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White Mountains Insurance Group WTM Asset Management (Kudu) — Commission and fee revenues

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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:InsuranceCommissionsAndFees.

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
Net realized and unrealized investment gains (losses) (2)30.549.7(2.0)72.4150.6
Net realized and unrealized investment gains (losses) from investment in MediaAlpha58.458.4
Interest income from BAM Surplus Notes6.96.9
Commission and fee revenues (1)56.63.860.4
Product and services revenues92.814.7107.5
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

Item 1. Financial Statements (Unaudited)

FAQ

What is White Mountains Insurance Group's asset management (kudu) — commission and fee revenues?
White Mountains Insurance Group (WTM) reported asset management (kudu) — commission and fee revenues of $0 in Q2 2026.
What does asset management (kudu) — commission and fee revenues mean?
Revenue generated from management fees, performance fees, or advisory commissions earned by the asset management segment for providing investment services. This is a primary indicator of the segment's ability to attract and retain client assets and generate recurring service-based income.

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