White Mountains Reports Third Quarter Results
Comprehensive income (loss) attributable to common shareholders was
BAM's gross written premiums and member surplus contributions (MSC) collected were
HG Global reported pre-tax income (loss) of
White Mountains reported pre-tax loss related to BAM of
BAM is a mutual insurance company that is owned by its members. BAM's results are consolidated into White Mountains's GAAP financial statements and attributed to non-controlling interests.
Ark's GAAP combined ratio was 87% and 90% in the third quarter and first nine months of 2022 compared to 92% and 95% in the third quarter and first nine months of 2021. Ark's adjusted combined ratio, which adds back amounts attributable to third-party capital providers, was 86% and 90% in the third quarter and first nine months of 2022 compared to 89% and 93% in the third quarter and first nine months of 2021. The adjusted combined ratio for the third quarter and first nine months of 2022 included 21 points and 17 points of catastrophe losses compared to 21 points and 16 points in the third quarter and first nine months of 2021. Catastrophe losses for the third quarter and first nine months of 2022 included
Ark reported gross written premiums of
Kudu reported total revenues of
Kudu reported total revenues of
White Mountains owns 16.9 million shares of MediaAlpha, representing a 27% basic ownership interest (25% on a fully-diluted/fully-converted basis). As of
White Mountains's Other Operations reported pre-tax loss of
White Mountains's Other Operations reported general and administrative expenses of
In the third quarter of 2022, White Mountains repurchased and retired 366,645 of its common shares for
In the third quarter of 2021, White Mountains repurchased and retired 79,294 of its common shares for
The total consolidated portfolio return was 0.4% in the third quarter of 2022. Excluding MediaAlpha, the total consolidated portfolio return was 0.5% in the third quarter of 2022. The total consolidated portfolio return was -8.0% in the third quarter of 2021. Excluding MediaAlpha, the total consolidated portfolio return was 1.4% in the third quarter of 2021.
The total consolidated portfolio return was -3.6% in the first nine months of 2022. Excluding MediaAlpha, the total consolidated portfolio return was -1.4% in the first nine months of 2022. The total consolidated portfolio return was -3.7% in the first nine months of 2021. Excluding MediaAlpha, the total consolidated portfolio return was 4.6% in the first nine months of 2021.
White Mountains is a
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(millions) |
||||||
(Unaudited) |
||||||
2022 |
2021 |
2021 |
||||
Assets |
||||||
Financial Guarantee (HG Global/BAM) |
||||||
Fixed maturity investments |
$ 874.4 |
$ 934.1 |
$ 898.4 |
|||
Short-term investments |
62.3 |
32.4 |
50.3 |
|||
Total investments |
936.7 |
966.5 |
948.7 |
|||
Cash |
17.3 |
19.8 |
21.8 |
|||
Insurance premiums receivable |
6.6 |
6.9 |
6.9 |
|||
Deferred acquisition costs |
34.9 |
33.1 |
31.7 |
|||
Other assets |
22.3 |
18.5 |
18.7 |
|||
Total Financial Guarantee assets |
1,017.8 |
1,044.8 |
1,027.8 |
|||
|
||||||
Fixed maturity investments |
741.8 |
688.6 |
618.1 |
|||
Common equity securities |
