Friday, White Mountains Insurance Group Ltd. (WTM) reported a profit for the third quarter, reflecting investment gains compared with investment losses for the prior year period, despite a decline in premiums earned.
The Hamilton, Bermuda-based company's net income attributable to the shareholders was $159.6 million, compared with a loss of $276.7 million in the prior year period.
Adjusted comprehensive income was $242.6 million, compared with a loss of $409.3 million in the prior year period. On per share basis, earnings per share was $18.02 compared with loss per share of $26.19 a year earlier.
On average, three analysts polled by Thomson Reuters expected earnings per share of $5.08 for the third quarter. Analysts' estimate typically excludes one-time items.
White Mountains' total revenues rose to $1.20 billion from $618 million for the same period last year, helped by net realized and unrealized investment gains of $170.7 million, compared with net realized and unrealized investment losses of $429.7 million a year-ago.
Earned insurance and reinsurance premiums came down to $902.0 million from $935.7 million for the prior year quarter and net investment income declined to $66.2 million from $105.7 million last year.
The company's OneBeacon segment which offers specialty line products earned premiums of $492.8 million, up from $471.2 million a year earlier and combined ratios of the segment improved to 97% from 100% last year.
White Mountains Re segment which provides reinsurance coverage improved its total combined ratio to $79% from 127% a year-ago as loss and loss adjustment expense ratios of the segment improved to 49% from 95% last year. Still, the segment's earned premiums declined to $213.4 million from $255.3 million last year.
The company's smallest segment, Esurance earned premiums of $195.8 million, down from $209.2 million and total combined ratio remained unchanged at 102%.
Total expenses for the third quarter declined to $944.4 million from $1.10 billion a year earlier, helped by a decline loss and loss adjustment expenses to $544.1 million from $697.6 million for the year-ago period.
For the nine months period, net income attributable to shareholders was $370.2 million compared with loss attributable to shareholders of $342.7 million for the same period last year and adjusted comprehensive income was $468.9 million compared with loss of $426.4 million last year. Earnings per share was $41.84 per share, compared with loss per share of $32.53 for the same period prior year.
Nine-month total revenues rose to $3.39 billion from $2.59 billion for the year-ago period. Earned insurance and reinsurance premiums was moderately lower at $2.71 billion from $2.79 billion a year earlier.
WTM opened higher at $311.01 and is staying above the flat line despite the negative market sentiment. The stock is currently trading at $314.02, up $7.02 or 2.29% on NYSE.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.