NYSE : WTM
White Mountains Insurance Group, Ltd. — Financial statements
Financials · Insurance - Property & Casualty · Bermuda
Last price 2260.395 USD (Oct 30, 2026, 9:37 AM EDT) · Market cap 5.32B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 1.79B | 1.78B | 1.69B | 1.44B | 1.08B | 664.20M |
| Total Interest & Dividend Income | 294.40M | 274.20M | 241.00M | 194.20M | 124.40M | 82.50M |
| Gain (Loss) on Sale of Investments | 348.50M | 360.90M | 184.90M | 434.20M | -191.50M | -246.10M |
| Other Revenue | 547.30M | 473.50M | 236.80M | 97.40M | 148.30M | 113.80M |
| Total Revenue | 2.98B | 2.89B | 2.35B | 2.17B | 1.16B | 614.40M |
| Policy Benefits | 854.40M | 882.20M | 888.50M | 726.80M | 536.40M | 314.80M |
| Policy Acquisition & Underwriting Costs | 535.60M | 514.30M | 392.80M | 290.10M | 250.60M | 186.30M |
| Selling, General & Administrative | 862.80M | 748.80M | 519.70M | 473.00M | 462.70M | 360.90M |
| Total Operating Expenses | 2.25B | 2.15B | 1.80B | 1.49B | 1.25B | 862.00M |
| Operating Income | 725.90M | 740.40M | 553.30M | 676.80M | -91.80M | -247.60M |
| Interest Expense | -81.10M | -78.40M | -60.80M | -62.70M | -40.30M | -20.50M |
| EBT Excluding Unusual Items | 644.80M | 662.00M | 492.50M | 614.10M | -132.10M | -268.10M |
| Impairment of Goodwill | -9.10M | -9.10M | ||||
| Gain (Loss) on Sale of Assets | 851.70M | 849.30M | -114.50M | |||
| Asset Writedown | -500.00K | -500.00K | ||||
| Other Unusual Items | -176.60M | -173.00M | -61.30M | -48.70M | -17.30M | -5.50M |
| Pretax Income | 1.31B | 1.33B | 316.70M | 565.40M | -149.40M | -273.60M |
| Income Tax Expense | 130.00M | 126.90M | 32.60M | -15.50M | 41.40M | 44.40M |
| Earnings From Continuing Ops. | 1.18B | 1.20B | 284.10M | 580.90M | -190.80M | -318.00M |
| Earnings From Discontinued Ops. | 903.20M | -3.90M | ||||
| Net Income to Company | 1.18B | 1.20B | 284.10M | 580.90M | 712.40M | -321.90M |
| Minority Interest in Earnings | -58.40M | -95.40M | -53.70M | -71.70M | 80.40M | 46.50M |
| Net Income | 1.12B | 1.11B | 230.40M | 509.20M | 792.80M | -275.40M |
| Preferred Dividends & Other Adjustments | 23.30M | 16.30M | 3.00M | 7.20M | 10.10M | -3.20M |
| Net Income to Common | 1.10B | 1.09B | 227.40M | 502.00M | 782.70M | -272.20M |
| Shares Outstanding (Basic) | 2.48M | 2.53M | 2.53M | 2.53M | 2.83M | 3.04M |
| Shares Outstanding (Diluted) | 2.48M | 2.53M | 2.53M | 2.53M | 2.83M | 3.04M |
| EPS (Basic) | 443.45 | 430.14 | 89.80 | 198.63 | 276.94 | -89.47 |
| EPS (Diluted) | 443.45 | 430.14 | 89.79 | 198.60 | 276.94 | -89.47 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Operating Margin | 24.37% | 25.66% | 23.50% | 31.24% | -7.93% | -40.30% |
