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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
wtmimagea11.jpg
 
CONTACT: Todd Pozefsky
(203) 458-5807

WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS

HAMILTON, Bermuda (February 7, 2018) - White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $931 and adjusted book value per share of $915 as of December 31, 2017. Book value per share increased 1% and 19% for the fourth quarter and year ended December 31, 2017, including dividends, and adjusted book value per share increased 1% and 16% for the fourth quarter and year ended December 31, 2017, including dividends.

Manning Rountree, CEO, commented, “ABVPS grew 1% for the quarter and 16% for the year. Satisfying results. BAM finished the year with strong volume and good pricing in the 4th quarter. Uncertainty over tax reform pulled forward issuance volume into the quarter, and we expect a slower start to 2018 for BAM as a result. In December, BAM made its first cash payment of principal and interest on its surplus notes. MediaAlpha took a big step forward in the quarter, with robust organic growth and a nice tuck-in acquisition. The investment portfolio returned 1.4% in the quarter, a good result and the primary driver of ABVPS growth. Tax reform had no impact on our ABVPS. For the year, we returned $724 million in capital to shareholders through share repurchases, retiring 18% of the shares outstanding in the process. We ended 2017 with $2.1 billion in undeployed capital. We continue to pursue new opportunities with energy, rigor and discipline.”

Comprehensive income attributable to common shareholders was $23 million and $631 million in the fourth quarter and year ended December 31, 2017, compared to comprehensive income (loss) attributable to common shareholders of $(39) million and $547 million in the fourth quarter and year ended December 31, 2016. Net income attributable to common shareholders was $23 million and $627 million in the fourth quarter and year ended December 31, 2017, compared to net income (loss) attributable to common shareholders of $(39) million and $402 million in the fourth quarter and year ended December 31, 2016.

HG Global/BAM

BAM insured municipal bonds with par value of $3.3 billion and $10.4 billion in the fourth quarter and year ended December 31, 2017, compared to $2.8 billion and $11.3 billion in the fourth quarter and year ended December 31, 2016.  Gross written premiums and member surplus contributions totaled $33 million and $101 million in the fourth quarter and year ended December 31, 2017, compared to $24 million and $77 million in the fourth quarter and year ended December 31, 2016. Total pricing, which is premiums plus member surplus contributions weighted by the par value of bonds insured, was 99 basis points in both the fourth quarter and year ended December 31, 2017, compared to 84 and 68 basis points in the fourth quarter and year ended December 31, 2016. BAM’s total claims paying resources increased $65 million to $708 million in the year ended December 31, 2017, compared to an increase of $43 million to $644 million in the year ended December 31, 2016.

Seán McCarthy, CEO of BAM, said, “BAM had a strong quarter to close out a solid year. Claims-paying resources grew in every quarter of 2017, driven by increases in total premiums, improvements in risk-adjusted pricing, and larger average transaction size. Volatile market conditions in the fourth quarter highlighted the value of our guaranty to a wide range of retail and institutional investors. During the quarter, BAM paid $5 million of principal and interest in cash on the surplus notes held by HG Global.”




The following information was filed by White Mountains Insurance Group Ltd (WTM) on Wednesday, February 7, 2018 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
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 (balance Sheet)
Schedule Ii Condensed Financial Information Of The Registrant (cash Flows)
Schedule Ii Condensed Financial Information Of The Registrant (statement Of Operations And Comprehensive Income)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (details)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (details)
Schedule Vi Supplemental Information For Property And Casualty Insurance Underwriters
Schedule Vi Supplemental Information For Property And Casualty Insurance Underwriters (details)
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 Comprehensive Income
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And 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
Debt (debt Outstanding) (details)
Debt (narrative) (details)
Debt (schedule Of Contractual Repayments) (details)
Debt (tables)
Derivatives
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 (variable Annuity Reinsurance Liabilities And Derivative Instruments) (details)
Discontinued Operations
Discontinued Operations (assets And Liabilities Classified As Held For Sale) (details)
Discontinued Operations (earnings Per Share) (details)
Discontinued Operations (narrative) (details)
Discontinued Operations (net Income (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)
Discontinued Operations Discontinued Operations (surplus Notes) (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (footnotes) (details)
Earnings Per Share (tables)
Earnings Per Share - Schedule Of Undistributed Net Earnings (details)
Employee Share-based Incentive Compensation Plans
Employee Share-based Incentive Compensation Plans (tables)
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)
Financial Statement Revisions
Financial Statement Revisions (tables)
Financial Statement Revisions - Balance Sheet (details)
Financial Statement Revisions - Statement Of Operations And Comprehensive Income (details)
Financial Statement Revisions - Statement Of Shareholders' Equity (details)
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 (summary Of Goodwill And Intangible Assets) (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
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 Cuts And Jobs Act Of 2017) (details)
Income Taxes (tax Examinations) (details)
Income Taxes (uncertain Tax Positions) (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 (other Long-term Investments) (details)
Investment Securities (rollforward Of Fair Value Measurements By Level) (details)
Investment Securities (significant Unobservable Inputs) (details)
Investment Securities (summary Of Non-agency Commercial Mortgage-backed Securities) (details)
Investment Securities (tables)
Investment Securities Investment Securities (net Realized Investment Gain (losses) (details)
Investment Securities Investment Securities (net Unrealized Investment Gains (losses)) (details)
Investments In Unconsolidated Affiliates
Investments In Unconsolidated Affiliates (details)
Investments In Unconsolidated Affiliates (financial Information) (details)
Investments In Unconsolidated Affiliates (symetra & Hamer Narrative) (details)
Investments In Unconsolidated Affiliates (symetra Summary Of Financial Information) (details)
Investments In Unconsolidated Affiliates (tables)
Investments In Unconsolidated Affiliates Investments In Unconsolidated Affiliates (white Mountain's Investments) (details)
Municipal Bond Guarantee Insurance
Municipal Bond Guarantee Insurance (tables)
Municipal Bond Guarantee Insurance - Narrative (details)
Municipal Bond Guarantee Insurance - Schedule Of Bam's Future Expected Premium Revenues (details)
Municipal Bond Guarantee Insurance - Schedule Of Bam's Insured Obligations (details)
Municipal Bond Guarantee Insurance - Schedule Of Net Written Premiums (details)
Segment Information
Segment Information (assets) (details)
Segment Information (details)
Segment Information (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Selected Quarterly Financial Data (unaudited) Selected Quarterly Financial Data Revised (details)
Significant Transactions
Significant Transactions (dispositions) (details)
Significant Transactions (tables)
Significant Transactions Significant Transactions (acquisitions) (details)
Statutory Capital And Surplus
Statutory Capital And Surplus (details)
Subsequent Event
Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (basis Of Presentation) (details)
Summary Of Significant Accounting Policies (investment Securities) (details)
Summary Of Significant Accounting Policies (policies)
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: 0000776867-18-000002
Submitted to the SEC: Wed Feb 28 2018 8:57:20 AM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: Fire Marine And Casualty Insurance

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