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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
wtmimagea05.jpg
 
CONTACT: David Foy
(203) 458-5850

WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS

HAMILTON, Bermuda (February 7, 2017) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported December 31, 2016 book value per share of $790 and adjusted book value per share of $794. Book value per share and adjusted book value per share were both down 1% for the quarter and up 14% for the year, including dividends.

Ray Barrette, Chairman and CEO, commented, “It was an OK last quarter in a successful year for White Mountains.  For the year, we grew ABVPS by 14% with the Sirius, Symetra, and Tranzact sales.  OneBeacon grew book value per share by 11%, maintaining discipline in competitive markets.  HG Global/BAM continues to grow at improved margins, and most of our businesses at White Mountains Capital are building value at a good clip.  Investment returns of 2.7% were a bit disappointing as we were under allocated to equities, post Sirius sale, in a rising stock market.  We returned $900 million to shareholders, mostly through share repurchases.  We still have about $1.8 billion in undeployed capital and continue to look for opportunities, well positioned to deal with a world full of unpredictable developments.”

Comprehensive loss attributable to common shareholders was $34 million in the fourth quarter of 2016 and comprehensive income attributable to common shareholders was $558 million in the year ended December 31, 2016, compared to comprehensive income attributable to common shareholders of $259 million and $197 million in the quarter and year ended December 31, 2015. Net loss attributable to common shareholders was $33 million in the fourth quarter of 2016 and net income attributable to common shareholders was $413 million in the year ended December 31, 2016, compared to net income attributable to common shareholders of $268 million and $298 million in the quarter and year ended December 31, 2015.

OneBeacon
 
OneBeacon’s book value per share increased 1% and 11%, including dividends, for the quarter and year ended December 31, 2016. OneBeacon’s GAAP combined ratio was 95% and 97% for the quarter and year ended December 31, 2016, compared to 96% for both the quarter and year ended December 31, 2015. The current accident year loss ratio was 57% and 58% for the quarter and year ended December 31, 2016, compared to 60% for both the quarter and year ended December 31, 2015. The decrease in the loss ratios reflects improved relative performance across most business units. OneBeacon had no net loss reserve development in the quarter and one point of net unfavorable loss reserve development in the year ended December 31, 2016. Net loss reserve development was insignificant in the quarter and year ended December 31, 2015. The expense ratio was 38% for the quarter and year ended December 31, 2016, compared to 36% for the quarter and year ended December 31, 2015. The increase in the expense ratios was primarily due to lower premium volume and changing business mix. The results for the year ended December 31, 2016 included a $16 million tax benefit related to the settlement of IRS examinations for tax years 2007-2012.

Mike Miller, CEO of OneBeacon, said, “We are pleased to have delivered solid 11% growth in book value per share in 2016. Underwriting results reflect the strong performance of our portfolio of specialty businesses. Going into 2017, we are positioned to continue delivering good underwriting results across our diverse portfolio of businesses.”

Net written premiums were $236 million in the quarter and $1.1 billion in the year ended December 31, 2016, flat and down 3%, respectively, compared to the quarter and year ended December 31, 2015.



