Earnings ·
White Mountains reports Q3 book value per share of $2,243, down 1% as investment losses offset operating gains
WTMWhite Mountains Insurance Group Ltd
White Mountains Insurance Group reported third-quarter results showing book value per share of $2,243, a decrease of 1% for the quarter and an increase of 3% year-to-date including dividends. Comprehensive income attributable to common shareholders was $(39) million in Q3 compared to $114 million in the prior-year period, driven by $(69) million in net realized and unrealized investment losses that offset solid operating performance across its segments. Ark produced a 75% combined ratio with $386 million of gross written premiums, while Kudu grew adjusted EBITDA to $18 million despite lower returns on equity due to rising interest rates. The company also announced an agreement to sell 5.5 million shares of MediaAlpha at $13.90 per share, reducing its ownership stake to 21%. White Mountains is a Bermuda-domiciled financial services holding company with interests in insurance, asset management, and industrial services.