bamboo to CVC Capital Partners for net cash proceeds at closing of $848 million. White Mountains retained a 15% fully-diluted/fully-converted equity interest valued at $250 million as of December 31, 2025, which is reported in other long-term investments within Other Operations.
Bamboo reported commission and fee revenues of $44 million and pre-tax income of $3 million in the period from October 1, 2025 through December 5, 2025, the date of sale, while Bamboo reported commission and fee revenues of $37 million and pre-tax income of $10 million in the fourth quarter of 2024. Bamboo reported MGA pre-tax income of $1 million and MGA adjusted EBITDA of $18 million in the period from October 1, 2025 through December 5, 2025, while Bamboo reported MGA pre-tax income of $11 million and MGA adjusted EBITDA of $16 million in the fourth quarter of 2024. Managed premiums, which represent the total premiums placed by Bamboo, were $147 million in the period from October 1, 2025 through December 5, 2025 and $127 million in the fourth quarter of 2024. The increase in managed premiums was driven by growth in the renewal book as well as new business volume.
Bamboo reported commission and fee revenues of $211 million and pre-tax income of $40 million in the period from January 1, 2025 through December 5, 2025, while Bamboo reported commission and fee revenues of $135 million and pre-tax income of $33 million in the year ended December 31, 2024. Bamboo reported MGA pre-tax income of $41 million and MGA adjusted EBITDA of $91 million in the period from January 1, 2025 through December 5, 2025, while Bamboo reported MGA pre-tax income of $32 million and MGA adjusted EBITDA of $53 million in the year ended December 31, 2024. Managed premiums were $705 million in the period from January 1, 2025 through December 5, 2025 and $484 million in the year ended December 31, 2024. The increase in managed premiums was driven by growth in the renewal book as well as new business volume.
John Chu, CEO of Bamboo, said, "Bamboo delivered a strong quarter, achieving new highs for premiums and profitability. For the full year, managed premiums were $766 million, up 58%, and MGA adjusted EBITDA was $106 million, up 2x year-over-year. We are proud of the value we delivered to owners through our sale, and we look forward to our continued partnership with White Mountains alongside CVC as we embark on the next phase of Bamboo's growth journey."
Distinguished
For the fourth quarter of 2025 and the period from September 2, 2025, the date of acquisition, to December 31, 2025, Distinguished reported managed premiums of $145 million and $188 million, commission and fee revenues of $43 million and $57 million, pre-tax loss of $14 million and $17 million, and ScaleCo adjusted EBITDA of $9 million in both periods.
Jason Rotman, President of Distinguished, said "Distinguished had a productive fourth quarter. Our market-leading Umbrella program is well-positioned to support clients in a challenging market, our newer programs are performing well, and we have launched or are set to launch four additional growth programs backed by strong carrier partners."
MediaAlpha
As of December 31, 2025, White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% basic ownership interest based on the number of shares outstanding in MediaAlpha's Report on Form 10-Q dated October 29, 2025. As of December 31, 2025, MediaAlpha's share price was $12.95 per share, which increased from $11.38 per share as of September 30, 2025. The carrying value of White Mountains's investment in MediaAlpha was $231 million as of December 31, 2025 compared to $203 million as of September 30, 2025. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00 per share increase or decrease in White Mountains's book value per share.
We encourage you to read MediaAlpha's fourth quarter earnings release and related shareholder letter, which will be available on MediaAlpha's investor relations website at https://investors.mediaalpha.com.
Other Operations
White Mountains's Other Operations reported pre-tax income (loss) of $858 million and $810 million in the fourth quarter and year ended December 31, 2025 compared to $(148) million and $9 million in the fourth quarter and year ended December 31, 2024. Results in the fourth quarter and year ended December 31, 2025 were driven primarily by the sale of Bamboo. For the year ended December 31, 2025, White Mountains recognized a net gain of $816 million from the Bamboo transaction, which includes the impact of parent company compensation costs recorded in general and administrative expenses. Unrealized investment gains from White Mountains's investment in MediaAlpha were $28 million and $30 million in the fourth quarter and year ended December 31, 2025 compared to net realized and unrealized investment gains of $(122) million and $38 million in the fourth quarter and year ended December 31, 2024. Excluding MediaAlpha, net realized and unrealized investment gains (losses) were $31 million and $80 million in the fourth quarter and year ended December 31, 2025 compared to $(3) million and $57 million in the fourth quarter and year ended December 31, 2024. Net investment income was $8 million and $32 million in the fourth quarter and year ended December 31, 2025 compared to $8 million and $36 million in the fourth quarter and year ended December 31, 2024.
