White Mountains | 10-Q: FY2025 Q3 Revenue: USD 864.2 M

Revenue: As of FY2025 Q3, the actual value is USD 864.2 M.

EPS: As of FY2025 Q3, the actual value is USD 44.18.

EBIT: As of FY2025 Q3, the actual value is USD 198.7 M.

Revenues: Earned insurance premiums were $542.2 million for Q3 2025, compared to $552.2 million in Q3 2024. For the nine months ended September 30, 2025, earned insurance premiums were $1,264.4 million, up from $1,173.3 million in 2024.
Net Investment Income: $27.2 million for Q3 2025, compared to $24.3 million in 2024. For the nine months ended September 30, 2025, net investment income was $77.0 million, compared to $66.5 million in 2024.
Net Realized and Unrealized Investment Gains (Losses): $17.8 million for Q3 2025, compared to $53.2 million in 2024. For the nine months ended September 30, 2025, these gains were $98.4 million, compared to $84.1 million in 2024.
Total Revenues: $589.5 million for Q3 2025, compared to $633.4 million in 2024. For the nine months ended September 30, 2025, total revenues were $1,450.6 million, compared to $1,333.5 million in 2024.
Expenses: Loss and loss adjustment expenses were $254.6 million for Q3 2025, compared to $288.3 million in 2024. For the nine months ended September 30, 2025, these expenses were $652.1 million, compared to $644.0 million in 2024.

Revenues: Earned insurance premiums were $7.5 million for both Q3 2025 and 2024. For the nine months ended September 30, 2025, earned insurance premiums were $22.8 million, compared to $24.3 million in 2024.
Net Investment Income: $7.0 million for Q3 2025, compared to $6.0 million in 2024. For the nine months ended September 30, 2025, net investment income was $19.8 million, compared to $26.1 million in 2024.
Net Realized and Unrealized Investment Gains (Losses): $7.2 million for Q3 2025, compared to $22.5 million in 2024. For the nine months ended September 30, 2025, these gains were $20.3 million, compared to $8.1 million in 2024.
Total Revenues: $29.3 million for Q3 2025, compared to -$54.8 million in 2024. For the nine months ended September 30, 2025, total revenues were $85.6 million, compared to -$31.2 million in 2024.

Net Investment Income: $18.0 million for Q3 2025, compared to $17.2 million in 2024. For the nine months ended September 30, 2025, net investment income was $56.7 million, compared to $50.1 million in 2024.
Net Realized and Unrealized Investment Gains (Losses): $36.1 million for Q3 2025, compared to $29.5 million in 2024. For the nine months ended September 30, 2025, these gains were $80.9 million, compared to $77.5 million in 2024.
Total Revenues: $54.4 million for Q3 2025, compared to $47.2 million in 2024. For the nine months ended September 30, 2025, total revenues were $138.6 million, compared to $128.1 million in 2024.

Commission and Fee Revenues: $63.9 million for Q3 2025, compared to $42.7 million in 2024. For the nine months ended September 30, 2025, these revenues were $167.2 million, compared to $97.3 million in 2024.
Earned Insurance Premiums: $5.2 million for Q3 2025, compared to $10.6 million in 2024. For the nine months ended September 30, 2025, earned insurance premiums were $21.7 million, compared to $27.0 million in 2024.
Total Revenues: $71.4 million for Q3 2025, compared to $55.7 million in 2024. For the nine months ended September 30, 2025, total revenues were $195.3 million, compared to $128.8 million in 2024.

Commission and Fee Revenues: $14.1 million for Q3 2025, with no comparable period in 2024.
Total Revenues: $14.3 million for Q3 2025, with no comparable period in 2024.

Earned Insurance Premiums: $2.9 million for Q3 2025, compared to $11.2 million in 2024. For the nine months ended September 30, 2025, earned insurance premiums were $19.1 million, compared to $19.8 million in 2024.
Net Investment Income: $6.2 million for Q3 2025, compared to $9.6 million in 2024. For the nine months ended September 30, 2025, net investment income was $24.5 million, compared to $27.9 million in 2024.
Net Realized and Unrealized Investment Gains (Losses): $14.9 million for Q3 2025, compared to $29.7 million in 2024. For the nine months ended September 30, 2025, these gains were $49.5 million, compared to $60.4 million in 2024.
Total Revenues: $105.3 million for Q3 2025, compared to $157.6 million in 2024. For the nine months ended September 30, 2025, total revenues were $246.8 million, compared to $322.6 million in 2024.

Net Cash Provided from Operations: $496.6 million for the nine months ended September 30, 2025, compared to $522.7 million in 2024.
Net Cash Used for Investing Activities: -$451.9 million for the nine months ended September 30, 2025, compared to -$283.8 million in 2024.
Net Cash Provided from Financing Activities: $163.1 million for the nine months ended September 30, 2025, compared to -$15.3 million in 2024.

Core Business Focus: White Mountains Insurance Group, Ltd. plans to continue focusing on its core insurance and reinsurance operations, with strategic investments in its Ark/WM Outrigger and HG Global segments to enhance underwriting capacity and financial guarantee capabilities.
Non-Core Business: The company is divesting a controlling interest in Bamboo, expecting to close the transaction in the fourth quarter of 2025, which will provide significant cash proceeds and allow White Mountains to retain a minority interest in Bamboo.