White Mountains Insurance Group, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 06, 2023 at 08:34 am EST
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White Mountains Insurance Group, Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 519.6 million compared to USD 383.2 million a year ago. Net income was USD 23.6 million compared to USD 888.2 million a year ago. Basic earnings per share from continuing operations was USD 9.19 compared to basic loss per share from continuing operations of USD 1.66 a year ago. Diluted earnings per share from continuing operations was USD 9.19 compared to diluted loss per share from continuing operations of USD 1.66 a year ago. Basic earnings per share was USD 9.19 compared to USD 306.93 a year ago. Diluted earnings per share was USD 9.19 compared to USD 306.93 a year ago.
For the nine months, revenue was USD 1,429.9 million compared to USD 720.3 million a year ago. Net income was USD 222.7 million compared to USD 752.4 million a year ago. Basic earnings per share from continuing operations was USD 86.82 compared to basic loss per share from continuing operations of USD 50.73 a year ago. Diluted earnings per share from continuing operations was USD 86.82 compared to diluted loss per share from continuing operations of USD 50.73 a year ago. Basic earnings per share was USD 86.82 compared to USD 254.24 a year ago. Diluted earnings per share was USD 86.82 compared to USD 254.24 a year ago.
White Mountains Insurance Group, Ltd. is a financial services holding company. The Company operates through four segments: Ark/WM Outrigger, HG Global/BAM, Kudu and Bamboo. The Ark/WM Outrigger segment is engaged in specialty property and casualty insurance and reinsurance business that offers a range of niche insurance and reinsurance products, including property, specialty, marine and energy, accident and health, and casualty. The HG Global/BAM segment is engaged in the mutual municipal bond insurance business in the United States. The Kudu segment provides capital solutions for boutique asset and wealth managers for a variety of purposes including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity. The Bamboo segment includes capital-light, tech- and data-enabled insurance distribution platform, which provides homeowners' insurance and related products to the residential property market in California.