Investments in Unconsolidated Entities

White Mountains’s investments in unconsolidated entities are included within other long-term investments and consist of investments in common equity securities or similar instruments, which give White Mountains the ability to exert significant influence over the investee’s operating and financial policies (“equity method eligible unconsolidated entities”). Such investments may be accounted for under either the equity method or alternatively, White Mountains may elect to account for them under the fair value option.

The following table presents the carrying values of investments in equity method eligible unconsolidated entities recorded within other long-term investments:



	December 31
Millions	2017		2016
Equity method eligible private equity securities, at fair value	$	58.0	$	55.6
Investments, accounted for under the equity method	4.6		3.5
Total investments in equity method eligible unconsolidated entities	62.6		59.1
Other unconsolidated investments ⁽¹⁾	146.2		113.7
Total other long-term investments	$	208.8	$	172.8

⁽¹⁾Consists of other long-term investments that are not equity method eligible.

The following table presents White Mountains’s investments in equity method eligible unconsolidated entities as of December 31, 2017 and 2016:



Investee	Ownership Interest	Instrument Held
Compare.com	22%	Common shares
durchblicker	45%	Common shares
OneTitle	20%	Common shares
PassportCard	50%	Common shares
Tuckerman Capital Fund III	21%	Units

The following tables presents aggregated summarized financial information for White Mountains’s investments in equity method eligible unconsolidated entities:



	December 31,
Millions	2017		2016
Balance sheet data ⁽¹⁾:
Total assets	$	75.4	$	79.4
Total liabilities	24.2		18.8

⁽¹⁾Financial data submitted by investees is on a one-quarter lag.



	Year Ended December 31,
Millions	2017			2016			2015
Income statement data ⁽¹⁾:
Revenues	$	60.0		$	32.9		$	12.9
Expenses	(66.8		)	(76.4		)	(69.9		)

⁽¹⁾Financial data submitted by investees is on a one-quarter lag.

Symetra

White Mountains accounted for its investment in Symetra common shares under the equity method until November 5, 2015 when, upon relinquishing its representation on Symetra’s board of directors, it no longer had the ability to exert significant influence. On November 5, 2015, White Mountains began accounting for its investment in Symetra at fair value. During the fourth quarter of 2015, White Mountains recognized $258.8 million ($241.1 million after-tax) of unrealized investment gains through net income, representing the difference between the carrying value of Symetra common shares under the equity method at November 5, 2015 and fair value at December 31, 2015.

The following tables presents financial information for Symetra as of September 30, 2015:



	September 30,
Millions	2015
Symetra balance sheet data:
Total investments	$	32,409.2
Separate account assets	885.9
Total assets	34,962.8
Policyholder liabilities	29,492.0
Long-term debt	697.5
Separate account liabilities	885.9
Total liabilities	31,836.7
Common shareholders’ equity	3,126.1

The following tables presents financial information for Symetra for the nine months ended September 30, 2015:



	Nine months ended September 30, 2015
Millions	Nine months ended September 30, 2015
Symetra income statement data:
Net premiums earned	$	539.3
Net investment income	994.3
Total revenues	1,605.9
Policy benefits	1,143.7
Total expenses	1,543.6
Net income	89.6
Comprehensive net loss	(234.1		)

Hamer

On May 27, 2015, White Mountains sold its interest in Hamer LLC, a small manufacturing company that White Mountains received in 2012 in connection with the liquidation of a limited partnership fund, which resulted in a gain of $20.0 million recorded in other revenue. Prior to the sale, White Mountains recorded equity in earnings of $1.6 million for the six months ended June 30, 2015.