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White Mountains Insurance Group WTM Asset Management (Kudu) — Acquisition expenses

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Other financials

Income statement

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Revenue$844.6M+22.5%
Gross profit$764.5M+18.2%
Net income$199.5M+62.3%

Balance sheet

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Total debt$932.5M+34.2%
Total equity$5.4B+16.0%
Total assets$13.8B+16.4%

Cash flow

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Operating cash flow-$55.5M-131%

Valuation

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Market cap$5.3B+15.6%
P/E4.7×
P/S1.4×-0.5×

Profitability

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Gross margin94.1%-3.2pp
Net margin29.3%

Returns & leverage

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Return on equity22.4%
Debt / equity0.2×0.0×

Where this comes from

Reported directly by White Mountains Insurance Group in its filing.

Tagged under the XBRL concept us-gaap:DeferredPolicyAcquisitionCostAmortizationExpense.

The source filing: White Mountains Insurance Group’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 8:50 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-053932
Millions / Three Months Ended June 30, 2026Ark/WM Outrigger / ArkArk/WM Outrigger / WM Outrigger ReKuduHG GlobalDistinguishedWTM PartnersOther OperationsTotal
Other revenues (1) (2)4.9.2.25.3
Total revenues437.71.968.920.457.492.8165.5844.6
Loss and LAE (3)175.7(.1).1175.7
Insurance acquisition expenses (3)103.4.32.1.3106.1
Cost of sales72.67.580.1
Broker commission expenses23.323.3
Amortization of other intangible assets (4)6.41.3.98.6
General and administrative expenses (3) (4) (5)44.44.74.234.614.241.2143.3

Item 1. Financial Statements (Unaudited)

FAQ

What is White Mountains Insurance Group's asset management (kudu) — acquisition expenses?
White Mountains Insurance Group (WTM) reported asset management (kudu) — acquisition expenses of $0 in Q2 2026.
What does asset management (kudu) — acquisition expenses mean?
These are the costs directly associated with acquiring new insurance contracts or investment management mandates, including commissions and underwriting expenses. It serves as a key indicator of the efficiency of the segment's growth strategy and customer acquisition efforts. High acquisition costs relative to revenue may indicate competitive pressure or high customer churn.

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