286.4 |
251.1 |
159.6 |
|||
Short-term investments |
309.4 |
296.2 |
396.5 |
|||
Other long-term investments |
329.7 |
326.2 |
320.6 |
|||
Total investments |
1,667.3 |
1,562.1 |
1,494.8 |
|||
Cash |
123.4 |
67.8 |
116.5 |
|||
Reinsurance recoverables |
550.9 |
448.4 |
465.6 |
|||
Insurance premiums receivable |
698.6 |
416.0 |
482.3 |
|||
Ceded unearned premiums |
59.7 |
67.1 |
92.1 |
|||
Deferred acquisition costs and value of in-force business acquired |
151.4 |
108.2 |
127.8 |
|||
|
292.5 |
292.5 |
292.5 |
|||
Other assets |
62.9 |
64.9 |
61.3 |
|||
|
3,606.7 |
3,027.0 |
3,132.9 |
|||
Asset Management (Kudu) |
||||||
Other long-term investments |
813.2 |
669.5 |
604.8 |
|||
Cash (restricted |
76.6 |
21.4 |
14.8 |
|||
Accrued investment income |
12.5 |
16.9 |
9.0 |
|||
Goodwill and other intangible assets |
8.7 |
8.9 |
9.0 |
|||
Other assets |
9.7 |
10.4 |
8.4 |
|||
Total Asset Management assets |
920.7 |
727.1 |
646.0 |
|||
Other Operations |
||||||
Fixed maturity investments |
238.1 |
286.2 |
316.4 |
|||
Short-term investments |
824.7 |
129.5 |
156.8 |
|||
Common equity securities |
46.4 |
— |
— |
|||
Investment in MediaAlpha |
148.2 |
261.6 |
316.4 |
|||
Other long-term investments |
479.8 |
382.1 |
360.2 |
|||
Total investments |
1,737.2 |
1,059.4 |
1,149.8 |
|||
Cash |
28.4 |
38.7 |
30.9 |
|||
Goodwill and other intangible assets |
92.0 |
39.1 |
48.7 |
|||
Other assets |
142.2 |
59.5 |
71.2 |
|||
Assets held for sale - |
— |
989.0 |
1,006.3 |
|||
Assets held for sale |
— |
16.1 |
— |
|||
Total Other Operations assets |
1,999.8 |
2,201.8 |
2,306.9 |
|||
Total assets |
$ 7,545.0 |
$ 7,000.7 |
$ 7,113.6 |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(millions) |
||||||
(Unaudited) |
||||||
2022 |
2021 |
2021 |
||||
Liabilities |
||||||
Financial Guarantee (HG Global/BAM) |
||||||
Unearned insurance premiums |
$ 286.7 |
$ 266.3 |
$ 257.0 |
|||
Debt |
146.4 |
— |
— |
|||
Accrued incentive compensation |
21.6 |
24.7 |
21.0 |
|||
Other liabilities |
29.5 |
30.9 |
32.5 |
|||
Total Financial Guarantee liabilities |
484.2 |
321.9 |
310.5 |
|||
|
||||||
Loss and loss adjustment expense reserves |
1,329.4 |
894.7 |
890.9 |
|||
Unearned insurance premiums |
781.3 |
495.9 |
596.6 |
|||
Debt |
180.0 |
185.9 |
200.7 |
|||
Reinsurance payable |
312.7 |
424.1 |
481.4 |
|||
Contingent consideration |
32.9 |
28.0 |
24.0 |
|||
Other liabilities |
107.6 |
93.8 |
87.4 |
|||
|
2,743.9 |
2,122.4 |
2,281.0 |
|||
Asset Management (Kudu) |
||||||
Debt |
253.5 |
218.2 |
195.6 |
|||
Other liabilities |
59.7 |
42.8 |
40.2 |
|||
Total Asset Management liabilities |
313.2 |
261.0 |
235.8 |
|||
Other Operations |
||||||
Debt |
35.6 |
16.8 |
19.1 |
|||
Accrued incentive compensation |
67.2 |
48.5 |
44.7 |
|||
Other liabilities |
34.6 |
30.1 |
49.7 |
|||
Liabilities held for sale - |
— |
495.3 |
518.5 |
|||
Total Other Operations liabilities |
137.4 |
590.7 |
632.0 |
|||
Total liabilities |
3,678.7 |
3,296.0 |
3,459.3 |
|||
Equity |
||||||
White Mountains's common shareholder's equity |
||||||
White Mountains's common shares and paid-in surplus |
535.3 |
588.9 |
586.2 |
|||
Retained earnings |
3,175.9 |
2,957.5 |
2,935.3 |
|||
Accumulated other comprehensive income (loss), after tax: |
||||||
