HAMILTON, Bermuda, May 2, 2016 /PRNewswire/ -- White Mountains
Insurance Group, Ltd. (NYSE: WTM) reported an adjusted book value
per share of $704 at March 31, 2016, up 0.9% for the quarter,
including dividends. Adding the estimated gain of
$90 per share for the Sirius Group
sale, which closed in April, adjusted book value per share is
approximately $794.
Ray Barrette, Chairman and CEO,
commented, "The year is off to a great start. Both the Sirius
Group and Symetra transactions have closed, OneBeacon reported a
solid 95% combined ratio, investments were up, BAM/HG Global
continues to grow, and most of our insurance services businesses
are building value. Including April, we have repurchased
nearly 600,000 shares of White Mountains at good prices. As
of today, we have about $2 billion of
capital that is undeployed. Looking forward, we expect to
gradually return capital to shareholders while exploring new
investment opportunities."
Adjusted comprehensive income was $50
million in the first quarter of 2016, compared to adjusted
comprehensive loss of $3 million in
the first quarter of last year. Net income attributable to
common shareholders was $13 million
in the first quarter of 2016, compared to $84 million in the first quarter of last
year.
OneBeacon
OneBeacon's book value per share increased 4.4% for the first
quarter of 2016, including dividends. OneBeacon's GAAP
combined ratio was 95% for both the first quarter of 2016 and the
first quarter of last year. In the first quarter of 2016,
OneBeacon completed the termination of its qualified pension plan
and fully eliminated the associated liabilities from its balance
sheet, resulting in an after-tax loss of less than $1 million. The results for the first
quarter of 2016 also included a $13
million tax benefit related to the settlement of the IRS
examination for the tax years 2007-2009.
Mike Miller, CEO of OneBeacon,
said, "The year is off to a good start, with 4.4% growth in book
value and a 95% GAAP combined ratio. Premium growth has been
challenging, particularly in our more mature businesses, as we
maintain underwriting discipline in an increasingly competitive
market."
Net written premiums were $280
million in the first quarter of 2016, a decrease of 2% from
the comparable period of last year. During 2015, OneBeacon
exited its lawyers liability and crop businesses and non-renewed an
affiliated reinsurance treaty, which resulted in reductions of net
written premiums that totaled $9
million in the first quarter of 2015. Excluding the
impact of these exited businesses, net written premiums in the
first quarter of 2016 decreased by 5% compared to the first quarter
of last year.
HG Global/BAM
In the first quarter of 2016, BAM insured $2.2 billion of municipal bonds, $2.1 billion of which were in the primary
market. Including policies bound in the first quarter of
2016 for municipal bond deals that will close in the second quarter
of 2016, BAM guaranteed $2.6 billion
of municipal bonds. As of March 31,
2016, BAM's total claims paying resources were $607 million on total par insured of $24.6 billion. Total claims paying
resources increased $6 million from
December 31, 2015.
Bob Cochran, Chairman of BAM,
said, "Demand for municipal bond insurance was solid to start the
year, as increasing demand from institutional buyers of municipal
bonds offset the negative impact from a decline in interest
rates. BAM insured more new-issue transactions than any other
insurer during the first quarter, and guaranteed $2.6 billion of municipal bonds, up 3% from the
same period a year ago even as total municipal bond volume fell
7%. The increased interest from institutional investors, who
prefer larger, more liquid issues, helped drive BAM's average
transaction size up 8%. BAM Credit Profiles - the summaries
we publish for every transaction we insure and update annually -
continued to distinguish us in the market. The Credit
Profiles drive investor demand for BAM-insured bonds and increase
the value added for municipal issuer members. We have now
published more than 2,700 Credit Profiles, and BAM's web site
recorded a 41% year-over-year increase in download activity."
