WHITE MOUNTAINS INSURANCE GROUP LTD

Listed Company

WTMCIK 0000776867NYSELarge AcceleratedFire, Marine & Casualty InsuranceD0FY ends Dec 31

Period

FY 2025

Revenue

$3.73B

Net Income

$1.11B

Total Assets

$12.31B

Equity

$5.43B

Shares Out

2.48M

Op. Cash Flow

$550.50M

+ 13F Filer

WTM$2,179.33+23.68% · past yearDBEQ Basic

Daily closing prices

Business

White Mountains Insurance Group Ltd. is a Bermuda-domiciled insurance holding company that acquires and operates businesses in insurance and financial services. It operates through Ark (specialty property and casualty insurance and reinsurance), HG Global (municipal bond guarantee reinsurance), Kudu (capital solutions for asset managers), Distinguished (specialty insurance distribution via MGAs), and Other Operations (including investments in MediaAlpha and other ventures). White Mountains distributes insurance products globally through brokers and intermediaries.

Summary from 10-K filed 2026-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Earned insurance premiums	1,777	1,692	1,441	1,077	664
Net investment income	248	227	194	124	83
Net realized and unrealized investment gains (losses)	362	185	434	−192	−246
Interest income from BAM Surplus Notes	30	16	0	0	—
Change in fair value of BAM Surplus Notes	−38	500,000	0	0	—
Unrealized loss on deconsolidation of BAM	0	−115	0	0	—
Commission and fee revenues	285	149	13	12	10
Net gain on sale of the Bamboo Group	849	0	0	—	—
Other revenues	222	85	84	137	104
Total revenues	3,735	2,240	2,167	1,158	614
Broker commission expense	94	51	—	—	80
Loss and loss adjustment expenses	882	889	727	536	315
Acquisition expenses	420	342	290	251	186
Cost of sales	152	30	40	99	69
General and administrative expenses	607	490	433	364	292
Change in fair value of contingent consideration	173	61	49	17	6
Interest expense	78	61	63	40	21
Total expenses	2,406	1,923	1,601	1,307	888
Pre-tax income (loss)	1,329	317	565	−149	−274
Income tax (expense) benefit	−127	−33	16	−41	−44
Net income (loss)	1,202	284	581	712	−322
Net (income) loss attributable to noncontrolling interests	−95	−54	−72	80	47
Net income (loss) attributable to White Mountainss common shareholders	1,106	230	509	793	−275

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Common equity securities, at fair value	483	650	538	668	—
Other long-term investments	2,959	2,150	1,998	1,488	1,378
Total investments	8,324	6,418	6,389	5,170	4,258
Goodwill and other intangible assets	1,020	720	371	392	341
Total assets	12,307	9,926	8,386	7,389	7,001
Debt	837	563	565	575	421
Total liabilities	6,051	4,795	3,824	3,454	3,296
Redeemable noncontrolling interests	132	0	—	—	—
White Mountainss common shares at $1 par value per shareauthorized 50,000,000 shares; issued and outstanding 2,479,677 and 2,568,148 shares	3	3	3	3	3
Paid-in surplus	577	564	549	536	—
Retained earnings	4,846	3,919	3,691	3,212	2,958
Net unrealized gains (losses) from foreign currency translation	800,000	−2	−2	—	—
Total White Mountainss common shareholders equity	5,425	4,484	4,241	3,747	3,548
Nonredeemable noncontrolling interests	698	647	321	188	157
Total equity	6,124	5,131	4,562	3,935	3,705
Total liabilities, redeemable noncontrolling interests and equity	12,307	9,926	8,386	7,389	7,001

