WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS

Core Insights - White Mountains Insurance Group reported a decrease in book value per share and adjusted book value per share by 3% in Q4 2024, while both metrics increased by 6% and 8% respectively for the full year 2024 [1][2][30] Financial Performance - The comprehensive income attributable to common shareholders was $(131) million in Q4 2024, compared to $288 million in Q4 2023, and $230 million for the year ended December 31, 2024, compared to $511 million in 2023 [2][30] - Ark/WM Outrigger segment reported a combined ratio of 77% in Q4 2024, up from 69% in Q4 2023, with gross written premiums of $264 million, a 14% increase year-over-year [3][4][5] - HG Global reported gross written premiums of $18 million in Q4 2024, consistent with Q4 2023, while pre-tax loss was $(20) million compared to a profit of $34 million in Q4 2023 [10][11] - Kudu reported a pre-tax loss of $20 million in Q4 2024, down from a pre-tax income of $75 million in Q4 2023, with total revenues of $(9) million compared to $88 million in the previous year [16][17] - Bamboo achieved significant growth with managed premiums of $127 million in Q4 2024, up from $75 million in Q4 2023, and pre-tax income of $10 million compared to $33 million for the full year [19][20][21] Investment Portfolio - The total consolidated portfolio return was -2.3% in Q4 2024, while excluding MediaAlpha, the return was -0.4% [27][28] - The total consolidated portfolio return for the year ended December 31, 2024, was 6.9%, with a 6.5% return excluding MediaAlpha [28][29] MediaAlpha Investment - White Mountains owned 17.9 million shares of MediaAlpha, representing a 27% ownership interest, with a carrying value of $202 million as of December 31, 2024, down from $323 million as of September 30, 2024 [23][24] Other Operations - Other Operations reported a pre-tax loss of $(148) million in Q4 2024, compared to a profit of $94 million in Q4 2023, largely due to losses from MediaAlpha [25][26]