SELECTED QUARTERLY FINANCIAL DATA

(Unaudited)

The following table presents selected quarterly financial data for 2017 and 2016. The quarterly financial data includes, in the opinion of management, all recurring adjustments necessary for a fair presentation of the results of operations for the interim periods. As a result of the sale of OneBeacon, Tranzact, Sirius Group, and Esurance, the results of operations for OneBeacon, Tranzact, Sirius Group and Esurance have been classified as discontinued operations and are now presented, net of related income taxes, as such in the statement of comprehensive income. See Note 19 — “Held for Sale and Discontinued Operations”.

Prior year amounts have been reclassified to conform to the current period’s presentation. Prior year amounts have also been adjusted for the impact of White Mountains’s financial statement revisions.



	2017 Three Months Ended										2016 Three Months Ended
Millions, except per share amounts	Dec. 31		Sept. 30		June 30			Mar. 31			Dec. 31			Sept. 30			June 30			Mar. 31
Revenues	$	114.0	$	87.5	$	83.5		$	88.8		$	(5.5	)	$	56.8		$	48.4		$	58.0
Expenses	108.8		79.1		85.7			92.4			69.0			70.6			74.1			91.3
Pre-tax income (loss)	5.2		8.4		(2.2		)	(3.6		)	(74.5		)	(13.8		)	(25.7		)	(33.3		)
Tax benefit	2.5		4.0		1.0			.3			10.2			17.1			4.0			1.6
Income (loss) from continuing operations	7.7		12.4		(1.2		)	(3.3		)	(64.3		)	3.3			(21.7		)	(31.7		)
Income (loss) from discontinued operations, net of tax	4.3		539.1		2.8			31.3			8.0			84.4			383.6			47.4
Non-controlling interest in consolidated subsidiaries	10.5		10.6		12.0			1.0			17.4			3.1			(21.5		)	(6.2		)
Income (loss) attributable to White Mountains’s common shareholders	$	22.5	$	562.1	$	13.6		$	29.0		$	(38.9	)	$	90.8		$	340.4		$	9.5
Income (loss) attributable to White Mountains’s common shareholders per share:
Basic
Continuing operations	$	4.85	$	5.36	$	2.36		$	(0.50	)	$	(10.27	)	$	1.31		$	(8.47	)	$	(6.85	)
Discontinued operations	1.15		125.45		.61			6.86			1.75			17.34			75.27			8.55
Total consolidated operations	$	6.00	$	130.81	$	2.97		$	6.36		$	(8.52	)	$	18.65		$	66.80		$	1.70
Diluted
Continuing operations	$	4.85	$	5.36	$	2.36		$	(0.50	)	$	(10.27	)	$	1.31		$	(8.47	)	$	(6.85	)
Discontinued operations	1.15		125.45		.61			6.86			1.75			17.30			75.11			8.55
Total consolidated operations	$	6.00	$	130.81	$	2.97		$	6.36		$	(8.52	)	$	18.61		$	66.64		$	1.70

The following tables present the impact of the financial statement revisions to previously reported selected quarterly financial data. See Note 20 — “Financial Statement Revisions”. The impact of the financial statement revisions for the three months ended September 30, 2016 was included in the period ended September 30, 2017 Form 10-Q.



	Three Months Ended June 30, 2017									Three Months Ended March 31, 2017
	As previously reported ⁽¹⁾									As previously reported ⁽¹⁾
Millions, except per share amounts	As previously reported ⁽¹⁾			Adjustments			As revised			As previously reported ⁽¹⁾		Adjustments			As revised
Revenues	$	85.4		$	(1.9	)	$	83.5		$	93.5	$	(4.7	)	$	88.8
Expenses	85.8			(.1		)	85.7			92.2		.2			92.4
Pre-tax (loss) income	(.4		)	(1.8		)	(2.2		)	1.3		(4.9		)	(3.6		)
Tax benefit	1.0						1.0			.3		—			.3
Income (loss) from continuing operations	.6			(1.8		)	(1.2		)	1.6		(4.9		)	(3.3		)
Income from discontinued operations, net of tax	2.8			—			2.8			31.3		—			31.3
Non-controlling interest in consolidated subsidiaries	12.1			(.1		)	12.0			1.3		(.3		)	1.0
Income attributable to White Mountains’s common shareholders	$	15.5		$	(1.9	)	$	13.6		$	34.2	$	(5.2	)	$	29.0
Income (loss) attributable to White Mountains’s common shareholders per share:
Basic
Continuing operations	$	2.78		$	(.42	)	$	2.36		$	.65	$	(1.15	)	$	(0.50	)
Discontinued operations	.61			—			.61			6.86		—			6.86
Total consolidated operations	$	3.39		$	(.42	)	$	2.97		$	7.51	$	(1.15	)	$	6.36
Diluted
Continuing operations	$	2.78		$	(.42	)	$	2.36		$	.65	$	(1.15	)	$	(0.50	)
Discontinued operations	.61			—			.61			6.86		—			6.86
Total consolidated operations	$	3.39		$	(.42	)	$	2.97		$	7.51	$	(1.15	)	$	6.36

