XML 83 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
Earned insurance and reinsurance premiums $ 538.6 $ 500.4 $ 1,535.6 $ 1,493.3
Net investment income 24.7 27.3 78.1 84.5
Net realized and unrealized investment gains 20.8 28.2 198.5 66.1
Other revenue 5.3 18.2 8.3 46.9
Total revenues 589.4 574.1 1,820.5 1,690.8
Expenses:        
Loss and loss adjustment expenses 289.1 278.3 801.1 797.2
Insurance and reinsurance acquisition expenses 105.3 106.7 299.3 281.0
Other underwriting expenses 81.0 80.4 244.3 244.0
General and administrative expenses 69.3 41.5 189.9 125.5
Interest expense 10.3 11.9 30.4 32.4
Total expenses 555.0 518.8 1,565.0 1,480.1
Pre-tax income from continuing operations 34.4 55.3 255.5 210.7
Income tax expense (7.8) (8.2) (62.0) (49.2)
Net income from continuing operations 26.6 47.1 193.5 161.5
Net income from discontinued operations, net of tax 6.7 0.4 8.8 4.8
Income before equity in earnings of unconsolidated affiliates 33.3 47.5 202.3 166.3
Equity in earnings of unconsolidated affiliates, net of tax 7.0 8.6 33.3 24.9
Net income 40.3 56.1 235.6 191.2
Net loss attributable to non-controlling interests 11.2 1.1 7.1 12.7
Net income attributable to White Mountains’s common shareholders 51.5 57.2 242.7 203.9
Other comprehensive (loss) income, net of tax:        
Change in equity in net unrealized (losses) gains from investments in Symetra common shares, net of tax (9.9) (7.2) 59.5 (81.2)
Change in foreign currency translation, pension liability and other (64.3) 46.6 (100.0) 8.4
Comprehensive (loss) income (22.7) 96.6 202.2 131.1
Comprehensive loss (income) attributable to non-controlling interests 0.1 (0.1) 0.1 (0.1)
Comprehensive (loss) income attributable to White Mountains’s common shareholders $ (22.6) $ 96.5 $ 202.3 $ 131.0
Basic income per share        
Continuing operations $ 7.35 $ 9.20 $ 38.07 $ 32.05
Discontinued operations $ 1.10 $ 0.06 $ 1.43 $ 0.78
Total consolidated operations $ 8.45 $ 9.26 $ 39.50 $ 32.83
Diluted income per share        
Continuing operations $ 7.35 $ 9.20 $ 38.07 $ 32.05
Discontinued operations $ 1.10 $ 0.06 $ 1.43 $ 0.78
Total consolidated operations $ 8.45 $ 9.26 $ 39.50 $ 32.83
Dividends declared per White Mountains’s common share $ 0.00 $ 0.00 $ 1.00 $ 1.00