WTM Adjusted Book Value Per Share Of $1,204
White Mountains Insurance Group, Ltd. reported book value per share of $1,183 and adjusted book value per share of $1,204 as of March 31, 2022. Book value per share and adjusted book value per share both increased 1% in the first quarter of 2022.
Manning Rountree, CEO, commented, “We had a good first quarter, with ABVPS up 1%. Rising interest rates were a headwind in our fixed income portfolio. This was more than offset by positive results from our operating companies and positive returns in our equity portfolio. BAM produced $22 million of total premiums and member surplus contributions in the quarter, driven by strong secondary market activity.
“Ark produced break-even underwriting results in the quarter, reflecting the impact of estimated losses emanating from the conflict in Ukraine. Ark wrote $633 million of gross written premiums in the quarter, up 57% year over year, with risk adjusted rate change up 9% year over year. NSM produced healthy growth in both pro forma controlled premiums and pro forma adjusted EBITDA.
“Kudu posted growth in adjusted EBITDA and recognized $22 million of mark-to-market gains in the fair value of its portfolio of participation contracts. MediaAlpha’s share price was up 7% in the quarter, producing a $19 million mark-to-market gain.
“Excluding MediaAlpha, the investment portfolio returned 0.3% in the quarter, as gains in equities more than offset mark-to-market losses in fixed income. We completed $39 million of share repurchases in the quarter. Including the dividend received from HG Global in May, undeployed capital now stands at roughly $400 million.”
Comprehensive income [loss] attributable to common shareholders was $31 million in the first quarter of 2022 compared to $[74] million in the first quarter of 2021. Results in the first quarter of 2022 included $19 million of unrealized investment gains from White Mountains’s investment in MediaAlpha. Results in the first quarter of 2021 included $42 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha and a loss of $29 million related to NSM’s sale of its Fresh Insurance motor business.
