Investments in Unconsolidated Affiliates

Schedule of changes in unconsolidated affiliates

The following table summarizes amounts recorded by White Mountains relating to its investment in Symetra:

Millions	Common shares			Warrants			Total
Carrying value of investment in Symetra as of January 1, 2009	$	54.0		$	27.3		$	81.3
Equity in earnings of Symetra(1)(8)	23.9			—			23.9
Net unrealized losses from Symetra’s fixed maturity portfolio(5)	191.3			—			191.3
Increase in value of warrants	—			11.2			11.2
Carrying value of investment in Symetra as of December 31, 2009(2)	269.2			38.5			307.7
Equity in earnings of Symetra(1)(3)(8)	11.1			—			11.1
Net unrealized gains from Symetra’s fixed maturity portfolio(6)(7)	72.7			—			72.7
Dividends received	(2.6		)	—			(2.6		)
Decrease in value of warrants	—			(1.4		)	(1.4		)
Carrying value of investment in Symetra as of December 31, 2010(2)	350.4			37.1			387.5
Equity in earnings of Symetra(1)(8)	28.2			—			28.2
Impairment of equity in earnings of Symetra(4)	(50.0		)	—			(50.0		)
Net unrealized gains from Symetra’s fixed maturity portfolio(7)	85.0			—			85.0
Impairment of net unrealized gains from Symetra’s fixed maturity portfolio (5)	(148.6		)	—			(148.6		)
Dividends received	(4.0		)	—			(4.0		)
Decrease in value of warrants	—			(24.5		)	(24.5		)
Carrying value of investment in Symetra as of December 31, 2011(2)	$	261.0		$	12.6		$	273.6

(1) Equity in earnings for the years end December 31, 2011, 2010, and 2009 excludes tax expense of $2.3, $1.4, and $0.

(2) Includes White Mountains’ equity in net unrealized gains (losses) from Symetra’s fixed maturity portfolio of $0, $63.7, and $(9.0) as of December 31, 2011, 2010, and 2009, which excludes tax expense of $0, $5.2 and $0.

(3) Includes a $17.9 loss from the dilutive effect of Symetra’s public offering

(4) Impairment of equity in earnings of Symetra excludes tax benefit of $4.1

(5) Impairment of net unrealized gains from Symetra’s fixed maturity portfolio excludes tax benefit of $12.0

(6) Includes a $1.9 gain from the dilutive effect of Symetra’s public offering.

(7) Net unrealized gains (losses) from Symetra’s fixed maturity portfolio excludes tax (expense) benefit of $(6.9), $0.8, and $0 for the years ended December 31, 2011, 2010, and 2009.

(8) Equity in earnings for the years end December 31, 2011, 2010, and 2009 includes $1.0, $0.8, and $0 loss from the dilutive effect of Symetra’s yearly dividend and the issuance of restricted shares by Symetra

Summarized statement of operations of Symetra

The following table summarizes financial information for Symetra for the years ended December 31, 2011, 2010 and 2009:

	Year Ended December 31,
Millions	2011		2010		2009
Symetra income statement data:
Net premiums earned	$	540.5	$	473.0	$	470.1
Net investment income	1,270.9		1,199.4		1,113.6
Total revenues	1,999.0		1,878.5		1,714.3
Policy benefits	1,307.3		1,234.6		1,197.3
Total expenses	1,720.0		1,589.4		1,533.2
Net income	199.6		200.9		128.3
Comprehensive net income	780.6		683.1		1,018.6