Net unrealized gains (losses) from foreign currency translation and interest rate swap |
(3.2) |
1.7 |
.2 |
|||
|
3,708.0 |
3,548.1 |
3,521.7 |
|||
Non-controlling interests |
158.3 |
156.6 |
132.6 |
|||
Total equity |
3,866.3 |
3,704.7 |
3,654.3 |
|||
Total liabilities and equity |
$ 7,545.0 |
$ 7,000.7 |
$ 7,113.6 |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||
BOOK VALUE AND ADJUSTED BOOK VALUE PER SHARE |
||||||||
(Unaudited) |
||||||||
2022 |
2022 |
2021 |
2021 |
|||||
Book value per share numerators (in millions): |
||||||||
White Mountains's common shareholders' equity - GAAP book value per share numerator |
$ 3,708.0 |
$ 3,323.3 |
$ 3,548.1 |
$ 3,521.7 |
||||
Time value of money discount on expected future payments on the BAM Surplus Notes (1) |
(110.8) |
(115.9) |
(125.9) |
(128.0) |
||||
HG Global's unearned premium reserve (1) |
232.2 |
221.6 |
214.6 |
206.8 |
||||
HG Global's net deferred acquisition costs (1) |
(65.9) |
(62.6) |
(60.8) |
(58.1) |
||||
Adjusted book value per share numerator |
$ 3,763.5 |
$ 3,366.4 |
$ 3,576.0 |
$ 3,542.4 |
||||
Book value per share denominators (in thousands of shares): |
||||||||
Common shares outstanding - GAAP book value per share denominator |
2,576.2 |
2,942.9 |
3,017.8 |
3,029.6 |
||||
Unearned restricted common shares |
(17.5) |
(20.9) |
(13.7) |
(17.0) |
||||
Adjusted book value per share denominator |
2,558.7 |
2,922.0 |
3,004.1 |
3,012.6 |
||||
GAAP book value per share |
$ 1,439.31 |
1,129.27 |
$ 1,175.73 |
$ 1,162.44 |
||||
Adjusted book value per share |
$ 1,470.84 |
1,152.12 |
$ 1,190.39 |
$ 1,175.86 |
||||
(1) Amount reflects White Mountains's preferred share ownership in HG Global of 96.9%. |
||||||||
2022 |
2022 |
2021 |
2021 |
|||||
Quarter-to-date change in GAAP book value per share, including dividends: |
27.5 % |
(4.5) % |
1.1 % |
(9.1) % |
||||
Quarter-to-date change in adjusted book value per share, including dividends: |
27.7 % |
(4.3) % |
1.2 % |
(9.0) % |
||||
Year-to-date change in GAAP book value per share, including dividends: |
22.5 % |
(3.9) % |
(6.5) % |
(7.6) % |
||||
Year-to-date change in adjusted book value per share, including dividends: |
23.6 % |
(3.1) % |
(5.7) % |
(6.9) % |
||||
Year-to-date dividends per share |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
|||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS |
|||||||||
(Unaudited) |
|||||||||
2022 |
2022 |
2021 |
2021 |
||||||
Summary of goodwill and other intangible assets (in millions): |
|||||||||
|
|||||||||
Ark |
$ 116.8 |
$ 116.8 |
$ 116.8 |
$ 116.8 |
|||||
Kudu |
7.6 |
7.6 |
7.6 |
7.6 |
|||||
Other Operations |
51.1 |
77.4 |
(1) |
17.9 |
17.4 |
(2) |
|||
Total goodwill |
175.5 |
201.8 |
142.3 |
141.8 |
|||||
Other intangible assets: |
|||||||||
Ark |
175.7 |
175.7 |
175.7 |
175.7 |
|||||
Kudu |
1.1 |
1.1 |
1.3 |
1.4 |
|||||
Other Operations |
40.9 |
19.4 |
21.2 |
31.3 |
|||||
Total other intangible assets |
217.7 |
196.2 |
198.2 |
208.4 |
|||||
Total goodwill and other intangible assets |
393.2 |
398.0 |
340.5 |
350.2 |
|||||
non-controlling interests |
(103.1) |
(103.4) |
(91.8) |
(92.0) |
|||||
White Mountains's common shareholders' equity |
$ 290.1 |
$ 294.6 |
$ 248.7 |
$ 258.2 |
1) |
