White Mountains Insurance Group, Ltd. (WTM) 10-Year Financial Performance & Capital Metrics

WTM • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceReinsuranceDiversified Reinsurers

AboutWhite Mountains Insurance Group, Ltd., through its subsidiaries, provides insurance and other financial services in the United States. The company operates through five segments: HG Global/BAM, Ark, NSM, Kudu, and Other Operations. The HG Global/BAM segment provides insurance on municipal bonds issued to finance public purposes, such as schools, utilities, and transportation facilities, as well as reinsurance protection services. The Ark segment writes a portfolio of reinsurance and insurance, including property, marine and energy, accident and health, casualty, and specialty products. The NSM segment operates as a managing general agent and program administrator for specialty property and casualty insurance to various sectors comprising specialty transportation, real estate, social services, and pet. The Kudu segment provides capital solutions to boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisitions and growth finances, and legacy partner liquidity, as well as strategic assistance to investees. The Other Operations segment offers insurance solutions to travel industry through broker channel and on a direct-to-consumer basis; and manages separate accounts and pooled investment vehicles for insurance-linked securities sectors, including catastrophe bonds, collateralized reinsurance investments, and industry loss warranties of third-party clients. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.Show more

Revenue $2.35B +8.7%
Combined Ratio 86.55% +17.1%
Net Income $230M -54.8%
Return on Equity 4.75% -60.3%
Medical Cost Ratio 54.42% +16.0%
Operating Margin 13.45% -48.4%
Net Margin 9.79% -58.4%
ROA 2.52% -61.0%
Equity / Assets 51.69% -5.0%
Book Value per Share 2026.46 +12.3%
Tangible BV/Share 1741.98 -3.5%
Debt/Equity 0.11 -11.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 86.5% combined ratio
✓Low loss ratio of 54.4%
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗Profits declining 11.1% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.25%

