White Mountains Insurance Group (WTM) Q2 2026 earnings summary

Executive summary

• Book value per share rose to $2,258 as of June 30, 2026, up 4% in Q2 and 3% YTD, driven by strong operating results and investment gains, including a 35% increase in MediaAlpha's share price.

• Comprehensive income attributable to common shareholders was $199M in Q2 and $173M YTD, up from $124M and $159M in the prior year.

• Major acquisitions included Basesix and Hawkeye Electric, expanding WTM Partners, now a separate segment.

• Share repurchases totaled $191M in Q2 and $217M YTD at 93% of book value per share.

• $132M was deployed into two WTM Partners acquisitions, leaving $0.8B in undeployed capital.

Financial highlights

• Total revenues were $845M in Q2 2026 (up from $689M) and $1.36B YTD (up from $1.27B).

• Net income attributable to common shareholders was $200M in Q2 (up from $123M) and $172M YTD (up from $157M).

• EPS was $80.58 in Q2 and $67.36 YTD, compared to $47.75 and $60.99 in the prior year.

• Net realized and unrealized investment gains were $151M in Q2 and $161M YTD, including $58M and $(7)M from MediaAlpha.

• Consolidated portfolio return was 3.5% in Q2 and 3.7% YTD; excluding MediaAlpha, returns were 2.8% and 3.8%.

Outlook and guidance

• Management expects continued strong operating and investment performance, with ample liquidity and capital for future opportunities.

• Management highlighted ongoing uncertainty from the war in Iran, particularly for Ark, but noted manageable losses to date.

• Kudu's pipeline remains robust, with continued diversification and strong returns expected.

• HG Global expects improved returns following debt refinancing and capital return to shareholders.

• No material changes to risk factors or forward-looking statements.