White Mountains Reports Fourth Quarter Results

February 8, 2018 | 0 Comments

White Mountains Insurance Group, Ltd. reported book value per share of $931 and adjusted book value per share of $915 as of December 31, 2017.

Book value per share increased 1% and 19% for the fourth quarter and year ended December 31, 2017, including dividends, and adjusted book value per share increased 1% and 16% for the fourth quarter and year ended December 31, 2017, including dividends.

Manning Rountree, CEO, commented, “ABVPS grew 1% for the quarter and 16% for the year. Satisfying results. BAM finished the year with strong volume and good pricing in the 4th quarter. Uncertainty over tax reform pulled forward issuance volume into the quarter, and we expect a slower start to 2018 for BAM as a result.

“In December, BAM made its first cash payment of principal and interest on its surplus notes. MediaAlpha took a big step forward in the quarter, with robust organic growth and a nice tuck-in acquisition. The investment portfolio returned 1.4% in the quarter, a good result and the primary driver of ABVPS growth. Tax reform had no impact on our ABVPS.

“For the year, we returned $724 million in capital to shareholders through share repurchases, retiring 18% of the shares outstanding in the process. We ended 2017 with $2.1 billion in undeployed capital. We continue to pursue new opportunities with energy, rigor and discipline.”

Comprehensive income attributable to common shareholders was $23 million and $631 million in the fourth quarter and year ended December 31, 2017, compared to comprehensive income [loss] attributable to common shareholders of $[39] million and $547 million in the fourth quarter and year ended December 31, 2016.

Net income attributable to common shareholders was $23 million and $627 million in the fourth quarter and year ended December 31, 2017, compared to net income [loss] attributable to common shareholders of $[39] million and $402 million in the fourth quarter and year ended December 31, 2016.

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