← WHITE MOUNTAINS INSURANCE GROUP LTD
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income From Continuing Operations | — | — | — | — | — | — | $712.4m | $580.9m | $284.1m | $1.2b | |
| Net Income (Loss) Attributable to Parent | — | — | — | — | — | — | $792.8m | $509.2m | $230.4m | $1.1b | |
| Net Income (Loss) Available to Common Stockholders, Basic | $412.5m | $627.2m | ($141.2m) | $414.5m | $708.7m | ($275.4m) | $792.8m | $502.0m | $227.4m | $1.1b | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $419.8m | $593.1m | ($191.4m) | $376.6m | $663.4m | ($321.9m) | $712.4m | $580.9m | $284.1m | $1.2b | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | ($2.3m) | $49.7m | ($124.0m) | $413.7m | $711.0m | ($294.1m) | ($109.7m) | $509.2m | $230.4m | — | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $5.0m | $15.6m | ($174.2m) | $375.8m | $665.7m | ($340.6m) | ($190.8m) | $580.9m | $284.1m | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($300k) | $20.5m | $0 | $0 | — | — | $16.4m | — | — | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | — | $577.5m | ($17.2m) | $800k | $2.3m | ($18.7m) | ($903.2m) | $0 | $0 | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $7.3m | ($34.1m) | ($50.2m) | ($37.9m) | ($45.3m) | ($46.5m) | ($80.4m) | $71.7m | $53.7m | $95.4m | |
| Depreciation, Depletion and Amortization | $64.5m | $22.4m | $25.7m | $29.8m | $43.4m | $63.6m | $4.3m | ($17.8m) | ($6.4m) | $9.0m | |
| Amortization of Intangible Assets | $12.5m | $10.7m | $18.8m | $21.8m | $28.3m | $39.8m | $5.2m | $7.2m | $22.0m | $28.4m | |
| Capitalized Computer Software, Amortization | $6.3m | — | — | — | — | — | — | — | — | — | |
| Deferred Policy Acquisition Costs, Amortization Expense | — | — | $5.3m | $5.7m | $7.0m | $186.3m | $250.6m | $290.1m | $341.5m | $420.2m | |
| Amortization Of Securities | — | — | — | — | — | — | $14.0m | $15.3m | $16.3m | $18.5m | |
| Deferred Income Tax Expense (Benefit) | $2.9m | ($11.4m) | ($8.4m) | $24.8m | ($36.2m) | $28.8m | $12.9m | ($46.9m) | $11.1m | $92.1m | |
| Deferred Other Tax Expense (Benefit) | — | — | — | — | — | — | — | ($68.0m) | ($68.0m) | — | |
| Deferred Income Tax | — | — | — | — | — | — | $12.9m | ($46.9m) | $11.1m | $92.1m | |
| Deferred Tax | — | — | — | — | — | — | $12.9m | ($46.9m) | $11.1m | $92.1m | |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | — | — | — | — | $15.3m | $16.3m | $18.5m | |
| Goodwill and Intangible Asset Impairment | — | — | — | $10.4m | $6.2m | $36.4m | — | — | — | $9.6m | |
| Goodwill, Impairment Loss | — | — | — | $7.6m | $0 | $30.2m | — | — | — | $9.1m | |
| Impairment of Intangible Assets, Finite-lived | — | — | — | — | — | — | — | — | — | $500k | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | ($67.5m) | — | — | — | — | — | — | |
| Gain (Loss) on Disposition of Assets | — | — | — | — | — | ($28.7m) | — | — | — | — | |
| Income (Loss) from Equity Method Investments | $0 | $0 | — | — | $0 | $0 | — | — | — | — | |
| Income Tax Expense (Benefit) | ($45.4m) | ($7.8m) | ($4.0m) | $29.3m | ($20.5m) | $38.6m | $41.4m | ($15.5m) | $32.6m | $126.9m | |
| Operating Lease, Expense | — | — | — | — | $7.7m | $9.9m | — | — | — | — | |
| Additional Financial Items | |||||||||||
| Deconsolidation, Gain (Loss), Amount | — | — | — | — | — | — | — | — | ($114.5m) | $0 | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | — | — | — | — | — | — | — | — | — | $849.3m | |
| Foreign Currency Transaction Gain (Loss), Realized | $400k | ($11.2m) | $11.0m | $0 | — | — | — | — | — | — | |
| Foreign Currency Transaction Gain (Loss), Unrealized | ($2.7m) | $11.7m | ($11.8m) | ($300k) | — | — | — | — | — | — | |
| General and Administrative Expense | $299.9m | $218.7m | $235.7m | $327.8m | $387.0m | $482.9m | $376.2m | $432.6m | $490.1m | $606.6m | |
