XML 16 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Earned insurance premiums $ 2.2 $ 3.3 $ 5.2 $ 6.8
Net investment income 14.7 6.1 27.5 8.6
Net realized and unrealized investment gains 33.7 3.4 70.0 16.3
Advertising and commission revenues 33.2 29.2 71.7 63.0
Other revenue 1.6 7.2 4.5 13.3
Total revenues 85.4 49.2 178.9 108.0
Expenses:        
Loss and loss adjustment expenses 0.0 2.3 1.1 4.6
Insurance acquisition expenses 0.9 1.4 2.2 3.1
Other underwriting expenses 0.1 0.1 0.2 0.2
Cost of sales 26.8 24.4 55.6 52.9
General and administrative expenses 57.5 45.2 117.9 99.9
Interest expense 0.5 0.9 0.9 2.1
Total expenses 85.8 74.3 177.9 162.8
Pre-tax (loss) income from continuing operations (0.4) (25.1) 1.0 (54.8)
Income tax benefit 1.0 4.0 1.3 5.6
Net income (loss) from continuing operations 0.6 (21.1) 2.3 (49.2)
Net (loss) gain on sale of discontinued operations, net of tax (0.6) 366.6 (1.6) 366.6
Net income from discontinued operations, net of tax 3.4 17.0 35.7 64.4
Net income 3.4 362.5 36.4 381.8
Net loss (income) attributable to non-controlling interests 12.1 (21.4) 13.4 (27.7)
Net income attributable to White Mountains’s common shareholders 15.5 341.1 49.8 354.1
Comprehensive income, net of tax:        
Change in foreign currency translation 0.6 (0.2) 1.4 (0.1)
Comprehensive income 16.3 449.2 51.5 499.5
Other comprehensive income attributable to non-controlling interests (0.1) 0.0 (0.1) 0.0
Comprehensive income attributable to White Mountains’s common shareholders $ 16.2 $ 449.2 $ 51.4 $ 499.5
Basic income (loss) per share        
Continuing operations (in usd per share) $ 2.78 $ (8.34) $ 3.42 $ (14.47)
Discontinued operations (in usd per share) 0.61 75.27 7.47 81.04
Total consolidated operations (in usd per share) 3.39 66.93 10.89 66.57
Diluted income (loss) per share        
Continuing operations (in usd per share) 2.78 (8.32) 3.42 (14.46)
Discontinued operations (in usd per share) 0.61 75.11 7.47 80.96
Total consolidated operations (in usd per share) 3.39 66.79 10.89 66.50
Dividends declared per White Mountains’s common share $ 0.00 $ 0.00 $ 1.00 $ 1.00
Sirius Group        
Revenues:        
Net realized and unrealized investment gains   $ 0.4   $ 3.7
Expenses:        
Net (loss) gain on sale of discontinued operations, net of tax $ (0.6)      
Discontinued Operations        
Revenues:        
Earned insurance premiums 277.4 309.1 $ 539.2 790.1
Net investment income 14.5 14.3 26.7 40.9
Net realized and unrealized investment gains 12.3 32.0 27.3 39.8
Total revenues 306.3 407.9 598.7 977.9
Expenses:        
Loss and loss adjustment expenses 188.6 220.9 339.2 493.4
Insurance acquisition expenses 48.4 59.3 93.7 158.7
Other underwriting expenses 59.6 55.1 111.3 137.1
General and administrative expenses 8.8 52.9 13.8 118.3
Interest expense 3.3 5.8 6.6 17.1
Total expenses 308.7 394.0 564.6 924.6
Net income from discontinued operations, net of tax 3.4 17.0 35.7 64.4
Net income attributable to White Mountains’s common shareholders 2.8 378.6 33.7 426.1
Comprehensive income, net of tax:        
Change in foreign currency translation 0.2 108.3 0.3 145.5
Comprehensive income $ 3.0 $ 491.9 $ 34.4 $ 576.5
Basic income (loss) per share        
Total consolidated operations (in usd per share) $ 0.61 $ 75.27 $ 7.47 $ 81.04
Diluted income (loss) per share        
Total consolidated operations (in usd per share) $ 0.61 $ 75.11 $ 7.47 $ 80.96
Discontinued Operations | Sirius Group        
Revenues:        
Earned insurance premiums $ 0.0 $ 37.7   $ 240.1
Net investment income 0.0 2.2   14.4
Net realized and unrealized investment gains 0.0 7.3   (1.5)
Total revenues 0.0 51.9   253.6
Expenses:        
Loss and loss adjustment expenses 0.0 41.2   154.9
Insurance acquisition expenses 0.0 10.6   59.0
Other underwriting expenses 0.0 4.2   30.9
General and administrative expenses 0.0 2.3   10.4
Interest expense 0.0 1.3   7.9
Total expenses 0.0 59.6   263.1
Net (loss) gain on sale of discontinued operations, net of tax (0.6)      
Net income from discontinued operations, net of tax 0.0 (5.5)   (6.4)
Comprehensive income, net of tax:        
Change in foreign currency translation   (5.2)   32.0
Comprehensive income $ (0.6) $ 469.2 $ (0.6) $ 505.5