White Mountains's Other Operations reported other revenues of $61 million and $201 million in the fourth quarter and year ended December 31, 2025 compared to $13 million and $57 million in the fourth quarter and year ended December 31, 2024. White Mountains's Other Operations reported cost of sales of $47 million and $152 million in the fourth quarter and year ended December 31, 2025 compared to $7 million and $30 million in the fourth quarter and year ended December 31, 2024. The increases in other revenues and cost of sales were driven primarily by the consolidation of Enterprise Solutions by WTM Partners in the second quarter of 2025.
White Mountains's Other Operations reported general and administrative expenses of $75 million and $237 million in the fourth quarter and year ended December 31, 2025 compared to $43 million and $170 million in the fourth quarter and year ended December 31, 2024. The increases in general and administrative expenses were driven primarily by higher incentive compensation, largely in connection with the Bamboo sale, and the consolidation of Enterprise Solutions. For the year ended December 31, 2025, the increase in general and administrative expenses also included higher transaction costs.
In the fourth quarter and year ended December 31, 2025, White Mountains's Other Operations reported pre-tax income (loss) of $1 million and $(5) million related to the Bamboo CRV. The results of the Bamboo CRV for the year ended December 31, 2025 included $12 million of losses related to the January 2025 California wildfires. In the fourth quarter and year ended December 31, 2024, White Mountains's Other Operations reported pre-tax income of $4 million and $9 million related to the Bamboo CRV.
Share Repurchases
In the fourth quarter of 2025, White Mountains repurchased and retired 95,484 of its common shares for $193 million at an average share price of $2,017.34, or 92% of White Mountains's December 31, 2025 book value per share. This included 64,064 shares repurchased under the self-tender offer in December. In the year ended December 31, 2025, White Mountains repurchased and retired 100,581 of its common shares for $203 million at an average share price of $2,013.67, or 92% of White Mountains's December 31, 2025 book value per share.
Investments
The total consolidated portfolio return was 2.3% in the fourth quarter of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 2.0% in the fourth quarter of 2025. The total consolidated portfolio return was -2.3% in the fourth quarter of 2024. Excluding MediaAlpha, the total consolidated portfolio return was -0.4% in the fourth quarter of 2024.
The total consolidated portfolio return was 9.1% in the year ended December 31, 2025. Excluding MediaAlpha, the total consolidated portfolio return was 8.9% in the year ended December 31, 2025. The total consolidated portfolio return was 6.9% in the year ended December 31, 2024. Excluding MediaAlpha, the total consolidated portfolio return was 6.5% in the year ended December 31, 2024.
Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio was up 2.0% in the quarter and 8.9% for the year. Absolute returns were solid in both periods but mixed versus benchmarks. Our short duration fixed income portfolio returned 1.1% in the quarter and 5.9% for the year, behind the Bloomberg Intermediate Aggregate Index returns of 1.4% and 7.5%. Excluding MediaAlpha, the equity portfolio returned 3.2% in the quarter and 13.0% for the year, compared to the S&P 500 Index returns of 2.7% and 17.9%. Equity results in both periods were driven primarily by our other long-term investments and the sale of our parent company common stock portfolio in the first half of 2025 to fund anticipated capital deployments."
Additional Information
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. White Mountains expects to file its Form 10-K on or before February 27, 2026 with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results.