| Goodwill | $31.7m | $25.9m | $379.9m | $394.7m | $525.5m | $645.5m | $176.5m | $168.8m | $439.2m | $614.1m | |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | — | — | — | — | — | — | — | $726.8m | $888.5m | $882.2m | |
| Realized Investment Gains (Losses) | — | — | — | — | — | $156.8m | $115.1m | — | — | — | |
| Revenue from Contract with Customer, Including Assessed Tax | — | — | — | $294.3m | $307.9m | $427.5m | — | — | — | — | |
| Unrealized Gain (Loss) on Investments | — | — | — | — | — | ($395.2m) | ($313.4m) | — | — | — | |
| Beginning Cash Position | — | — | — | — | — | — | $147.7m | $255.0m | $122.4m | $266.4m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | ($339.0m) | $7.2m | $4.2m | $35.6m | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | $108.4m | ($543.9m) | ($447.0m) | ($666.9m) | |
| Cash From Discontinued Financing Activities | — | — | — | — | — | ($1.0m) | ($5.9m) | $0 | $0 | — | |
| Cash From Discontinued Investing Activities | — | — | — | — | — | ($56.5m) | $7.1m | $0 | $0 | — | |
| Change In Account Payable | — | — | — | — | — | — | ($173.0m) | ($170.0m) | $107.3m | $163.7m | |
| Change In Accrued Expense | — | — | — | — | — | — | — | $1.6m | ($8.4m) | $22.9m | |
| Change In Other Working Capital | — | — | — | — | — | — | $80.8m | ($5.5m) | ($42.1m) | $89.6m | |
| Change In Payable | — | — | — | — | — | — | ($173.0m) | ($170.0m) | $107.3m | $163.7m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | — | ($173.0m) | ($168.4m) | $98.9m | $186.6m | |
| Change In Prepaid Assets | — | — | — | — | — | $103.1m | $7.9m | — | — | — | |
| Change In Receivables | — | — | — | — | — | — | ($207.6m) | $86.3m | ($351.7m) | ($338.5m) | |
| Change In Working Capital | — | — | — | — | — | — | $239.4m | $346.7m | $395.4m | $421.9m | |
| Changes In Account Receivables | — | — | — | — | — | — | ($207.6m) | $86.3m | ($351.7m) | ($338.5m) | |
| Changes In Cash | — | — | — | — | — | — | $135.6m | ($132.6m) | $144.0m | ($80.8m) | |
| End Cash Position | — | — | — | — | — | — | $255.0m | $122.4m | $266.4m | $185.6m | |
| Financing Cash Flow | — | — | — | — | — | — | ($344.9m) | $7.2m | $4.2m | $35.6m | |
| Free Cash Flow | — | — | — | — | — | — | $365.0m | $404.1m | $586.8m | $550.5m | |
| Gain Loss On Investment Securities | — | — | — | — | — | — | $191.5m | ($434.2m) | ($184.9m) | ($361.5m) | |
| Gain Loss On Sale Of Business | — | — | — | — | — | — | $0 | $0 | $114.5m | ($849.3m) | |
| Investing Cash Flow | — | — | — | — | — | — | $115.5m | ($543.9m) | ($447.0m) | ($666.9m) | |
| Issuance Of Capital Stock | — | — | — | — | — | $6.5m | $74.6m | — | — | — | |
| Net Business Purchase And Sale | — | — | — | — | — | — | $1.3b | $17.3m | ($215.6m) | $421.2m | |
| Operating Gains Losses | — | — | — | — | — | — | $191.5m | ($434.2m) | ($70.4m) | ($1.2b) | |
| Other Non Cash Items | — | — | — | — | — | — | ($809.5m) | ($39.9m) | ($32.8m) | ($500k) | |
| Purchase Of Business | — | — | — | — | — | — | ($67.9m) | $0 | ($231.8m) | ($349.5m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | — | ($615.8m) | ($32.7m) | ($7.9m) | ($202.6m) | |
| Sale Of Business | — | — | — | — | — | — | $1.4b | $17.3m | $16.2m | $770.7m | |
| Unrealized Gain Loss On Investment Securities | — | — | — | — | — | — | $0 | $0 | ($500k) | $37.5m | |
| Gain (Loss) on Investments | $10.3m | $133.3m | ($108.3m) | $433.2m | $716.8m | — | ($93.0m) | $434.2m | $184.9m | $361.5m | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $3.0m | — | — | — | — | — | — | — | — | — | |
| Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $415.1m | $557.0m | ($17.2m) | $800k | ($2.3m) | $18.7m | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | ($155.3m) | $94.6m | ($31.1m) | ($120.5m) | ($60.6m) | $38.6m | $365.0m | $404.1m | $586.8m | $550.5m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | — | — | — | — | — | $0 | $231.8m | $349.5m | |
