WHITE MOUNTAINS INSURANCE GROUP LTDWTMEarnings & Financial Report
White Mountains Insurance Group is a diversified insurance and related financial services holding company based in Hamilton, Bermuda. Redomiciled from Delaware, United States, on October 25, 1999, the company conducts most of its business through its insurance subsidiaries and other affiliates.
Revenue
$577.8M
Gross Profit
$570.3M
Operating Profit
$72.4M
Net Profit
$33.9M
Gross Margin
98.7%
Operating Margin
12.5%
Net Margin
5.9%
YoY Growth
-10.7%
EPS
$13.19
WHITE MOUNTAINS INSURANCE GROUP LTD Q1 FY2025 Financial Summary
WHITE MOUNTAINS INSURANCE GROUP LTD reported revenue of $577.8M (down 10.7% YoY) for Q1 FY2025, with a net profit of $33.9M (down 85.7% YoY) (5.9% margin). Cost of goods sold was $7.5M, operating expenses totaled $497.9M.
Key Financial Metrics
| Total Revenue | $577.8M |
|---|---|
| Net Profit | $33.9M |
| Gross Margin | 98.7% |
| Operating Margin | 12.5% |
| Report Period | Q1 FY2025 |
Revenue Breakdown
WHITE MOUNTAINS INSURANCE GROUP LTD Q1 FY2025 revenue of $577.8M breaks down across 5 segments, led by Ark Insurance Holdings Limited Segment at $399.1M (69.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Ark Insurance Holdings Limited Segment | $399.1M | 69.1% |
| Kudu Investment Management LLC Segment | $63.8M | 11.0% |
| Bamboo Ide8Insurance Services LLC Segment | $61.4M | 10.6% |
| HG Global BAM Segment | $32.1M | 5.6% |
| WM Outrigger Re Segment | $14.1M | 2.4% |
WHITE MOUNTAINS INSURANCE GROUP LTD Revenue by Segment — Quarterly Trend
WHITE MOUNTAINS INSURANCE GROUP LTD revenue by segment across the last 4 reported quarters, showing how each business line (such as Ark Insurance Holdings Limited Segment and Kudu Investment Management LLC Segment) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Ark Insurance Holdings Limited Segment | — | $543.5M | $438.6M | $399.1M |
| Kudu Investment Management LLC Segment | — | $54.4M | $20.4M | $63.8M |
| Bamboo Ide8Insurance Services LLC Segment | — | $71.4M | $62.5M | $61.4M |
| HG Global BAM Segment | — | $29.3M | $24.2M | $32.1M |
| WM Outrigger Re Segment | — | $46.0M | $9.3M | $14.1M |
WHITE MOUNTAINS INSURANCE GROUP LTD Annual Revenue by Year
WHITE MOUNTAINS INSURANCE GROUP LTD annual revenue history includes year-by-year totals (for example, 2025 revenue was $3.7B).
| Year | Annual Revenue |
|---|---|
| 2025 | $3.7B |
| 2024 | $2.2B |
| 2023 | $2.2B |
WHITE MOUNTAINS INSURANCE GROUP LTD Quarterly Revenue & Net Profit History
WHITE MOUNTAINS INSURANCE GROUP LTD results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $1.6B | +348.0% | $835.8M | 52.1% |
| Q3 FY2025 | $864.2M | +3.0% | $113.8M | 13.2% |
| Q2 FY2025 | $689.2M | +74.3% | $122.9M | 17.8% |
| Q1 FY2025 | $577.8M | -10.7% | $33.9M | 5.9% |
| Q4 FY2024 | $358.0M | -51.4% | $-130.4M | -36.4% |
| Q3 FY2024 | $839.1M | +61.5% | $179.0M | 21.3% |
| Q2 FY2024 | $395.4M | +4.5% | $-54.6M | -13.8% |
| Q1 FY2024 | $647.3M | +21.7% | $236.4M | 36.5% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $647.3M | $395.4M | $839.1M | $358.0M | $577.8M | $689.2M | $864.2M | $1.60B |
| YoY Growth | 21.7% | 4.5% | 61.5% | -51.4% | -10.7% | 74.3% | 3.0% | 348.0% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $9.59B | $10.17B | $10.34B | $9.93B | $11.00B | $11.82B | $12.35B | $12.31B |
| Liabilities | $4.70B | $5.29B | $5.08B | $4.79B | $5.87B | $6.48B | $6.63B | $6.05B |
| Equity | $4.47B | $4.42B | $4.61B | $4.48B | $4.51B | $4.64B | $4.77B | $5.43B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $36.5M | $216.8M | $269.4M | $64.1M | $-40.2M | $177.5M | $359.3M | $53.9M |