NYSE$WTM
White Mountains Insurance Group Ltd · Q4 2024 earnings
Q4 2024 earnings · · Investor relations
Briefing
Reported fourth quarter results, with ABVPS down 3% due to investment portfolio declines, but up 8% for the full year, driven by solid operating company results and investment returns.
White Mountains reported a decrease in book value per share and adjusted book value per share in Q4 2024, primarily due to mark-to-market declines in its investment portfolio, including MediaAlpha. However, the company saw growth in gross written premiums at Ark and Bamboo, and Kudu's portfolio surpassed $1 billion. The company had undeployed capital of approximately $700 million.
- ABVPS decreased by 3% in Q4, mainly due to investment portfolio declines, including MediaAlpha.
- Ark produced a 77% combined ratio and $264 million in gross written premiums, up 14% year-over-year.
- Bamboo had a strong quarter with managed premiums and adjusted EBITDA up significantly year-over-year.
- MediaAlpha's share price declined 38% in the quarter, resulting in a $122 million mark-to-market loss.
Headline financials
Revenue & EPS history
White Mountains · Revenue · Quarterly
$358M
Revenue by segment
White Mountains · $6.8M total across 3 segments · Q3 2023
- Asset Management$26.3M-53.0%386.8%
- Financial Guarantee-$7.4M+70.0%-108.8%
- Other Operations-$12.1M-237.5%-177.9%
Forward guidance
White Mountains anticipates continued growth in 2025, particularly for Bamboo, although the immediate focus is on supporting policyholders impacted by the wildfires in Los Angeles. Ark sees opportunities for profitable growth in 2025 despite a moderating rate environment.
Tailwinds
- Ark anticipates profitable growth opportunities in 2025.
- Bamboo expects continued growth in 2025.
- Kudu continues to pursue a robust pipeline in 2025.
- HG Global recorded a strong quarter with a record quarter for par value assumed.
- Full year gross written premiums at Ark were $2.2 billion, up 16% year-over-year.
Headwinds
- MediaAlpha's share price decline produced a $122 million mark-to-market loss.
- Kudu had a tough quarter, impacted by rising interest rates and a strengthening dollar.
- Bamboo has exposure to the recent California wildfires.
- The California wildfires represent a significant industry loss event in the first quarter of 2025.
- Returns were impacted by rising interest rates and related mark-to-market losses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
+0.3%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+1.3%
Avg return
30 days after
51%
34 / 67 earnings
Positive
+8.3%
Q1 2022
Best reaction
-4.2%
Q2 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -0.9% | -4.2% | |
| Q4 2025 | +2.5% | +0.8% | +1.8% | |
| Q3 2025 | -0.2% | +1.5% | +7.2% | |
| Q1 2025 | +0.9% | -0.8% | -2.7% | |
| Q4 2024 | -3.4% | -7.3% | -4.4% | |
| Q3 2024 | +5.8% | +7.4% | +11.8% | |
| Q2 2024 | -3.0% | -4.5% | +0.2% | |
| Q1 2024 | -1.4% | -6.1% | -6.1% | |
| Q4 2023 | +1.3% | +6.1% | +9.4% | |
| Q3 2023 | -0.4% | +3.3% | +0.1% | |
| Q2 2023 | -0.5% | +0.1% | -1.7% | |
| Q1 2023 | +0.3% | -1.9% | -0.8% | |
| Q4 2022 | +1.8% | +2.6% | -6.7% | |
| Q3 2022 | +0.8% | -1.3% | -3.7% | |
| Q2 2022 | +0.9% | +3.6% | +10.1% | |
| Q1 2022 | +8.3% | +7.6% | +19.3% | |
| Q4 2021 | +2.0% | +2.1% | +1.7% | |
| Q3 2021 | +2.5% | +2.7% | -6.3% | |
| Q2 2021 | +1.7% | +1.1% | -0.2% | |
| Q1 2021 | -3.2% | -4.0% | -8.7% | |
| Q4 2020 | +3.0% | +9.6% | +10.3% | |
| Q3 2020 | +0.4% | -2.5% | +3.8% | |
| Q2 2020 | +7.7% | +3.2% | -0.2% | |
| Q4 2019 | +0.5% | +0.8% | -11.8% | |
| Q3 2019 | +0.8% | +1.7% | +1.6% | |
| Q2 2019 | +1.7% | +2.7% | +1.1% | |
| Q1 2019 | -0.9% | +2.7% | +5.5% | |
| Q4 2018 | +1.1% | +3.3% | +2.9% | |
| Q3 2018 | +1.0% | +0.8% | +6.1% | |
| Q2 2018 | +0.3% | +0.7% | -1.3% | |
| Q1 2018 | -0.0% | -0.4% | +4.2% | |
| Q4 2017 | -3.0% | +0.1% | +2.6% | |
| Q3 2017 | +1.8% | +0.4% | -1.1% | |
| Q2 2017 | -0.5% | -1.3% | +2.0% | |
| Q1 2017 | +1.7% | +0.8% | +1.3% | |
| Q4 2016 | -2.0% | -1.2% | +1.5% | |
| Q3 2016 | -0.2% | -0.3% | +3.2% | |
| Q2 2016 | +0.6% | +1.1% | +0.9% | |
| Q1 2016 | -0.1% | — | — | |
| Q4 2015 | +6.0% | — | — | |
| Q3 2015 | -3.8% | — | — | |
| Q2 2015 | +3.5% | — | — | |
| Q1 2015 | -0.1% | — | — | |
| Q4 2014 | -1.2% | — | — | |
| Q3 2014 | -1.8% | — | — | |
| Q2 2014 | -0.2% | — | — | |
| Q1 2014 | +0.3% | — | — | |
| Q4 2013 | -0.3% | — | — | |
| Q3 2013 | +0.4% | — | — | |
| Q2 2013 | -0.2% | — | — | |
| Q1 2013 | -0.4% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2012 | +0.1% | — | — | |
| Q2 2012 | -4.2% | — | — | |
| Q1 2012 | +1.9% | — | — | |
| Q4 2011 | -0.4% | — | — | |
| Q3 2011 | -3.6% | — | — | |
| Q2 2011 | +0.7% | — | — | |
| Q1 2010 | -2.0% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q4 2008 | -0.8% | — | — | |
| Q4 2010 | -0.8% | — | — | |
| Q3 2010 | +1.4% | — | — | |
| Q3 2009 | +1.4% | — | — | |
| Q2 2010 | -1.8% | — | — | |
| Q4 2009 | -1.8% | — | — | |
| Q2 2009 | -1.8% | — | — |
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