White Mountains Reports Second Quarter Results
White Mountains Insurance Group, Ltd. reported book value per share of $924 and adjusted book value per share of $912 as of June 30, 2018.
Book value per share and adjusted book value per share both increased 1% in the second quarter of 2018. Book value per share decreased 1% and adjusted book value per share was near break-even in the first six months of 2018, including dividends.
Comprehensive income [loss] attributable to common shareholders was $3 million and $[45] million in the second quarter and first six months of 2018, compared to comprehensive income attributable to common shareholders of $14 million and $43 million in the second quarter and first six months of 2017.
Manning Rountree, CEO, commented, “We had decent results in the quarter, with ABVPS up 1%. After a slow start to the year, BAM’s results rebounded in the second quarter, with higher par insured volumes and good pricing.
“MediaAlpha maintained its momentum, with strong top and bottom line growth. Our investment portfolio produced a total return of 0.7%, driven largely by the rebound in equity markets. We made good progress on capital deployment during the quarter, closing the acquisition of NSM and in turn Fresh Insurance, as well as repurchasing 575,068 White Mountains shares for $505 million.”
