White Mountains Insurance Group (WTM) Q1 2026 earnings summary

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.