The following information was filed by White Mountains Insurance Group Ltd (WTM) on Tuesday, February 7, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Operations And Comprehensive Income
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (legal Contingencies) (details)
Common Shareholders??? Equity And Non-controlling Interests
Common Shareholders??? Equity And Non-controlling Interests (details)
Common Shareholders??? Equity And Non-controlling Interests Common Shareholders??? Equity And Non-controlling Interests (tables)
Debt And Standby Letter Of Credit Facilities
Debt And Standby Letter Of Credit Facilities (debt Outstanding) (details)
Debt And Standby Letter Of Credit Facilities (narrative) (details)
Debt And Standby Letter Of Credit Facilities (schedule Of Contractual Repayments) (details)
Debt And Standby Letter Of Credit Facilities (tables)
Derivatives
Derivatives (additional Collateral) (details)
Derivatives (details)
Derivatives (forward Contracts) (details)
Derivatives (pre-tax Operating Results Of Wm Life Re) (details)
Derivatives (realized And Unrealized Gains (losses)) (details)
Derivatives (tables)
Derivatives (uncollateralized Amounts Due Under Wm Life Re's Otc Derivative Contracts) (details)
Derivatives (variable Annuity Reinsurance Liabilities And Derivative Instruments) (details)
Derivatives Derivatives (gross Asset (gross Liability) Amounts Offset Under Master Netting Agreements) (details)
Discontinued Operations
Discontinued Operations (assets And Liabilities Classified As Held For Sale) (details)
Discontinued Operations (details)
Discontinued Operations (earnings Per Share) (details)
Discontinued Operations (loss From Discontinued Operations) (details)
Discontinued Operations (tables)
Discontinued Operations Discontinued Operations (cash Flows Table) (details)
Discontinued Operations Discontinued Operations (earnings Per Share) (footnotes) (details)
Discontinued Operations Discontinued Operations (fair Value) (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (footnotes) (details)
Earnings Per Share (tables)
Employee Share-based Incentive Compensation Plan (details)
Employee Share-based Incentive Compensation Plans
Employee Share-based Incentive Compensation Plans (onebeacon Performance Shares Outstanding) (details)
Employee Share-based Incentive Compensation Plans (onebeacon Restricted Shares) (details)
Employee Share-based Incentive Compensation Plans (onebeason Peformance Shares) (details)
Employee Share-based Incentive Compensation Plans (tables)
Employee Share-based Incentive Compensation Plans (under Qualified Retirement Plans) (details)
Employee Share-based Incentive Compensation Plans (wtm Non-qualified And Qualified Options) (details)
Employee Share-based Incentive Compensation Plans (wtm Performance Shares Granted Under The Wtm Incentive Plan) (details)
Employee Share-based Incentive Compensation Plans (wtm Performance Shares) (details)
Employee Share-based Incentive Compensation Plans (wtm Restricted Shares) (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (amortization Expense) (details)
Goodwill And Other Intangible Assets (goodwill And Intangible Assets Rollforward) (details)
Goodwill And Other Intangible Assets (goodwill And Intangible Assets) (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (asc 740-10) (details)
Income Taxes (deferred Tax Inventory) (details)
Income Taxes (effective Rate Reconciliation) (details)
Income Taxes (income Tax (benefit) Expense (details)
Income Taxes (net Operating And Capital Loss Carryforwards) (details)
Income Taxes (tables)
Income Taxes (tax Examinations) (details)
Income Taxes (valuation Allowance) (details)
Investment Securities
Investment Securities (cost And Amortized Cost Maturity Schedule) (details)
Investment Securities (cost Or Amortized Cost, Gross Unrealized Investment Gains And Losses) (details)
Investment Securities (debt Securities Issued By Corporation) (details)
Investment Securities (fair Value Measurement By Level) (details)
Investment Securities (fair Value Of Hedge Funds Subject To Restrictions On Redemption Frequency) (details)
Investment Securities (investment Gains (losses) For Level 3) (details)
Investment Securities (investment Holdings) (details)
Investment Securities (investments Held On Deposit Or As Collateral) (details)
Investment Securities (investments In Private Equity Funds Subject To Lock-up Periods) (details)
Investment Securities (mortgage-backed Asset Securities) (details)
Investment Securities (net Investment Income) (details)
Investment Securities (net Realized And Unrealized Gains (losses) After Tax) (details)
Investment Securities (net Realized And Unrealized Investement Gains And Losses) (details)
Investment Securities (non-agency Commercial Mortgage-backed Securities) (details)
Investment Securities (non-agency Mortgage-backed Securities) (details)
Investment Securities (non-agency Residential Mortgage-backed Securities) (details)
Investment Securities (other Long-term Investments) (details)
Investment Securities (restrictions On Redemption Frequency And Advance Notice Requirements) (details)
Investment Securities (rollforward Of Fair Value Measurements By Level) (details)
Investment Securities (significant Unobservable Inputs) (details)
Investment Securities (tables)
Investment Securities Investment Securities (net Realized Investment Gain (losses) (details)
Investment Securities Investment Securities (net Unrealized Investment Gains (losses)) (details)
Investment Securities Investment Securities (onebeacon Surplus Notes) (details)
Investments In Unconsolidated Affiliates
Investments In Unconsolidated Affiliates (details)
Investments In Unconsolidated Affiliates (financial Information) (details)
Investments In Unconsolidated Affiliates (investments In Symetra) (details)
Investments In Unconsolidated Affiliates (symetra Narrative) (details)
Investments In Unconsolidated Affiliates (tables)