HG Global reported pre-tax income of $7
million in the first quarter of 2016, compared to pre-tax
income of $6 million in the first
quarter of last year. White Mountains reported $8 million of GAAP pre-tax loss related to BAM in
the first quarter of 2016, compared to GAAP pre-tax loss of
$9 million in the first quarter of
last year. BAM's affairs are managed on a statutory
accounting basis, and it does not report stand-alone GAAP financial
results. BAM's statutory net loss was $8 million in both the first quarter of 2016 and
the first quarter of last year. As a mutual insurance company
that is owned by its members, BAM's results do not affect White
Mountains's adjusted book value per share.
However, White Mountains is required to consolidate BAM's
results in its GAAP financial statements and its results are
attributed to non-controlling interests.
Other Operations
White Mountains's Other Operations segment reported pre-tax loss
of $26 million in the first quarter
of 2016, compared to $24 million in
the first quarter of last year. The increase was driven by
increased incentive compensation expenses and lower investment
returns in the segment, mostly offset by lower pre-tax losses from
insurance service businesses and WM Life Re. White
Mountains's Other Operations segment reported net realized and
unrealized investment gains of $6
million in the first quarter of 2016, compared to
$7 million in the first quarter of
last year, which included an $7
million write-off of the investment in TaCerto. WM
Life Re reported pre-tax loss of $1
million in the first quarter of 2016, compared to
$5 million in the first quarter of
last year. WM Life Re is in runoff, and all of its contracts
will mature by June 30, 2016.
Share Repurchases
For the first quarter of 2016, White Mountains repurchased and
retired 228,688 of its common shares for $173 million at an average share price of
$755.36, or approximately 107% of
White Mountains's March 31, 2016
adjusted book value per share. The average share price paid
was approximately 95% of White Mountains's March 31, 2016 adjusted book value per share
including the estimated gain from the Sirius Group transaction.
In April 2016, White Mountains
repurchased and retired 356,423 of its common shares for
$287 million at an average share
price of $806.52, or approximately
114% of White Mountains's March 31,
2016 adjusted book value per share. The average share
price paid was approximately 102% of White Mountains's March 31, 2016 adjusted book value per share
including the estimated gain from the Sirius Group transaction.
Investment Activities
The GAAP total return on invested assets was 1.5% for the first
quarter of 2016, which included 0.3% of currency gains, compared to
a return of -0.1% for the first quarter of 2015, which included
1.0% of currency losses.
Reid Campbell, President of White
Mountains Advisors, said, "The total portfolio was up 1.5% for the
quarter, as returns were boosted by falling interest rates and
currency gains from a general weakening in the U.S. dollar.
In local currencies, the total portfolio was up 1.2%. The
fixed income portfolio was up 1.2%, which was behind the longer
duration Barclays Intermediate Aggregate Index. Reflecting
the addition of the proceeds from the sale of Symetra, fixed income
duration dropped from 2.2 years at the beginning of the quarter to
2.0 years at quarter end. The risk asset portfolio was up
1.3% for the quarter, which was in line with the S&P 500.
Risk assets dropped from 23% of the total portfolio at the
beginning of the quarter to 14% at quarter end, again reflecting
the impact of the sale of Symetra. We took advantage of the
equity market pullback in January and February to begin averaging
back into equities, adding roughly $80
million of broad market ETFs near the market lows. We
sold a similar amount of ETFs later in March after equity markets
had recovered."
Sirius Group
On April 18, 2016, White Mountains
completed the sale of Sirius International Insurance Group, Ltd.,
("Sirius Group") to CM International Holding Pte. Ltd., the
Singapore-based investment arm of
China Minsheng Investment Corp., Ltd. ("CMI"). The gross
estimated purchase price paid at the closing was $2.6 billion. Approximately $160 million of this amount was used to purchase
out of Sirius Group certain assets to be retained by White
Mountains, including shares of OneBeacon. The transaction is
estimated to result in a gain of approximately $90 to White Mountains's adjusted book value per
share in the second quarter of 2016. As a result of the
transaction, Sirius Group's results have been reported as
discontinued operations within White Mountains's GAAP financial
statements. Sirius Group's results inured to White Mountains
through the closing date of the transaction.
