White Mountains Q1 book value per share falls 1%, hurt by MediaAlpha investment losses

White Mountains Insurance Group Ltd
MediaAlpha, Inc. Class A

White Mountains Insurance Group Ltd

WTM

0.00

MediaAlpha, Inc. Class A

MAX

0.00


Overview

  • Bermuda-based insurance holding company reported Q1 book value per share down 1% including dividends

  • Q1 net loss attributable to common shareholders versus profit in prior-year period

  • Decline in book value driven by unrealized investment losses from MediaAlpha stake


Outlook

  • Ark says market conditions continue to soften but sees opportunities for profitable growth

  • Distinguished continues to invest in technology and talent to drive organic growth over the medium term

  • Kudu continues to pursue an active pipeline despite volatility in global financial markets


Result Drivers

  • MEDIAALPHA LOSSES - Mark-to-market decline in MediaAlpha investment drove decrease in book value per share and net loss for Q1

  • ARK SEGMENT - Ark's combined ratio improved to 91% with lower catastrophe losses, but pre-tax income fell due to investment losses

  • INVESTMENT RETURNS - Excluding MediaAlpha, investment portfolio returned 1.0% with modest gains in equities and fixed income, but total portfolio returns were lower than prior year


Company press release: ID:nPn9nLYrka


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Revenue

$517.80 mln

Q1 EPS

-$12.59


Analyst Coverage

  • The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 17 three months ago


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