XML 83 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:    
Earned insurance and reinsurance premiums $ 494.3us-gaap_PremiumsEarnedNet $ 493.6us-gaap_PremiumsEarnedNet
Net investment income 23.3us-gaap_NetInvestmentIncome 24.7us-gaap_NetInvestmentIncome
Net realized and unrealized investment gains 103.4us-gaap_GainLossOnInvestments 63.8us-gaap_GainLossOnInvestments
Other revenue 35.8us-gaap_OtherIncome (3.4)us-gaap_OtherIncome
Total revenues 656.8us-gaap_Revenues 578.7us-gaap_Revenues
Expenses:    
Loss and loss adjustment expenses 265.4us-gaap_PolicyholderBenefitsAndClaimsIncurredNet 229.3us-gaap_PolicyholderBenefitsAndClaimsIncurredNet
Insurance and Reinsurance Acquisition Expenses 95.6wtm_InsuranceAndReinsuranceAcquisitionExpenses 95.1wtm_InsuranceAndReinsuranceAcquisitionExpenses
Other underwriting expenses 81.5us-gaap_OtherUnderwritingExpense 81.4us-gaap_OtherUnderwritingExpense
General and administrative expenses 116.4us-gaap_GeneralAndAdministrativeExpense 50.3us-gaap_GeneralAndAdministrativeExpense
Interest expense 11.1us-gaap_InterestExpenseDebt 10.1us-gaap_InterestExpenseDebt
Total expenses 570.0us-gaap_BenefitsLossesAndExpenses 466.2us-gaap_BenefitsLossesAndExpenses
Pre-tax income from continuing operations 86.8us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 112.5us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax expense (25.0)us-gaap_IncomeTaxExpenseBenefit (30.9)us-gaap_IncomeTaxExpenseBenefit
Net income from continuing operations 61.8us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 81.6us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax 8.0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 0us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Net loss from discontinued operations, net of tax (7.9)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax (0.5)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net loss from discontinued operations, net of tax (0.1)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity (0.5)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Income before equity in earnings of unconsolidated affiliates 69.7wtm_IncomeLossBeforeEquityEarningsOfUnconsolidatedAffiliatesExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple 81.1wtm_IncomeLossBeforeEquityEarningsOfUnconsolidatedAffiliatesExtraordinaryItemsAndCumulativeEffectOfChangeInAccountingPrinciple
Equity in earnings of unconsolidated affiliates, net of tax 7.3us-gaap_IncomeLossFromEquityMethodInvestments 13.8us-gaap_IncomeLossFromEquityMethodInvestments
Net income 77.0us-gaap_ProfitLoss 94.9us-gaap_ProfitLoss
Net loss attributable to non-controlling interests 7.3us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 0.6us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income attributable to White Mountains’s common shareholders 84.3us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic 95.5us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Other comprehensive (loss) income, net of tax:    
Change in equity in net unrealized gains from investments in Symetra common shares, net of tax 28.9wtm_OtherComprehensiveIncomeLossEquityinUnrealizedGainsLossesfromInvestmentsinUnconsolidatedAffiliates 36.5wtm_OtherComprehensiveIncomeLossEquityinUnrealizedGainsLossesfromInvestmentsinUnconsolidatedAffiliates
Change in foreign currency translation, pension liability and other (87.6)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax (7.8)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
Comprehensive income 25.6us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest 124.2us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
Comprehensive income attributable to non-controlling interests 0us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest 0us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
Comprehensive income attributable to White Mountains’s common shareholders $ 25.6us-gaap_ComprehensiveIncomeNetOfTax $ 124.2us-gaap_ComprehensiveIncomeNetOfTax
Basic income per share    
Continuing operations $ 12.77us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 15.56us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations $ 1.32us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ (0.08)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Total consolidated operations $ 14.09us-gaap_EarningsPerShareBasic $ 15.48us-gaap_EarningsPerShareBasic
Diluted income per share    
Continuing operations $ 12.77us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 15.56us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations $ 1.32us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ (0.08)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Total consolidated operations $ 14.09us-gaap_EarningsPerShareDiluted $ 15.48us-gaap_EarningsPerShareDiluted
Dividends declared per White Mountains’s common share $ 1.00us-gaap_CommonStockDividendsPerShareDeclared $ 1.00us-gaap_CommonStockDividendsPerShareDeclared