Sirius Group's GAAP combined ratio was 93% for the first quarter
of 2016, compared to 81% for the first quarter last year. The
increase in the combined ratio reflected a loss ratio that was 9
points higher than the first quarter of last year, driven by
increased catastrophe and large loss activity.
Additional Information
White Mountains is a Bermuda-domiciled financial services holding
company traded on the New York Stock Exchange and the Bermuda Stock
Exchange under the symbol WTM. Additional financial
information and other items of interest are available at the
company's website located at www.whitemountains.com. White
Mountains expects to file its Form 10-Q today with the Securities
and Exchange Commission and urges shareholders to refer to that
document for more complete information concerning its financial
results.
Regulation G
This earnings release includes two non-GAAP financial measures
that have been reconciled to their most comparable GAAP financial
measures. White Mountains believes these measures to be more
relevant than comparable GAAP measures in evaluating White
Mountains's financial performance.
Adjusted book value per share is a non-GAAP financial measure
which is derived by expanding the calculation of GAAP book value
per share to exclude equity in net unrealized gains (losses) from
Symetra's fixed maturity portfolio, net of applicable taxes, for
periods that White Mountains accounted for its investment in
Symetra under the equity method. White Mountains accounted
for its investment in Symetra under the equity method until
November 5, 2015, when it changed its
accounting to fair value. In addition, the number of common
shares outstanding used in the calculation of adjusted book value
per White Mountains's common share are adjusted to exclude unearned
restricted common shares, the compensation cost of which, at the
date of calculation, has yet to be amortized. The
reconciliation of adjusted book value per share to GAAP book value
per share is included on page 7.
Adjusted comprehensive income (loss) is a non-GAAP financial
measure that, for periods that White Mountains accounted for its
investment in Symetra under the equity method, excludes the change
in equity in net unrealized gains (losses) from Symetra's fixed
maturity portfolio, net of applicable taxes, from comprehensive
income (loss) attributable to White Mountains's common
shareholders. The reconciliation of adjusted comprehensive
income (loss) to GAAP comprehensive income (loss) attributable to
White Mountains's common shareholders is included on page 8.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This earnings release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical
facts, included or referenced in this release which address
activities, events or developments which White Mountains expects or
anticipates will or may occur in the future are forward-looking
statements. The words "will", "believe", "intend", "expect",
"anticipate", "project", "estimate", "predict" and similar
expressions are also intended to identify forward-looking
statements. These forward-looking statements include, among
others, statements with respect to White Mountains's:
- change in adjusted book value per share or return on
equity;
- business strategy;
- financial and operating targets or plans;
- incurred loss and loss adjustment expenses and the adequacy of
its loss and loss adjustment expense reserves and related
reinsurance;
- projections of revenues, income (or loss), earnings (or loss)
per share, dividends, market share or other financial
forecasts;
- expansion and growth of its business and operations; and
- future capital expenditures.
These statements are based on certain assumptions and analyses
made by White Mountains in light of its experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors believed to be appropriate
in the circumstances. However, whether actual results and
developments will conform to its expectations and predictions is
subject to a number of risks and uncertainties that could cause
actual results to differ materially from expectations,
including:
- the risks that are described from time to time in White
Mountains's filings with the Securities and Exchange Commission,
including but not limited to White Mountains's Annual Report on
Form 10-K for the fiscal year ended December
31, 2015 filed February 29,
2016;
- claims arising from catastrophic events, such as hurricanes,
earthquakes, floods, fires, terrorist attacks or severe winter
weather;
- the continued availability of capital and financing;
- general economic, market or business conditions;
- business opportunities (or lack thereof) that may be presented
to it and pursued;
- competitive forces, including the conduct of other property and
casualty insurers and reinsurers;
- changes in domestic or foreign laws or regulations, or their
interpretation, applicable to White Mountains, its competitors or
its customers;
- an economic downturn or other economic conditions adversely
affecting its financial position;
- recorded loss reserves subsequently proving to have been
inadequate;
- actions taken by ratings agencies from time to time, such as
financial strength or credit ratings downgrades or placing ratings
on negative watch; and
- other factors, most of which are beyond White Mountains's
control.
