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White Mountains Insurance Group Ltd (WTM) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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WTM Annual Reports

White Mountains Insurance Group Ltd

CIK: 776867 Ticker: WTM
Exhibit 99.1
image1a.jpg
CONTACT: Todd Pozefsky
(203) 458-5807

WHITE MOUNTAINS REPORTS FOURTH QUARTER RESULTS

HAMILTON, Bermuda (February 8, 2022) - White Mountains Insurance Group, Ltd. (NYSE: WTM)
reported book value per share of $1,176 and adjusted book value per share of $1,190 as of December 31, 2021. Book value per share and adjusted book value per share both increased 1% in the fourth quarter of 2021. Book value
per share and adjusted book value per share decreased 7% and 6% in the year ended December 31, 2021,
including dividends. Excluding net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha, adjusted book value per share increased 3% in the fourth quarter and 4% in the year ended December 31, 2021, including dividends.

Manning Rountree, CEO, commented, “ABVPS grew 1% in the fourth quarter. Strong results from our operating companies were partially offset by a mark-to-market decline in the value of our investment in MediaAlpha. BAM produced $34 million of total premiums and member surplus contributions in the quarter, driven by continuing primary market demand for insurance. Ark produced good underwriting results for the quarter and the year, while growing full year premiums 78%. NSM finished the year with new highs for pro forma controlled premiums and pro forma adjusted EBITDA. Likewise, Kudu finished the year by producing strong growth in adjusted EBITDA, recording $27 million of gains in the fair value of its portfolio and closing two transactions in the fourth quarter. Excluding MediaAlpha, our investment portfolio returned 1.8% for the quarter and 6.4% for the full year. We completed share repurchases of $13 million for the quarter and $108 million for the full year. We finished the year with roughly $400 million of undeployed capital.”

Comprehensive income (loss) attributable to common shareholders was $34 million and $(273) million in the fourth quarter and year ended December 31, 2021 compared to $495 million and $716 million in the fourth quarter and year ended December 31, 2020. Results in the fourth quarter and year ended December 31, 2021 included $55 million and $380 million of net realized and unrealized investment losses from White Mountains’s investment in MediaAlpha. Results in the fourth quarter and year ended December 31, 2020 included $391 million and $746 million of net investment income and realized and unrealized investment gains from White Mountains’s investment in MediaAlpha, as well as $131 million from the release of a deferred tax liability as a result of an internal reorganization in connection with the MediaAlpha IPO.

MediaAlpha

White Mountains owns 16.9 million shares of MediaAlpha, representing a 28% basic ownership interest (26% on a fully-diluted/fully-converted basis). At the December 31 closing price of $15.44, which was down from $18.68 at September 30, the value of White Mountains’s investment in MediaAlpha was $262 million, which was down from $316 million at September 30, 2021. This accounted for a decrease of $18 in both book value per share and adjusted book value per share in the quarter. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $5.65 per share increase or decrease in White Mountains’s book value per share and adjusted book value per share. Our focus remains on MediaAlpha’s intrinsic value, not on fluctuations in its share price. We encourage you to read MediaAlpha’s fourth quarter earnings release and related shareholder letter scheduled for February 24, 2022, which will be available on MediaAlpha’s investor relations website at www.investors.mediaalpha.com.



