Investments in Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2014

Investments in unconsolidated affiliates

Schedule of investments in unconsolidated affiliates

White Mountains’s investments in unconsolidated affiliates represent investments in other companies in which White Mountains has a significant voting and economic interest but does not control the entity.



	December 31,
Millions	2014		2013
Symetra common shares	$	373.8	$	360.9
Unrealized gains (losses) from Symetra’s fixed maturity portfolio	37.6		(43.6		)
Carrying value of Symetra common shares	411.4		317.3

Hamer	3.0		4.1
Total investments in unconsolidated affiliates	$	414.4	$	321.4

Schedule of changes in unconsolidated affiliates

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra:



Millions	Common shares			Warrants			Total
Carrying value of investment in Symetra as of December 31, 2011⁽²⁾	$	261.0		$	12.6		$	273.6
Equity in earnings^(1)(3)(6)	32.3			—			32.3
Equity in net unrealized gains from Symetra’s fixed maturity portfolio⁽⁴⁾⁽⁵⁾	62.8			—			62.8
Dividends received	(4.9		)	—			(4.9		)
Increase in value of warrants	—			17.7			17.7
Carrying value of investment in Symetra as of December 31, 2012⁽²⁾	351.2			30.3			381.5
Equity in earnings^(1)(3)(6)	37.8			—			37.8
Equity in net unrealized losses from Symetra’s fixed maturity portfolio⁽⁴⁾⁽⁵⁾	(106.4		)	—			(106.4		)
Dividends received	(6.4		)	—			(6.4		)
Increase in value of warrants	—			10.8			10.8
Exercise of warrants	41.1			(41.1		)	—
Carrying value of investment in Symetra as of December 31, 2013⁽²⁾	317.3			—			317.3
Equity in earnings^(1)(3)(6)	47.0			—			47.0
Equity in net unrealized gains from Symetra’s fixed maturity portfolio⁽⁴⁾⁽⁵⁾	81.2			—			81.2
Dividends received	(34.1		)	—			(34.1		)
Carrying value of investment in Symetra as of December 31, 2014⁽²⁾⁽⁷⁾	$	411.4		$	—		$	411.4


⁽¹⁾	Equity in earnings for the years ended December 31, 2014, 2013 and 2012 excludes tax expense of $3.3, $2.8, and $2.6


⁽²⁾	Includes White Mountains’s equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio of $37.6, $(43.6), and $62.8 as of December 31, 2014, 2013 and 2012, which excludes tax (expense) benefit of $(2.7), $3.2 and $(5.1)


⁽³⁾	Equity in earnings for the years ended December 31, 2014, 2013 and 2012 includes $3.0, $3.0 and $3.5 increases relating to the pre-tax amortization of the Symetra common share basis difference.


⁽⁴⁾	Net unrealized gains for the years ended December 31, 2014, 2013 and 2012 includes $12.7, $11.8 and $13.1 increases relating to the pre-tax amortization of the Symetra common share basis difference.


⁽⁵⁾	Net unrealized gains (losses) from Symetra’s fixed maturity portfolio excludes tax (expense) benefit of $(5.9), $8.3 and $(5.1) for the years ended December 31, 2014, 2013 and 2012.


⁽⁶⁾	Equity in earnings for the years ended December 31, 2014, 2013 and 2012 includes $(0.1), $0.2, and $1.3 (gain) loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra


⁽⁷⁾	The aggregate value of White Mountains’s investment in common shares of Symetra was $462.1 based upon the quoted market price of $23.05 per share as of December 31, 2014.

Symetra

Investments in unconsolidated affiliates

Summarized statement of financial position of Symetra

The following table summarizes financial information for Symetra as of December 31, 2014 and 2013:



	December 31,
Millions	2014		2013
Symetra balance sheet data:
Total investments	$	30,634.3	$	27,901.1
Separate account assets	949.8		978.4
Total assets	32,994.2		30,129.5
Policyholder liabilities	27,276.0		25,328.8
Long-term debt	697.2		449.5
Separate account liabilities	949.8		978.4
Total liabilities	29,633.6		27,187.6
Common shareholders’ equity	3,360.6		2,941.9

The following table summarizes financial information for Symetra for the years ended December 31, 2014, 2013 and 2012:



	Years ended December 31,
Millions	2014		2013			2012
Symetra income statement data:
Net premiums earned	$	629.1	$	627.2		$	605.0
Net investment income	1,320.5		1,285.0			1,275.2
Total revenues	2,182.3		2,103.9			2,101.2
Policy benefits	1,399.6		1,394.9			1,371.8
Total expenses	1,882.4		1,865.3			1,831.1
Net income	254.4		220.7			205.4
Comprehensive net income (loss)	397.0		(777.6		)	549.3