Consequently, all of the forward-looking statements made in this
earnings release are qualified by these cautionary statements, and
there can be no assurance that the actual results or developments
anticipated by White Mountains will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, White Mountains or its business or
operations. White Mountains assumes no obligation to publicly
update any such forward-looking statements, whether as a result of
new information, future events or otherwise.
CONTACT: David Foy
(203) 458-5850
WHITE MOUNTAINS
INSURANCE GROUP, LTD.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
Assets
|
|
|
|
|
|
|
Fixed maturity
investments
|
|
$
|
2,613.2
|
|
|
$
|
2,639.7
|
|
|
$
|
2,448.2
|
|
Short-term
investments
|
|
261.7
|
|
|
211.3
|
|
|
453.7
|
|
Common equity
securities
|
|
443.0
|
|
|
1,113.9
|
|
|
597.5
|
|
Other long-term
investments
|
|
321.8
|
|
|
315.8
|
|
|
329.6
|
|
Total
investments
|
|
3,639.7
|
|
|
4,280.7
|
|
|
3,829.0
|
|
|
|
|
|
|
|
|
Cash
|
|
178.8
|
|
|
179.3
|
|
|
209.3
|
|
Reinsurance
recoverable on paid and unpaid losses
|
|
167.5
|
|
|
194.0
|
|
|
160.0
|
|
Insurance premiums
receivable
|
|
234.3
|
|
|
223.3
|
|
|
259.4
|
|
Investments in
unconsolidated affiliates
|
|
—
|
|
|
—
|
|
|
450.8
|
|
Deferred acquisition
costs
|
|
109.8
|
|
|
107.6
|
|
|
110.2
|
|
Deferred tax
asset
|
|
133.6
|
|
|
112.8
|
|
|
112.5
|
|
Ceded unearned
insurance premiums
|
|
36.3
|
|
|
29.5
|
|
|
19.3
|
|
Accounts receivable
on unsettled investment sales
|
|
4.5
|
|
|
41.9
|
|
|
10.8
|
|
Goodwill and
intangible assets
|
|
371.5
|
|
|
375.7
|
|
|
347.4
|
|
Other
assets
|
|
300.3
|
|
|
330.8
|
|
|
311.7
|
|
Assets held for
sale
|
|
5,215.5
|
|
|
4,407.0
|
|
|
4,685.3
|
|
Total
assets
|
|
$
|
10,391.8
|
|
|
$
|
10,282.6
|
|
|
$
|
10,505.7
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Loss and loss
adjustment expense reserves
|
|
$
|
1,349.6
|
|
|
$
|
1,395.8
|
|
|
$
|
1,310.6
|
|
Unearned insurance
premiums
|
|
626.5
|
|
|
612.6
|
|
|
624.3
|
|
Debt
|
|
532.6
|
|
|
440.5
|
|
|
344.3
|
|
Ceded reinsurance
payable
|
|
31.8
|
|
|
30.5
|
|
|
39.4
|
|
Funds held under
insurance contracts
|
|
134.9
|
|
|
137.8
|
|
|
92.9
|
|
Accounts payable on
unsettled investment purchases
|
|
6.9
|
|
|
—
|
|
|
47.5
|
|
Other
liabilities
|
|
351.1
|
|
|
413.4
|
|
|
342.2
|
|
Liabilities held for
sale
|
|
3,121.1
|
|
|
2,884.0
|
|
|
3,164.7
|
|
Total
liabilities
|
|
6,154.5
|
|
|
5,914.6
|
|
|
5,965.9
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
White Mountains's
common shareholders' equity
|
|
|
|
|
|
|
White Mountains's
common shares and paid-in surplus
|
|
938.9
|
|
|
978.2
|
|
|
1,038.7
|
|
Retained
earnings
|
|
2,959.6
|
|
|
3,084.9
|
|
|
3,080.8
|
|
Accumulated other
comprehensive income (loss), after tax:
|
|
|
|
|
|
|
Equity in net
unrealized gains from investments in Symetra common
shares
|
|
—
|
|
|
—
|
|
|
63.8
|
|
Net unrealized
foreign currency translation losses
|
|
(108.3)
|
|
|
(145.6)
|
|
|
(167.6)
|
|
Pension liability and
other
|
|
(4.3)
|
|
|
(4.3)
|
|
|
(4.4)
|
|
Total White
Mountains's common shareholders' equity
|
|
3,785.9
|
|
|
3,913.2
|
|
|
4,011.3
|
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
|
|
|
|
|
Non-controlling
interest - OneBeacon Ltd.
