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White Mountains Insurance Group (WTM) investor relations material
White Mountains Insurance Group Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Book value per share decreased 1% to $2,170 in Q1 2026, including dividends, mainly due to a decline in MediaAlpha share price despite solid operating business results.
Comprehensive loss attributable to common shareholders was $27 million in Q1 2026 versus income of $35 million in Q1 2025.
Solid operating results in core businesses were offset by significant unrealized losses in MediaAlpha.
Notable capital deployments included $125 million into Bishop Street and two new acquisitions in Q2 2026, leaving undeployed capital at $0.8 billion.
Financial highlights
Total revenues were $518 million in Q1 2026, down from $578 million in Q1 2025.
Net loss attributable to common shareholders was $27 million in Q1 2026, compared to net income of $34 million in Q1 2025.
Basic and diluted EPS were $(12.59) in Q1 2026 versus $13.19 in Q1 2025.
Total consolidated portfolio return was 0.2% in Q1 2026 (1.0% excluding MediaAlpha), compared to 1.7% in Q1 2025 (2.3% excluding MediaAlpha).
Dividends paid per share were $1.00 in both Q1 2026 and Q1 2025.
Outlook and guidance
Management expects continued solid performance from operating businesses but notes ongoing risk from MediaAlpha share price volatility and exposure to the war in Iran.
Management sees opportunities for profitable growth in Ark despite softening market conditions.
Kudu maintains an active deal pipeline and expects continued resilience despite market volatility.
Distinguished continues to invest in technology and talent to drive organic growth.
No material changes to previously disclosed risk factors.
- 25% book value growth, strong governance, and shareholder-focused compensation drive results.WTM
Proxy filing1 Apr 2026 - Book value per share jumped 25% in 2025, fueled by the Bamboo sale and strong operating results.WTM
Q4 20256 Feb 2026 - ABVPS up 14% in 2023, with robust business results and new diversification initiatives.WTM
Investor Day 20241 Feb 2026 - Strong 2024 results, board refreshment, and performance-driven pay highlight this proxy.WTM
Proxy Filing2 Dec 2025 - Book value per share up 8% in 2024, with strong results and new investments driving growth.WTM
Investor Day 202520 Nov 2025 - Book value per share up 3% in Q3; Bamboo sale to add $325/share and boost capital.WTM
Q3 20256 Nov 2025 - Book value per share increased 3% to $1,804, driven by strong segment and investment results.WTM
Q2 20257 Aug 2025 - Q2 net loss driven by MediaAlpha, but core segments delivered strong growth.WTM
Q2 202416 Jun 2025 - Book value per share up 4% in Q3, with strong segment results and BAM deconsolidation impact.WTM
Q3 202413 Jun 2025
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