White Mountains Insurance Group Ltd

Latest Results (02.04.2026):

White Mountains Insurance Group Ltd — Fourth quarter of 2025: White Mountains reported strong Q4 2025 results, driven by a large net gain on sale in Other Operations and positive investment returns. For the three months ended December 31, 2025 the company reported net income attributable to common shareholders of $835.8 million and diluted EPS of $327.23; book value per share was $2,187.97 at period end and consolidated pre-tax income was $901.0 million.

Headline results (Q4 2025)

Total revenues were $1,603.8 million (vs. $358.0 million in Q4 2024). Total expenses were $702.8 million, producing pre-tax income of $901.0 million and net income attributable to White Mountains common shareholders of $835.8 million. Diluted and basic EPS for the quarter were $327.23.

Full-year 2025 snapshot

For the year ended 2025, White Mountains reported total revenues of $3,735.0 million, pre-tax income of $1,328.7 million and net income attributable to common shareholders of $1,106.4 million (EPS $430.14).

Book value and capital returns

Book value per share was $2,187.97 at period end. Quarter-to-date change in book value per share including dividends was +18.2%; year-to-date change including dividends was +25.4%. The company repurchased and retired 95,484 common shares in Q4 for $193 million.

Investment performance

Total consolidated portfolio return was 2.3% in Q4 2025 (2.0% excluding MediaAlpha). For the year ended 2025 the total consolidated portfolio return was 9.1% (8.9% excluding MediaAlpha). Total investments on the consolidated balance sheet were $3,926.5 million and total assets were $12,306.5 million.

Other Operations — one-time gain drove results

Other Operations recorded a net gain on sale of $849.3 million in Q4, producing Other Operations total revenues of $983.4 million for the quarter and pre-tax contribution of $858.4 million to consolidated pre-tax income. Net realized/unrealized investment gains (including MediaAlpha-related gains) also supported results.

Ark / WM Outrigger (Insurance underwriting)

The Ark/WM Outrigger segment combined ratio for Q4 2025 was approximately 77% (Ark: ~79.1%; WM Outrigger Re: ~40.6%). Ark net earned premiums for the quarter were $411.1 million (total Ark/WM Outrigger net earned premiums $433.0 million).

Kudu (Asset Management)

Kudu reported total revenues of $44.8 million in Q4 2025 (versus a negative comparison in the prior-year quarter). GAAP pre-tax income was $31.9 million and GAAP net income $20.2 million in the quarter. Adjusted EBITDA for the quarter was $18.2 million; ending balance of participation contracts was $1,285.0 million.

Bamboo and Distinguished (Distribution businesses)

Bamboo (P&C insurance distribution) reported Q4 commission and fee revenues of $44.2 million and GAAP pre-tax income of $9.9 million. Distinguished reported Q4 revenues of $43.4 million but a GAAP pre-tax loss of $13.8 million (scale/adjustments and start-up verticals explained in the release).

Balance sheet and reserves

Total assets were $12,306.5 million and total liabilities $6,051.4 million at quarter end. Loss and loss adjustment expense reserves were $2,481.0 million. White Mountains reported retained earnings of $4,845.6 million and total equity of $6,123.6 million.

Management disclosures and non‑GAAP measures

The release highlights several non‑GAAP measures (Kudu adjusted EBITDA, Bamboo MGA metrics, Distinguished ScaleCo measures, portfolio returns excluding MediaAlpha) and includes reconciliations. The release also contains forward‑looking cautionary language and a reference to supplemental filings and operating statements.