Comprehensive income attributable to the common shareholders of the White Mountains Insurance Group was $236 million in the first quarter of 2024 compared to $180 million in the first quarter of 2023.

First-quarter results included $211 million of unrealised investment gains from White Mountains's investment in MediaAlpha compared to $85 million in the first quarter of 2023.

Book value per share was $1,742 and adjusted book value per share was $1,797 as of March 31, 2024. Book value per share and adjusted book value per share increased 5 per cent and 6 per cent in the first quarter of 2024, including dividends.

Manning Rountree, CEO, commented: “We had a good first quarter, with ABVPS up 6 per cent. Our position in MediaAlpha was a key driver.

“Away from MediaAlpha, we had solid operating and investment results. Ark delivered a 94 per cent combined ratio while writing $872 million of gross written premiums in the quarter, up 8 per cent, year-over-year.

“BAM produced $22 million of gross written premiums and member surplus contributions in the quarter.

“Kudu grew net investment income and adjusted [earnings before interest, taxes, depreciation, and amortisation] year-over-year.

“Bamboo had a strong first quarter under our ownership, more than tripling managed premiums year-over-year.

“MediaAlpha's share price was up roughly $9 in the quarter, producing a $211 million unrealised gain.

“Excluding MediaAlpha, the investment portfolio returned 1.2 per cent in the quarter, with gains in both fixed income and equities. Undeployed capital now stands at approximately $600 million.”

• For more on White Mountains first quarter results, see Related Media

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WTM Q1 2024 Earnings.pdf