The relative fair values of goodwill and of other intangible assets recognized in connection with recent acquisitions within Other Operations had not yet been finalized |
2) |
The relative fair values of goodwill and of other intangible assets recognized in connection with an acquisition within Other Operations had not yet been finalized |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Nine Months Ended |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
Revenues: |
||||||||
Financial Guarantee (HG Global/BAM) |
||||||||
Earned insurance premiums |
$ 7.1 |
$ 6.7 |
$ 26.0 |
$ 19.6 |
||||
Net investment income |
5.7 |
4.4 |
15.1 |
13.2 |
||||
Net realized and unrealized investment gains (losses) |
(38.8) |
(4.0) |
(114.0) |
(15.6) |
||||
Other revenues |
1.3 |
.3 |
3.7 |
.9 |
||||
Total Financial Guarantee revenues |
(24.7) |
7.4 |
(69.2) |
18.1 |
||||
|
||||||||
Earned insurance premiums |
346.1 |
213.4 |
757.8 |
435.8 |
||||
Net investment income |
4.9 |
.6 |
9.7 |
1.8 |
||||
Net realized and unrealized investment gains (losses) |
(14.4) |
.3 |
(76.5) |
10.3 |
||||
Other revenues |
6.6 |
3.4 |
10.1 |
9.4 |
||||
|
343.2 |
217.7 |
701.1 |
457.3 |
||||
Asset Management (Kudu) |
||||||||
Net investment income |
14.8 |
9.5 |
41.2 |
26.1 |
||||
Net realized and unrealized investment gains (losses) |
41.1 |
18.9 |
45.8 |
62.5 |
||||
Other revenues |
— |
.1 |
— |
.2 |
||||
Total Asset Management revenues |
55.9 |
28.5 |
87.0 |
88.8 |
||||
Other Operations |
||||||||
Net investment income |
8.5 |
5.0 |
13.6 |
16.1 |
||||
Net realized and unrealized investment gains (losses) |
(17.3) |
15.3 |
2.8 |
34.0 |
||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
(18.6) |
(396.8) |
(113.3) |
(325.5) |
||||
Commission revenues |
3.2 |
2.4 |
8.7 |
7.0 |
||||
Other revenues |
33.0 |
28.1 |
89.6 |
57.6 |
||||
Total Other Operations revenues |
8.8 |
(346.0) |
1.4 |
(210.8) |
||||
Total revenues |
$ 383.2 |
$ (92.4) |
$ 720.3 |
$ 353.4 |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) |
||||||||
(millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Nine Months Ended |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
Expenses: |
||||||||
Financial Guarantee (HG Global/BAM) |
||||||||
Insurance acquisition expenses |
$ 1.7 |
$ 3.0 |
$ 9.5 |
$ 6.5 |
||||
General and administrative expenses |
15.8 |
12.4 |
49.5 |
42.7 |
||||
Interest expense |
2.0 |
— |
5.4 |
— |
||||
Total Financial Guarantee expenses |
19.5 |
15.4 |
64.4 |
49.2 |
||||
|
||||||||
Loss and loss adjustment expenses |
213.7 |
129.2 |
456.2 |
247.8 |
||||
Insurance and reinsurance acquisition expenses |
74.8 |
53.7 |
174.9 |
124.4 |
||||
General and administrative expenses |
26.9 |
21.8 |
79.8 |
84.4 |
||||
Interest expense |
3.7 |
2.1 |
10.6 |
4.5 |
||||
|
319.1 |
206.8 |
721.5 |
461.1 |
||||
Asset Management (Kudu) |
||||||||
General and administrative expenses |
4.5 |
3.3 |
10.2 |
9.0 |
||||
Amortization of other intangible assets |
— |
— |
.2 |
.2 |
||||
Interest expense |
4.2 |
1.9 |
10.3 |
9.2 |
||||
Total Asset Management expenses |
8.7 |
5.2 |
20.7 |
18.4 |
||||
Other Operations |
||||||||
Cost of sales |
25.0 |
24.0 |
68.8 |
45.9 |
||||
General and administrative expenses |
39.9 |
14.4 |
118.9 |
79.4 |
||||
Amortization of other intangible assets |
1.4 |
2.0 |
3.2 |
2.9 |