5Y21.38%

3Y56.48%

TTM-8.92%

Profit (Net Income) CAGR

10Y-2.99%

5Y-11.08%

3Y-

TTM-78.34%

EPS CAGR

10Y5.78%

5Y-7.17%

3Y-

TTM-95.74%

ROCE

10Y Avg2.45%

5Y Avg3.8%

3Y Avg2.88%

Latest3.55%

Peer Comparison

Diversified Reinsurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WTMWhite Mountains Insurance Group, Ltd.	5.11B	2061.92	22.96	8.66%	5.63%	2.45%	11.48%	0.11
AHLASPEN INSURANCE HOLDINGS LTD	3.43B	37.32	7.86	10.46%	14.26%	13.07%	15.68%	0.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	440M	157.7M	373.8M	369.1M	893.4M	895.6M	614.4M	1.16B	2.17B	2.35B
Revenue Growth %	-0.69%	-0.64%	1.37%	-0.01%	1.42%	0%	-0.31%	0.88%	0.87%	0.09%
Medical Costs & Claims+	14.5M	13.6M	5.2M	33.7M	70.5M	82.3M	581.3M	787M	1.02B	1.28B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	425.5M	144.1M	368.6M	335.4M	822.9M	813.3M	33.1M	370.9M	1.15B	1.07B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.12%	-0.66%	1.56%	-0.09%	1.45%	-0.01%	-0.96%	10.21%	2.1%	-0.07%
Operating Expenses+	296.3M	291.4M	360.8M	513.6M	417.8M	152.9M	306.7M	520.3M	584.4M	756.3M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	3.8M	20.4M	22.4M	25.7M	29.8M	9.6M	21.6M	4.3M	-17.8M	-6.4M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	129.2M	-147.3M	7.8M	-178.2M	405.1M	660.4M	-273.6M	-149.4M	565.4M	316.7M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	5.39%	-2.14%	1.05%	-23.85%	3.27%	0.63%	-1.41%	0.45%	4.78%	-0.44%
EBITDA+	133M	-126.9M	30.2M	-152.5M	434.9M	670M	-252M	-145.1M	547.6M	310.3M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.6M	3M	2.3M	9.5M	17.6M	7.4M	20.5M	40.3M	62.7M	60.8M
Non-Operating Income	-1.6M	-3M	-2.3M	-9.5M	-17.6M	-7.4M	-20.5M	-40.3M	-62.7M	-60.8M
Pretax Income+	129.2M	-147.3M	7.8M	-178.2M	405.1M	660.4M	-273.6M	-149.4M	565.4M	316.7M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-12.7M	-32.9M	-7.8M	-4M	29.3M	-14.8M	44.4M	41.4M	-15.5M	32.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	295.2M	401.8M	627.2M	-141.2M	414.5M	708.7M	-275.4M	792.8M	509.2M	230.4M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.05%	0.36%	0.56%	-1.23%	3.94%	0.71%	-1.39%	3.88%	-0.36%	-0.55%
EPS (Diluted)+	50.60	82.19	146.06	-41.76	130.27	227.72	-89.46	276.96	198.63	89.79
EPS Growth %	-0.01%	0.62%	0.78%	-1.29%	4.12%	0.75%	-1.39%	4.1%	-0.28%	-0.55%
EPS (Basic)	50.60	82.24	146.06	-41.76	130.27	227.72	-89.46	276.96	198.63	89.79
Diluted Shares Outstanding	5.88M	5.02M	4.29M	3.34M	3.14M	3.08M	3.04M	2.83M	2.53M	2.53M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	10.28B	6.52B	3.66B	3.36B	3.98B	4.83B	7B	7.39B	8.39B	9.93B
Asset Growth %	-0.02%	-0.37%	-0.44%	-0.08%	0.18%	0.21%	0.45%	0.06%	0.13%	0.18%
Total Investment Assets+	4.27B	2.71B	3.35B	2.54B	2.95B	2.94B	4.26B	5.17B	6.39B	5.29B
Long-Term Investments	4.06B	2.54B	3.17B	2.22B	2.27B	2.15B	2.88B	3.68B	4.39B	4.33B
Short-Term Investments	211.2M	174.9M	176.1M	214.2M	201.2M	142.8M	458.1M	924.1M	1.49B	964.2M
Total Current Assets+	413.7M	324.1M	331.1M	60.3M	0	0	0	0	0	3.05B
Cash & Equivalents	173M	80.2M	97.1M	110.3M	161M	211.2M	147.7M	255M	121.7M	252.3M
Receivables	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-448.7M	-437.6M	-1.54B	-2.38B	-2.67B	0
Goodwill & Intangibles+	55.4M	45.2M	62.1M	537.5M	654.7M	782.4M	340.5M	392.4M	370.6M	720.3M
Goodwill	24.1M	25.9M	25.9M	379.9M	394.7M	0	0	0	0	439.2M
Intangible Assets	187.8M	24.2M	36.2M	157.6M	260M	0	0	0	0	281.1M
PP&E (Net)	0	0	0	0	0	0	0	0	0	32.6M
Other Assets	-3.63B	-2.4B	-3.22B	0	-2.93B	-2.93B	-3.22B	-4.07B	-4.76B	-4.79B
Total Liabilities	5.91B	2.8B	298.4M	644.4M	838.5M	1.01B	3.3B	3.45B	3.82B	4.79B
Total Debt+	337.6M	12.7M	23.8M	192.7M	283.5M	376.4M	639.1M	575.2M	564.6M	562.5M