⁽¹⁾ Amounts previously reported reflect the effect of reclassifying OneBeacon as discontinued operations. See Note 19 — “Held for Sale and Discontinued Operations”.



	Three Months Ended December 31, 2016
	As previously reported ⁽¹⁾
Millions, except per share amounts	As previously reported ⁽¹⁾			Adjustments			As revised
Revenues	$	.3		$	(5.8	)	$	(5.5	)
Expenses	69.1			(.1		)	69.0
Pre-tax loss	(68.8		)	(5.7		)	(74.5		)
Tax benefit	10.2			—			10.2
Loss from continuing operations	(58.6		)	(5.7		)	(64.3		)
Income from discontinued operations, net of tax	8.0			—			8.0
Non-controlling interest in consolidated subsidiaries	17.3			.1			17.4
Loss attributable to White Mountains’s common shareholders	$	(33.3	)	$	(5.6	)	$	(38.9	)
(Loss) income attributable to White Mountains’s common shareholders per share:
Basic
Continuing operations	$	(9.04	)	$	(1.23	)	$	(10.27	)
Discontinued operations	1.75			—			1.75
Total consolidated operations	$	(7.29	)	$	(1.23	)	$	(8.52	)
Diluted
Continuing operations	$	(9.04	)	$	(1.23	)	$	(10.27	)
Discontinued operations	1.75			—			1.75
Total consolidated operations	$	(7.29	)	$	(1.23	)	$	(8.52	)

⁽¹⁾ Amounts previously reported reflect the effect of reclassifying OneBeacon, Tranzact, Sirius, and Esurance as discontinued operations. See Note 19 — “Held for Sale and Discontinued Operations”.



	Three Months Ended June 30, 2016									Three Months Ended March 31, 2016
	As previously reported ⁽¹⁾									As previously reported ⁽¹⁾
Millions, except per share amounts	As previously reported ⁽¹⁾			Adjustments			As revised			As previously reported ⁽¹⁾			Adjustments			As revised
Revenues	$	49.2		$	(.8	)	$	48.4		$	58.8		$	(.8	)	$	58.0
Expenses	74.3			(.2		)	74.1			88.5			2.8			91.3
Pre-tax loss	(25.1		)	(.6		)	(25.7		)	(29.7		)	(3.6		)	(33.3		)
Tax benefit	4.0			—			4.0			1.6			—			1.6
Loss from continuing operations	(21.1		)	(.6		)	(21.7		)	(28.1		)	(3.6		)	(31.7		)
Income from discontinued operations, net of tax	383.6			—			383.6			47.4			—			47.4
Non-controlling interest in consolidated subsidiaries	(21.4		)	(.1		)	(21.5		)	(6.3		)	.1			(6.2		)
Income attributable to White Mountains’s common shareholders	$	341.1		$	(.7	)	$	340.4		$	13.0		$	(3.5	)	$	9.5
(Loss) income attributable to White Mountains’s common shareholders per share:
Basic
Continuing operations	$	(8.34	)	$	(.13	)	$	(8.47	)	$	(6.22	)	$	(.63	)	$	(6.85	)
Discontinued operations	75.27			—			75.27			8.55			—			8.55
Total consolidated operations	$	66.93		$	(.13	)	$	66.80		$	2.33		$	(.63	)	$	1.70
Diluted
Continuing operations	$	(8.34	)	$	(.13	)	$	(8.47	)	$	(6.22	)	$	(.63	)	$	(6.85	)
Discontinued operations	75.11			—			75.11			8.55			—			8.55
Total consolidated operations	$	66.77		$	(.13	)	$	66.64		$	2.33		$	(.63	)	$	1.70