||||
Interest expense |
.6 |
.4 |
1.2 |
1.1 |
||||
Total Other Operations expenses |
66.9 |
40.8 |
192.1 |
129.3 |
||||
Total expenses |
414.2 |
268.2 |
998.7 |
658.0 |
||||
Pre-tax income (loss) from continuing operations |
(31.0) |
(360.6) |
(278.4) |
(304.6) |
||||
Income tax (expense) benefit |
7.4 |
(28.6) |
26.1 |
(52.2) |
||||
Net income (loss) from continuing operations |
(23.6) |
(389.2) |
(252.3) |
(356.8) |
||||
Net income (loss) from discontinued operations, net of tax - |
6.3 |
5.3 |
16.4 |
(23.8) |
||||
Net gain (loss) from sale of discontinued operations, net of tax - |
886.8 |
— |
886.8 |
— |
||||
Net gain (loss) from sale of discontinued operations, net of tax - |
— |
— |
— |
18.7 |
||||
Net income (loss) |
869.5 |
(383.9) |
650.9 |
(361.9) |
||||
Net (income) loss attributable to non-controlling interests |
18.7 |
12.5 |
101.5 |
53.7 |
||||
Net income (loss) attributable to White Mountains's common shareholders |
$ 888.2 |
$ (371.4) |
$ 752.4 |
$ (308.2) |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||
(millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Nine Months Ended |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
Net income (loss) attributable to White Mountains's common shareholders |
$ 888.2 |
$ (371.4) |
$ 752.4 |
$ (308.2) |
||||
Other comprehensive income (loss), net of tax |
(1.4) |
— |
(3.0) |
(.3) |
||||
Other comprehensive income (loss) from discontinued operations, net of tax - |
.7 |
(2.2) |
(5.2) |
.9 |
||||
Net gain (loss) from foreign currency translation from sale of discontinued operations, net of tax - |
2.9 |
— |
2.9 |
— |
||||
Comprehensive income (loss) |
890.4 |
(373.6) |
747.1 |
(307.6) |
||||
Other comprehensive (income) loss attributable to non-controlling interests |
(.3) |
.2 |
.4 |
— |
||||
Comprehensive income (loss) attributable to White Mountains's common shareholders |
$ 890.1 |
$ (373.4) |
$ 747.5 |
$ (307.6) |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||
EARNINGS PER SHARE |
||||||||
(Unaudited) |
||||||||
Income (loss) per share attributable to White Mountains's common shareholders |
Three Months Ended |
Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
|||||
Basic earnings (loss) per share |
||||||||
Continuing operations |
$ (1.66) |
$ (121.90) |
$ (50.73) |
$ (98.16) |
||||
Discontinued operations |
308.59 |
1.72 |
304.97 |
(1.29) |
||||
Total consolidated operations |
$ 306.93 |
$ (120.18) |
$ 254.24 |
$ (99.45) |
||||
Diluted earnings (loss) per share |
||||||||
Continuing operations |
$ (1.66) |
$ (121.90) |
$ (50.73) |
$ (98.16) |
||||
Discontinued operations |
308.59 |
1.72 |
304.97 |
(1.29) |
||||
Total consolidated operations |
$ 306.93 |
$ (120.18) |
$ 254.24 |
$ (99.45) |
||||
Dividends declared per White Mountains's common share |
$ — |
$ — |
$ 1.00 |
$ 1.00 |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||||||
QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) |
||||||||||||
(millions) |
||||||||||||
(Unaudited) |
||||||||||||
For the Three Months Ended |
HG Global/BAM |
|||||||||||
HG |
BAM |
Ark |
Kudu |
Other |
Total |
|||||||
Revenues: |
||||||||||||
Earned insurance premiums |
$ 5.9 |
$ 1.2 |
$ 346.1 |
$ — |
$ — |
$ 353.2 |
||||||
Net investment income |
2.8 |
2.9 |
4.9 |