| Net Investment Purchase And Sale | — | — | — | — | — | — | ($1.3b) | ($674.7m) | ($432.0m) | ($1.2b) | |
| Purchase Of Investment | — | — | — | — | — | — | ($1.7b) | ($1.5b) | ($2.0b) | ($2.5b) | |
| Gain (Loss) on Sale of Investments | — | — | — | — | ($20.2m) | — | — | — | — | — | |
| Sale Of Investment | — | — | — | — | — | — | $387.2m | $793.2m | $1.6b | $1.2b | |
| Payments for (Proceeds from) Other Investing Activities | — | $14.7m | $4.2m | $27.3m | $400k | ($2.5m) | $4.4m | $3.4m | ($9.1m) | $100k | |
| Net Other Investing Changes | — | — | — | — | — | — | ($4.4m) | ($3.4m) | $4.9m | ($100k) | |
| Net Cash Provided by (Used in) Investing Activities | $1.3b | $718.5m | $459.2m | ($59.9m) | $64.6m | ($208.3m) | $115.5m | ($543.9m) | ($447.0m) | ($666.9m) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | — | — | — | — | — | — | — | $12.4m | $36.6m | $294.7m | |
| Issuance Of Debt | — | — | — | — | — | — | $213.8m | $12.4m | $36.6m | $294.7m | |
| Net Issuance Payments Of Debt | — | — | — | — | — | — | $157.1m | ($13.3m) | ($1.5m) | $277.2m | |
| Net Short Term Debt Issuance | — | — | — | — | — | — | $157.1m | ($13.3m) | ($1.5m) | $277.2m | |
| Short Term Debt Issuance | — | — | — | — | — | — | $213.8m | $12.4m | $36.6m | $294.7m | |
| Repayments of Long-term Debt | — | — | — | — | — | — | — | $25.7m | $38.1m | $17.5m | |
| Repayment Of Debt | — | — | — | — | — | — | ($56.7m) | ($25.7m) | ($38.1m) | ($17.5m) | |
| Short Term Debt Payments | — | — | — | — | — | — | ($56.7m) | ($25.7m) | ($38.1m) | ($17.5m) | |
| Proceeds from Issuance of Common Stock | $3.7m | $0 | $0 | — | — | — | — | — | — | — | |
| Common Stock Issuance | — | — | — | — | — | $6.5m | $74.6m | — | — | — | |
| Net Common Stock Issuance | — | — | — | — | — | — | ($615.8m) | ($32.7m) | ($7.9m) | ($202.6m) | |
| Payments for Repurchase of Common Stock | $881.3m | $714.6m | $511.9m | $0 | $78.5m | $100.1m | $615.8m | $32.7m | $7.9m | $202.6m | |
| Payments of Ordinary Dividends, Common Stock | $5.4m | $4.6m | $3.8m | $3.2m | $3.2m | $3.1m | $3.0m | $2.6m | $2.5m | $2.6m | |
| Common Stock Payments | — | — | — | — | — | — | ($615.8m) | ($32.7m) | ($7.9m) | ($202.6m) | |
| Proceeds from Noncontrolling Interests | — | — | — | — | — | — | — | — | — | $700k | |
| Proceeds from (Payments to) Noncontrolling Interests | — | — | — | — | — | $1.5m | ($21.6m) | ($3.0m) | ($21.1m) | — | |
| Payments of Dividends | $5.4m | $4.6m | — | — | — | — | — | — | — | — | |
| Cash Dividends Paid | — | — | — | — | — | — | ($3.0m) | ($2.6m) | ($2.5m) | ($2.6m) | |
| Common Stock Dividend Paid | — | — | — | — | — | — | ($3.0m) | ($2.6m) | ($2.5m) | ($2.6m) | |
| Dividends Received CFI | — | — | — | — | — | — | $115.4m | $116.9m | $195.7m | $117.3m | |
| Proceeds from (Payments for) Other Financing Activities | $0 | ($9.3m) | ($8.4m) | ($9.2m) | ($9.5m) | ($22.2m) | ($1.6m) | ($400k) | $10.2m | $27.6m | |
| Net Other Financing Charges | — | — | — | — | — | — | $122.7m | $55.8m | $16.1m | ($36.4m) | |
| Net Cash Provided by (Used in) Financing Activities | ($942.4m) | ($699.0m) | ($414.3m) | $230.5m | $49.0m | $217.6m | ($344.9m) | $7.2m | $4.2m | $35.6m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | ($2.8m) | $200k | — | — | — | — | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | $50.7m | $50.2m | $48.1m | $107.3m | — | — | — | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | $211.2m | $259.3m | $255.0m | $122.4m | $266.4m | $185.6m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | $107.3m | ($132.6m) | $144.0m | ($80.8m) | |
| Income Taxes Paid, Net | ($12.8m) | $2.0m | $3.5m | $3.7m | $16.2m | ($100k) | $10.3m | $42.7m | $34.3m | $30.7m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.