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WHITE MOUNTAINS INSURANCE GROUP LTD (WTM)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-05-18 | Dec-31-17 | Dec-31-16 |
| | 8-K | 10-K | 10-K | 10-K | 10-K | 8-K | 10-K | 10-K |
| Revenues: |
| Other Operations | | 97.1 | 781.4 | 523.7 | 4.1 | | 187.3 | |
| Other | | 330.4 | | | 397.1 | | | |
| Total revenues | 0.0 | 427.5 | 307.9 | 294.3 | 401.2 | 0.0 | 163.6 | 157.7 |
| Revenue growth | -100.0% | 38.8% | 4.6% | -26.6% | 145.2% | | 3.7% | -64.2% |
| Loss and loss adjustment expenses | 536.4 | 314.8 | | | | | 1.1 | 8.0 |
| Policy acquisition costs | | 186.3 | 7.0 | 5.7 | 5.3 | | 4.1 | 5.6 |
| Other underwriting costs | | | | | 0.4 | | 0.4 | 0.4 |
| Investment expenses | | 2.3 | 1.2 | 1.3 | 3.0 | | 2.5 | 2.4 |
| Other operating expenses | -388.8 | 218.1 | -348.0 | -119.1 | 570.0 | 177.0 | 146.8 | 287.7 |
| General and administrative | 376.2 | 482.9 | 387.4 | 328.2 | 233.5 | 233.5 | 208.0 | 175.5 |
| Equity in earnings | | | | | | | | |
| EBITDA | | -217.1 | 665.3 | 417.3 | -162.0 | | 28.8 | -129.0 |
| EBITDA margin | | -50.8% | 216.1% | 141.8% | -40.4% | | 17.6% | -81.8% |
| Depreciation | | 23.8 | 15.1 | 8.0 | 6.9 | | 11.7 | 9.9 |
| EBITA | -152.8 | -240.9 | 650.2 | 409.3 | -168.9 | -167.6 | 17.1 | -138.9 |
| EBITA margin | | -56.4% | 211.2% | 139.1% | -42.1% | | 10.5% | -88.1% |
| Amortization of intangibles | 4.9 | 39.8 | 28.3 | 21.8 | 18.8 | 18.6 | 10.7 | 10.5 |
| EBIT | -157.7 | -280.7 | 621.9 | 387.5 | -187.7 | -186.2 | 6.4 | -149.4 |
| EBIT margin | | -65.7% | 202.0% | 131.7% | -46.8% | | 3.9% | -94.7% |
| Interest income, net [+] | 8.3 | 44.8 | 26.2 | 19.7 | 12.2 | 8.0 | -0.9 | -0.9 |
| Interest expense | 1.8 | 8.0 | 2.5 | 1.3 | 0.7 | 1.2 | 0.9 | 0.9 |
| Interest income | 10.1 | 52.8 | 28.7 | 21.0 | 12.9 | 9.2 | | |
| Pre-tax income | -149.4 | -302.0 | 645.2 | 405.1 | -178.2 | -178.2 | 7.8 | -147.3 |
| Income taxes | 41.4 | 38.6 | -20.5 | 29.3 | -4.0 | -4.0 | -7.8 | -32.9 |
| Tax rate | | | | 7.2% | 2.2% | 2.2% | | 22.3% |
| Minority interest | 80.4 | 46.5 | 45.3 | -37.9 | -50.2 | 50.2 | -34.1 | 7.2 |
| Earnings from continuing ops | -190.8 | -294.1 | 711.0 | 413.7 | -124.0 | -174.2 | 49.7 | -121.6 |
| Earnings from discontinued ops | | 18.7 | -2.3 | 0.8 | -17.2 | | 577.5 | 523.4 |
| Net income | 712.4 | -275.4 | 708.7 | 414.5 | -141.2 | -191.4 | 627.2 | 401.8 |
| Net margin | | -64.4% | 230.2% | 140.8% | -35.2% | | 383.4% | 254.8% |
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| Basic EPS | | ($96.66) | $230.74 | $131.71 | ($37.10) | | $11.72 | ($24.57) |
| Diluted EPS | | ($96.66) | $230.74 | $131.71 | ($37.10) | | $11.72 | ($24.55) |
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| Shares outstanding (basic) | | 3.0 | 3.1 | 3.1 | 3.3 | | 4.2 | 5.0 |
| Shares outstanding (diluted) | | 3.0 | 3.1 | 3.1 | 3.3 | | 4.2 | 5.0 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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