14.8 |
8.5 |
33.9 |
||||||
Net investment income (expense) - BAM surplus note interest |
2.9 |
(2.9) |
— |
— |
— |
— |
||||||
Net realized and unrealized investment gains (losses) |
(19.6) |
(19.2) |
(14.4) |
41.1 |
(17.3) |
(29.4) |
||||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
(18.6) |
(18.6) |
||||||
Commission revenues |
— |
— |
— |
— |
3.2 |
3.2 |
||||||
Other revenues |
.1 |
1.2 |
6.6 |
— |
33.0 |
40.9 |
||||||
Total revenues |
(7.9) |
(16.8) |
343.2 |
55.9 |
8.8 |
383.2 |
||||||
Expenses: |
||||||||||||
Loss and loss adjustment expenses |
— |
— |
213.7 |
— |
— |
213.7 |
||||||
Insurance acquisition expenses |
1.6 |
.1 |
74.8 |
— |
— |
76.5 |
||||||
Cost of sales |
— |
— |
— |
— |
25.0 |
25.0 |
||||||
General and administrative expenses |
.6 |
15.2 |
26.9 |
4.5 |
39.9 |
87.1 |
||||||
Amortization of other intangible assets |
— |
— |
— |
— |
1.4 |
1.4 |
||||||
Interest expense |
2.0 |
— |
3.7 |
4.2 |
.6 |
10.5 |
||||||
Total expenses |
4.2 |
15.3 |
319.1 |
8.7 |
66.9 |
414.2 |
||||||
Pre-tax income (loss) |
$ (12.1) |
$ (32.1) |
$ 24.1 |
$ 47.2 |
$ (58.1) |
$ (31.0) |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||||||
QTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) |
||||||||||||
(millions) |
||||||||||||
(Unaudited) |
||||||||||||
For the Three Months Ended |
HG Global/BAM |
|||||||||||
HG |
BAM |
Ark |
Kudu |
Other |
Total |
|||||||
Revenues: |
||||||||||||
Earned insurance premiums |
$ 5.5 |
$ 1.2 |
$ 213.4 |
$ — |
$ — |
$ 220.1 |
||||||
Net investment income |
1.9 |
2.5 |
.6 |
9.5 |
5.0 |
19.5 |
||||||
Net investment income (expense) - BAM surplus note interest |
3.1 |
(3.1) |
— |
— |
— |
— |
||||||
Net realized and unrealized investment gains (losses) |
(2.0) |
(2.0) |
.3 |
18.9 |
15.3 |
30.5 |
||||||
Net unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
(396.8) |
(396.8) |
||||||
Commission revenues |
— |
— |
— |
— |
2.4 |
2.4 |
||||||
Other revenues |
.1 |
.2 |
3.4 |
.1 |
28.1 |
31.9 |
||||||
Total revenues |
8.6 |
(1.2) |
217.7 |
28.5 |
(346.0) |
(92.4) |
||||||
Expenses: |
||||||||||||
Loss and loss adjustment expenses |
— |
— |
129.2 |
— |
— |
129.2 |
||||||
Insurance acquisition expenses |
1.5 |
1.5 |
53.7 |
— |
— |
56.7 |
||||||
Cost of sales |
— |
— |
— |
— |
24.0 |
24.0 |
||||||
General and administrative expenses |
.2 |
12.2 |
21.8 |
3.3 |
14.4 |
51.9 |
||||||
Amortization of other intangible assets |
— |
— |
— |
— |
2.0 |
2.0 |
||||||
Interest expense |
— |
— |
2.1 |
1.9 |
.4 |
4.4 |
||||||
Total expenses |
1.7 |
13.7 |
206.8 |
5.2 |
40.8 |
268.2 |
||||||
Pre-tax income (loss) |
$ 6.9 |
$ (14.9) |
$ 10.9 |
$ 23.3 |
$ (386.8) |
|
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||||||
YTD SEGMENT STATEMENTS OF PRE-TAX (LOSS) INCOME |
||||||||||||
(millions) |
||||||||||||
(Unaudited) |
||||||||||||
For the Nine Months Ended |
HG Global/BAM |
|||||||||||
HG |
BAM |
Ark |
Kudu |
Other |
Total |
|||||||
Revenues: |
||||||||||||
Earned insurance premiums |
$ 21.5 |
$ 4.5 |
$ 757.8 |
$ — |
$ — |
$ 783.8 |
||||||
Net investment income |
7.1 |
8.0 |
9.7 |
41.2 |
13.6 |
79.6 |
||||||
Net investment income (expense) - BAM surplus note interest |
8.8 |
(8.8) |
— |
— |
— |
— |
||||||
Net realized and unrealized investment gains (losses) |
(57.8) |
