White Mountains Insurance(WTM) - 2024 Q3 - Quarterly Results

Financial Performance - As of September 30, 2024, White Mountains reported a book value per share of $1,795 and an adjusted book value per share of $1,883, reflecting increases of 4% and 6% in Q3 2024, and 9% and 11% year-to-date[1]. - Comprehensive income attributable to common shareholders was $180 million in Q3 2024, compared to $23 million in Q3 2023, driven by significant investment gains[3]. - Net income attributable to White Mountains's common shareholders for Q3 2024 was $179.0 million, compared to $23.6 million in Q3 2023, representing a significant increase of 658.5%[37]. - Pre-tax income for Q3 2024 was $239.5 million, a substantial increase from $21.1 million in Q3 2023, reflecting an increase of 1,134.0%[40]. - Total revenues for the three months ended September 30, 2024, reached $839.1 million, a significant increase from $519.6 million in the same quarter of 2023, marking a growth of 61.5%[34]. - Total revenues for the nine months ended September 30, 2024, reached $1,881.8 million, with earned insurance premiums at $1,244.4 million[44]. - Total revenues for the three months ended September 30, 2023, were $519.6 million, with earned insurance premiums contributing $506.8 million[42]. - Total expenses for Q3 2024 amounted to $599.6 million, compared to $498.5 million in Q3 2023, which is an increase of 20.3%[40]. - The company reported a pre-tax income of $437.4 million for the nine months ended September 30, 2024, compared to a loss of $46.2 million in the same period last year[44]. Premiums and Underwriting - Ark produced a combined ratio of 79% in Q3 2024, with gross written premiums of $374 million, representing a 49% year-over-year increase[3]. - Bamboo's managed premiums doubled year-over-year to $148 million in Q3 2024, driven by growth in new business volume[20]. - Total gross written premiums for the nine months ended September 30, 2024, reached $34.5 million, compared to $31.9 million for the same period in 2023, marking an increase of 8.1%[52]. - Gross written premiums for the nine months ended September 30, 2024, were reported at $1,942.7 million, reflecting growth in the insurance segment[50]. - Total par value of policies assumed increased to $688.4 million in Q3 2024 from $644.3 million in Q3 2023, representing a growth of 6.5%[52]. Investment Performance - The total consolidated portfolio return was 4.6% in Q3 2024, compared to -0.2% in Q3 2023[24]. - MediaAlpha's share price increased by 38% in Q3 2024, resulting in an $88 million unrealized gain for White Mountains[3]. - The total consolidated portfolio return for the three months ended September 30, 2024, was 4.6%, while the return excluding MediaAlpha was 3.3%[79]. - White Mountains reported a total consolidated portfolio return of 9.4% for the nine months ended September 30, 2024, compared to 5.3% in the previous year[79]. - Net investment income from Asset Management (Kudu) increased to $17.2 million for the three months ended September 30, 2024, up from $15.1 million in the same period last year[34]. Assets and Liabilities - Total assets increased to $10,337.5 million as of September 30, 2024, up from $8,385.9 million in December 31, 2023, representing a growth of 23.3%[30]. - Total liabilities increased to $5,077.7 million from $3,824.3 million in December 31, 2023, reflecting a growth of 32.7%[30]. - P&C Insurance and Reinsurance liabilities totaled $4,000.2 million, an increase from $2,876.1 million in December 31, 2023, indicating a rise of 39.1%[30]. - Total P&C Insurance and Reinsurance assets reached $5,578.5 million, up from $4,378.6 million in December 31, 2023, indicating a growth of 27.4%[28]. - Insurance premiums receivable rose to $993.0 million, up from $612.2 million in December 31, 2023, representing a significant increase of 62.2%[28]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[42]. - Future outlook includes continued focus on market expansion and potential new product development to enhance revenue streams[45]. Dividends - The company reported a year-to-date dividend per share of $1.00, consistent with the previous year[33]. - The company declared dividends of $1.00 per share for the nine months ended September 30, 2024, consistent with the previous year[38].