White Mountains Q2 2022 Earnings Report

Reported a decrease in book value per share and adjusted book value per share, but operating businesses produced good results.

Key Takeaways

White Mountains Insurance Group reported a decrease in book value per share and adjusted book value per share for the second quarter of 2022, primarily due to mark-to-market losses in fixed income portfolios and a decline in MediaAlpha's share price. However, the company's operating businesses, including BAM and Ark, performed well. The sale of NSM closed on August 1, adding roughly $300 to ABVPS, and the company repurchased $63 million of shares during the quarter.

Book value per share and adjusted book value per share decreased by 5% and 4%, respectively.

NSM's results have been presented as discontinued operations beginning in the second quarter of 2022, with the sale adding roughly $300 to ABVPS.

BAM produced record levels of par insured, with gross written premiums and member surplus contributions (MSC) collected increasing.

Ark produced an 87% combined ratio while growing premiums 23% year-over-year.