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White Mountains Insurance Group WTM Asset Management (Kudu) — Broker Commission Expense

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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 wtm:BrokerCommissionExpense.

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
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
Change in fair value of contingent consideration31.731.7
Interest expense4.17.23.73.6.6.619.8

Item 1. Financial Statements (Unaudited)

FAQ

What is White Mountains Insurance Group's asset management (kudu) — broker commission expense?
White Mountains Insurance Group (WTM) reported asset management (kudu) — broker commission expense of $0 in Q2 2026.
What does asset management (kudu) — broker commission expense mean?
This metric tracks the fees paid to third-party brokers or intermediaries for facilitating the placement of investment products or insurance contracts. It is a critical component of distribution costs that directly impacts the net profitability of the segment. Changes in this metric often reflect shifts in distribution strategy or competitive commission structures.

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