| Profit Margin | 36.88% | 37.78% | 9.66% | 23.17% | 67.60% | -44.30% |
| EBITDA | 748.60M | 749.40M | 681.10M | -87.50M | -226.00M | |
| EBITDA Margin | 25.13% | 25.97% | 31.44% | -7.56% | -36.78% | |
| D&A For EBITDA | 22.70M | 9.00M | 4.30M | 4.30M | 21.60M | |
| EBIT | 725.90M | 740.40M | 553.30M | 676.80M | -91.80M | -247.60M |
| EBIT Margin | 24.37% | 25.66% | 23.50% | 31.24% | -7.93% | -40.30% |
| Effective Tax Rate | 9.92% | 9.55% | 10.29% | |||
| Revenue as Reported | 3.83B | 3.73B | 2.24B | 2.17B | 1.16B | 614.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 3.06B | 2.79B | 2.49B | 2.12B | 1.93B | 1.92B |
| Investments in Equity & Preferred Securities | 1.28B | 1.11B | 1.21B | 1.11B | 1.03B | 666.50M |
| Other Investments | 3.83B | 4.46B | 2.84B | 2.97B | 2.03B | 1.69B |
| Total Investments | 8.17B | 8.35B | 6.54B | 6.20B | 5.00B | 4.28B |
| Cash & Equivalents | 98.70M | 183.70M | 176.80M | 121.70M | 236.70M | 143.20M |
| Reinsurance Recoverable | 1.39B | 836.10M | 589.00M | 442.00M | 595.30M | 448.40M |
| Other Receivables | 2.00B | 1.24B | 1.06B | 829.70M | 737.90M | 506.90M |
| Deferred Policy Acquisition Cost | 426.40M | 308.00M | 251.80M | 185.40M | 163.20M | 141.30M |
| Property, Plant & Equipment | 51.20M | 32.60M | 20.30M | 25.20M | 28.10M | |
| Goodwill | 795.90M | 614.10M | 168.80M | 168.80M | 176.50M | 142.30M |
| Other Intangible Assets | 387.80M | 406.10M | 196.50M | 201.80M | 215.90M | 198.20M |
| Restricted Cash | 28.80M | 1.20M | 14.10M | 700.00K | 18.30M | 4.50M |
| Other Current Assets | 5.30M | 5.00M | 592.20M | 1.01B | ||
| Other Long-Term Assets | 452.90M | 307.10M | 310.10M | 218.30M | 221.00M | 104.80M |
| Total Assets | 13.77B | 12.31B | 9.93B | 8.39B | 7.39B | 7.00B |
| Accrued Expenses | 56.20M | 102.90M | 79.30M | 87.70M | 114.10M | 73.20M |
| Insurance & Annuity Liabilities | 2.62B | 2.49B | 2.14B | 1.61B | 1.30B | 894.70M |
| Unearned Premiums | 2.19B | 1.36B | 1.18B | 1.07B | 921.50M | 762.20M |
| Reinsurance Payable | 642.80M | 286.20M | 149.50M | 81.10M | 251.10M | 424.10M |
| Current Portion of Long-Term Debt | 8.10M | |||||
| Current Portion of Leases | 9.20M | |||||
| Long-Term Debt | 932.50M | 828.90M | 562.50M | 564.60M | 575.20M | 420.90M |
| Long-Term Leases | 47.00M | 35.50M | 22.00M | 27.10M | 30.00M | |
| Other Current Liabilities | 374.00M | 331.90M | 328.90M | 94.00M | 45.30M | 523.30M |
| Other Long-Term Liabilities | 657.60M | 579.00M | 319.70M | 300.40M | 223.50M | 167.60M |
| Total Liabilities | 7.51B | 6.05B | 4.79B | 3.82B | 3.45B | 3.30B |
| Common Stock | 2.40M | 2.50M | 2.60M | 2.60M | 2.60M | 3.00M |
| Additional Paid-In Capital | 563.60M | 576.50M | 563.80M | 548.70M | 536.00M | 585.90M |
