White Mountains Insurance Group (WTM) Q4 2025 earnings summary

Executive summary

• Book value per share rose 18% in Q4 and 25% for the year, reaching $2,188, driven by the Bamboo sale and strong operating results.

• Comprehensive income attributable to shareholders was $837M in Q4 and $1,109M for the year, up from losses in Q4 2024.

• Major one-time gain of $816M from the Bamboo transaction, with $320 per share impact on BVPS in 2025.

• Share repurchases totaled $190M in Q4, with undeployed capital at $1B post-distribution.

Financial highlights

• Net income attributable to shareholders was $836M in Q4 and $1,106M for the year, compared to a loss of $130M and income of $230M in 2024.

• Basic EPS was $327.23 in Q4 and $430.14 for the year, up from $(50.78) and $89.79 in 2024.

• Total revenues were $1.60B in Q4 and $3.74B for the year, up from $358M and $2.24B in 2024.

• Consolidated portfolio return was 2.3% in Q4 and 9.1% for the year; excluding MediaAlpha, 2.0% and 8.9%.

• Book value per share increased to $2,188 at year-end, up from $1,746 a year earlier.

Outlook and guidance

• Ark expects continued opportunities for strong returns in 2026 despite a softening rate environment.

• HG Global anticipates robust municipal market issuance in 2026.

• Kudu remains focused on disciplined portfolio growth and high-quality opportunities in 2026.