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense (benefit)	92	11	−47	13	35
Amortization of restricted share awards	19	16	15	14	15
Amortization (accretion) and depreciation	9	−6	−18	4	22
Net change in reinsurance recoverables	−247	−147	153	−80	88
Net change in insurance premiums, commissions and fees receivable	−91	−205	−67	—	—
Net change in deferred acquisition costs	−56	−27	−22	−22	−42
Net change in loss and loss adjustment expense reserves	368	543	309	402	199
Net change in unearned insurance premiums	173	174	148	159	199
Net change in reinsurance payable	137	68	−170	−173	−104
Net change in premiums and commissions payable	27	39	0	0	—
Net change in accrued incentive compensation from Other Operations	23	−8	2	—	—
Contributions to Kudus Participation Contracts	−195	−104	−164	−100	−223
Proceeds from Kudus Participation Contracts sold	22	9	75	138	44
Net other operating activities	90	−42	−6	81	11
Net cash provided from (used for) operations	551	587	404	365	39
Net change in short-term investments	−872	548	−496	−455	60
Sales of fixed maturity investments	607	430	195	189	286
Maturities, calls and paydowns of fixed maturity investments	391	417	267	199	199
Sales of common equity securities and investment in MediaAlpha	251	162	262	0	177
Distributions and redemptions of other long-term investments	117	196	117	115	106
Proceeds from the sale of Bamboo Group, NSM Group and Other Operating Businesses, net of cash sold of $135.0, $0.0 and $0.8	747	0	17	1,392	—
Purchases of consolidated subsidiaries, net of cash acquired of $1.9, $44.9 and $0.0	−350	−232	0	−68	11
Release of cash (pre-funding) of investment purchases	−30	0	70	−70	0
Purchases of fixed maturity investments	−1,235	−1,678	−593	−586	−1,219
Purchases of common equity securities and investment in MediaAlpha	−31	−121	−114	−425	−203
Purchases of other long-term investments	−286	−190	−265	−179	−218
Payments of principal received on the BAM Surplus Notes subsequent to deconsolidation	24	16	0	0	—
Impact to cash from deconsolidation of BAM	0	−4	0	0	0
Net other investing activities	−100,000	9	−3	−4	4
Net cash provided from (used for) investing activities	−667	−447	−544	116	−208
Draw down of debt and revolving lines of credit	295	37	12	214	402
Repayment of debt and revolving lines of credit	−18	−38	−26	−57	−120
Cash dividends paid to common shareholders	−3	−3	−3	−3	−3
Repurchases and retirements of common shares	−203	−8	−33	−616	−108
BAM member surplus contributions prior to deconsolidation	0	26	73	81	62
Contributions from other noncontrolling interests	700,000	1	9	—	—
Distributions to other noncontrolling interests	−65	−21	−12	—	—
Net other financing activities	28	10	−14	−12	−13
Net cash provided from (used for) financing activities	36	4	7	−345	218
Net change in cash during the period	−81	144	−133	107	63

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro

Holdings (13F)

Portfolio as of 2026-01-14 · 1 positions

Reported AUM

$280.36M

Holdings

Top sector

$280.36M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$280.36M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
MEDIAALPHA INC	—	16.94M	$280.36M	100.0%

Frequently asked questions

What is WHITE MOUNTAINS INSURANCE GROUP LTD's CIK number?

WHITE MOUNTAINS INSURANCE GROUP LTD's SEC CIK number is 0000776867 (776867). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find WHITE MOUNTAINS INSURANCE GROUP LTD's SEC filings?

All of WHITE MOUNTAINS INSURANCE GROUP LTD's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did WHITE MOUNTAINS INSURANCE GROUP LTD last report earnings?

WHITE MOUNTAINS INSURANCE GROUP LTD (WTM) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-030930). This is WHITE MOUNTAINS INSURANCE GROUP LTD's most recent earnings filing of record — not a forecast of its next earnings date.

What is WHITE MOUNTAINS INSURANCE GROUP LTD's most recent earnings 8-K?

WHITE MOUNTAINS INSURANCE GROUP LTD's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001628280-26-030930. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View WHITE MOUNTAINS INSURANCE GROUP LTD's latest earnings 8-K →
Look up any company's CIK number →