| Retained Earnings | 4.82B | 4.85B | 3.92B | 3.69B | 3.21B | 2.96B |
| Comprehensive Income & Other | 1.30M | 800.00K | -1.70M | -1.60M | -3.50M | 1.70M |
| Total Common Equity | 5.39B | 5.43B | 4.48B | 4.24B | 3.75B | 3.55B |
| Minority Interest | 863.70M | 829.70M | 647.30M | 321.10M | 188.10M | 156.60M |
| Shareholders' Equity | 6.25B | 6.26B | 5.13B | 4.56B | 3.94B | 3.70B |
| Total Liabilities & Equity | 13.77B | 12.31B | 9.93B | 8.39B | 7.39B | 7.00B |
| Filing Date Shares Outstanding | 2.36M | 2.43M | 2.54M | 2.53M | 2.54M | 2.98M |
| Total Common Shares Outstanding | 2.36M | 2.45M | 2.53M | 2.52M | 2.53M | 2.98M |
| Total Debt | 932.50M | 893.20M | 598.00M | 586.60M | 602.30M | 450.90M |
| Net Cash (Debt) | -833.80M | -709.50M | -421.20M | -464.90M | -365.60M | -307.70M |
| Net Cash Per Share | -336.56 | -279.96 | -166.34 | -183.95 | -129.36 | -101.13 |
| Book Value Per Share | 2,287.97 | 2,217.38 | 1,770.28 | 1,680.83 | 1,478.76 | 1,190.67 |
| Tangible Book Value | 4.20B | 4.41B | 4.12B | 3.87B | 3.35B | 3.21B |
| Tangible Book Value Per Share | 1,785.35 | 1,800.42 | 1,626.05 | 1,533.94 | 1,323.90 | 1,076.40 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.12B | 1.11B | 230.40M | 509.20M | 792.80M | -275.40M |
| Depreciation & Amortization | 22.70M | 9.00M | -6.40M | -17.80M | 4.30M | 21.60M |
| Gain (Loss) on Sale of Assets | -851.70M | -849.30M | 114.50M | |||
| Gain (Loss) on Sale of Investments | -311.30M | -324.00M | -185.40M | -434.20M | 191.50M | 246.10M |
| Stock-Based Compensation | 19.30M | 18.50M | 16.30M | 15.30M | 14.00M | 14.70M |
| Change in Accounts Receivable | -67.90M | -91.40M | -204.70M | -67.00M | -127.80M | -179.30M |
| Reinsurance Recoverable | -349.90M | -247.10M | -147.00M | 153.30M | -79.80M | 88.00M |
| Change in Unearned Revenue | 24.80M | 172.70M | 174.40M | 147.90M | 159.30M | 198.60M |
| Change in Insurance Reserves / Liabilities | 338.50M | 367.70M | 543.00M | 308.60M | 401.80M | 198.70M |
| Change in Other Net Operating Assets | -68.50M | -34.00M | -105.70M | -92.50M | 118.50M | -168.30M |
| Other Operating Activities | 322.50M | 341.50M | 116.10M | 73.50M | -953.40M | -2.40M |
| Operating Cash Flow | 388.20M | 550.50M | 586.80M | 404.10M | 326.30M | 38.60M |
| Cash Acquisitions | -460.10M | -349.50M | -231.80M | -67.90M | 10.60M | |
| Investment in Securities | -654.40M | -1.06B | -236.30M | -627.80M | -1.14B | -812.50M |
| Other Investing Activities | -59.00M | -30.10M | 9.10M | 66.60M | -74.40M | 593.60M |
| Investing Cash Flow | -396.80M | -666.90M | -447.00M | -543.90M | 108.40M | -208.30M |
| Long-Term Debt Issued | 294.70M | 36.60M | 12.40M | 213.80M | 401.70M | |