(56.2) |
(76.5) |
45.8 |
2.8 |
(141.9) |
||||||
Net realized and unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
(113.3) |
(113.3) |
||||||
Commission revenues |
— |
— |
— |
— |
8.7 |
8.7 |
||||||
Other revenues |
.3 |
3.4 |
10.1 |
— |
89.6 |
103.4 |
||||||
Total revenues |
(20.1) |
(49.1) |
701.1 |
87.0 |
1.4 |
720.3 |
||||||
Expenses: |
||||||||||||
Loss and loss adjustment expenses |
— |
— |
456.2 |
— |
— |
456.2 |
||||||
Insurance and reinsurance acquisition expenses |
7.6 |
1.9 |
174.9 |
— |
— |
184.4 |
||||||
Cost of sales |
— |
— |
— |
— |
68.8 |
68.8 |
||||||
General and administrative expenses |
2.1 |
47.4 |
79.8 |
10.2 |
118.9 |
258.4 |
||||||
Amortization of other intangible assets |
— |
— |
— |
.2 |
3.2 |
3.4 |
||||||
Interest expense |
5.4 |
— |
10.6 |
10.3 |
1.2 |
27.5 |
||||||
Total expenses |
15.1 |
49.3 |
721.5 |
20.7 |
192.1 |
998.7 |
||||||
Pre-tax income (loss) |
$ (35.2) |
$ (98.4) |
$ (20.4) |
$ 66.3 |
$ (190.7) |
$ (278.4) |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||||||
YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED) |
||||||||||||
(millions) |
||||||||||||
(Unaudited) |
||||||||||||
For the Nine Months Ended |
HG Global/BAM |
|||||||||||
HG |
BAM |
Ark |
Kudu |
Other |
Total |
|||||||
Revenues: |
||||||||||||
Earned insurance premiums |
$ 16.1 |
$ 3.5 |
$ 435.8 |
$ — |
$ — |
$ 455.4 |
||||||
Net investment income |
5.4 |
7.8 |
1.8 |
26.1 |
16.1 |
57.2 |
||||||
Net investment income (expense) - BAM surplus note interest |
9.1 |
(9.1) |
— |
— |
— |
— |
||||||
Net realized and unrealized investment gains (losses) |
(9.5) |
(6.1) |
10.3 |
62.5 |
34.0 |
91.2 |
||||||
Net unrealized investment gains (losses) from investment in MediaAlpha |
— |
— |
— |
— |
(325.5) |
(325.5) |
||||||
Commission revenues |
— |
— |
— |
— |
7.0 |
7.0 |
||||||
Other revenues |
.3 |
.6 |
9.4 |
.2 |
57.6 |
68.1 |
||||||
Total revenues |
21.4 |
(3.3) |
457.3 |
88.8 |
(210.8) |
353.4 |
||||||
Expenses: |
||||||||||||
Loss and loss adjustment expenses |
— |
— |
247.8 |
— |
— |
247.8 |
||||||
Insurance and reinsurance acquisition expenses |
4.3 |
2.2 |
124.4 |
— |
— |
130.9 |
||||||
Cost of sales |
— |
— |
— |
— |
45.9 |
45.9 |
||||||
General and administrative expenses |
1.3 |
41.4 |
84.4 |
9.0 |
79.4 |
215.5 |
||||||
Amortization of other intangible assets |
— |
— |
— |
.2 |
2.9 |
3.1 |
||||||
Interest expense |
— |
— |
4.5 |
9.2 |
1.1 |
14.8 |
||||||
Total expenses |
5.6 |
43.6 |
461.1 |
18.4 |
129.3 |
658.0 |
||||||
Pre-tax income (loss) |
$ 15.8 |
$ (46.9) |
$ (3.8) |
$ 70.4 |
$ (340.1) |
$ (304.6) |
WHITE MOUNTAINS INSURANCE GROUP, LTD. |
||||||||
SELECTED FINANCIAL DATA |
||||||||
($ in millions) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
Nine Months Ended |
|||||||
BAM |
2022 |
2021 |
2022 |
2021 |
||||
Gross par value of primary market policies issued |
$ 3,269.0 |
$ 3,813.7 |
$ 10,147.8 |
$ 11,171.2 |
||||
Gross par value of secondary market policies issued |
826.5 |
157.4 |
3,269.4 |
646.6 |
||||
Gross par value of assumed reinsurance |
42.5 |
— |
42.5 |
805.5 |
||||
Total gross par value of market policies issued |
$ 4,138.0 |
$ 3,971.1 |
$ 13,459.7 |
$ 12,623.3 |
||||
Gross written premiums |
$ 19.7 |
$ 12.8 |
$ 46.2 |
$ 39.0 |
||||
MSC collected |