White Mountains Insurance Group (WTM) Q2 2025 earnings summary

Executive summary

• Book value per share rose 3% in Q2 and H1 2025, reaching $1,804, driven by strong operating results and investment returns, including MediaAlpha gains.

• Net income attributable to common shareholders was $123 million in Q2 and $157 million in H1 2025, up from a loss of $55 million and income of $182 million in the prior year periods.

• Major transactions included the acquisition of Enterprise Solutions, agreement to acquire a majority interest in Distinguished Programs, and closing of BroadStreet Partners.

• Undeployed capital stands at approximately $300 million after recent investments and acquisitions.

• Segment highlights: Ark achieved an 85% combined ratio and 17% premium growth; HG Global set a record for Q2 gross written premiums; Bamboo posted record managed premiums and adjusted EBITDA.

Financial highlights

• Total revenues were $689 million in Q2 2025 (up from $395 million) and $1,267 million in H1 2025 (up from $1,043 million year-over-year).

• Pre-tax income was $177 million in Q2 2025 (vs. a loss of $35 million) and $249 million in H1 2025 (up from $198 million).

• EPS was $47.75 in Q2 2025 (vs. -$21.24) and $60.99 in H1 2025 (vs. $70.93).

• Book value per share increased to $1,804 at June 30, 2025, up from $1,722 a year earlier.

• Total consolidated portfolio return on invested assets was 2.7% in Q2 2025 and 4.5% in H1 2025; excluding MediaAlpha, returns were 2.3% in Q2 and 4.7% in H1.

Outlook and guidance

• Management expects continued strong performance from operating businesses and investment portfolios, with robust growth anticipated in Bamboo and ongoing capital deployment at Kudu.

• The acquisition of Distinguished Programs is expected to close in Q3 2025, further expanding the specialty insurance platform.

• The pipeline for Kudu remains active, and Bamboo expects further expansion in managed premiums and EBITDA.

• No material changes to risk factors or forward-looking statements since the last annual report.