| Total Debt Repaid | -177.80M | -17.50M | -38.10M | -25.70M | -56.70M | -120.10M |
| Net Debt Issued (Repaid) | 243.60M | 277.20M | -1.50M | -13.30M | 157.10M | 281.60M |
| Repurchases of Common Stock | -409.50M | -202.60M | -7.90M | -32.70M | -615.80M | -107.50M |
| Common Dividends Paid | -2.40M | -2.60M | -2.50M | -2.60M | -3.00M | -3.10M |
| Other Financing Activities | -33.10M | -36.40M | 16.10M | 55.80M | 134.30M | 46.60M |
| Financing Cash Flow | -201.40M | 35.60M | 4.20M | 7.20M | -327.40M | 217.60M |
| Miscellaneous Cash Flow Adjustments | 15.20M | |||||
| Net Cash Flow | -210.00M | -80.80M | 144.00M | -132.60M | 107.30M | 63.10M |
| Levered Free Cash Flow | 687.00M | 755.35M | 403.61M | -39.59M | -144.86M | -269.46M |
| Unlevered Free Cash Flow | 737.69M | 804.35M | 441.61M | -400.00K | -119.67M | -256.65M |
| Cash Interest Paid | 71.20M | 66.40M | 61.00M | 42.20M | 30.50M | 13.90M |
| Cash Income Tax Paid | 28.20M | 30.70M | 34.30M | 42.70M | 10.30M | -100.00K |
| Change in Working Capital | 64.80M | 248.40M | 301.30M | 258.10M | 277.10M | -8.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.35B | 5.22B | 4.93B | 3.80B | 3.59B | 3.02B |
| Enterprise Value | 6.18B | 6.60B | 5.85B | 4.41B | 4.15B | 3.70B |
| PE Ratio | 5.12 | 4.79 | 21.66 | 7.56 | 4.59 | |
| PS Ratio | 1.79 | 1.81 | 2.09 | 1.75 | 3.10 | 4.92 |
| PB Ratio | 0.99 | 0.83 | 0.96 | 0.83 | 0.91 | 0.82 |
| P/OCF Ratio | 13.77 | 9.48 | 8.39 | 9.40 | 11.00 | 78.27 |
| EV/Sales Ratio | 2.07 | 2.29 | 2.48 | 2.04 | 3.59 | 6.03 |
| EV/EBITDA Ratio | 8.26 | 8.81 | 6.48 | |||
| EV/EBIT Ratio | 8.51 | 8.92 | 10.56 | 6.52 | ||
| Debt / Equity Ratio | 0.15 | 0.14 | 0.12 | 0.13 | 0.15 | 0.12 |
| Debt / EBITDA Ratio | 1.25 | 1.19 | 0.85 | |||
| Net Debt / Equity Ratio | 0.13 | 0.11 | 0.08 | 0.10 | 0.09 | 0.08 |
| Net Debt / EBITDA Ratio | 1.11 | 0.95 | 0.68 | -4.18 | -1.36 | |
| Quick Ratio | 0.93 | 1.08 | 1.09 | 1.67 | 1.29 | 0.61 |
| Current Ratio | 1.42 | 1.40 | 1.79 | 2.02 | 1.76 | 1.44 |
| Asset Turnover | 0.23 | 0.26 | 0.26 | 0.28 | 0.16 | 0.10 |
| Return on Equity (ROE) | 20.36% | 21.11% | 5.86% | 13.67% | -5.00% | -8.45% |
| Return on Assets (ROA) | 3.55% | 4.16% | 3.78% | 5.36% | -0.80% | -2.62% |
| Return on Invested Capital (ROIC) | 9.21% | 10.40% | 9.13% | 13.98% | -2.11% | -5.90% |
| Earnings Yield | 19.54% | 21.20% | 4.68% | 13.41% | 22.09% | -9.12% |
| Dividend Yield | 0.04% | 0.05% | 0.05% | 0.07% | 0.07% | 0.10% |
| Payout Ratio | 0.23% | 0.24% | 1.08% | 0.51% | 0.38% | |
| Buyback Yield / Dilution | 2.35% | -0.08% | -0.19% | 10.58% | 7.11% | 1.26% |
| Total Shareholder Return | 2.40% | -0.04% | -0.14% | 10.64% | 7.18% | 1.36% |