White Mountains Insurance Group (WTM) Q4 2024 earnings summary

Executive summary

• Book value per share was $1,746 and adjusted book value per share was $1,834 as of December 31, 2024; both decreased 3% in Q4 but increased 6% and 8% for the year, including dividends.

• Comprehensive income attributable to shareholders was $(131) million in Q4 2024 and $230 million for the year, down from $288 million and $511 million in Q4 and full year 2023.

• Q4 results were impacted by a $122 million mark-to-market loss on MediaAlpha; excluding MediaAlpha, investment returns were down slightly in Q4 but up 6.5% for the year.

• Undeployed capital stands at roughly $700 million, including proceeds from Bamboo's recent debt recap.

Financial highlights

• Net income attributable to shareholders was $(130.4) million in Q4 2024 and $230.4 million for the year, compared to $286.5 million and $509.2 million in Q4 and full year 2023.

• Basic EPS was $(50.78) in Q4 2024 and $89.79 for the year, compared to $111.87 and $198.60 in Q4 and full year 2023.

• Total revenues were $358.0 million in Q4 2024 and $2,239.8 million for the year, compared to $736.8 million and $2,166.7 million in Q4 and full year 2023.

• Total consolidated portfolio return was -2.3% in Q4 2024 and 6.9% for the year; excluding MediaAlpha, returns were -0.4% in Q4 and 6.5% for the year.

Outlook and guidance

• Ark expects continued opportunities for profitable growth in 2025 despite a moderating rate environment.

• Bamboo anticipates continued growth in 2025, with a focus on supporting policyholders affected by California wildfires.

• Ark/WM Outrigger expects California wildfire losses in Q1 2025 to be within planned catastrophe loss levels.