|
|
243.4
|
|
|
245.6
|
|
|
258.8
|
|
Non-controlling
interest - SIG Preference Shares
|
|
250.0
|
|
|
250.0
|
|
|
250.0
|
|
Non-controlling
interest - mutuals and reciprocals
|
|
(156.9)
|
|
|
(156.0)
|
|
|
(140.5)
|
|
Non-controlling
interest - other
|
|
114.9
|
|
|
115.2
|
|
|
160.2
|
|
Total
non-controlling interests
|
|
451.4
|
|
|
454.8
|
|
|
528.5
|
|
Total
equity
|
|
4,237.3
|
|
|
4,368.0
|
|
|
4,539.8
|
|
Total liabilities
and equity
|
|
$
|
10,391.8
|
|
|
$
|
10,282.6
|
|
|
$
|
10,505.7
|
|
WHITE MOUNTAINS
INSURANCE GROUP, LTD.
BOOK VALUE AND
ADJUSTED BOOK VALUE PER SHARE
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
Book value per
share numerators (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
White Mountains's
common shareholders' equity - book value per share numerator (1)
|
|
$
|
3,785.9
|
|
|
$
|
3,913.2
|
|
|
$
|
4,011.3
|
|
Equity in net
unrealized losses from Symetra's fixed maturity portfolio, net of applicable
taxes
|
|
—
|
|
|
—
|
|
|
(63.8)
|
|
Adjusted book value
per share numerator (1)
|
|
$
|
3,785.9
|
|
|
$
|
3,913.2
|
|
|
$
|
3,947.5
|
|
|
|
|
|
|
|
|
Book value per
share denominators (in thousands of shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding - book value per share denominator
(1)
|
|
5,415.5
|
|
|
5,623.7
|
|
|
5,991.6
|
|
Unearned restricted
common shares
|
|
(41.1)
|
|
|
(25.0)
|
|
|
(43.4)
|
|
Adjusted book value
per share denominator (1)
|
|
5,374.4
|
|
|
5,598.7
|
|
|
5,948.2
|
|
|
|
|
|
|
|
|
Book value per
share
|
|
$
|
699.10
|
|
|
$
|
695.84
|
|
|
$
|
669.48
|
|
Adjusted book
value per share
|
|
$
|
704.45
|
|
|
$
|
698.95
|
|
|
$
|
663.64
|
|
|
|
|
|
|
|
|
(1) Excludes stock options, which are
anti-dilutive to book value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date
growth in adjusted book value per share, including
dividends:
|
|
0.9
|
%
|
|
5.3
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
Dividend per
share
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
Summary of
goodwill and intangible assets (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill:
|
|
|
|
|
|
|
Tranzact
|
|
$
|
163.8
|
|
|
$
|
163.8
|
|
|
$
|
145.1
|
|
MediaAlpha
|
|
18.3
|
|
|
18.3
|
|
|
18.3
|
|
Wobi
|
|
5.8
|
|
|
5.8
|
|
|
5.8
|
|
Total
goodwill
|
|
187.9
|
|
|
187.9
|
|
|
169.2
|
|
|
|
|
|
|
|
|
Intangible
assets:
|
|
|
|
|
|
|
Tranzact
|
|
151.1
|
|
|
156.1
|
|
|
138.5
|
|
MediaAlpha
|
|
25.8
|
|
|
24.4
|
|
|
30.5
|
|
Other
|
|
6.7
|
|
|
7.3
|
|
|
9.2
|
|
Total intangible
assets
|
|
183.6
|
|
|
187.8
|
|
|
178.2
|
|
|
|
|
|
|
|
|
Total goodwill and
intangible assets
|
|
371.5
|
|
|
375.7
|
|
|
347.4
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets attributed to non-controlling
interests
|
|
(134.4)
|
|
|
(135.8)
|
|
|
(128.7)
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets included in adjusted book value
|
|
$
|
237.1
|
|
|
$
|
239.9
|
|
|
$
|
218.7
|
|
WHITE MOUNTAINS
