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White Mountains Insurance Group (WTM) investor relations material
White Mountains Insurance Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Book value per share rose 3% in Q3 2025 and 6% year-to-date, reaching $1,851, with a projected increase to $2,176 after the Bamboo sale closes in Q4 2025.
Comprehensive income attributable to common shareholders was $114 million for Q3 2025 and $272 million for the first nine months, down from $180 million and $361 million in the prior year periods.
Strong operating results and investment returns were reported across core segments, with notable growth in Ark, HG Global, Kudu, and Bamboo.
The sale of a 77% stake in Bamboo to CVC Capital Partners is expected to add $325 per share to book value and increase undeployed capital to $1.1 billion.
Financial highlights
Total revenues for Q3 2025 were $864 million, up from $839 million in Q3 2024; nine-month revenues were $2.13 billion, up from $1.88 billion year-over-year.
Net income attributable to common shareholders was $114 million for Q3 2025 and $271 million for the first nine months, compared to $179 million and $361 million in the prior year.
Basic EPS was $44.18 for Q3 2025 and $105.18 for the first nine months, versus $69.68 and $140.66 in the prior year.
Book value per share as of September 30, 2025, was $1,851, up from $1,746 at year-end 2024.
Total consolidated portfolio return was 2.1% in Q3 2025 (2.0% excluding MediaAlpha), and 6.6% for the first nine months (6.8% excluding MediaAlpha).
Outlook and guidance
The Bamboo transaction is expected to close in Q4 2025, significantly boosting book value per share and liquidity.
Management anticipates continued profitable growth in Bamboo and Distinguished, with expansion into new markets and product lines.
Detail capital deployment plans post-Bamboo sale
Elaborate on Ark's YTD catastrophe loss impact
Explain equity portfolio's Q3 underperformance
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Next White Mountains Insurance Group earnings date
Q4 20256 Feb, 2026
Next White Mountains Insurance Group earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
White Mountains Insurance Group Ltd. is a holding company primarily engaged in the business of insurance and financial services. The company's operations encompass a range of insurance and reinsurance businesses, providing property and casualty insurance solutions. It serves a variety of sectors, including personal and commercial lines, accident and health, and specialty insurance. Additionally, White Mountains Insurance Group invests in and manages other financial services companies, contributing to its diversified portfolio. The company focuses on offering comprehensive risk management solutions and financial stability to its clients. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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