Bermuda-based White Mountains Insurance Group Ltd. reported a net income of $673 million for 2006 ? more than double the 2005 figure.

Net income for the quarter was $299 million, compared to $33 million for the fourth quarter of 2005.

Those results reflect favourable weather conditions, compared to the series of damaging hurricanes that hit the US Gulf Coast, in particular, in 2005.

In addition the company enjoyed strong investment results when compared to 2005.

Also, during the fourth quarter of 2006, White Mountains recognised an after-tax gain of $171 million on the sale of 27.6 percent of its interest in OneBeacon through an initial public offering. White Mountains also realised an after-tax gain of $21 million on the purchase of Mutual Service Casualty Insurance Company.

White Mountains? adjusted comprehensive net income for the fourth quarter of 2006 was $357 million, compared to adjusted comprehensive net loss of $11 million for the fourth quarter of 2005. White Mountains also announced it written substantially more business in 2006.

The company ended last year with a fully converted tangible book value per share of $406, an increase of 9 percent for the quarter and 21 percent for the year, including dividends.

Ray Barrette, chairman and chief executive officer, said: ?I am pleased with our 2006 performance. The OneBeacon IPO contributed 5 points of return to an already good year, where all our businesses, including White Mountains Re, performed well.

?Once again, we had superior investment results. I am now fully engaged in White Mountains? affairs and am pleased with the good progress we are making on many fronts.? Adjusted comprehensive net income for 2006 was $734 million, compared to $68 million in 2005.

Meanwhile, OneBeacon reported fourth-quarter net income of $52.4 million, or 52 cents per share, compared with profit of $14.7 million, or 15 cents per share, in the fourth quarter of 2005. Adjusted for preferred dividends, operating income was $28 million or 28 cents per share.

OneBeacon said comparisons to the fourth quarter of 2005 don?t apply because the company reorganised and engaged in a number of transactions preparing for an initial public offering in November.