INSURANCE GROUP, LTD.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(millions, except
per share amounts)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
Earned insurance
premiums
|
|
$
|
282.1
|
|
|
$
|
289.3
|
|
Net investment
income
|
|
17.9
|
|
|
12.6
|
|
Net realized and
unrealized investment gains
|
|
29.5
|
|
|
25.0
|
|
Other
revenue
|
|
97.6
|
|
|
64.9
|
|
|
|
|
|
|
Total
revenues
|
|
427.1
|
|
|
391.8
|
|
Expenses:
|
|
|
|
|
Loss and loss
adjustment expenses
|
|
161.1
|
|
|
167.9
|
|
Insurance and
reinsurance acquisition expenses
|
|
52.7
|
|
|
53.0
|
|
Other underwriting
expenses
|
|
55.4
|
|
|
56.0
|
|
General and
administrative expenses
|
|
132.4
|
|
|
103.2
|
|
Amortization of
intangible assets
|
|
8.1
|
|
|
6.9
|
|
Interest
expense
|
|
5.9
|
|
|
4.3
|
|
|
|
|
|
|
Total
expenses
|
|
415.6
|
|
|
391.3
|
|
|
|
|
|
|
Pre-tax income
(loss) from continuing operations
|
|
11.5
|
|
|
.5
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
8.7
|
|
|
(4.6)
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
20.2
|
|
|
(4.1)
|
|
|
|
|
|
|
Net (loss) income
from discontinued operations, net of tax
|
|
(.9)
|
|
|
73.8
|
|
|
|
|
|
|
Income before
equity in earnings of unconsolidated affiliates
|
|
19.3
|
|
|
69.7
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates, net of tax
|
|
—
|
|
|
7.3
|
|
|
|
|
|
|
Net
income
|
|
19.3
|
|
|
77.0
|
|
Net (income) loss
attributable to non-controlling interests
|
|
(6.3)
|
|
|
7.3
|
|
|
|
|
|
|
Net income
attributable to White Mountains's common
shareholders
|
|
13.0
|
|
|
84.3
|
|
|
|
|
|
|
Comprehensive
income, net of tax:
|
|
|
|
|
Change in equity in
net unrealized gains from investments in Symetra common shares, net
of tax
|
|
—
|
|
|
28.9
|
|
Change in foreign
currency translation and pension liability
|
|
.1
|
|
|
—
|
|
Change in foreign
currency translation and other items from discontinued
operations
|
|
37.2
|
|
|
(87.6)
|
|
|
|
|
|
|
Comprehensive
income
|
|
50.3
|
|
|
25.6
|
|
Other comprehensive
loss attributable to non-controlling interests
|
|
—
|
|
|
—
|
|
Comprehensive
income attributable to White Mountains's common
shareholders
|
|
50.3
|
|
|
25.6
|
|
|
|
|
|
|
Change in equity in
net unrealized gains from Symetra's fixed maturity portfolio, net
of applicable taxes
|
|
—
|
|
|
(28.9)
|
|
|
|
|
|
|
Adjusted
comprehensive income (loss)
|
|
$
|
50.3
|
|
|
$
|
(3.3)
|
|
|
|
|
|
|
Income (loss) per
share attributable to White Mountains's common
shareholders
|
|
|
|
|
Basic income
(loss) per share
|
|
|
|
|
Continuing
operations
|
|
$
|
2.51
|
|
|
$
|
1.76
|
|
Discontinued
operations
|
|
(.17)
|
|
|
12.33
|
|
Total consolidated
operations
|
|
$
|
2.34
|
|
|
$
|
14.09
|
|
|
|
|
|
|
Diluted income
(loss) per share
|
|
|
|
|
Continuing
operations
|
|
$
|
2.51
|
|
|
$
|
1.76
|
|
Discontinued
operations
|
|
(.17)
|
|
|
12.33
|
|
Total consolidated
operations
|
|
$
|
2.34
|
|
|
$
|
14.09
|
|
|
|
|
|
|
WHITE MOUNTAINS
INSURANCE GROUP, LTD.
