The following table presents the financial information for White Mountains’s segments:



Millions	HG Global/BAM			NSM ⁽²⁾		MediaAlpha		Other Operations			Total
Three Months Ended June 30, 2018
Earned insurance premiums	$	3.4		$	—	$	—	$	—		$	3.4
Net investment income	4.0			—		—		7.8			11.8
Net realized and unrealized investment (losses) gains	(2.4		)	—		—		12.9			10.5
Advertising and commission revenues ⁽¹⁾	—			22.6		71.8		1.0			95.4
Other revenue	.4			.9		—		(.1		)	1.2
Total revenues	5.4			23.5		71.8		21.6			122.3
Insurance acquisition expenses	1.3			—		—		—			1.3
Other underwriting expenses	.1			—		—		—			.1
Cost of sales	—			—		59.9		1.1			61.0
General and administrative expenses	13.4			12.1		4.6		31.0			61.1
Broker commission expense	—			6.6		—		—			6.6
Amortization of other intangible assets	—			—		2.5		.1			2.6
Interest expense	—			1.6		.3		.1			2.0
Total expenses	14.8			20.3		67.3		32.3			134.7
Pre-tax income (loss)	$	(9.4	)	$	3.2	$	4.5	$	(10.7	)	$	(12.4	)


⁽¹⁾	Approximately 32% of MediaAlpha’s advertising revenue was associated with one customer for the three months ended June 30, 2018.

⁽²⁾NSM’s results are from May 11, 2018, the date of acquisition, to the end of the second quarter.



Millions	HG Global/BAM			MediaAlpha			Other Operations		Total
Three Months Ended June 30, 2017
Earned insurance premiums	$	2.2		$	—		$	—	$	2.2
Net investment income	3.0			—			11.7		14.7
Net realized and unrealized investment losses	1.1			—			32.6		33.7
Advertising and commission revenues ⁽¹⁾	—			30.8			.5		31.3
Other revenue	.2			—			1.4		1.6
Total revenues	6.5			30.8			46.2		83.5
Insurance acquisition expenses	.9			—			—		.9
Other underwriting expenses	.1			—			—		.1
Cost of sales	—			26.1			.7		26.8
General and administrative expenses	10.3			3.7			40.9		54.9
Amortization of other intangible assets	—			2.5			—		2.5
Interest expense	—			.3			.2		.5
Total expenses	11.3			32.6			41.8		85.7
Pre-tax loss	$	(4.8	)	$	(1.8	)	$	4.4	$	(2.2	)


⁽¹⁾	Approximately 26% of MediaAlpha’s advertising revenue was associated with one customer for the three months ended June 30, 2017.



Millions	HG Global/BAM			NSM ⁽²⁾		MediaAlpha		Other Operations			Total
Six Months Ended June 30, 2018
Earned insurance premiums	$	6.4		$	—	$	—	—			$	6.4
Net investment income	7.7			—		—		23.8			31.5
Net realized and unrealized investment losses	(10.3		)	—		—		(32.9		)	(43.2		)
Advertising and commission revenues ⁽¹⁾	—			22.6		141.9		1.9			166.4
Other revenue	.6			.9		1.6		.2			3.3
Total revenues	4.4			23.5		143.5		(7.0		)	164.4
Insurance acquisition expenses	2.7			—		—		—			2.7
Other underwriting expenses	.2			—		—		—			.2
Cost of sales	—			—		117.3		1.8			119.1
General and administrative expenses	25.2			12.1		15.8		53.0			106.1
Broker commission expense	—			6.6		—		—			6.6
Amortization of other intangible assets	—			—		5.4		.1			5.5
Interest expense	—			1.6		.7		.3			2.6
Total expenses	28.1			20.3		139.2		55.2			242.8
Pre-tax loss	$	(23.7	)	$	3.2	$	4.3	$	(62.2	)	$	(78.4	)


⁽¹⁾	Approximately 32% of MediaAlpha’s advertising revenue was associated with one customer for the six months ended June 30, 2018.

⁽²⁾NSM’s results are from May 11, 2018, the date of acquisition, to the end of the second quarter.



Millions	HG Global/BAM			MediaAlpha			Other Operations		Total
Six Months Ended June 30, 2017
Earned insurance premiums	$	4.2		$	—		$	1.0	$	5.2
Net investment income	5.6			—			21.9		27.5
Net realized and unrealized investment gains	2.4			—			67.6		70.0
Advertising and commission revenues ⁽¹⁾	—			63.3			1.8		65.1
Other revenue	.6			—			3.9		4.5
Total revenues	12.8			63.3			96.2		172.3
Loss and loss adjustment expenses	—			—			1.1		1.1
Insurance acquisition expenses	2.1			—			—		2.1
Other underwriting expenses	.2			—			—		.2
Cost of sales	—			53.8			1.8		55.6
General and administrative expenses	20.9			6.9			85.5		113.3
Amortization of other intangible assets	—			4.9			—		4.9
Interest expense	—			.5			.4		.9
Total expenses	23.2			66.1			88.8		178.1
Pre-tax (loss) income	$	(10.4	)	$	(2.8	)	$	7.4	$	(5.8	)


⁽¹⁾	Approximately 27% of MediaAlpha’s advertising revenue was associated with one customer for the six months ended June 30, 2017.