White Mountains Reports Second Quarter Results
White Mountains Insurance Group, Ltd. reported book value per share of $1,532 and adjusted book value per share of $1,576 as of June 30, 2023.
Book value per share and adjusted book value per share both increased 1% in the second quarter of 2023 and increased 5% and 6% in the first six months ended June 30, 2023, including dividends.
Manning Rountree, CEO, commented, “ABVPS was up 1% in the quarter. BAM generated $26 million of total gross written premiums and member surplus contributions in the quarter; year over year primary market issuance is down, while pricing is up. Ark produced an 89% combined ratio and grew premiums 50% year over year, including risk adjusted rate change of 21%. Kudu grew annualized adjusted EBITDA to $43 million and closed one new deployment in the quarter. MediaAlpha’s share price declined in the quarter, reducing ABVPS by 2%. Excluding MediaAlpha, the investment portfolio was up 3% in the quarter, with nice gains in both equities and fixed income. Following our successful tender offer for MediaAlpha shares during the quarter, undeployed capital now stands at roughly $680 million.”
The company noted, “Comprehensive income [loss] attributable to common shareholders was $21 million and $201 million in the second quarter and first six months of 2023 compared to $[174] million and $[143] million in the second quarter and first six months of 2022. Results in the second quarter and first six months of 2023 included $[77] million and $8 million of unrealized investment gains [losses] from White Mountains’s investment in MediaAlpha compared to $[114] million and $[95] million in the second quarter and first six months of 2022.”