Net Debt	164.6M	-67.5M	-73.3M	82.4M	122.5M	165.2M	491.4M	320.2M	442.9M	310.2M
Long-Term Debt	337.6M	12.7M	23.8M	192.7M	12.5M	290.1M	420.9M	575.2M	564.6M	562.5M
Short-Term Debt	0	0	0	0	271M	86.3M	218.2M	0	0	0
Total Current Liabilities+	30.5M	108.7M	32.2M	111.4M	0	0	0	0	0	237.6M
Accounts Payable	30.5M	13M	32.2M	104.2M	102.3M	113.4M	424.1M	251.1M	81.1M	237.6M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	-373.3M	-199.7M	-642.3M	-251.1M	-81.1M	0
Deferred Taxes	1000K	0	0	0	0	0	0	0	0	0
Other Liabilities	5.43B	2.68B	182.4M	365.4M	-12.5M	-290.1M	-420.9M	-575.2M	-564.6M	3.99B
Total Equity+	4.37B	3.72B	3.36B	2.72B	3.14B	3.82B	3.7B	3.94B	4.56B	5.13B
Equity Growth %	-0.04%	-0.15%	-0.1%	-0.19%	0.16%	0.21%	-0.03%	0.06%	0.16%	0.12%
Shareholders Equity	3.91B	3.58B	3.49B	2.84B	3.26B	3.91B	3.55B	3.75B	4.24B	4.48B
Minority Interest	454.8M	133.3M	-131.7M	-124.9M	-116.8M	-88.1M	156.6M	188.1M	321.1M	647.3M
Retained Earnings	3.08B	2.78B	2.82B	2.26B	2.67B	3.31B	2.96B	3.21B	3.69B	3.92B
Common Stock	5.6M	4.6M	3.8M	3.2M	3.2M	3.1M	3M	2.6M	2.6M	2.6M
Accumulated OCI	-149.9M	-4.6M	-1.3M	-5.8M	-7.2M	-400K	1.7M	-3.5M	-1.6M	-1.7M
Return on Equity (ROE)	0.07%	0.1%	0.18%	-0.05%	0.14%	0.2%	-0.07%	0.21%	0.12%	0.05%
Return on Assets (ROA)	0.03%	0.05%	0.12%	-0.04%	0.11%	0.16%	-0.05%	0.11%	0.06%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.08x	0.00x	0.01x	0.07x	0.09x	0.10x	0.17x	0.15x	0.12x	0.11x
Book Value per Share	742.68	740.41	782.65	813.25	1001.15	1239.01	1217.65	1392.33	1804.93	2026.46
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	242.5M	-130.6M	-62.4M	-31.1M	-120.5M	-12.8M	98.2M	326.3M	404.1M	586.8M
Operating CF Growth %	1.04%	-1.54%	0.52%	0.5%	-2.87%	0.89%	8.67%	2.32%	0.24%	0.45%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	198.3M	-6.1M	36.1M	-174.2M	414.5M	701.7M	-268.3M	792.8M	509.2M	284.1M
Depreciation & Amortization	-400K	20.4M	22.4M	25.7M	29.8M	0	0	4.3M	-17.8M	-6.4M
Stock-Based Compensation	0	18.5M	0	13M	0	0	0	66.1M	15.3M	0
Deferred Taxes	0	-12.5M	-11.4M	-8.4M	24.8M	0	0	0	0	11.1M
Other Non-Cash Items	44.6M	41.3M	-139M	108.3M	-647.3M	-659.1M	392.5M	-654.7M	-449.3M	-58.5M
Working Capital Changes	0	-192.2M	29.5M	4.5M	57.7M	-55.4M	-26M	117.8M	346.7M	356.5M
Cash from Investing+	-20M	1.28B	715.5M	459.2M	-59.9M	65.5M	-204M	108.4M	-543.9M	-447M
Capital Expenditures	0	-4.3M	0	0	0	0	0	0	0	0
Acquisitions	47M	2.49B	1.1B	-295.2M	-258M	-56.5M	80M	-67.9M	87.1M	-215.6M
Purchase of Investments	0	-4.75B	-3.33B	-1.39B	-746.7M	-648.3M	-1.64B	0	-1.47B	-1.99B
Sale/Maturity of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K
Other Investing	-67M	-134.2M	180.9M	-10.6M	2.1M	-646.7M	634.9M	176.3M	43.7M	200.6M
Cash from Financing+	-205.5M	-948.4M	-637.1M	-414.3M	230.5M	-21.8M	149.2M	-327.4M	7.2M	4.2M
Dividends Paid	-6M	-5.4M	-4.6M	-3.8M	-3.2M	-3.2M	-3.1M	-3M	-2.6M	-2.5M
Share Repurchases	-268.6M	-881.3M	-714.6M	-511.9M	-62.7M	-78.5M	-107.5M	-615.8M	-32.7M	-7.9M
Stock Issued	0	3.7M	0	0	62.7M	0	0	0	0	0
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Other Financing	-17.2M	-13.3M	71.1M	32.7M	50.2M	-20.2M	-21.8M	134.3M	55.8M	16.1M
Net Change in Cash+	-64.5M	-17.4M	16.9M	13.2M	50.7M	696.5M	-709.8M	107.3M	-132.6M	144M
Exchange Rate Effect	0	0	0	-600K	600K	1000K	-1000K	0	0	0
Cash at Beginning	232.7M	77.8M	80.2M	97.1M	110.3M	161M	857.5M	147.7M	255M	122.4M
Cash at End	72M	80.2M	97.1M	110.3M	161M	857.5M	147.7M	255M	122.4M	266.4M
Free Cash Flow+	182.4M	-134.9M	133M	-31.1M	-120.5M	-12.8M	98.2M	326.3M	404.1M	586.8M
FCF Growth %	0.6%	-1.74%	1.99%	-1.23%	-2.87%	0.89%	8.67%	2.32%	0.24%	0.45%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	31.01	-26.88	30.97	-9.3	-38.36	-4.15	32.28	115.46	159.89	231.75

