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Dec 31, 2019
White Mountains Q4 2019 Earnings Report
Reported solid Q4 results driven by investment portfolio growth and contributions from key business segments.
Key Takeaways
White Mountains reported a solid fourth quarter, with a 4% increase in the investment portfolio. BAM produced $23 million in premiums and member surplus contributions. NSM showed solid top line growth, and Kudu continued to grow revenues and profits, closing two new investments.
Book value per share increased by 2% to $1,024, and adjusted book value per share increased by 1% to $1,018.
The investment portfolio was up 4% in the quarter, including a $30 million increase in the fair value of the MediaAlpha investment.
BAM produced $23 million of premiums and member surplus contributions.
Kudu continued to grow revenues and profits and closed two new investments, marking the full deployment of the initial $250 million commitment.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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