Significant intercompany transactions among White Mountains’s segments have been eliminated herein. Financial information for White Mountains’s segments follows:



			HG Global/BAM
Millions	OneBeacon		HG		BAM⁽¹⁾			Other Operations				Total
Three Months Ended June 30, 2016
Earned insurance premiums	$	271.4	$	1.0	$	.4		$	1.9			$	274.7
Net investment income	12.1		.5		1.8			4.8				19.2
Net investment income (loss) - surplus note interest	—		4.4		(4.4		)	—				—
Net realized and unrealized investment gains (losses)	24.7		.5		3.2			(.3		)		28.1
Other revenue	.8		—		.3			35.1			⁽²⁾	36.2
Total revenues	309.0		6.4		1.3			41.5				358.2
Losses and LAE	179.7		—		—			2.3				182.0
Insurance acquisition expenses	48.7		.2		.6			.6				50.1
Other underwriting expenses	50.9		—		.1			—				51.0
General and administrative expenses	3.2		.3		9.6			56.7			⁽³⁾	69.8
Amortization of intangible assets	.3		—		—			3.0				3.3
Interest expense	3.2		—		—			.9				4.1
Total expenses	286.0		.5		10.3			63.5				360.3
Pre-tax income (loss)	$	23.0	$	5.9	$	(9.0	)	$	(22.0	)		$	(2.1	)



			HG Global/BAM
Millions	OneBeacon		HG		BAM⁽¹⁾			Other Operations				Total
Six Months Ended June 30, 2016
Earned insurance premiums	$	550.0	$	1.9	$	.7		$	4.2			$	556.8
Net investment income	26.5		1.0		3.4			6.2				37.1
Net investment income (loss) - surplus note interest	—		8.9		(8.9		)	—				—
Net realized and unrealized investment gains	41.3		2.6		8.1			5.6				57.6
Other revenue	1.7		—		.4			73.9			⁽²⁾	76.0
Total revenues	619.5		14.4		3.7			89.9				727.5
Losses and LAE	338.5		—		—			4.6				343.1
Insurance acquisition expenses	99.7		.4		1.3			1.4				102.8
Other underwriting expenses	106.2		—		.2			—				106.4
General and administrative expenses	6.8		.8		18.8			127.4			⁽³⁾	153.8
Amortization of intangible assets	.6		—		—			5.8				6.4
Interest expense	6.5		—		—			2.1				8.6
Total expenses	558.3		1.2		20.3			141.3				721.1
Pre-tax income (loss)	$	61.2	$	13.2	$	(16.6	)	$	(51.4	)		$	6.4



				HG Global/BAM
Millions	OneBeacon			HG			BAM⁽¹⁾			Other Operations			Total
Three Months Ended June 30, 2015
Earned insurance premiums	$	319.3		$	.6		$	.1		$	1.8		$	321.8
Net investment income	10.1			.5			.8			1.8			13.2
Net investment income (loss) - surplus note interest	—			3.9			(3.9		)	—			—
Net realized and unrealized investment (losses) gains	(14.0		)	(1.4		)	(1.9		)	2.3			(15.0		)
Other (loss) revenue	(1.2		)	—			.2			49.7		⁽²⁾	48.7
Total revenues	314.2			3.6			(4.7		)	55.6			368.7
Losses and LAE	194.5			—			—			1.7			196.2
Insurance acquisition expenses	56.4			.1			.6			.7			57.8
Other underwriting expenses	52.9			—			.1			—			53.0
General and administrative expenses	3.8			.4			8.7			47.8		⁽³⁾	60.7
Amortization of intangible assets	.4			—			—			2.3			2.7
Interest expense	3.3			—			—			.1			3.4
Total expenses	311.3			.5			9.4			52.6			373.8
Pre-tax income (loss)	$	2.9		$	3.1		$	(14.1	)	$	3.0		$	(5.1	)



				HG Global/BAM
Millions	OneBeacon			HG			BAM⁽¹⁾			Other Operations				Total
Six Months Ended June 30, 2015
Earned insurance premiums	$	605.9		$	1.1		$	.3		$	3.8			$	611.1
Net investment income	20.6			.9			1.8			2.5				25.8
Net investment income (loss) - surplus note interest	—			7.9			(7.9		)	—				—
Net realized and unrealized investment gains (losses)	.2			(.3		)	1.1			9.0				10.0
Other (loss) revenue	(4.3		)	—			.3			80.1			⁽²⁾	76.1
Total revenues	622.4			9.6			(4.4		)	95.4				723.0
Losses and LAE	360.4			—			—			3.7				364.1
Insurance acquisition expenses	107.4			.2			1.4			1.8				110.8
Other underwriting expenses	108.8			—			.2			—				109.0
General and administrative expenses	7.6			.8			16.9			103.7			⁽³⁾	129.0
Amortization of intangible assets	.7			—			—			4.6				5.3
Interest expense	6.5			—			—			.4				6.9
Total expenses	591.4			1.0			18.5			114.2				725.1
Pre-tax income (loss)	$	31.0		$	8.6		$	(22.9	)	$	(18.8	)		$	(2.1	)

⁽¹⁾BAM manages its affairs on a statutory accounting basis. BAM’s statutory surplus includes surplus notes and is not reduced by accruals of interest expense on the surplus notes. BAM’s statutory surplus is reduced only after a payment of principal or interest has been approved by the New York Department of Financial Services.

⁽²⁾Includes $28.1 and $60.8 from MediaAlpha for the three months and six months ended June 30, 2016, and $23.2 and $52.9 from MediaAlpha for the three months and six months ended June 30, 2015.

⁽³⁾Includes $26.0 and $56.5 from MediaAlpha for the three months and six months ended June 30, 2016, and $21.9 and $49.6 from MediaAlpha for the three months and six months ended June 30, 2015.