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	70.64%	193.41%	97.91%	148.28%	54.66%	26.26%	144.53%	112.9%	73.91%	86.55%
Medical Cost Ratio	3.3%	8.62%	1.39%	9.13%	7.89%	9.19%	94.61%	67.97%	46.93%	54.42%
Return on Equity (ROE)	6.63%	9.94%	17.73%	-4.65%	14.14%	20.36%	-7.32%	20.75%	11.99%	4.75%
Return on Assets (ROA)	2.85%	4.78%	12.32%	-4.02%	11.29%	16.08%	-4.66%	11.02%	6.46%	2.52%
Equity / Assets	42.48%	56.99%	91.85%	80.84%	78.95%	79.02%	52.92%	53.25%	54.4%	51.69%
Book Value / Share	742.68	740.41	782.65	813.25	1K	1.24K	1.22K	1.39K	1.8K	2.03K
Debt / Equity	0.08x	0.00x	0.01x	0.07x	0.09x	0.10x	0.17x	0.15x	0.12x	0.11x
Revenue Growth	-68.82%	-64.16%	137.03%	-1.26%	142.05%	0.25%	-31.4%	88.46%	87.12%	8.66%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2024
Ark Insurance Holdings Limited	-	-	-	-	-	-	-	637.3M	1.04B	-
Ark Insurance Holdings Limited Growth	-	-	-	-	-	-	-	-	63.72%	-
Kudu Investment Management, LLC	-	-	-	-	-	21.2M	-	134M	118.5M	-
Kudu Investment Management, LLC Growth	-	-	-	-	-	-	-	-	-11.57%	-
Other Entity	-	-	-	-	-53.9M	523.7M	-	-211.1M	76.3M	-
Other Entity Growth	-	-	-	-	-	1071.61%	-	-	136.14%	-
HG Global-BAM	1.8M	3.3M	5.9M	9.4M	13.9M	16.3M	22.8M	26.9M	33.3M	-
HG Global-BAM Growth	-	83.33%	78.79%	59.32%	47.87%	17.27%	39.88%	17.98%	23.79%	-
NSM Insurance Group	-	-	-	-	101.6M	233.1M	285.1M	330.4M	-	-
NSM Insurance Group Growth	-	-	-	-	-	129.43%	22.31%	15.89%	-	-
MediaAlpha	-	-	-	163.2M	297.1M	48.8M	-	-	-	-
MediaAlpha Growth	-	-	-	-	82.05%	-83.57%	-	-	-	-
Other Operations	6.1M	8.7M	7.5M	1M	-	-	781.4M	-	-	-
Other Operations Growth	-	42.62%	-13.79%	-86.67%	-	-	-	-	-	-
Kudu	-	-	-	-	-	-	45.7M	-	-	-
Kudu Growth	-	-	-	-	-	-	-	-	-	-
Others	165.6M	611.5M	149.6M	187.3M	-	-	-	-	-	-
Others Growth	-	269.26%	-75.54%	25.20%	-	-	-	-	-	-
OneBeacon	1.18B	1.18B	1.1B	-	-	-	-	-	-	-
OneBeacon Growth	-	-0.08%	-6.43%	-	-	-	-	-	-	-
HG Global	20.2M	19.9M	24.5M	-	-	-	-	-	-	-
HG Global Growth	-	-1.49%	23.12%	-	-	-	-	-	-	-
BAM	-2.4M	-9.2M	-7.8M	-	-	-	-	-	-	-
BAM Growth	-	-283.33%	15.22%	-	-	-	-	-	-	-
Sirius Group	1.06B	-	-	-	-	-	-	-	-	-
Sirius Group Growth	-	-	-	-	-	-	-	-	-	-
Sirius Group	873.9M	-	-	-	-	-	-	-	-	-
Sirius Group Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2024
UNITED KINGDOM	-	-	-	-	-	-	-	-	-	956.8M
UNITED KINGDOM Growth	-	-	-	-	-	-	-	-	-	-
BERMUDA	-	-	-	-	-	-	-	-	-	732M
BERMUDA Growth	-	-	-	-	-	-	-	-	-	-
UNITED STATES	-	-	-	-	-	-	-	-	-	193.2M
UNITED STATES Growth	-	-	-	-	-	-	-	-	-	-
Other country	-	-	-	-	-	-	-	-	-	14.8M
Other country Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

White Mountains Insurance Group, Ltd. (WTM) has a price-to-earnings (P/E) ratio of 23.0x. This is roughly in line with market averages.

Growth & Financials

White Mountains Insurance Group, Ltd. (WTM) grew revenue by 8.7% over the past year. This is steady growth.

Yes, White Mountains Insurance Group, Ltd. (WTM) is profitable, generating $140.2M in net income for fiscal year 2024 (9.8% net margin).

Dividend & Returns

White Mountains Insurance Group, Ltd. (WTM) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

White Mountains Insurance Group, Ltd. (WTM) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Industry Metrics

White Mountains Insurance Group, Ltd. (WTM) has a combined ratio of 86.5%. A ratio below 100% indicates underwriting profitability.

US Stock Screener

...