White Mountains shares results for Q2 2024

White Mountains shares results for Q2 2024 | Insurance Business America

Insurance News

White Mountains shares results for Q2 2024

It reported a 1% decrease in its book value per share and adjusted book value per share

Insurance News

By
Abigail Adriatico

White Mountains Insurance Group, Ltd. has shared its financial results for the second quarter of 2024. The firm’s book value per share was $1,722, while its adjusted book value per share (ABVPS) was $1,777.

The numbers showed a 1% decrease for both metrics in the second quarter while it was a 4% increase in the first half of the year, which also included the dividends.

According to the White Mountains CEO Manning Rountree, the 1% decrease was because of the insurer’s investment in MediaAlpha. If this was excluded, the ABVPS would see a 2% increase as the firm saw solid results in its operating companies as well as 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,” said Rountree.

“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,” he said.

White Mountains’ comprehensive income (loss) attributed to common shareholders was at $55 million in Q2 2024 and $182 million in the first half of 2024. In the previous year, the number was at $21 million and $201 million, respectively.

Meanwhile, the firm saw $139 million and $72 million of net realized and unrealized investment gains (losses) from its investment in MediaAlpha in the second quarter and the first half of 2024, respectively. Last year, this was at $77 million and $8 million, respectively.

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