1

The following information was filed by White Mountains Insurance Group Ltd (WTM) on Tuesday, February 8, 2022 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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Inside White Mountains Insurance Group Ltd's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
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
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies - Fair Value Measurements And Other Long-Term Investments (Details)
Basis Of Presentation And Significant Accounting Policies - Foreign Currency Exchange (Details)
Basis Of Presentation And Significant Accounting Policies - Investment Securities (Details)
Basis Of Presentation And Significant Accounting Policies - Municipal Bond Guarantee Insurance (Details)
Basis Of Presentation And Significant Accounting Policies - Property And Casualty Insurance And Reinsurance (Details)
Basis Of Presentation And Significant Accounting Policies - Reportable Segments (Details)
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 (Tables)
Debt
Debt (Tables)
Debt - Ark Stand By Letters Of Credit Narrative (Details)
Debt - Ark Subordinated Notes Narrative (Details)
Debt - Debt Outstanding (Details)
Debt - Kudu Credit Facility And Bank Narrative (Details)
Debt - Nsm Bank Narrative (Details)
Debt - Other Debt Narrative (Details)
Debt - Schedule Of Contractual Repayments (Details)
Debt - Schedule Of The Change In Debt Under The Kudu Facility (Details)
Debt - Schedule Of The Change In Debt Under The Nsm Bank Facility (Details)
Debt - Schedule Of Weighted Average Interest Rates (Details)
Derivatives
Derivatives - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Earnings Per Share From Continuing Operations (Details)
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 - Narrative (Details)
Employee Share-Based Incentive Compensation Plans - Performance Shares (Details)
Employee Share-Based Incentive Compensation Plans - Performance Shares Granted (Details)
Employee Share-Based Incentive Compensation Plans - Restricted Shares (Details)
Equity Method Eligible Investments
Equity Method Eligible Investments (Tables)
Equity Method Eligible Investments - Balance Sheet And Income Statement Tables (Details)
Equity Method Eligible Investments - Carrying Value And Ownership Percentages (Details)
Equity Method Eligible Investments - Narrative (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 (Tables)
Goodwill And Other Intangible Assets - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Fair Value Of Goodwill And Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets Rollforward (Details)
Goodwill And Other Intangible Assets - Summary Of Goodwill And Intangible Assets (Details)
Held For Sale And Discontinued Operations
Held For Sale And Discontinued Operations (Tables)
Held For Sale And Discontinued Operations - Earnings Per Share (Details)
Held For Sale And Discontinued Operations - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Asc 740-10 (Details)
Income Taxes - Deferred Tax Assets And Liabilities (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 - Valuation Allowance (Detail)
Investment Securities
Investment Securities (Tables)
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 And Losses For Level 3 (Details)
Investment Securities - Investment Holdings (Details)
Investment Securities - Investment In Mediaalpha (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 Investment Gains And Losses - (Details)
Investment Securities - Other Long-Term Investments (Details)
Investment Securities - Rollforward Of Fair Value Measurements By Level (Details)
Investment Securities - Significant Unobservable Inputs (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Future Minimum Payments On Operating Leases (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Right-Of-Use Assets And Lease Liabilities (Details)
Loss And Loss Adjustment Expense Reserves
Loss And Loss Adjustment Expense Reserves (Tables)
Loss And Loss Adjustment Expense Reserves - Average Annual Percentage Payout Of Incurred Losses And Allocated Lae By Age, Net Of Reinsurance (Details)
Loss And Loss Adjustment Expense Reserves - Cumulative Paid Loss And Allocated Lae, Net Of Reinsurance (Details)
Loss And Loss Adjustment Expense Reserves - Incurred Loss And Allocated Lae, Net Of Reinsurance (Details)
Loss And Loss Adjustment Expense Reserves - Lae Reserve Activity (Details)
Loss And Loss Adjustment Expense Reserves - Narrative (Details)
Loss And Loss Adjustment Expense Reserves - Schedule Of Ending Liabilities For Unpaid Loss And Lae, Net Of Reinsurance (Details)
Loss And Loss Adjustment Expense Reserves - Tpc Participation (Details)
Municipal Bond Guarantee - Schedule Of Municipal Guarantee Insurance Contracts, Premium Received Over Contract Period (Details)
Municipal Bond Guarantee Insurance
Municipal Bond Guarantee Insurance (Tables)
Municipal Bond Guarantee Insurance - Narrative (Details)
Municipal Bond Guarantee Insurance - Schedule Of Municipal Bond Guarantee Insured Obligations (Details)
Municipal Bond Guarantee Insurance - Schedule Of Net Written Premiums (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 - Balance Sheet (Details)
Schedule Ii Condensed Financial Information Of The Registrant - Statement Of Cash Flows (Details)
Schedule Ii Condensed Financial Information Of The Registrant - Statement Of Operations And Comprehensive Income (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 (Tables)
Segment Information - Assets (Details)
Segment Information - Income Statement Information (Details)
Segment Information - Revenue (Details)
Significant Transactions
Significant Transactions (Tables)
Significant Transactions - Ark (Details)
Significant Transactions - Kudu (Details)
Significant Transactions - Mediaalpha (Details)
Significant Transactions - Nsm (Details)
Significant Transactions - Passportcard/Davidshield (Details)
Significant Transactions - Schedule Of Assets Acquired And Liabilities Assumed, Ark (Details)
Statutory Capital And Surplus
Statutory Capital And Surplus (Details)
Third-Party Reinsurance
Third-Party Reinsurance (Tables)
Third-Party Reinsurance - Effects Of Reinsurance (Details)
Third-Party Reinsurance - Narrative (Details)
Third-Party Reinsurance - Remaining Gross And Net Reinsurance Recoverables (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: WTM
CIK: 776867
Form Type: 10-K Annual Report
Accession Number: 0000776867-22-000002
Submitted to the SEC: Mon Feb 28 2022 5:21:38 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Fire Marine And Casualty Insurance

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