White Mountains Report Latest Financial Results
White Mountains Insurance Group, Ltd. reported book value per share of $1,722 and adjusted book value per share of $1,777 as of June 30, 2024.
Book value per share and adjusted book value per share both decreased 1% in the second quarter of 2024 and increased 4% in the first six months of 2024, including dividends.
Manning Rountree, CEO, commented, “ABVPS was down 1% in the quarter, due primarily to our investment in MediaAlpha. Excluding MediaAlpha, ABVPS was up 2%, driven by solid results at our operating companies and good investment returns. Ark produced an 89% combined ratio and $697 million of gross written premiums in the quarter, up 15% year-over-year.
“BAM generated $28 million of total gross written premiums and member surplus contributions in the quarter, up 7% year-over-year due to strong primary market volume. At Kudu, trailing 12 months adjusted EBITDA increased, while the value of the continuing portfolio grew 7%. Bamboo had another strong quarter, once again tripling managed premiums year-over-year and growing adjusted EBITDA. MediaAlpha’s share price declined 35% in the quarter, producing a $139 million loss. Excluding MediaAlpha, investment returns were good on an absolute and relative basis. Undeployed capital now stands at roughly $650 million.”
The spokesperson said, “Comprehensive income [loss] attributable to common shareholders was $[55] million and $182 million in the second quarter and first six months of 2024 compared to $21 million and $201 million in the second quarter and first six months of 2023. Results in the second quarter and first six months of 2024 included $[139] million and $72 million of net realized and unrealized investment gains [losses] from White Mountains’s investment in MediaAlpha compared to $[77] million and $8 million of unrealized investment gains [losses] in the second quarter and first six months of 2023.”
