WHITE MOUNTAINS INSURANCE GROUP LTD WTM
White Mountains Insurance Group, Ltd. (the "Company" or the "Registrant") is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and affiliates. Within this report, the term "White Mountains" is used to refer to one or more entities within the consolidated organization, as the context requires. The Company's headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company's website is located at www.whitemountains.com. The information contained on White Mountains's website is not incorporated by reference into, and is not a part of, this report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.73B | $2.24B | $2.17B | $1.16B | $614.4M | $895.6M | $294.3M | $401.2M | $163.6M | $157.7M |
| Cost of revenue | $151.8M | $29.6M | $40.4M | $98.6M | $69.3M | $11.3M | $48.1M | $248.7M | $139.4M | $102.0M |
| Gross profit | $3.58B | $2.21B | $2.13B | $1.06B | $545.1M | $884.3M | $246.2M | $152.5M | $24.2M | $55.7M |
| SG&A | $606.6M | $490.1M | $432.6M | $364.1M | $291.6M | $207.9M | $328.2M | $233.5M | $208.0M | $175.5M |
| Interest expense | $78.4M | $60.8M | $62.7M | $40.3M | $20.5M | — | — | — | — | — |
| Pre-tax income | $1.33B | $316.7M | $565.4M | -$149.4M | -$273.6M | $660.4M | $405.1M | -$178.2M | $7.8M | -$147.3M |
| Income tax | $126.9M | $32.6M | $15.5M | $41.4M | $44.4M | $14.8M | $29.3M | $4.0M | $7.8M | $32.9M |
| Net income | $1.11B | $230.4M | $509.2M | $792.8M | -$275.4M | $663.4M | $376.6M | -$191.4M | $593.1M | $409.0M |
| EPS, basic | 430.14 | 89.79 | 198.60 | 276.96 | -89.46 | 226.97 | 130.27 | -41.76 | 146.06 | 80.11 |
| EPS, diluted | 430.14 | 89.79 | 198.60 | 276.96 | -89.46 | 226.97 | 130.27 | -41.76 | 146.06 | 80.06 |
| Shares, diluted (wtd. avg.) | $2.5M | $2.5M | $2.5M | $2.8M | $3.0M | $3.1M | $3.1M | $3.3M | $4.2M | $5.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $185.6M | $266.4M | $122.4M | $255.0M | $147.7M | $84.6M | $71.0M | $110.3M | $97.1M | $80.2M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $287.0M |
| Goodwill | $614.1M | $439.2M | $168.8M | $176.5M | $142.3M | $525.5M | $394.7M | $379.9M | $25.9M | $25.9M |
| Other intangibles | $406.1M | $281.1M | $201.8M | $215.9M | $198.2M | $248.3M | $251.4M | $155.4M | $36.2M | $19.3M |
| Total assets | $12.31B | $9.93B | $8.39B | $7.39B | $7.00B | $4.83B | $3.98B | $3.36B | $3.66B | $6.52B |
| Long-term debt | $837.0M | $562.5M | $564.6M | $575.2M | $420.9M | $376.4M | $283.5M | $192.7M | $23.8M | $12.7M |
| Total liabilities | $6.05B | $4.79B | $3.82B | $3.45B | $3.30B | $1.01B | $838.5M | $644.4M | $298.4M | $2.80B |
| Retained earnings | $4.85B | $3.92B | $3.69B | $3.21B | $2.96B | $3.31B | $2.67B | $2.26B | $2.82B | $2.78B |
| Total equity | $5.43B | $4.48B | $4.24B | $3.75B | $3.55B | $3.91B | $3.26B | $2.84B | $3.49B | $3.58B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $550.5M | $586.8M | $404.1M | $365.0M | $38.6M | -$60.6M | -$120.5M | -$31.1M | $94.6M | -$155.1M |
| Depreciation and amortisation | $9.0M | -$6.4M | -$17.8M | $4.3M | $21.6M | $9.6M | $29.8M | $25.7M | $22.4M | $20.4M |
| Stock-based compensation | $18.5M | $16.3M | $15.3M | $14.0M | $14.7M | — | — | — | — | — |
| Investing cash flow | -$666.9M | -$447.0M | -$543.9M | $115.5M | -$208.3M | $64.6M | -$59.9M | $459.2M | $718.5M | $1.28B |
| Financing cash flow | $35.6M | $4.2M | $7.2M | -$344.9M | $217.6M | $49.0M | $230.5M | -$414.3M | -$699.0M | -$948.4M |
| Dividends paid | $2.6M | $2.5M | $2.6M | $3.0M | $3.1M | $3.2M | $3.2M | $3.8M | $4.6M | $5.4M |
| Buybacks | $202.6M | $7.9M | $32.7M | $615.8M | $107.5M | $85.2M | $0 | $511.9M | $714.6M | $881.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012603.
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