YTD SEGMENT
STATEMENTS OF PRE-TAX INCOME (LOSS)
(millions)
(Unaudited)
|
|
|
|
|
|
|
|
|
For the Three
Ended March 31, 2016
|
|
|
HG
Global/BAM
|
|
|
|
|
|
OneBeacon
|
|
HG
Global
|
|
BAM
|
|
Other
|
|
Total
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Earned insurance
premiums
|
$
|
278.6
|
|
|
$
|
.9
|
|
|
$
|
.3
|
|
|
$
|
2.3
|
|
|
$
|
282.1
|
|
Net investment
income
|
14.4
|
|
|
.5
|
|
|
1.6
|
|
|
1.4
|
|
|
17.9
|
|
Net investment income
(loss) - surplus note interest
|
—
|
|
|
4.5
|
|
|
(4.5)
|
|
|
—
|
|
|
—
|
|
Net realized and
unrealized investment gains
|
16.6
|
|
|
2.1
|
|
|
4.9
|
|
|
5.9
|
|
|
29.5
|
|
Other
revenue
|
.9
|
|
|
—
|
|
|
.1
|
|
|
96.6
|
|
|
97.6
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
310.5
|
|
|
8.0
|
|
|
2.4
|
|
|
106.2
|
|
|
427.1
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Loss and loss
adjustment expenses
|
158.8
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
161.1
|
|
Insurance and
reinsurance acquisition expenses
|
51.0
|
|
|
.2
|
|
|
.7
|
|
|
.8
|
|
|
52.7
|
|
Other underwriting
expenses
|
55.3
|
|
|
—
|
|
|
.1
|
|
|
—
|
|
|
55.4
|
|
General and
administrative expenses
|
3.6
|
|
|
.5
|
|
|
9.2
|
|
|
119.1
|
|
|
132.4
|
|
Amortization of
intangible assets
|
.3
|
|
|
—
|
|
|
—
|
|
|
7.8
|
|
|
8.1
|
|
Interest
expense
|
3.3
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
272.3
|
|
|
.7
|
|
|
10.0
|
|
|
132.6
|
|
|
415.6
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
(loss)
|
$
|
38.2
|
|
|
$
|
7.3
|
|
|
$
|
(7.6)
|
|
|
$
|
(26.4)
|
|
|
$
|
11.5
|
|
For the Three Months
Ended March 31, 2015
|
|
|
|
HG
Global/BAM
|
|
|
|
|
|
|
OneBeacon
|
|
HG
Global
|
|
BAM
|
|
Other
|
|
Total
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Earned insurance
premiums
|
|
$
|
286.6
|
|
|
$
|
.5
|
|
|
$
|
.2
|
|
|
$
|
2.0
|
|
|
$
|
289.3
|
|
Net investment
income
|
|
10.5
|
|
|
.4
|
|
|
1.0
|
|
|
.7
|
|
|
12.6
|
|
Net investment income
(loss) - surplus note interest
|
|
—
|
|
|
4.0
|
|
|
(4.0)
|
|
|
—
|
|
|
—
|
|
Net realized and
unrealized investment gains
|
|
14.2
|
|
|
1.1
|
|
|
3.0
|
|
|
6.7
|
|
|
25.0
|
|
Other (loss)
revenue
|
|
(3.1)
|
|
|
—
|
|
|
.1
|
|
|
67.9
|
|
|
64.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
308.2
|
|
|
6.0
|
|
|
.3
|
|
|
77.3
|
|
|
391.8
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Loss and loss
adjustment expenses
|
|
165.9
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
167.9
|
|
Insurance and
reinsurance acquisition expenses
|
|
51.0
|
|
|
.1
|
|
|
.8
|
|
|
1.1
|
|
