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Equity Method Eligible Investments
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Eligible Investments Equity Method Eligible Investments
White Mountains’s equity method eligible investments include White Mountains’s investment in MediaAlpha, certain other unconsolidated entities, including Kudu’s Participation Contracts, private equity funds and hedge funds in which White Mountains has the ability to exert significant influence over the investee’s operating and financial policies.
The following table presents the ownership interests and carrying values of White Mountains’s equity method eligible investments as of December 31, 2021 and 2020:

December 31, 2021December 31, 2020
MillionsOwnership InterestCarrying ValueOwnership InterestCarrying Value
Kudu Participation Contracts (1)
3.2 - 32.0%
$669.5 
3.2 - 35.0%
$400.6 
Investment in MediaAlpha28.0 %261.6 35.0 %802.2 
PassportCard/DavidShield53.8 %120.0 53.8 %95.0 
Elementum Holdings, L.P.29.7 %45.0 28.9 %55.1 
Other equity method eligible investments, at fair valueUnder 50.0%109.3 Under 50.0%132.2 
Other equity method eligible investments, at fair value50.0% and over17.8 50.0% and over15.2 
(1) Ownership interest generally references basic ownership interest with the exception of Kudu’s Participation Contracts, which are non-controlling equity interests in the form of revenue and earnings participation contracts.

For the years ended December 31, 2021, 2020 and 2019, White Mountains received dividend and income distributions from equity method eligible investments of $56.2 million, $95.0 million and $14.8 million, which were recorded within net investment income in the consolidated statement of operations.
As a result of the 2019 MediaAlpha Transaction, White Mountains deconsolidated MediaAlpha as of February 26, 2019. Upon deconsolidation, White Mountains’s investment in MediaAlpha met the criteria to be accounted for under the equity method or under the fair value option. White Mountains elected the fair value option. White Mountains’s consolidated statement of comprehensive income and its segment disclosures include MediaAlpha’s results of operations for the period from January 1, 2019 through February 26, 2019. Following the MediaAlpha IPO, White Mountains’s investment in MediaAlpha is accounted for at fair value based on the publicly traded share price of MediaAlpha’s common stock and White Mountains presents its investment in MediaAlpha as a separate line item on the balance sheet. See Note 2 — “Significant Transactions”.
For the period from February 26, 2019 to December 31, 2019 and for the year ended December 31, 2020, MediaAlpha was considered a significant subsidiary. For the period from February 26, 2019 to December 31, 2019, MediaAlpha’s total revenues, total expenses, and net income were $359.2 million, $336.3 million, and $22.9 million.
The following tables present summarized financial information for MediaAlpha as of December 31, 2021 and 2020 for the years ended December 31, 2021, 2020, and 2019:
December 31,
Millions20212020
Balance sheet data:
Total assets$289.8 $210.3 
Total liabilities$351.4 $315.5 

Year Ended December 31,
Millions20212020
2019 (1)
Income statement data:
Total revenues$645.3 $584.8 $408.0 
Total expenses$653.8 $574.2 $390.2 
Net income (loss)$(8.5)$10.6 $17.8 
(1) For the year ended December 31, 2019, MediaAlpha recorded out of period adjustments that increased (decreased) total revenues by $0.1, total expenses by $1.2 and net income by $(1.1). The adjustments primarily related to MediaAlpha’s accounting for its equity-based compensation and amortization of other intangible assets. White Mountains has evaluated the impact of the adjustments and concluded that they are not material, individually and in the aggregate, to current or prior period financial statements.

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

December 31,
Millions20212020
Balance sheet data(1):
Total assets$1,845.7 $1,328.5 
Total liabilities$373.4 $228.7 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.
Year Ended December 31,
Millions202120202019
Income statement data(1):
Total revenues$987.4 $526.5 $344.6 
Total expenses$418.7 $325.9 $88.3 
Net income (loss)$568.7 $201.7 $255.1 
(1) Financial data for White Mountains’s equity method eligible investees is generally reported on a one-quarter lag.