White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has reported comprehensive income attributable to common shareholders of $230 million for the 2024 fiscal year.

That result was arrived at despite a fourth quarter loss of $131 million.

Those figures compare with comprehensive income of $288 million and $511 million in the fourth quarter and at year-end 2023.

Results in the fourth quarter and fiscal year included $(122 million) and $38 million of net realised and unrealised investment gains (losses) from White Mountains’s investment in MediaAlpha, compared with $66 million and $27 million of unrealised investment gains in the fourth quarter and at year-end 2023.

White Mountains reported book value per share of $1,746 and adjusted book value per share of $1,834 as of year-end 2024.

The holding company includes the companies Build America Mutual, Ark, WM Outrigger Re, Kudu Investment Management, Bamboo, David Shield Group and Elementum. White Mountains no longer consolidates BAM.

Chief executive Manning Rountree said: “(Average book value per share) was down 3 per cent in the quarter, driven primarily by mark-to-market declines in our investment portfolio, including our position in MediaAlpha.

“On a full-year basis, ABVPS was up 8 per cent, driven by solid results at our operating companies and positive returns in our investment portfolio.

“In the quarter, Ark produced a 77 per cent combined ratio and $264 million of gross written premiums, up 14 per cent year-over-year.

“HG Global generated $18 million of gross written premiums, driven by strong primary market volume at BAM.

“Kudu had a tough quarter, impacted by rising interest rates and a strengthening dollar, but delivered solid results for the full year and saw the value of its portfolio of participation contracts cross the $1 billion threshold.

“Bamboo had another strong quarter, with managed premiums and adjusted earnings before interest, tax, depreciation and amortisation up significantly year-over-year.

“MediaAlpha’s share price declined 38 per cent in the quarter, producing a $122 million mark-to-market loss on our position.

“Excluding MediaAlpha, investment returns were down slightly in the quarter but up 6.5 per cent for the year, a solid result.

“Undeployed capital stands at roughly $700 million, including the proceeds of our recent debt recap at Bamboo.”