CONTACT: Rob Seelig(603) 640-2212
WHITE MOUNTAINS INSURANCE GROUP, LTD.CONDENSED CONSOLIDATED BALANCE SHEETS(millions)(Unaudited)
December 31, 2025
September 30, 2025
December 31, 2024
Assets
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Fixed maturity investments
$ 1,917.9
$ 1,834.6
$ 1,565.1
Common equity securities
452.3
437.6
425.4
Short-term investments
866.6
745.4
601.4
Other long-term investments
689.7
676.5
547.8
Total investments
3,926.5
3,694.1
3,139.7
Cash (restricted $1.1, $8.0, $14.1)
104.8
289.9
141.2
Reinsurance recoverables
836.1
924.8
589.0
Insurance premiums receivable
848.4
1,149.7
768.6
Deferred acquisition costs
211.1
281.2
165.2
Goodwill and other intangible assets
292.5
292.5
292.5
Other assets
134.7
164.6
202.8
Total P&C Insurance and Reinsurance assets
6,354.1
6,796.8
5,299.0
Financial Guarantee (HG Global)
Fixed maturity investments
693.4
686.5
612.1
Short-term investments
90.8
56.2
55.5
Total investments
784.2
742.7
667.6
Cash
.1
.2
11.5
BAM surplus notes, at fair value
339.0
396.2
381.7
Insurance premiums receivable
11.4
7.7
4.4
Deferred acquisition costs
96.9
93.2
86.6
Other assets
5.2
26.1
27.6
Total Financial Guarantee assets
1,236.8
1,266.1
1,179.4
Asset Management (Kudu)
Short-term investments
21.9
24.6
27.9
Other long-term investments
1,291.4
1,214.4
1,014.0
Total investments
1,313.3
1,239.0
1,041.9
Cash
34.5
4.8
.6
Accrued investment income
25.3
24.2
18.0
Goodwill and other intangible assets
7.7
7.7
8.0
Other assets
21.5
23.1
39.9
Total Asset Management assets
1,402.3
1,298.8
1,108.4
Specialty Insurance Distribution (Distinguished)
Short-term investments
94.0
62.6
—
Total investments
94.0
62.6
—
Cash (restricted $0.1, $0.4, $0.0)
2.7
1.5
—
Premiums, commissions and fees receivable
45.7
42.2
—
Goodwill and other intangible assets
577.7
595.4
—
Other assets
15.3
12.0
—
Total Specialty Insurance Distribution assets
735.4
713.7
—
Other Operations
Fixed maturity investments
159.2
159.6
293.7
Common equity securities
30.7
—
224.6
Investment in MediaAlpha
231.2
203.2
201.6
Short-term investments
807.4
199.1
260.1
Other long-term investments
977.4
698.3
588.4
Total investments
2,205.9
1,260.2
1,568.4
Cash
42.8
41.0
37.6
Goodwill and other intangible assets
142.3
154.3
64.8
Other assets
181.9
146.5
75.8
Assets held for sale - Bamboo Group
—
662.0
585.7
Assets held for sale - Other
5.0
6.2
6.5
Total Other Operations assets
2,577.9
2,270.2
2,338.8
Total assets
$ 12,306.5
$ 12,345.6
$ 9,925.6
WHITE MOUNTAINS INSURANCE GROUP, LTD.CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(millions)(Unaudited)
December 31, 2025
September 30, 2025
December 31, 2024
Liabilities
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Loss and loss adjustment expense reserves
$ 2,481.0
$ 2,477.9
$ 2,127.5
Unearned insurance premiums
1,026.1
1,427.6
853.3
Debt
159.7
159.7
154.5
Reinsurance payable
286.2
404.7
149.5
Contingent consideration
328.3
229.5
155.3
Other liabilities
247.2
249.0
224.7
Total P&C Insurance and Reinsurance liabilities
4,528.5
4,948.4
3,664.8
Financial Guarantee (HG Global)
Unearned insurance premiums
327.9
316.3
297.3
Debt
147.8
147.7
147.4
Other liabilities
23.8
24.5
19.4
Total Financial Guarantee liabilities
499.5
488.5
464.1
Asset Management (Kudu)
Debt
350.4
274.3
238.6
Other liabilities
96.5
85.0
78.1
Total Asset Management liabilities
446.9
359.3
316.7
Specialty Insurance Distribution (Distinguished)
Debt
140.8
148.7
—
Premiums and commissions payable
81.3
67.9
—
Other liabilities
85.0
59.4
—
Total Specialty Insurance Distribution liabilities
307.1
276.0
—
Other Operations
Loss and loss adjustment expense reserves
13.6
14.7
12.1
Unearned insurance premiums
9.6
9.5
29.0
Debt
38.3
35.4
22.0