|
53.0
|
|
Other underwriting
expenses
|
|
55.9
|
|
|
—
|
|
|
.1
|
|
|
—
|
|
|
56.0
|
|
General and
administrative expenses
|
|
3.8
|
|
|
.4
|
|
|
8.2
|
|
|
90.8
|
|
|
103.2
|
|
Amortization of
intangible assets
|
|
.3
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
6.9
|
|
Interest
expense
|
|
3.2
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
expenses
|
|
280.1
|
|
|
.5
|
|
|
9.1
|
|
|
101.6
|
|
|
391.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income
(loss)
|
|
$
|
28.1
|
|
|
$
|
5.5
|
|
|
$
|
(8.8)
|
|
|
$
|
(24.3)
|
|
|
$
|
.5
|
|
WHITE MOUNTAINS
INSURANCE GROUP, LTD.
SELECTED FINANCIAL
DATA
(Dollars in
millions)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
March 31,
|
OneBeacon
|
|
2016
|
|
2015
|
GAAP
Ratios
|
|
|
|
|
Loss and
LAE
|
|
57
|
%
|
|
58
|
%
|
Expense
|
|
38
|
%
|
|
37
|
%
|
Combined
|
|
95
|
%
|
|
95
|
%
|
|
|
|
|
|
Net written
premiums
|
|
$
|
280.1
|
|
|
$
|
287.1
|
|
Earned
premiums
|
|
$
|
278.6
|
|
|
$
|
286.6
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
BAM
|
|
2016
|
|
2015
|
Gross par value of
primary market policies priced
|
|
$
|
2,511.4
|
|
|
$
|
2,439.8
|
|
Gross par value of
secondary market policies priced
|
|
93.1
|
|
|
85.7
|
|
Total gross par value
of market policies priced
|
|
$
|
2,604.5
|
|
|
$
|
2,525.5
|
|
Gross par value of
primary and
secondary market policies issued
|
|
$
|
2,178.6
|
|
|
$
|
2,103.9
|
|
Gross written
premiums
|
|
$
|
6.8
|
|
|
$
|
4.2
|
|
Member surplus
contributions collected
|
|
$
|
6.7
|
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
March 31,
2016
|
|
As
of
December 31,
2015
|
Policyholders'
surplus
|
|
$
|
433.4
|
|
|
$
|
437.2
|
|
Contingency
reserve
|
|
14.8
|
|
|
12.4
|
|
Qualified statutory
capital
|
|
448.2
|
|
|
449.6
|
|
Net unearned
premiums
|
|
14.0
|
|
|
12.5
|
|
Present value of
future installment premiums
|
|
2.7
|
|
|
2.6
|
|
Collateral
trusts
|
|
142.2
|
|
|
136.6
|
|
Claims paying
resources
|
|
$
|
607.1
|
|
|
$
|
601.3
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
HG
Global
|
|
2016
|
|
2015
|
Net written
premiums
|
|
$
|
5.1
|
|
|
$
|
3.2
|
|
Earned
premiums
|
|
$
|
.9
|
|
|
$
|
.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
March 31,
2016
|
|
As
of
December 31,
2015
|
Unearned
premiums
|
|
$
|
42.2
|
|
|
$
|
38.0
|
|
Deferred acquisition
costs
|
|
$
|
8.7
|
|
|
$
|
7.9
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/white-mountains-reports-adjusted-book-value-per-share-of-704-300260623.html
SOURCE White Mountains Insurance Group, Ltd.