White Mountains Report Second Quarter Results
White Mountains Insurance Group, Ltd. reported book value per share of $987 and adjusted book value per share of $986 as of June 30, 2019. Book value per share and adjusted book value per share both increased 1% in the second quarter of 2019.
Book value per share and adjusted book value per share increased 10% and 11% in the first six months of 2019, including dividends. The results for the first six months of 2019 include the impact of the MediaAlpha transaction. Excluding the gain on the MediaAlpha transaction, book value per share and adjusted book value per share would have increased 4% and 5% in the first six months of 2019, including dividends.
Manning Rountree, CEO, commented, “We had a solid quarter. ABVPS was up 1%, driven primarily by investment results. BAM produced decent premium volumes despite challenging primary market conditions.
“NSM produced good organic growth [top line and bottom line] and closed the Embrace Pet Insurance acquisition during the quarter. Kudu is performing well and produced a profit in its first quarter as a new operating segment for White Mountains. MediaAlpha grew revenues and profits to new highs in the quarter. We closed the Elementum transaction in May, and we ended the quarter with $1.1 billion of undeployed capital.”
Comprehensive income attributable to common shareholders was $18 million and $302 million in the second quarter and first six months of 2019, compared to comprehensive income [loss] attributable to common shareholders of $3 million and $[45] million in the second quarter and first six months of 2018
