White Mountains reports strong first quarter
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