White Mountains Insurance Group Ltd

Latest Results (13.05.2026):

White Mountains Insurance Group Ltd's results for the first quarter of 2026 (Q1 2026) show a consolidated net loss attributable to common shareholders of $27.2 million (compared with net income of $33.9 million in Q1 2025), driven largely by net realized and unrealized investment losses and a significant loss recorded in Other Operations (including a $65.2 million loss from its MediaAlpha investment). Total revenues were $517.8 million (down from $577.8 million), book value per share was $2,169.66 (a quarter-to-date decline of 0.8%) and diluted loss per share was $12.59 for the quarter.

Net income / EPS

Q1 2026 net loss attributable to common shareholders: $(27.2) million vs net income of $33.9 million in Q1 2025. Basic and diluted loss per share: $(12.59) in Q1 2026 vs earnings per share $13.19 in Q1 2025. Comprehensive income (loss) attributable to common shareholders was $(26.6) million for the quarter.

Revenue and investment results

Total consolidated revenues: $517.8 million (Q1 2025: $577.8 million). Net realized and unrealized investment losses for the quarter were $(32.9) million (versus a gain of $29.5 million in Q1 2025). Total consolidated portfolio return was 0.2% for Q1 2026 (1.0% excluding the MediaAlpha investment).

Underwriting performance — Ark / WM Outrigger

Ark/WM Outrigger combined ratio improved to ~91% in Q1 2026 (91.1% reported) versus ~97% in Q1 2025 (96.5% reported). Ark gross written premiums were $1,090.9 million with net written premiums $590.1 million and net earned premiums $371.1 million. Ark's loss & LAE was $206.4 million (Ark combined ratio included ~7 points of catastrophe losses related to the war exposure disclosed).

Asset management (Kudu)

Kudu reported total revenues of $63.0 million and GAAP pre-tax income of $51.7 million for Q1 2026. Kudu’s net investment income was $20.8 million and net realized/unrealized gains were $42.0 million. Management also discloses adjusted non‑GAAP metrics (EBITDA and adjusted EBITDA) and annualized revenue/yields to assess Kudu’s performance.

Other Operations and MediaAlpha impact

Other Operations recorded a significant pre-tax loss (noted in segment results) and included a $65.2 million net loss from the company’s investment in MediaAlpha, which materially weighed on consolidated results. Excluding MediaAlpha, consolidated portfolio and investment metrics were notably stronger.

Balance sheet and capital

Total assets at March 31, 2026 were $13.17 billion (up from $12.31 billion at year-end 2025). Total investments on the consolidated balance sheet were $3.907 billion. White Mountains’s common shareholders’ equity was $5.373 billion and book value per share was $2,169.66 (quarter-to-date change including dividends: -0.8%; year-to-date change: -0.8%). Dividends of $1.00 per share were declared/paid year-to-date.

Segments — Financial Guarantee and Distinguished

Financial Guarantee reported total revenues of $17.2 million in Q1 2026 (including interest income from BAM surplus notes), while Distinguished reported Q1 revenues of $40.3 million and a GAAP pre-tax loss (Scale/segment adjustments shown in the release). Distinguished’s managed/annualized metrics and non‑GAAP ScaleCo measures are provided in the company’s supplement.