White Mountains Insurance Group, Ltd. has shared its financial results for the second quarter of 2024. The firm’s book value per share was $1,722, while its adjusted book value per share (ABVPS) was $1,777.
The numbers showed a 1% decrease for both metrics in the second quarter while it was a 4% increase in the first half of the year, which also included the dividends.
According to the White Mountains CEO Manning Rountree, the 1% decrease was because of the insurer’s investment in MediaAlpha. If this was excluded, the ABVPS would see a 2% increase as the firm saw solid results in its operating companies as well as good investment returns.
“Ark produced an 89% combined ratio and $697 million of gross written premiums in the quarter, up 15% year-over-year. BAM generated $28 million of total gross written premiums and member surplus contributions in the quarter, up 7% year-over-year due to strong primary market volume,” said Rountree.
“At Kudu, trailing 12 months adjusted EBITDA increased, while the value of the continuing portfolio grew 7%. Bamboo had another strong quarter, once again tripling managed premiums year-over-year and growing adjusted EBITDA,” he said.
White Mountains’ comprehensive income (loss) attributed to common shareholders was at $55 million in Q2 2024 and $182 million in the first half of 2024. In the previous year, the number was at $21 million and $201 million, respectively.
Meanwhile, the firm saw $139 million and $72 million of net realized and unrealized investment gains (losses) from its investment in MediaAlpha in the second quarter and the first half of 2024, respectively. Last year, this was at $77 million and $8 million, respectively.
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