White Mountains Insurance Group Reports $577.8M Revenue in Q1 2025, Net Income Declines

White Mountains Insurance Group, Ltd. reported a total revenue of $577.8 million for the first quarter of 2025, reflecting a significant increase from $336.8 million in the same period of the previous year. The company's net income attributable to common shareholders was $33.9 million, a decrease from $236.4 million in the first quarter of 2024. This decline was primarily driven by unrealized investment losses of $37 million related to its investment in MediaAlpha, compared to unrealized gains of $211 million in the prior year. The comprehensive income attributable to common shareholders for the quarter was $35.1 million, down from $236.2 million a year earlier.

The financial performance of White Mountains showed notable changes across its segments. The Ark/WM Outrigger segment reported gross written premiums of $1.1 billion, up from $872 million in the first quarter of 2024, with a combined ratio of 97%, compared to 91% in the previous year. The segment's pre-tax income increased to $46 million from $42.9 million, driven by growth in property and specialty lines, despite incurring $75 million in catastrophe losses from the California wildfires. The HG Global segment also saw a rise in gross written premiums to $7 million, with pre-tax income increasing to $25 million from $6 million in the prior year.

Strategically, White Mountains made significant moves during the quarter, including the acquisition of a majority interest in Enterprise Electric, LLC, and an agreement to invest $150 million in BroadStreet Partners, Inc. These investments are part of White Mountains' ongoing strategy to expand its operational footprint and enhance its service offerings. Additionally, the company completed the Bamboo transaction in January 2024, which has contributed to its growth in the insurance distribution sector.

Operationally, White Mountains reported a total asset value of $6.3 billion as of March 31, 2025, with total liabilities of $4.7 billion, resulting in common shareholders' equity of $4.5 billion. The company’s employee headcount remained stable, and it continues to focus on enhancing its market share across its various segments. The total investment portfolio returned 1.7% in the first quarter of 2025, with a notable 2.3% return when excluding MediaAlpha, indicating a solid performance in its other investment areas.

Looking ahead, White Mountains anticipates continued growth driven by its strategic investments and operational efficiencies. The company remains focused on managing its capital effectively while navigating market conditions and potential risks associated with its investment portfolio. The outlook for the remainder of 2025 includes expectations for further expansion in its insurance and asset management segments, supported by a robust capital position and ongoing operational improvements.