Investments In Unconsolidated Affiliates Investments In Unconsolidated Affiliates (hamer And Bri-mar) (details)
Municipal Bond Guarantee Insurance
Municipal Bond Guarantee Insurance (details)
Municipal Bond Guarantee Insurance (tables)
Reserves For Unpaid Losses And Loss Adjustment Expenses
Reserves For Unpaid Losses And Loss Adjustment Expenses (cumulative Paid Loss And Allocated Lae, Net Of Reinsurance - Specialty Industries - Casualty) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (cumulative Paid Loss And Allocated Lae, Net Of Reinsurance - Specialty Industries - Other) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (cumulative Paid Loss And Allocated Lae, Net Of Reinsurance - Specialty Industries - Property) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (cumulative Paid Loss And Allocated Lae, Net Of Reinsurance - Specialty Products - Casualty) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (cumulative Paid Loss And Allocated Lae, Net Of Reinsurance - Specialty Products - Other) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (cumulative Paid Loss And Allocated Lae, Net Of Reinsurance - Specialty Products - Property) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (incurred Loss And Allocated Lae, Net Of Reinsurance - Specialty Industries - Casualty) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (incurred Loss And Allocated Lae, Net Of Reinsurance - Specialty Industries - Other) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (incurred Loss And Allocated Lae, Net Of Reinsurance - Specialty Industries - Property) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (incurred Loss And Allocated Lae, Net Of Reinsurance - Specialty Products - Casualty) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (incurred Loss And Allocated Lae, Net Of Reinsurance - Specialty Products - Other) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (incurred Loss And Allocated Lae, Net Of Reinsurance - Specialty Products - Property) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (narrative) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (reserve Summary) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses (tables)
Reserves For Unpaid Losses And Loss Adjustment Expenses Reserves For Unpaid Losses And Loss Adjustment Expenses (average Annual Percentage Payout Of Incurred Losses And Allocated Lae By Age, Net Of Reinsurance) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses Reserves For Unpaid Losses And Loss Adjustment Expenses (reconciliation Of Reserves) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses Reserves For Unpaid Losses And Loss Adjustment Expenses (reserve Development) (details)
Reserves For Unpaid Losses And Loss Adjustment Expenses Reserves For Unpaid Losses And Loss Adjustment Expenses (schedule Of Ending Liabilities For Unpaid Loss And Lae, Net Of Reinsurance) (details)
Retirement And Postretirement Plans
Retirement And Postretirement Plans (benefit Obligations) (details)
Retirement And Postretirement Plans (cash Flow) (details)
Retirement And Postretirement Plans (periodic Benefit Cost) (details)
Retirement And Postretirement Plans (qualifed, Non-qualified, And Accumulated Benefit Obligations) (details)
Retirement And Postretirement Plans (qualified Plan's Assets) (details)
Retirement And Postretirement Plans (tables)
Retirement And Postretirement Plans Retirement And Postretirment Plans (assumptions) (details)
Schedule I Summary Of Investments-other Than Investments In Related Parties
Schedule I Summary Of Investments-other Than Investments In Related Parties (details)
Schedule Ii Condensed Financial Information Of The Registrant
Schedule Ii Condensed Financial Information Of The Registrant (details 2)
Schedule Ii Condensed Financial Information Of The Registrant (details 3)
Schedule Ii Condensed Financial Information Of The Registrant (details)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (details)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (details)
Schedule V Valuation And Qualifying Accounts
Schedule V Valuation And Qualifying Accounts (details)
Schedule Vi Supplemental Information For Property And Casualty Insurance Underwriters
Schedule Vi Supplemental Information For Property And Casualty Insurance Underwriters (details)
Segment Information
Segment Information (assets) (details)
Segment Information (details)
Segment Information (tables)
Significant Transactions
Significant Transactions (dispositions) (details)
Significant Transactions Significant Transactions (acquisitions) (details)
Statutory Capital And Surplus
Statutory Capital And Surplus (details)
Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (basis Of Presentation) (details)
Summary Of Significant Accounting Policies (deferred Softward Costs) (details)
Summary Of Significant Accounting Policies (foreign Currency Exchange) (details)
Summary Of Significant Accounting Policies (insurance And Reinsurance Operations) (details)
Summary Of Significant Accounting Policies (investment Securities) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Summary Of Significant Account Policies (debt Issuance Costs) (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies - Lihc (details)
Third Party Reinsurance
Third Party Reinsurance (recoverable Amounts By Reinsurer) (details)
Third Party Reinsurance (tables)
Third Party Reinsurance (written And Earned Premiums) (details)
Third-party Reinsurance (onebeacon) (details)
Transactions With Related Persons
Transactions With Related Persons (details)
Variable Interest Entities
Variable Interest Entities (details)
Ticker: WTM
CIK: 776867
Form Type: 10-K Annual Report
Accession Number: 0000776867-17-000005
Submitted to the SEC: Mon Feb 27 2017 9:04:15 AM EST
Accepted by the SEC: Mon Feb 27 2017
Period: Saturday, December 31, 2016
Industry: Fire Marine And Casualty Insurance

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