Accrued incentive compensation
102.9
76.0
79.3
Other liabilities
101.4
104.1
33.0
Liabilities held for sale - Bamboo Group
—
312.3
167.7
Liabilities held for sale - Other
3.6
4.3
5.9
Total Other Operations liabilities
269.4
556.3
349.0
Total liabilities
6,051.4
6,628.5
4,794.6
Redeemable noncontrolling interests
131.5
132.4
—
Equity
White Mountains's common shareholders' equity
White Mountains's common shares and paid-in surplus
579.0
584.6
566.4
Retained earnings
4,845.6
4,183.0
3,919.0
Accumulated other comprehensive income (loss), after tax:
Net unrealized gains (losses) from foreign currency translation
.8
—
(1.7)
Total White Mountains's common shareholders' equity
5,425.4
4,767.6
4,483.7
Nonredeemable noncontrolling interests
698.2
817.1
647.3
Total equity
6,123.6
5,584.7
5,131.0
Total liabilities, redeemable noncontrolling interests and equity
$ 12,306.5
$ 12,345.6
$ 9,925.6
WHITE MOUNTAINS INSURANCE GROUP, LTD.BOOK VALUE PER SHARE(Unaudited)
December 31, 2025
September 30, 2025
December 31, 2024
September 30, 2024
Book value per share numerator (in millions):
White Mountains's common shareholders' equity
$ 5,425.4
$ 4,767.6
$ 4,483.7
$ 4,610.6
Book value per share denominator (in thousands of shares):
Common shares outstanding
2,479.7
2,575.2
2,568.1
2,568.1
Book value per share
$ 2,187.97
$ 1,851.33
$ 1,745.87
$ 1,795.31
Quarter-to-date change in book value per share,
including dividends:
18.2 %
2.6 %
(2.8) %
4.3 %
Year-to-date change in book value per share,
including dividends:
25.4 %
6.1 %
5.5 %
8.5 %
Year-to-date dividends per share
$ 1.00
$ 1.00
$ 1.00
$ 1.00
WHITE MOUNTAINS INSURANCE GROUP, LTD.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(millions)(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenues:
P&C Insurance and Reinsurance (Ark/WM Outrigger)
Earned insurance premiums
$ 433.0
$ 414.5
$ 1,697.4
$ 1,587.8
Net investment income
29.5
24.2
106.5
90.7
Net realized and unrealized investment gains (losses)
26.2
(34.0)
124.6
50.1
Other revenues
4.5
12.7
15.3
22.3
Total P&C Insurance and Reinsurance revenues
493.2
417.4
1,943.8
1,750.9
Financial Guarantee (HG Global)
Earned insurance premiums
8.0
7.4
30.8
31.7
Net investment income
7.3
6.1
27.1
32.2
Net realized and unrealized investment gains (losses)
2.9
(19.6)
23.2
(11.5)
Interest income from BAM surplus notes
7.3
7.9
29.8
15.8
Change in fair value of BAM surplus notes
(37.5)
(15.3)
(37.5)
.5
Unrealized loss on deconsolidation of BAM
—
—
—
(114.5)
Other revenues
—
.1
.2
1.2
Total Financial Guarantee revenues
(12.0)
(13.4)
73.6
(44.6)
Asset Management (Kudu)
Net investment income
22.0
16.6
78.7
66.7
Net realized and unrealized investment gains (losses)
22.6
(26.2)
103.5
51.3
Other revenues
.2
.3
1.2
.8
Total Asset Management revenues
44.8
(9.3)
183.4
118.8
P&C Insurance Distribution (Bamboo)
Commission and fee revenues
44.2
37.3
211.4
134.6
Earned insurance premiums
5.0
12.4
26.7
39.4
Other revenues
1.8
1.3
8.2
5.8
Total P&C Insurance Distribution revenues
51.0
51.0
246.3
179.8
Specialty Insurance Distribution (Distinguished)
Commission and fee revenues
42.6
—
56.7
—
Other revenues
.8
—
1.0
—
Total Specialty Insurance Distribution revenues
43.4
—
57.7
—
Other Operations
Earned insurance premiums
3.1
12.9
22.2
32.7
Net investment income
7.6
7.7
32.1
35.6
Net realized and unrealized investment gains (losses)
30.5
(3.4)
80.0
57.0
Net realized and unrealized investment gains (losses) from
investment in MediaAlpha
28.0
(121.7)
29.6
38.0
Commission and fee revenues
4.0
3.7
16.4
14.8
Net gain on sale of the Bamboo Group
849.3
—
849.3
—
Other revenues
60.9
13.1
200.6
56.8
Total Other Operations revenues
983.4
(87.7)
1,230.2
234.9
Total revenues
$ 1,603.8
$ 358.0
$ 3,735.0
