White Mountains Insurance Group, Ltd. reported book value per share of $1,183 and adjusted book value per share of $1,204 as of March 31, 2022. Book value per share and adjusted book value per share both increased 1% in the first quarter of 2022.
Manning Rountree, CEO, said, “We had a strong first quarter, with ABVPS up 1%. Rising interest rates have been a headwind in our fixed income portfolio. This was more than offset by positive results from our operating companies and positive returns from our equity portfolio. BAM generated $22 million in total premiums and member surplus contributions during the quarter, driven by strong secondary market activity.
“Ark produced break-even underwriting results during the quarter, reflecting the impact of estimated losses resulting from the conflict in Ukraine. Ark underwrote $633 million in gross premiums written during the quarter, up 57 % year-over-year, with the change in risk-adjusted rates up 9% year-over-year NSM delivered healthy growth in both pro forma controlled premiums and pro forma adjusted EBITDA.
“Kudu posted growth in adjusted EBITDA and recognized $22 million of mark-to-market gains in the fair value of its participation contract portfolio. MediaAlpha’s stock price rose 7% in the quarter, generating a $19 million gain relative to the market.
“Excluding MediaAlpha, the investment portfolio returned 0.3% in the quarter, as equity gains more than offset mark-to-market losses in fixed income securities. We completed $39 million in share buybacks during the quarter. Including the dividend received from HG Global in May, undeployed capital now stands at approximately $400 million.
Overall income [loss] attributable to common shareholders was $31 million in the first quarter of 2022, compared to million in the first quarter of 2021. The first quarter of 2022 results included $19 million of unrealized investment gains from White Mountains’ investment in MediaAlpha. Results for the first quarter of 2021 included $42 million of net realized and unrealized losses on White Mountains’ investments in MediaAlpha and a loss of $29 million related to NSM’s sale of its Fresh Insurance automotive business.
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