MARKETS / NYSE / Financials / Insurance / WTM

NYSE · FIRE, MARINE & CASUALTY INSURANCE · LARGE CAP

White Mountains Insurance Group Ltd. WTM

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$3.7B

▲ 66.8% YoY

Net income

$1.1B

▲ 380.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

White Mountains conducted its business, as of December 31, 2025, in five areas: property and casualty insurance and reinsurance, municipal bond guarantee reinsurance, capital solutions for asset and wealth management firms, specialty insurance distribution, and other operations. As of December 31, 2025, it employed 1,648 people. Its reportable segments were Ark/WM Outrigger, HG Global, Kudu and Distinguished, with its remaining operating businesses, holding companies and other assets included in Other Operations. Ark is a specialty property and casualty insurance and reinsurance company that offers insurance and reinsurance products across property, specialty, marine & energy, casualty and accident & health lines. Kudu provides capital solutions for boutique asset and wealth managers, for purposes including generational ownership transfers, management buyouts, acquisition and growth finance, and legacy partner liquidity. Distinguished is a full-service MGA and program administrator for specialty property and casualty insurance.

Written from the business description in WHITE MOUNTAINS INSURANCE GROUP, LTD's annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.7B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 3.7 · Net income 1.1

1.5B3.0B-0.2B-0.4B

2008201120142017202020232025

Compound annual growth

Revenue

+47.8%

+33.1%

Net income

+11.8%

EPS, diluted

+15.8%

+13.6%

+24.0%

+28.4%

Dividend / share

+0.0%

Returned to shareholders

−30.8%

+18.3%

−2.9%

−0.9%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +33.1% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

32 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 35.6% · Net 32.2%

100%200%-20%-40%

200820162025

ROE

FY2025 · ROE 22.3%

10%20%-2%-4%-6%

200820162025

Three returns, three denominators.

Return on equity22.3%

Return on assets10.8%

Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Gross margin95.9%

Operating margin35.6%

Net margin32.2%

EBITDAUSD 1.3B

Each USD of equity produced 22 cents of profit this year.

Cash & shareholders

USD 205.2M

returned in FY2025 · dividends + net buybacks

Net buybacks $M Dividends $M

FY2025 · Dividends 2.6 · Net buybacks 202.6

400M800MDividendsNet buybacks

2008201120142017202020232025

Dividends paidUSD 2.6M

Net buybacksUSD 202.6M

Share of profit18.5%

Consecutive raises·

USD 2.6M in dividends and USD 202.6M in buybacks — 19% of the year's profit went back to shareholders.

Total assetsUSD 12.3B

EquityUSD 5.4B

CashUSD 185.6M

Gross debtUSD 837.0M

Net debtUSD 651.4M

Net debt stands at 12% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative—not applicable◌not available in our data

WTM, 18-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	3.7	2.2	2.2	1.2	0.6	0.9	0.9	0.4	0.4	0.2	0.4	1.4	1.4	2.4	2.2	2.3	3.4	2.9
Operating income $B	1.3	0.3	0.6	−0.1	−0.3	0.7	0.4	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
EBITDA $B	1.3	0.3	0.5	−0.1	−0.3	0.7	0.4	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌
Income tax $B	0.1	0.0	−0.0	0.0	0.0	−0.0	0.0	−0.0	−0.0	−0.0	0.0	−0.0	0.0	−0.0	−0.1	0.0	0.2	−0.5
Net income $B	1.1	0.2	0.5	0.8	−0.3	0.7	0.4	−0.2	0.6	0.4	0.3	0.3	0.3	0.2	0.8	0.1	0.6	−0.6
EPS, diluted $	430.14	89.79	198.60	276.96	−89.46	226.97	130.27	−41.76	146.06	80.06	50.20	51.13	51.85	30.50	97.44	10.12	53.10	−54.26
Dividend / sh $	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	4.00
Payout %	0	1	1	0	−1	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	10	2	−8
ROE %	22.3	5.3	12.8	21.7	−7.4	◌	◌	◌	◌	◌	◌	◌	◌	◌	◌	2.4	12.9	◌
Shares out B	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC

Provenance

Company facts, as filed

How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Eight checks were skipped: cost of revenue is not tagged before 2015. Two checks were skipped: the share count is not tagged before 2009. Two checks were skipped: the balance sheet is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityFire, Marine & Casualty Insurance

Listed onNYSE

Incorporated inoutside the United States — SEC code D0

Fiscal year endsDecember 31

Data on record since2008